38 Burst results for "Softbank"
Bloomberg Radio New York
"softbank" Discussed on Bloomberg Radio New York
"Anticipated. Arm, as you know, is owned by Japan's SoftBank. SoftBank shares right now in the Tokyo session are down 1 about .6 percent. Arm shares will trade Thursday in the US. This is on the NASDAQ market under the sticker symbol ARM. Who would have thought? Even after the IPO, SoftBank will control about 90 percent of these shares. So, in Tokyo, we've got the Nikkei up about eight tenths of one percent. In Seoul, the KOSPI rising nearly seven tenths of one percent. In Sydney, the ASX200 is better by around three tenths of one percent. We had that reading on US CPI, something for everyone in it. And if you look at core inflation year -over -year, an annual rate of 4 .3 percent, that was the smallest advance in nearly two years. I think the report did very little to change the market's view on the Fed rates holding steady next week. But as we just discussed with our guest Omar Slim, there is a probability that we're going to get another rate hike in November, maybe 25 basis points. That seems to be a coin toss at least in the view of the swaps market. We'll be talking more about markets in about twenty minutes from now here on Daybreak Asia. Let's talk vaccines and Moderna, the maker of the COVID vaccines. The message from Moderna CEO Stephan Bounsel is that his company wants to deliver on a new COVID vaccine as the drug maker moves ahead with flu vaccines using the same mRNA technology. Bounsel is saying also that Moderna is also seeking new ways to treat and detect cancer. Here is Stephan Bounsel speaking earlier with Bloomberg's Guy Unsen and Alex Steele. So the respiratory vaccines as you see COVID are the flu will be the What we still need to figure out is when do we launch the cancer product. We are very excited about the data. data. We
Bloomberg Daybreak Asia
Fresh update on "softbank" discussed on Bloomberg Daybreak Asia
"Key creditor meetings this week Evergrande also saying it must reassess its proposed restructuring and no trading in shares of China ocean wide the company was ordered to be wound up at a court hearing in bermuda that's according to a filing at the Hong Kong exchange as a mentioned China ocean wide suspended at least for today's trading right now the hang sang down 1 % at the moment as a mentioned property stocks as a group down about 2 % we're also seeing a weakness in material and communication services shares on the mainland CSI 300 weaker by four tenths of 1 % different story though in in Tokyo where a weaker yen is helping to support the Nikkei higher right now by six tenths of 1 where she has seen shares in Softbank trade up by two and a half percent at the moment the company will decide as early as today to raise as much as a 809 million through pans first public offering of bond type class shares these are securities that essentially give holders no voting rights and no right to convert those shares into common stock or the security I should say into common shares
Bloomberg Radio New York
"softbank" Discussed on Bloomberg Radio New York
"Two -year yield now 4969. But we go to C .P .I. day from the to from from CPI C day excuse me to IPO day because coming up this hour we'll have chip designer arms holdings. We'll talk about more their pricing. Pricing at the top end of the range according the latest Bloomberg reporting. Will investors buy AI and cloud computing hype? And Tim, can SoftBank the parent finally score a win? Yeah that's the big investment to their Wall Street wants to know where should I get away to go to business school and also is it even worth it? And later we'll ask the question is fiber the future? We talked to the CEO of Toronto Wireless which is pitching wireless technology that can bridge the digital divide instead of the more physical constructed kind of stuff. That stuff's expensive so hopefully this is cheaper. First up though a check on the day's trade and top business stories here's Charlie Pellet. I thank you very much Tim no question top story right now. SoftBank backed arms the at price of IPO at $51 a share. We're awaiting more headlines from the Bloomberg Professional Service shares will start trading tomorrow arm is a key part of the chip supply chain designing semiconductors that are found in most of the world's smartphones. Turned out to be a mix Wednesday not just a regular Wednesday but a CPI Wednesday with the Dow lower falling 70 points today down by two about tenths of one percent. S &P 500 index higher by five up one tenth of one percent. NASDAQ up 40 that was a gain of three tenths of one percent. Ten -year yield four point two four percent with a year two that's yielding four point nine six percent. Gold up eleven cents 1908 the ounce on the precious metal West Texas intermediate crude down three tenths of one percent 88 .52 for a barrel of WTI. Harder than expected inflation likely ensures the Fed keeps its options open to raise rates again in November or December following an expected pause this month.
Bloomberg Daybreak Asia
Fresh update on "softbank" discussed on Bloomberg Daybreak Asia
"Pop in SoftBank shares, and that's helping to push the Nikkei higher. Seven -tenths of one percent is the gain. In Hong Kong, different story. Hangsang down down about eight -tenths of one percent. On the mainland, the CSI 300 is off three -tenths of one percent. In Sydney, the ASX 200 now weaker by around three -tenths of one percent. Material shares leading the pullback at the moment in the South Korean equity market. WTI crude oil pushing up with the active contract $90 .30 in the electronic session. And U .S. Treasury yields inching higher, particularly at the long end. We've got a 10 -year now in the Tokyo session at 5 .45. Checked at 4 .45 percent. So, get ahead of myself. Let's get to global sports next. Dan Schwartzman is here. Douglas, start off in European football. PSG, a big 4 -0 win over their rival, Marseille. But it comes with a cost. Killing Mbappe leaving the match with an apparent ankle injury. No word if he's going to miss any significant time. Moving on to Syria. Into Milan. Still perfect on the early season. They knock off Empoli 1 0. It was Atlantis shutting out Cagliari 2 -0. Napoli and Bologna played to a scoreless draw. Romantorino played to to 1 all draw. It was the Madrid Darby Atletico knocking off Real 3 to 1. Real losing for the first time this season. Chelsea continues to struggle in the Premier League. They lose to Aston Villa 1 -0. They just cannot score any goals. They sit in 14th place in the Premier League table. Meanwhile, Arsenal and Tottenham in the North London Darby ends in a 2 all draw. Both
Bloomberg Radio New York
"softbank" Discussed on Bloomberg Radio New York
"Shares in softbank right now hire by three point sent in the tokyo session right now in sold a cost me is down about two tenths of one percent in sydney the a s x two hundred weaker by around uh... three tenths of one percent u s treasury yields very little chair change of the here tokyo session the big data point in the u s comes midweek with a monthly reading on consumer prices we've got a uh... tenure treasury for twenty nine eighty year at four ninety nine then when you look currency at the market that's where the action has been within uh... the last twenty four hours or so we had a the dollar humbling in new york trading if you look at the bloomberg dollar spot index we were down about six tenths of one percent the yen and chinese the offshore currency both rallied after uh... some central banks in asia the p b o c and the bank of japan kind of had some uh... hawkish commentary will be talking more about that in a moment are right now of the end trading one forty six seventy the offshore chinese currency seven spot three zero against the greenback will more about markets in fifteen minutes let's begin with apple right now the company is extending an agreement to get modem odom semiconductors from qualcomm this will go on for the next three years and it could be a sign that apples effort design to in -house chips is taking longer than expected here's bloomberg's ed ludlow books reported that in -house apple has been working on its own modem along with its silicon and strategies the story here is that doing it yourself is difficult particularly when you want your modems be able to connect to the latest generation network 5g but also work across jurisdictions bloomberg's ed ludlow now tomorrow as we know apple will unveil the iphone 15 but we'll also have have updates on apple watches and air pods as well apple is counting on these products to help reverse slide a in sales that has lasted for three consecutive quarters to the entertainment industry next the standoff between disney and cable provider charter communication seems to be over the companies did reach an agreement to resume carrying disney channels including e s p n just in time from for monday night football here's bloomberg's lucas shaw that's been the the traditional pattern in these care disputes between distributors or providers like charter and network owners like the you know they there's a reason that you have a contract like this expire right before football season so it that disney can ensure that or disney can sort of force a deal to happen uh... in in in time for that and so we don't have months of of a blackout that is bloomberg's lucas shaw by the way charter communications did stop carrying disney content for more than a week because of this dispute over fees talking a moment ago about arm well there's been unprecedented demand for the highly anticipated i p o of british the computer chip designer we have more from bloomberg's tom busby arm holdings initial public stock offering it's already oversubscribed by ten times and bankers say the soft bank group spinoff plans stop to taking orders by tuesday afternoon one day earlier than planned even though arms still plans to price those shares on wednesday after a drought of ipos this year the offering could actually end up as much as fifteen times oversubscribed by wednesday those sources tell bloomberg i'm tom busby bloomberg radio well staying with ipos for a moment we're hearing instacart and its backers may slash the value of its uh... upcoming IPO to nine point three billion that is less than a quarter a quarter of what instacart was worth at the height of the pandemic we turn next to jamie diamond you know him as the ceo p of jp morgan chase today he took aim at proposed higher capital requirements proposed by u .s. banking regulators diamond said requiring american banks to hold more capital than their international competitors huge negative over time the federal reserve several humility they're the ones who told the world rates aren't going up and buy it wasn't the federal reserve in general is each one of them independently factors each central bank so if i were them i'd have a little more more humility over stuff like this that is a jamie diamond ceo of jp morgan chase he went on to warn that higher capital requirements will make certain activities like mortgages and small business lending even harder for banks and and he questioned whether regulators learned the right lessons from those failures in march of silicon valley and first republic staying with banks we go to u b s next to the firm is cutting hundreds of wealth management jobs in asia given a slowdown in activity the story from bloomberg's ubs has reduced some overlapping roles in the past months and further cuts are expected through burr the news comes as the bank responds to muted client activity and china's lowing economy we're told jobs jobs that'll be eliminated include relationship managers in hong kong and singapore they also include the majority within teams newly acquired from credit swiss but ubs plans to keep the majority of private bankers in failure in india for now in hong kong join one bloomberg radio we're seeing some signs of stability in chinese the economy if you look at credit growth and inflation both metrics improved just a bit let's get the story from bloomberg's bonnie out in hong kong the strong credit data published monday by china central bank showed recent policy measures may be starting to lift household demand for mortgages corporate loans also picked up the u .n gained after the central bank escalated its defense of the currency those those add to the encouraging signs from the weekend china's consumer prices returned to gains after its july drop and factory gates deflation also narrowed now economists say the key question is to what extent sense that economic momentum can be sustained in hong kong i'm bonnie out bloomberg radio global news is north korea state media is confirming the upcoming meeting between kim jong un and vladimir putin at baxter with more from the bloomberg news from ed all right thank you very much douglas they both have said that they have things that the other desperately needs north korean weaponry could allow russia to prolong its ukraine invasion but there are questions about how much difference it will make first response department here having trouble sustaining the military effort so is looking for help that is state department spokesman matthew miller not only has he failed to achieve his goals on the battlefield but traveling you see him across his own country hat in hand to beg kim jong un for military assistance and says sanctions on russia are working i think the fact that russia is having to bag north korea for military sport speaks to the effectiveness of our sanctions are export controls that they have been denied the technology need they and that the the raw materials they need to fund and the bloomberg sources are reporting that kim's train is on its way now to russia meanwhile a senior nato official analaya berbac is saying that russia's
Bloomberg Daybreak Asia
Fresh update on "softbank" discussed on Bloomberg Daybreak Asia
"9 .40 on Wall Street. Doug I'm Krisner in New York. Let's check markets as we do for you throughout the day here on Bloomberg. Let's begin in Japan too because we're seeing the Nikkei positive by around six tenths of one percent. In fact, the Japanese equity market is the only market we track on this program in the APAC region, showing signs of positivity. Using the WEI function on the Bloomberg Terminal, you can see its health care out in front, along with communication services and information technology. Shares in SoftBank right now are better by around 2 .4 percent. We are getting indications that the company will decide as early as today to raise as much as $809 million via Japan's first public offering of a a bond type class share. This security essentially gives holders no voting rights nor right the right to convert this security into common stock. But we're seeing a
Bloomberg Radio New York
"softbank" Discussed on Bloomberg Radio New York
"Softbank groups arm holdings is planning to raise as much as four point eight seven that billion in an initial public offering and we hear it's aiming for a valuation of close to fifty five billion that would be the biggest stock debut of the year although not as big as initially expected we've got more from bloomberg's ed ludlow according to the form f1 arm will offer ninety five point five million dollars shares nine hundred fifty five point five million shares in the form of american depository receipts or to fifty one dollars each ed that would see them raise four point eight seven billion dollars even at the bottom end of that that range if they price at forty seven dollars a share it would still make this the biggest IPO globally of the year surpassing johnson johnson's consumer health spin -off of kenview you remember that came in raising four point three seven billion dollars noticed bloomberg's ed ludlow arm could still raise more or less money depending on investor demand on its roadshow this week we go to china next where the government is said to be looking to raise funds to bankroll investments in chip making and research and development this this is the china integrated circuit industry investment fund it's now establishing a third fund and the largest pool for investments we're told it's around forty one point one billion dollars now reuters reported the process may take some time it's unclear who the potential investors are or when may it launch but the country's finance ministry may contribute another eight point two billion to the fund despite local media enthusiasm it remains unclear how chinese players can circumvent strict u s curbs on technology shares in chip related firms were mostly down on tuesday in the wake of some weak economic news paul the federal trade commission may sue amazon later this month following its four -year antitrust investigation into the company merchants have complained that on unfairly ties access to its marketplace with its logistics service the latest news comes as the biden administration has been stepping up pressure to focus on antitrust and competition is a of its economic policy were told that the complaints will be the fourth one filed this year by the fdc it's a major victory for the l g p t q community at baxter with more from the bloomberg newsroom ready yeah that's yeah right uh... hong kong stop court order the government to establish laws recognizing same representing sex partnerships one of the biggest victory jet for l g p t q activists now the judges wrote there is a need for same sex couples to have legal recognition on the relationships in order to be basic social requirements and to provide them with a sense of legitimacy but at the same time the the court dismissed part of an appeal to recognize same -sex marriages including overseas unions u s s incredibly concerned about the deepening of relations between north korea and russia state department spokesman is vita patel we have been incredibly clear about the potential consequences uh... of any country and taking action that support russia and kim jong and travels to to russia early as
Bloomberg Radio New York
"softbank" Discussed on Bloomberg Radio New York
"Hour's time from trading in Hong Kong and Shanghai. SoftBank has lined up some of Arm Limited's biggest customers as strategic investors for the chip company's US IPO. We're told Apple, Nvidia, Intel and Samsung are all to going back the IPO. Other investors include Advanced Micro Devices and Alphabet's Google. We hear investors will put in amounts ranging from 25 to 100 million. Still the specifics of this could change as the company gets closer to the IPO. Arm is considering pricing its shares on September 13. The stock would start trading the next day. Italian Foreign Minister Antonio Tajani travels to China this week. Tajani and Chinese Foreign Minister Wang Yi are going to be discussing the possibility of Italy leaving the Belt and Road Initiative. Tajani is seeking to soften ties without upsetting Beijing. The message is very clear. We want to work with China as a competitor of course for us. We want to work in the Chinese market. We are ready for Chinese investment in our country, but we need a level playing field. That is, Italian Foreign Minister Antonio Tajani. Italy must decide by the end of the year whether to renew its involvement in the Belt and Road Initiative program or to cut and run. Chinese developer Country Garden is said to have wired a coupon payment coming due on a Ringit denominated bond. The Ringit in bond question is a 5 .7 % note that was issued in 2020, and the $613 thousand coupon is effectively due on September the 4th. The latest news comes after Country Garden won approval to extend a separate maturing Yuan bond. The clock is ticking to make those payments before a grace period that ends on September 5 and 6 or risk default. Recently, Country Garden posted an unprecedented net loss of $6 .7 billion, and it faces nearly $2 billion of note obligations for the rest of this year. BMW has ended a prototype of its future electric vehicle line -up. We've got more from Bloomberg's Steve Rappaport. BMW hopes its next -generation EV will help with its fight to catch up to Tesla. The Vision Nue class concept car will be on display at next week's IAA show in Munich. The EV platform is due in 2025. BMW touted its digital display as well as software that can process voice commands and hand gestures. The automaker hopes this will help attract customers in China. They're increasingly going for homegrown brands like BYD and NIO, and both of those automakers have been better at building EVs with gadgets geared to local tastes. Electric cars and plug -in hybrids will likely make up 90 % of China's auto market by the end of this decade. I'm Steve Bloomberg Daybreak Asia. Alright, let's get an update now on global news. And And President Biden reacts to Xi Jinping not attending the G20 summit. Dan Schwartzman's got the story. Dan. Yeah, Paul Biden says he's disappointed about reports his Chinese counterpart plans to skip the summit in New Delhi this week. Biden didn't say where he might next meet with the Chinese president. If Xi doesn't travel to Delhi, he and Biden year. Biden may have to have may have an opportunity to meet in November. That's when the US is hosting the APEC conference in San and Francisco. Biden and Xi last spoke on the sidelines of the G20 summit in Bali, Indonesia, but that was back in November. Francisco. Remember, any progress made there, though, was derailed when an alleged Chinese spy balloon crossed the US before being Down over the Atlantic, China and Australia set to resume high level talks in Beijing starting Thursday after a three year hiatus. The Australia China high level dialog will be a platform for senior representatives from government, academia and other areas to discuss issues from trade to international security. China's co -chair is going to former be Foreign Minister Li Zhaoxing while Australia's
Bloomberg Radio New York - Recording Feed
Monitor Show 19:00 09-03-2023 19:00
"Campaign also on October 14 and that's going to be a tight race as Dan Schwartzman was suggesting earlier and it's between two white guys called Chris Chris Hopkins the Prime Minister and Chris Luxon of the opposition National Party he's a former Air New Zealand CEO it's gonna be an interesting race. And the RBN hold tomorrow? Yeah it looks like that yeah yeah all right thanks very much Paul we'll see Paul Allen a little bit later in the show the next hour of the show. Softbank lines up some of ARM's biggest customers as strategic investors to support the ARM IPO and Country Garden in China wires a ringgit coupon payment in its latest effort to avoid default. Volodymyr Zelensky will be replacing Ukraine's defense minister. China and Australia are set to resume high -level talks this week. President Biden touring areas hit hard by Hurricane Adali in Florida while in sports Arsenal scores twice in stoppage time to beat Manchester United. I'm Dan Schwartzman and I'll have news and sports coming up.
Tech Path Crypto
A highlight from 1211.Fixing The Metaverse Problem | Improbable CEO Herman Narula Interview
"All right, so today we're going to dive into some Web3 content. I think you guys will like it. Really what we want to do is explore how many of these companies are starting to navigate these waters. There's a lot happening around this space, whether you think Metaverse or you think Web3 and kind of this conversion. All that we're going to talk about today. It's going to be a good one and we've got a special guest for you. My name is Paul Beryl. Welcome back into Tech Path. Joining me today is Herman Narula, who is the CEO of Improbable. We've had and talked about Improbable a lot, but thanks for stopping in today. We appreciate it. Well, thank you for having me on. All right. So, Herman, let's get into a few things here and I want to kind of first kind of get a framework around Improbable for some of our new audience, maybe people that have experimented with their first NFT, started to learn about Web3 a little bit. Give us a framework quickly on where Improbable is today. Sure. So, in order to make valuable virtual experiences that are differentiated from what people can already do, like play games or interact in the real world, you have to give people something really new and really valuable. And doing that means expanding the scope of what virtual experiences can be. So, what Improbable has spent years doing now, I mean, a decade of our lives with iteration after iteration of technology, is making it possible to support not just a hundred people in a space, but tens of thousands of people connecting from anywhere in the world on a mobile phone or PC or Mac, just by clicking a link to jump into a world which isn't just a game, but is an environment that can support all of those people talking, speaking, singing, in some cases, happy birthday in this example that you're showing me right now, also interacting with each other in incredibly rich and social ways. And to make that possible, we have to handle orders of magnitude more information on the backend. So, recently we did an event with Major League Baseball where we brought thousands of baseball fans into a virtual stadium all over the world. That type of thing takes billions of messages a second that all have to be delivered at low latency to hundreds of countries and have to be done in a way that can survive hackers or other problems. So building the infrastructure to build practical, useful, and valuable virtual worlds is fundamental to what we do and have done. Another aspect of what we do is we make it possible to have richer digital items. So an NFT is really great as a token of ownership, but it doesn't actually do anything, as I think a lot of people have said more loudly on Twitter recently than before. So we created a language called Metaverse Markup Language, and it's totally open source. It's MIT licensed, and it lets you build a complicated, rich object just using JavaScript and HTML that can describe something that can live in a game or it can live in a web browser or anywhere else, and it can link to an NFT if you want. And those objects exist inside all of the worlds that are part of the M -squared network, which in probable has been separate from the partners. All right. So a lot happening here, and of course just the technological achievements have been pretty significant here. When you look at where the Metaverse is today, and kind of, I guess to a certain extent, I think a lot of people saw Metaverse come onto the scene when Meta changed their name. That was kind of the iconic event that occurred. We saw a lot of projects start to open up in 2021, late 2021, and early 2022. When you look at the challenges inside Metaverse, because right now what we're seeing is quite a few people who look at it, whether it's brands or you look at even users and players, that are saying some Metaverses are absolute wastelands. There's nobody there. There's a challenge of interoperability. We've got all these big picture issues that have not really been addressed right now. Where do you feel maybe the short -term future, but more long -term future is for Metaverses in general? Well, let's start by saying there's more than 600 million monthly active people in Minecraft, Roblox, and Fortnite. Phil Rosedale, who created Second Life, is one of the founding advisors of M -squared. If those people interacting in virtual spaces, buying and selling things, moving them from place to place, creating things, kids coming home from school and having whole new experiences, brands showing up. If that isn't Metaverse or Metaverse -like, then I think we're stretching the definition to some extent. So there is already a massive, almost a significant percentage of young human beings on Earth with access to these technologies are interacting inside these spaces. The interesting question, to build on your question, is what's going wrong with crypto Metaverses, or Web3 Metaverses, or VR Metaverses? And I think what's going wrong with them doesn't require a lot of speculation. We know the answer because 30 years of psychology and engagement research in interactive entertainment tell us the answer. The experiences are bad. If the experiences are bad, it doesn't matter what fancy NFT they're linked to or what VR goggles I put on. If you're not providing me with fulfillment, and that fulfillment can only come in a few ways. It can come from a social experience that I couldn't otherwise have. It could come from competence, the feeling of getting better at something, or it could come from making meaningful choices, then there is no real future to it. And I think the other big challenge with a lot of these projects is they're swimming against economic reality. So if the entire ecosystem you've built is around a bunch of people who've bought assets with the expectation, whether or not you marketed it that way, that those assets will go up in value, definitionally, you can't make money that way. The only way you can make money is if people buy stuff that they don't necessarily want to sell on. I mean, if you think about your house, most of the items in your house, you probably don't want to sell on. You know, I bought a sandwich recently, I don't want to sell that on. I want to eat that. So if there's no function, there's nothing wrong with people owning assets that are memorabilia or artwork, et cetera, but that isn't the foundation of a diverse and valuable ecosystem of users. I think on the VR side, while I actually am a believer in the immersive value of things like VR and AR, I don't necessarily know that they are the answer for some of the problems that the metaverse can really solve. I mean, we've talked a lot about sport. I mentioned baseball and you've shown some stuff on screen. This isn't a gimmick. This is solving an economic problem that is at the heart of sport, right? If I told you there was a company that had 600 million active users right now, and those users joined it from birth and would kill you if you tried to make them buy a different product, and they taught their children until the day they died, how much money is that company worth, that brand worth? Well, Real Madrid is that, and you'd think it would be worth hundreds of billions. It's estimated at about five. Why? Because about every year they make less than a Euro per fan. And that's not because fans aren't passionate. It's because, well, if I can't come to the game, because I live in Southeast Asia, or if I can't meet a player or if I can't have a social experience or if I can't really engage and feel involved, well, what can I have? So some of the events would be the last couple of weeks, like meeting famous football players inside an environmental space where everyone can speak. These expand the scope of culture, of sport, of music, of these other areas. So I think the metaverse has to solve a problem, and the problem can't be that you want your token to be more valuable. If that's the problem the metaverse is solving, then it's not solving a problem. It's broken. Sure. Exactly. Well, you hit on a couple of really interesting points here, and I think this is something that a lot of people have to get over to understand kind of this little bit of this concept of what maybe the real future of metaverses are as opposed to what we'll see in the blockchain space. Two things you hit on there, of course, is this brand equity or brand properties that are being transcended into a place like what you had mentioned there with Real Madrid, biggest soccer club maybe on planet Earth when you think about that, expanding that out there. Lots of great opportunity there, and obviously that will be a big part of that. You also mentioned just the existing Fortnite Roblox kind of connection. Those are already kind of metaverses today. They're just not necessarily running on a blockchain. So there are some things like that. Now, in terms of this capacity, because Improbable, of course, is solving some challenges here, you look at the current player count record that has been achieved by you guys, and you look at ... You had even mentioned the size of Real Madrid alone, and think about that times a thousand if you look at all the entities of NFL, MLB, NBA, and then the World Soccer Leagues. There's a lot of fans out there. What are the capacities for blockchain metaverses in the future? So we're able to host entire stadiums full of people at this point, and you can have many of those events running in parallel. And so you could literally take the ticket revenue of a sports league, and if there was six years' events, experiences, and ticketed people who can come in ... I mean, assuming you wanted a ticket, you don't have to, because we can run it cheap enough. You could do it for free. If you could bring Call of Duty -style monetization, that's two to six percent of the audience spending most of the money, to things with a billion, two billion, three billion users and fans, and you could make that interoperable, and you could make that accessible, especially to people on a mobile phone. I mean, let's think beyond football, cricket. There's a billion cricket fans out there, and you look at a 4G map of India, and you see some pretty amazing things in terms of internet access. If you're able to do that, you're not just talking about improving, building a tech company, or improving the metaverse, or improving Web3. You're really making people's lives fundamentally better for things they really care about. One of the things we found is that that becomes a vast opportunity. In terms of capacity, the blockchain really is just a tool. In the demos that you've just shown on screen, there are AI -based bandwidth compression algorithms. There's new approaches we've taken to rendering that don't exist in existing game engines. In fact, we've actually built a new method to allow generative AI objects to appear dynamically inside worlds. We don't talk about any of this, because honestly, these are just tools. And that's how I look at the problem with the conversation these days. Like for me, blockchain, and this is going to sound really bad, but blockchain is like a sewage system. I'm very happy it's there, and if it wasn't there, we couldn't have great cities, and we couldn't build a lot of good stuff. But I don't want users walking through the sewage system. It needs to fade like open -source software, like infrastructure, into the background. It needs to be a powerful enabler for things that your grandma likes, for things that the average football fan or gamer likes, without having to think about, is this an NFT? Is this on the blockchain? Is this a wallet? Is this whatever? That's the key to really making something really valuable. So our philosophy, and this may be as a result of being at this 10 years, having the hopes and dreams, seeing things not work, seeing things work, and building and building and I think a lot of people in the NFT space are quite recent sometimes. It's just pragmatism. Let's just create the things that matter. So we use central services. We use decentralized services. Where it makes sense, we use one. Where it makes sense, we use the other. But we always ask, what is the value proposition? Because the event we've just shown you, you could not run that on a blockchain. No one can do 20 billion transactions a second that are nowhere near where blockchain is. Well, I think the point you are making, too, is this is a societal shift, and when you look at the capacity of where technology is going, there's going to be some great opportunity. You had mentioned a little bit there about AI. That in itself is going to really create some new experiences on its own, much less what we'll see in terms of fan engagement, things of that nature going forward. I want to jump over to the topic of M -squared. Improbable opens up the tech behind Bored Ape's, Ape Metaverse, obviously M -squared. The engine behind this, talk to me a little bit about what M -squared is, because I know it's a separate entity as opposed to a probable itself. Kind of go down that direction and what the plans are here. There's a lot of technology and a lot of separate pieces, so I'll talk a bit more about the economic framework and why that's important, and then I'll touch on technology. Yeah, these are some really cool demos here showing on screen the memorable events from our recent history. But what I will say is, I think what we've realized painfully over the last decade is that there is a fundamental economic problem with video games right now, and that problem is the cost of user acquisition is ridiculous. It costs $10 a person on average to make someone play a free game. Let's just do the maths of that, right? A free game. Not working. Not working, right? That's why a lot of games companies now are just paring back the franchises they know. Exactly. You see layoffs, you see problems in the industry. And the other challenge that people need to internalize is the probability of a team making a hit game, even if they've made many hit games before. And I've seen this firsthand, and we support some of the largest games companies in the world, and people don't know this, but we do a lot of services work for them as well. It's basically like roulette. There is no one with a magic formula to go make a hit game, unlike, interestingly, in music film, and where you see consistent successes created by the same people. Games are a lot more variable. So with that in mind, right, it really doesn't, to me, make a lot of sense that a bunch of projects try to hoard users, try to create their own platforms. And so what M Squared is trying to do is to say, look, it's hard enough as it is to create compelling experiences, and a lot of the industries that we want to work with have loads of users. Instead of a licensing model, which is what Fortnite and Roblox effectively are, they're traffic -based networks. They own the user, they earn the equity value, they own the multiple on that view. You're a guest there. And yeah, that can be really great for marketing, but you can't build a business like that. What is the IP -able value of a business wholly dependent on Roblox? What is the revenue multiple? 1x, 2x, if that, you're not going to get there. So the idea behind M Squared is a radical view. We don't take 20%. We don't even take, you know, we take, I think it's like 2 % is the current number. We don't own the user, you own the user, you own the asset, you own the metaverse. When you went to that baseball experience, you didn't even know it was running on M Squared. But behind the scenes, like the plumbing, like the sort of network that we are, we ensure that all the different metaverse operators on top have the option to do pretty incredibly interoperable things. So avatars can freely move from world to world, items can freely move from world to world. People can create commercial relationships across experiences that don't have to limit them to one metaverse or another. And crucially, because we are targeting companies with massive numbers of users, but very little engagement and monetization, they're actually happy to share users because there isn't always a game on. There isn't always a concert on. And so it makes a lot of sense to create value that way. Now that said, we also are interested in ordinary open source creators. We have a live world right now at construct .msquared .io, it's like a debug space. And we want to let those ordinary creators build content that these bigger brands can bring into their worlds as well. So it's a different model. Yeah, for sure. And I think it really does open up the opportunity here, I think, for a lot of creators and developers kind of going forward. I want to jump over to the demo. And we have a demo clip here of the Construct. And I want to play it for you and then kind of get your explanation of how this works, all that kind of stuff. All right. So we're showing the Construct now. And obviously, kind of walk us through what the framework here is, maybe what the mission is for the Construct. Sure. So the Constructs are completely free, always on Metaverse that is non -commercial. Its purpose is really to create an environment where any creator can walk up to a blimp and just use basically JavaScript and MML to create an object and instantiate it into the world. And it's a way of letting people develop, test, experiment, explore. We host weekly creator meetups in here, which are a lot of fun. I think we did a lecture for a Swiss school here randomly as well. So this is like, oh, there's a dinosaur right there, actually, hilariously enough. It's a completely raw, if you've ever seen The Matrix, this is like the back rooms, right? This is the non -branded, non -professional, non -polished, rough part of the Metaverse where crazy things happen. Someone threw a Daft Punk stage at me, that was strange. The people have made guessing games, hot air balloons, and this is all just made by ordinary creators using an open source language. So Constructs where we test the bleeding edge stuff, it can support about a thousand people off the bat, just as a test base. Interesting stuff. All right, so this is good. I mean, for advancing the technology, obviously, you get a lot of creators in here to really kind of change the game in terms of just the ideation that comes out of this. So very cool. It's just a debug space. It's not something that's intended to house or to be used for consumers. This is really just a place where in the middle of development, and you don't want to deploy it yourself, you might use Constructs. That's pretty much it. And what's interesting is this isn't provided for a lot of other services, which is in the pretty essential environment. Yeah, exactly. So I think that helps kind of go forward. You guys are doing things quite a bit differently. I was looking at this headline right here, obviously you guys are a Softbank -backed startup, but you have a partnership here that's started to roll out, and that is with Google and NVIDIA. So talk to me about what this partnership means for Improbable. So this is the really weird thing about M -squared. It isn't like a normal technology or platform play, in that Improbable is just one supplier of potentially many other suppliers of technology. Like if you want to use a particular streaming service, or if you are a networking provider that's in direct competition with Improbable, and you want to provide your services to companies on the network, you can. So the goal of M -squared is really to facilitate the development and investment in infrastructure by many companies that exceeds the appetite of any one business, and can benefit lots and lots of other companies. One of the main problems with content -based platforms is that they eat so much value that the value that could be created with businesses on top is not created, and this is a way of rectifying that. So you see partners like Google, Ubitus, NVIDIA for streaming, but you can basically plug in any component relevant, different game engines, you can build your own game engine, and the M -squared leadership team, board, and founding team of which I'm part, the goal there really is to, oh this is a very, very old demo that isn't even our current deck that's now on screen, but hilariously enough, still looks cool. But look, our goal really is to invite different providers to contribute value to the network, and it's not exclusive, it's not something where a provider only has to work with us. That's another big difference in view of M -squared. The goal is to create something additive, not to take away from other platforms.
The Crypto Overnighter
A highlight from 636:PayPal in Waters Crosshairs,CBDC Alert (UK) & SEC Appeals
"Good evening, and welcome to The Crypto Overnight. I'm Nickademus, and I will be your host as we take a look at the latest cryptocurrency news and analysis. So sit back, relax and let's get started. And remember, none of this is financial advice. And it's 10 p .m. Pacific, Thursday, August 10th, 2023. Welcome back to The Crypto Overnight, where we have no sponsors, no hidden agendas, and no BS. But we do have the news, so let's talk about that. Tonight, we delve into a massive class action lawsuit, putting VC giants in the spotlight over the FTX scandal. The SEC and Ripple take center stage as their legal dance continues. PayPal's venture into the world of stablecoins faces political scrutiny, while France takes steps to harmonize with the EU's crypto regulations. The Bank of England makes strides towards their own digital currency. And finally, we see how New York stands tall in the crypto world with impressive adoption stats. 18 prominent venture capital firms, including Temasek, Sequoia Capital, Sino Global, and SoftBank are facing a class action lawsuit in the United States District Court for the Northern District of California. These firms are linked to FTX. The lawsuit, filed on August 7th, accuses these investment firms of aiding and abetting FTX's fraudulent activities. The suit alleges these VCs used their influence and resources to bolster FTX's fraudulent operations to a multi -billion dollar scale. FTX stands accused of violating various securities laws, as well as misappropriating customer funds. These VC firms are said to have painted a misleading picture of the exchange, asserting they had conducted thorough due diligence. FTX's former primary counsel, Fenwick & West LLP, is also under legal scrutiny. A class action lawsuit alleges the law firm established several shadowy entities that FTX and its top executives used to misappropriate customer funds. These entities, named North Dimension and North Wireless Dimension, are believed to have diverted misappropriated FTX customer funds. The lawsuit claims that Fenwick & West's services to FTX went beyond standard legal services. This means things like restructuring acquisitions in ways that evaded regulatory oversight and providing staff to implement strategies the law firm proposed. The lawsuit highlights the role of VC firms in potentially aiding FTX's fraudulent activities. For instance, Temasek, after an eight month long review of FTX's financials, audits, and regulatory checks, claimed to have found no issues. However, after FTX's collapse in November 2022, Temasek wrote off the entire $275 million investment in FTX. The executives responsible for the FTX investment took a substantial pay cut as well. Now here's where it gets a little weird. Temasek is a Singapore state backed investment firm. That means, by extension, the Singaporean government falls under scrutiny for potential oversight failures. I don't know that necessarily is going to go anywhere, but still. The lawsuit against Fenwick & West suggests the law firm may have played a pivotal role in FTX's alleged fraudulent activities. The suit alleges that Fenwick & West was complicit in FTX's alleged fraud by not intervening in the purported misrepresentations to its customers. Law firm is believed to have benefited financially from FTX's alleged misconduct. From questionable VCs to the courtroom, let's switch gears to the ongoing legal dance between the SEC and Ripple Labs. It seems the courtroom drama never ends for these two.
Bloomberg Radio New York
"softbank" Discussed on Bloomberg Radio New York
"A lot of other things. We'll get to that in just a moment. Plus, why we're probably all wrong about interest rates. I'm curious, Mike mckie who's settling in in the studio, CP has something to say about that. This week's cover story of Bloomberg businessweek on a little research firm that took on India's richest man we've been obsessed with this story over the last couple of weeks. Also, a little political news, Republican donors seeking to choke off a 2024 bid for The White House by former president Donald Trump, and then we've got the goods on the SoftBank backed company that's cracked the code to making it big as a social media influencer so all of you would be stick around, you're going to want to hear that story. All right, let's get a check on that trading day. Here is Charlie. Hi, thank you very much. And here's what's going on, Carol master. Let's begin with The Walt Disney Company because that stock up now by 1.4%. However, the Dow, the S&P nez stack, they are all trading lower in fact they have given up earlier gains. Right now we have got the S&P bouncing along the bottom, stalks a race gains amid recession signals from the treasury market, hawkish fed speak and a surge in equity bullishness among youte U.S. retail investors that's often seen by many as a contrarian indicator, also keep in mind the S&P wiped out a game that approached 1% at one point now lower by three tenths of 1%. The S&P down 11 now at 41 O 6, the Dow down 85 dropped there of three tenths of 1%, NASDAQ down 32, a decline of three tenths of 1%. Ten year yield 3.66% with the two year 4.50% right now, spot gold down 5 tenths of 1% 1866 ounce and West Texas intermediate crew down 5 tenths of 1%, 78 O 8 right now for a barrel of WTI. Disney, the big earnings story, right now Disney has mentioned up one and a half percent try and partners founding partner Nelson peltz says his proxy battle with Disney is over. You'll recall the activist investor announced in January, he would be seeking a board seat of the company to try to initiate change, but now he is telling a CNBC that now that plans for traumatic restructuring have been announced that Disney, he is now ending his proxy battle. Bob Iger's plans for Disney include 7000 job cuts and 5 and a half $1 billion in cost savings. As for where those savings will come from, geetha ragana is a media analyst with Bloomberg intelligence. So right now Disney is spending about $30 billion just upwards of about $30 billion every year on content. Off that about ten to 11 billion is on sports drives. So there's really not a whole lot of flexibility there. But on the remaining 20 billion, that's where they're looking to cut about 3 billion so about 15% of those content costs are what they're looking to trim. So it's really more in the general entertainment kind of division. And again, Disney up now by one and a half percent after earnings, MGM Resorts and wind resorts leading a rally in casino operators, MGM up 7.2% win right now up by 5.4%. Recapping stocks lower, S&P down four tenths and that Carol master is a Bloomberg business flash. All right, Charlie, thank you so much. It is time to get to the market driver's report. Let's set the business week agenda. We got a lot of conversations going on in the studio, around the newsroom, everywhere. We've got
Bloomberg Radio New York
"softbank" Discussed on Bloomberg Radio New York
"And that is the focus on inflationary not so much recessionary fears, not so much an economic story today, but again, sort of growth, maybe here on the horizon. And I think that's interesting about, well, overall, the sentiment out there, you're seeing sentiment in the bond market, which one is perhaps not too fearful when it comes to recessionary risks on the day. You've got sentiment in the bank, CEOs actually perhaps signing mistake than we thought, but then sentiment here that maybe you are going to be seeing pulled IPOs in the UK. It's interesting that they're talking about political environment, but maybe it's also more evaluation environment. Maybe this is more of what SoftBank wanted in as well as we got to remember the regulatory concerns that were surrounding the steel as well. I want to go back to that IPO news because I think how quickly we go from what record to record M and a markets and M and a environments and then how quickly the market slowed down. And you know, we have to remember, go back to the past financial crisis, also after the dotcom boom, it took months for the IPO market to recover. So this is another sign in an indication of just things slowing down and it will take a while Tim for it all to recover. Yeah, we certainly saw that reflected in the earnings of the big banks that wrapped up their announcements for the most recent quarter earlier. Today finale, but as you've been reporting on throughout the last week, not only they made up for that decline, and IPO and M and a activity, with other areas that were more robust like trading. Yeah, trading did really beat expectations this time around and you saw it by the banks taking on more risk with value at risk really rising. The bank seeking to make markets. I think what's interesting though about this decline in capital markets activity underwriting activities, the reasons. It used to be purely macro. And now you're seeing the SoftBank report tied to politics. So throw on your list of issues here, the fact that you have issues in London, capital markets in Hong Kong capital markets, and that question of when globalization starts to matter for the bottom line. And the further sort of breakaway between public market valuations and private market valuations and how big of a discount that really is is we have heard that some of these private companies are not wanting to discount so much. Maybe the way the public markets have had a big reset. Remember that was all to do with of course the Nvidia couldn't get the sign off to be buying arms. So that's why we then see a spin off being debated and why that's now being put on hold but talk about more tech coming thick and fast and of course IBM were getting numbers out of this particular giant. And overall, we do see, well, just about a beat in line with operating earnings per share $2 31. The estimate was from $2 29, revenue coming in stronger than expected $15.5 billion the estimate was 15.16 Carol consulting revenue looking relatively strong, adjusted earnings per share as well, one that we need to keep a close eye on and operating. And really, a company actually that's rising aftermarket hours because it manages to beat. Yeah, that's pretty impressive. As you set up about 1.3%, so something will certainly follow into the Tuesday trade. All right, we got to run, guys. That's a wrap, our cross platform, simulcast on radio TV and YouTube counting you down to that close on this Monday. We will see you again. Same time, same place tomorrow. This is Bloomberg businessweek. With Carol maser and Bloomberg quick takes Tim Sullivan on Bloomberg radio. All right, we do want to mention though IBM now a little bit lower in the after hours. Let's get to Denise Pellegrini for an update on world and national news, hay Denise. Peter, well, doctor Anthony Fauci is making plans to retire. We get more from Bloomberg's Nathan Hager. Arguably the nation's best known Doctor Fauci has served under 7 presidents as head of the National Institute of Allergy and Infectious Diseases and as chief medical adviser to President Biden. Now, Doctor Fauci tells Politico, he will leave by the time this president's term ends, saying if he were to wait till COVID's over, he'd be a 105. Doctor Fauci also says he's ready for any political attacks if Republicans take control of the House or Senate. He says that is not a factor in his retirement decision. In Washington, I'm Nathan Hager, Bloomberg radio. Thank you, Nathan, and England's prince Harry delivering a keynote address to the UN General Assembly today the Duke of Sussex warning the world faces crises, including the erosion of freedom and climate change, and he calls this a pivotal moment that he says requires action. A moment where multiple converging crises have given way to an endless string of injustices. A moment where ordinary people around the world are experiencing extraordinary pain. And prince Harry is speaking there for the Nelson Mandela international day, lost luggage claims are up 30% since the start of the pandemic according to insurers. Short staffed airports and airlines apparently to blame carriers say though most lost luggage is returned eventually and it's still July. But here's a reminder of how eager companies are for the holiday shopping season to start the maker of international delight coffee creamers is just put out three new Grinch inspired creamers. Gingerbread cookie dough, peppermint mocha, and frosted sugar cookie. Global use 24 hours a day on air and on Bloomberg quicktake. Powered by more than 2700 journalists and analysts in more than a 120 countries, I'm to these Pellegrini
Bloomberg Radio New York
"softbank" Discussed on Bloomberg Radio New York
"One of the most miserable deaths you can ever die from I'm Brian chuck And I've done prisoner at Bloomberg world headquarters in New York Let's check this hour's top business stories and the markets Right now in the Tokyo session shares in SoftBank are up more than 5% The company is planning an IPO for its arm limited chip unit call it a plan B this is after the proposed purchase of arm by Nvidia collapsed as a result of fierce opposition from regulators and customers After the bell in the U.S. ride sharing company Lyft reported fourth quarter revenue above estimates however daily active ridership missed the mark in the stock fell 4% in late U.S. trading and we heard from chipotle after the bell the company reported fourth quarter comp sales higher than forecast it shares moved up 6% in the extended session We are told Microsoft is considering a bid for the cybersecurity research and incident response company mandiant a deal with bolster Microsoft's efforts to protect customers from hacks and breeches Well markets are awaiting the U.S. retail inflation data the CPI report is due on Thursday and it's expected to show a stubbornly high cost of living tonight in the U.S. San Francisco fed bank president Mary Daly told CNN inflation could get worse before it gets better and she said she's in favor of raising interest rates at the March meeting Ten year treasury now in the Tokyo session down two and a half basis points in yield We are at 1.93% We check markets every 15 minutes here on Bloomberg We've got a rally underway in Hong Kong the hang seng up 1.9% on the Chinese mainland Shanghai composite higher by half of 1% In Tokyo the nikkei better by 9 tenths of 1% in sold at cost be is up 6 tenths of 1% and in Sydney the ASX 200 is higher by 7 tenths of 1% WTI crude oil right now 89 55 after falling 2% in New York trading Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts This is Bloomberg This is Bloomberg law with June brusso from Bloomberg radio President Joe.
Bloomberg Radio New York
"softbank" Discussed on Bloomberg Radio New York
"One of them the cost of a mortgage is still on the rise I'm Mike Bauer Tesla held just under $2 billion worth of Bitcoin at the end of last year That's according to a filing with the SEC The company bought one and a half $1 billion worth of the cryptocurrency last year I'm Brian schuch And I'm Doug Chris Bloomberg world headquarters in New York Let's check this hour's top business stories and the markets the chip maker and Nvidia is said to have withdrawn from a deal to acquire SoftBank's arm limited We are told the $66 billion deal collapsed over some regulatory concerns now SoftBank is set to receive a breakup fee of up to one and a quarter $1 billion and then going forward SoftBank is looking to unload arm through an initial public offering before the end of the year Right now in Hong Kong we have shares in wuxi biologics down by more than 20% This company is one of 33 Chinese firms put on a list by the Biden administration because the legitimacy of these firms has not been verified and as a result the U.S. is imposing new restrictions on the ability of these Chinese companies to receive shipments from U.S. exporters the U.S. is also requiring extra diligence from American corporations willing to do business with them Peter Thiel will step down from the board of directors at Facebook parent meta platforms after the annual shareholder meeting in May till it has advised medical founder Mark Zuckerberg for nearly two decades to become a director back in 2005 after an early investment in Facebook we are told teal now plans to increase his political support of former president Trump's agenda during the 2022 elections We check markets every 15 minutes here on Bloomberg in Hong Kong the hang sang down 1.2% In Tokyo the nikkei rising by four tenths of 1% on the Chinese mainland Shanghai composite weaker by half of 1% the Cosby is up 1% and in Sydney the ASX 200 ahead 1% as well The U.S. tenure treasury in the Tokyo session is yielding 1.93% Global news 24 hours a day on air and on Bloomberg quick take powered by more than 2700 journalists and analysts in more than 120 countries This is Bloomberg This is Bloomberg law A divided Supreme Court rejects a religious challenge Tell us a little about the facts of the case Interviews with prominent attorneys in Bloomberg legal experts I guess his former federal prosecutor Jimmy caroule joining me is Bloomberg law reporter Jordan Rubin And analysis of important legal issues cases in headlines The Supreme Court takes on state secrets multiple lawsuits were filed against the emergency rule This lawsuit for real Bloomberg law with June Grasso From Bloomberg radio Welcome to the Bloomberg law show I'm Jim Rosso I had this hour The Brian Flores class action lawsuit against the NFL And bets on wrongful convictions are litigation financers next move The proliferation of litigation funding in the U.S. has extended to civil rights claims brought by the wrongly convicted Some funders are willing to provide exonerees as much as $1 million in upfront cash Joining me is Bloomberg law reporter Roy strom So tell us about Charles Johnson Charles Johnson's case in Chicago was kind of famous He was part of a group of four teenagers who were dubbed the marquette park four when they were arrested in 1995 for a double murder and a robbery that they were later convicted to and he spent more than 20 years in prison before being released In 2016 He argued that the police had coerced his confession and later a group of lawyers who were working with them found crucial fingerprint evidence that later proved his innocence So he gets out of prison But since he sue the state does he sue the city Yeah so Charles gets out of prison in 2016 He says he's basically broke And in 2018 he sued the city of Chicago and the police department So that case has not come to trial yet No the case has been going on for about four years and his lawyer told me there's still some ways to go before there's actually a resolution In these wrongful conviction cases do they have to prove their innocence Do they have to prove the police did something wrong They do have to prove that the police did something wrong that there was misconduct constitutional tort claim basically that their rights were taken away by wrongdoing on the part of police or prosecutors and it's a pretty tough legal burden to hurdle Are there odds about how about these cases like how many of them succeed and how many fail About 1200 exonerees of filed these types of civil lawsuits and about 51% of those received some type of monetary recovery and about 27% were unsuccessful The remaining suits are still pending We've seen some stunning jury verdicts in civil cases in recent years Are these the kind of cases that get those multi-million dollar awards Yeah the lawyer representing Charles Johnson his name is John Levi and here in Chicago He's well known He's one jury verdict as high as 25 million in these types of cases And you mentioned in your story that Chicago has been dubbed the wrongful conviction capital of America Why is that It's got more wrongful convictions per CAPiTA than the United States Give us a refresher course on what litigation funding is and how much of it there is out there The litigation funding is basically when investors put money into a loss suit in a type of deal where they'll be compensated really well if that case wins and typically they won't get anything back if the case loses And a very attractive asset class at the moment currently has nearly $12 billion in assets under management among big group of these litigation funding companies Is it new that they're getting into funding these wrongful conviction cases People I spoke with that had become much more popular recently that wrongful conviction cases attract funding One of the reasons is there's just a lot more of them being filed in recent years the number of exonerees has spiked since 2014 and it's a type of lawsuit that Garner's interest because it the plaintiffs these wrongful conviction victims have a need for money and their cases go on for a long time and there is the prospect of a big settlement or verdict at the end of the end of the day So in most cases do they give an initial payout to the Yes usually the exoneration will receive some form of upfront payment The numbers I heard could range as high as a $1 million upfront other funders were more likely to give a smaller number one company is giving a $100,000 upfront And charging a much lower interest rate but other funders will provide monthly or every other month sort of stipend to help these people live That goes to the exoneree Do they give out more money than that to fund the litigation itself No most of the lawyers who do this work operate on contingency basis So the lawyers too are incentivized to win And the money from the funders typically goes directly to the plaintiffs the exoneree Coming up I'll continue this conversation with Roy strom and we'll talk about the competition in this area And why some exonerees think the terms of these deals are too demanding and later in the show the Bryan Flores class action.
Bloomberg Radio New York
"softbank" Discussed on Bloomberg Radio New York
"Kong Monday February 7th in New York coming up this hour Agent stalks a mixed as the market weighs tightening monetary policies against geopolitical risk The U.S. is losing patience with China as it fails to meet trade deal pledges and Nvidia is said to withdraw from the acquisition of SoftBank's arm Biden says Nord stream two will not go through if Russia invades Ukraine Putin says McConnell has interesting ideas to help deescalate COVID cases surge in Hong Kong I'm at Baxter with global news He's Manchester United or Chelsea the favorite to land west ends Declan rice On Dan Schwartzman I'll have that story more coming up in Bloomberg's boards That's all straight ahead on Bloomberg daybreak Asia On Bloomberg 11 three O New York Bloomberg 99 one Washington D.C. Bloomberg one O 6 one Boston Bloomberg 9 60 San Francisco Syria's XM one 19 and around the world on Bloomberg radio dot com and via the Bloomberg business app 10 o'clock in the morning in Hong Kong the equity market has been up and running for about a half hour now a little bit of weakness for the hang sang If you're joining from the apec region good morning I'm Doug Chris at the Bloomberg interactive broker studio in New York And on Paul Allen in Sydney where it's one in the past one on Tuesday afternoon and we're seeing the ASX push higher by 1% higher on most of the region dug apart from a client shins amateur obvious today volatility right No doubt and I think it's a very interesting story what's going on in Hong Kong because the healthcare group generally speaking is leading the market lower by quite a bit The healthcare group is down about 18% Now you might recall we were talking about the Biden administration raising some red flags about 33 Chinese companies whose legitimacy The.
Bloomberg Radio New York
"softbank" Discussed on Bloomberg Radio New York
"I'm John Tucker in New York with your global look ahead at the top stories for investors in the coming week SoftBank about to report its quarterly results and the conglomerate is facing a bunch of challenges for more let's go to Hong Kong and Bloomberg daybreak Asia host Brian Curtis John we look forward to SoftBank's earnings in all that entails From its own operating performance to its many portfolio companies to its high profile separation from or with its COO get to that in a moment We also hope to hear a little bit more about what SoftBank plans to do with the chip design company arm It appears that invidious planned to buy arm is now dead and an IPO is considered likely It would be the biggest ship IPO ever Joining us now is Peter elfstrom Bloomberg's executive editor for Asia technology First Peter your general expectations on earnings SoftBank is pretty consistent in providing a few surprises during earnings period So I mentioned they are going to talk about the decline in tech shares that's going to be reflected in their financial results They also will certainly talk about the departure of their COO which you alluded to that's Marcello call rate is leaving the company and another executive is taking over at least some of his responsibilities but they'll be further questions about leadership after that And then you mentioned arm also they've been trying to sell arm to Nvidia that deal has run into regulatory problems The companies have not said anything publicly about that yet but sources have told us that Nvidia is looking at walking away from the deal So they will probably ask SoftBank in my city or she saw about those things but it's not clear that he's going to comment at this point Yes we were wondering whether or not there might be other suitors or whether or not the IPO route it seems like the IPO route would generate a lot of funding for soft bank Arm is a tremendously valuable resource in the semiconductor industry A key characteristic is that its neutrality is at the foundation of its appeal It is designs are used by a wide range of customers including apple and others and Nvidia was going to take over the company kind of jeopardize that neutrality So I think a lot of their customers Apple quantum and others prefer that arms stay independent so that it can maintain that neutrality If they don't get sold to Nvidia and it looks very very unlikely like it will we do understand that SoftBank would look at taking the company public through an IPO So you're right yeah that would raise a bunch of money for the company It would not raise as much as in video is willing to pay But it would raise a bunch of money for the company and that would help them fund the operations and then expand which would be a benefit for soft bank Well it has been a tough period for SoftBank here in the past couple of years We've talked about a few of them Obviously the crackdown in China and the big sell down in the Alibaba share price has hurt soft bank But there have been some bright spots too Let's talk about at least maybe one or two of them Your thoughts there That is really the heart of the matter SoftBank is sort of evolved from an operating company into an investment company recently So it has hundreds of portfolio companies that it's put money into 300 of them many of them have now become publicly traded And the fourth quarter I mean as we've seen recent months have been very rough for tech stocks including those that SoftBank owned So when you look across the portfolio that they've got there's a company called a digital payments company in India that was down about 35% in the fourth quarter DD the ride hailing company in China was down more than 35% for the quarter Even DoorDash which was a pretty strong performer for SoftBank fell about 28% So SoftBank because of how it's structured now has to write down those stakes and count those losses in its portfolio The biggest mark against it however was Alibaba the Chinese ecommerce company as you mentioned there's been this crackdown in China only bother shares have gone down quite a bit too So all these stocks that SoftBank has used over the years as collateral to be able to do other things are sort of syncing at this point If you want bright spots there are a little hard to find in there but there are a handful of them one would be that WeWork was able to go public that was a helpful step for the company And then also there's a South Korean ecommerce company coupang that did gain some ground in the fourth quarter which is a little bit of a help But we expect as we go into this earnings period that SoftBank is going to have to take a pretty big loss against these tech shares that have declined and they're going to look to Massa to find out what he plans to do to get the profits back on track All right Peter thanks so much for your insights Really appreciate it Peter ellstrom Bloomberg's executive editor for Asia technology I'm Brian Curtis along with Doug Kushner You can catch us every weekday for Bloomberg day break.
Bloomberg Radio New York
"softbank" Discussed on Bloomberg Radio New York
"To conceptualize both the opportunity fund in the Latin America fund SoftBank is known primarily for this mothership fund called the vision fund but there's a whole other group of SoftBank called SoftBank group international that looks for pockets that are underexplored And so Latin America the opportunity fund Miami are all part of a general idea that there are these pockets of activity where great founders exist and no capital exists or not enough capital exists So there is definite connection between all those initiatives Latin America we came into an early 2019 that was hardly any growth capital there The capital in the region was to the tune of one to 2 billion a year that last year is probably going to be about 15 billion invested in Latin America in the year and a flood of capital from foreign investors who really haven't been there before The opportunities are much broader in Latin America than we presumed at first Coming in we thought it would be the usual ecommerce FinTech type of opportunities It's been incredibly broad and deep across types of markets and industries there's software companies in Brazil that are giving the American ones a run for their money V tax went public on the NASDAQ or the New York Stock Exchange I believe actually and is a Brazilian ecommerce enablement company a software company So you're seeing a lot more real high quality globally competitive entrepreneurship coming from these markets which are often much more difficult to do businesses And so the founders who build there are really battle tested for the world Now I spoke with Marcelo Clara SoftBank COO and the CEO of SoftBank international almost exactly a year ago today about what the priorities were then Take a listen to what he had to say We're going to continue to invest in companies that utilize data and artificial intelligence to disrupt traditional business models We like companies that are making the way we work the way we live the way we play making the world a better place And I believe he did that interview In fact from Miami Stacey I'm curious That was at a time We didn't think the pandemic was gonna go on this long And I'm curious how the strategy or philosophy has changed given that we're still in this Yeah it hasn't changed What Marcelo said is the same as it was a year ago We just talked about how we just entered a new year about feels a lot like the same We are still interested in investing in companies that are used in data that are going to change the world We have made a number of investments one recent one in welcome tech which is an amazing company that has focused on helping immigrant populations better connect with financial services We also invest was in practice last which is helping to use mixed reality to team areas around diversity and inclusion These are all topics that were true a year ago and they're absolutely true today So we continue to look for great founders who are black LatinX and Native American One thing I will mention is that we've not yet invested in a Native American founders So one thing that has changed is that we spent the last year meeting with 30 over 30 different people from the native community to really understand how do we really invest in that community and find entrepreneurs who are building great companies And so what we learn from that is that we've got to take a different approach to investing in the Native American community So we'll be looking at some partnerships this year We maybe reinventing a little bit around our investment model and maybe even considering some pre seed investments which is not something that we've done in the past So we're excited to bring some founders in from that community into our portfolio in 2022 Now there's never been any shortage of headlines about SoftBank especially since masa announced he really wanted to double down on investing in technology There has been turnover in the partnership and also there have even been reports about Marcelo potentially leaving What are you saying to founders about whether or not they're going to have the stability and the resources they need to be successful and whether the relationships they're developing with folks at the fund will last Well obviously it's not wise for me to comment on private negotiations happening between my bosses So I'm not going to do that But as far as Latin America goes we've built a team that is dedicated to the region and it's very unique So we have people living in Brazil in Mexico and Miami all focus on Latin America We have both an investing team and an operating team The operating team has focused on helping the companies once we invest in them to be better to achieve specific goals a real operating muscle that we add to the capital muscle None of that's going to change and SoftBank's capital position is strong SoftBank continues to invest around the world and Latin America is representing a larger and larger component of that not just for us but for all capital allocators We've seen every brand name investor in tech come into Latin America in 2020 and 2021 That's going to continue So the region is as exciting as ever on its own merit What we did in 2019 was JumpStart our own efforts there but I think those efforts can stand alone now for the foreseeable future Now Stacey talking about the opportunity fun specifically how will you measure success We measure success just like many other venture funds We are in this to invest and generate venture life returns just like every other venture fun outfit So success for us is dewy generate returns Success for us is also the value that we create in the communities that are founders come from We have a value creation team that is dedicated to working directly with all of the founders in our portfolio to not just give them capital and validate their business model but to really create a community so that they can support each other Ultimately we want to change the base of wealth creation in our society I can tell you now that more than half of our companies that we've invested in have raised follow on rounds many of which do we participate in So another measure of success is how successful our founders are in scaling and growing their business and the validation that they receive from the broader investment community in their ideas and we're very happy to see that continue Now we can escape NFTs or the cryptoverse.
Bloomberg Radio New York
"softbank" Discussed on Bloomberg Radio New York
"Welcome back to Bloomberg technology I'm Emily Chinese San Francisco We are less than a week into the new year and despite the still raging pandemic Hope remains that this will be the year it ends With that investors are still looking for those untapped markets Some focusing on those hit hardest by this pandemic women and communities of color Joining me now Stacey Brown philpot She is one of the founding members of SoftBank's opportunity fund which focuses on black LatinX and Native American founders and shoe Miata managing partner at SoftBank and co leader of SoftBank's Latin America fund Shoe and Stacey thank you so much for joining us Stacey I want to start with you You're focusing on founders that have been overlooked for far too long What are the priorities for this year Well thank you Emily for having us We are so excited about the opportunity that we have coming into this year The opportunity fund has already invested $75 million in over 70 companies We've looked at over 2000 companies So there's no pipeline problem What we know is that it's not even an easy pass It's really hard to pick some of the best companies in our out there So we're looking for great companies just like the rest of SoftBank which our companies that have a great boundaries passionate about what they do that have an idea that can scale and have the potential the great and the perseverance to make it happen We're excited to invest in many companies across all sectors which is representative of our portfolio today Your focus is Latin America and you've made investments across a slew of sectors where are the biggest areas of excitement for you especially as the pandemic drives on Yeah I'd say.
Bloomberg Radio New York
"softbank" Discussed on Bloomberg Radio New York
"The nation continues to line up in large numbers for booster shots more vaccine centers have opened up across the country including in shopping centers football stadiums and pop ups such as vaccine buses Credits we group asked a U.S. court to force a SoftBank group entity to hand over documents is as it prepares to file a lawsuit in the latest fallout from the collapse of greensill capital In a 30 page filing submitted Thursday to a Northern California federal court Credit Suisse said it was seeking the documents in preparation for a lawsuit it plans to file in England in the coming weeks against parties that could include soft bank and its affiliates Credit Suisse said in May it was cutting ties with soft bank distancing itself from a key backer to lex green cells collapsed supply chain finance empire after conflict of interest allegations Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries I am Susanna Palmer This is Bloomberg This is masters in business with Barry Reynolds on Bloomberg radio My special guest this week is max chafkin He is a features editor and tech reporter at Bloomberg businessweek His work has also appeared in such August magazines as fast company Vanity Fair The New York Times Magazine he is the author of a fascinating new book the contrarian Peter Thiel and Silicon Valley's pursuit of power normally here I say guest welcome to Bloomberg but since you work here I'm going to say max welcome to masters in business Thanks for having me Barry It's a pleasure to be here And I have to say this is a fascinating topic about a really interesting eclectic person that even though there's been a decent amount written about him before this that wasn't as much of a deep dive into his life So we're going to get to that in a few minutes before we do Let's just start with your background How did you get into journalism What attracted you to this Yeah so my first job in journalism was at a magazine called ink which is a short business magazine You know I don't know I was interested in I was interested in getting a job in journalism and this is going back 16 17 years ago And my father had worked in business this whole career I'd sort of been interested in in business and in the idea that the sort of business stories have something to say about the real world I read Moneyball And the Michael Lewis book about the Oakland a's and the sort of business story behind the Oakland a's being good at baseball Anyway I got this job at Inc magazine small business magazine and that was kind of how I got into it And the way I got into covering tech was back then tech was kind of this side show And I was like the young reporter So they kind of just let me do whatever I wanted in terms of covering the tech companies because first of all the basic view is that it wasn't very important and that so anyway I got to encounter a lot of these folks that including teal relatively early and got to kind of watch this obviously it's not the entire evolution of Silicon Valley but I got to see a really important part going from that time 2005 to today where the tech industry went from being kind of an economic sideshow where back at my job at ink you know I had this more sort of senior writers telling me to these companies are all stupid and they're all losing money and I went from being this kind of important but really a sideshow to being you know I'd argue the most important economic engine in the United States maybe even the world Really important Maybe the most important cultural center And I think increasingly really important political center of gravity So it's amazing that people who witness the 1990s so easily drew the wrong lesson which is oh a lot of these worthless companies have no revenue no profits They're worthless but you can always pick those out You have to look at the broader trend and clearly in the 1990s This isn't hindsight Technology was changing everything You didn't have to be a genius to figure that out although you could see how people might miss it because to so many of the negative stories Yeah yeah and it's funny people who thrived in that early period including Peter Thiel but also many others were the kind of contrarians who said who were arguing back then actually the dotcom boom was great and we built all this infrastructure and you heard these arguments back then that were mostly dismissed but yeah now it in retrospect right It looks like yeah they basically had it right but then a bunch of there's a bunch of like sort of dumb money that got dumped into the industry And they pick up the drinks for everybody else Listen I've talked about this with other technologists and VCs before global crossing and metro media fiber and all that stuff that blew up It got bought out of bankruptcy for pennies on the dollar and that's how you ended up with the youtubes and netflixes and facebooks of the world.
VUX World
"softbank" Discussed on VUX World
"If the less powerful is the robot runs with a small chip, it doesn't have a GPU. Our role would need to be manufactured fairly cheaply because we didn't want to sell it like a pepper from SoftBank that cost like $30,000 or something like that. We wanted to sell this to consumers and we wanted to have it be close to a $1000..
Startups For the Rest of Us
"softbank" Discussed on Startups For the Rest of Us
"On that the absolutely and honest i actually never raised before like you said right like all this bootstrapped so i also heard that it makes sense to ten years back right like when. Dha and all these smart people talked about just how receives a evil. And maybe there was some truth to it for share. I also hear these stories and other podcasts. Off like some of the early companies in the barrier selling for seventy percent of their equity right off the bat for like five hundred k. Or something and that certainly doesn't have any more. Evaluations have been rising. I think like yeah. Sure why see is maybe partly responsible for it but i think it will happen sooner or later anyway right like there's so much money to be invested. So i think. In recent horowitz does it and softbank does it. And so the game has changed entirely. Ian people have seen a lot of exits ten billion forty billion fifty billion. That i think there's a prediction that in ten years there'd be a lot more fifty billion dollars startups man. I agree with it so when you look at it from that perspective i mean venture capitalists always been kind of a lottery right but a smart lottery no way so when you think about just how much the returns are people are willing to place bigger and bigger bets and if anything only benefits the founders i think for most part the smartest funders anyway never raise at the highest valuation. I think the always like raise at a good valuation with the right folks. But it's good that the average solution is higher now. I think the other big difference is a lot of people. Think that you raise money and then you give up control of your company and it's not true at least in the beginning before you you had to do a price transfer you raise that million dollar series and you spend six thousand on just the legal fee and you give a board seat. Not people wrist like three million five million on a safe which is simply a promise of equity so you don't give up any control of your company you obviously have to be in in touch with the investors and you should be. But they're not running the company for you so. I just think that there are a lot of these misconceptions about what happens after you raise money. Actually what most people would be surprised with is most of the time once. The money's in the bag investors actually just move onto the next deal like that's their job is to primarily close deals not to actually babysit you there there if you need them so to me. This feels like a very different landscaper. Good for more people to rethink it. Because i see a lot of people working extremely hard having customers having tens of thousands of dollars in revenue and just never considering.
Daily Tech News Show
Nvidia's $40 Billion Arm Takeover Warrants an in-Depth Competition Probe
"Uk's competition and markets authority or c. m. a. published an assessment of videos proposed acquisition of chip designer arm from softbank. The government will now need to decide if the cms should carry out an in-depth probe into the proposed acquisition concerns from the include whether the merged business would have the ability and incentive to harm the competitiveness of videos rivals by restricting access to arms ip which is currently used by a lot of competitors to nvidia loss of competition could also stifle innovation across a number of markets. According to the
AP News Radio
Japan Makes Vaccine Push With Olympics Looming
"Japanese companies have joined the effort to speed up the country's logging coronavirus vaccine bowed out ahead of the start of the Tokyo Olympics next month the C. E. O. of energy and technology giant softbank has visited in the office of affiliate we work with medical professionals being inoculated with the maternal vaccine softbank plans fifteen such sites to vaccinate one hundred fifty thousand employees and their families on an additional one hundred thousand people residing at the sites Japan's vaccine vote out who's been the slowest among developed nations with only about five percent of this population fully vaccinated and the hope is a business push would accelerate the rollout I'm Charles the last month
HumAIn Podcast
How AI Will Impact the Future of Jobs and Work
"Back listeners. The humane podcast today. We are continuing to talk about the future of work whether work as the new normal with his work in the post pandemic world and work continues to expand. I'm pleased today to have on the show. Jeff wald who's the founder of work market and. We have some great history together being involved with some of the same company so jeff. Thanks so much for joining us on show david. Thanks so much for having me. I am really looking forward to this conversation today because as we look forward to the future of work in the world. There's so much to talk about. And our shared history is with adp the payroll company which has done break things around payment providers and keeping companies afloat during the pandemic actually for the day to day operations. But before we move into those hot topics and and the future. Let's start with the history. What is work markets. And what is some of the exciting work that you've been doing in this space. So work market is enterprise off. Further enables companies to organize manage and pay their freelance workforce. So we built by far the largest enterprise software platform for the on demand economy not a marketplace where consumers can go but just the software that helps companies to manage that very important and growing part of their workforce. We found the company. Two thousand and ten we raised one hundred million from softbank in union square ventures and a few others and three years ago. We were lucky enough to find a great partner to continue the growth of the company and eighty p as adp purchase work market.
Bloomberg Daybreak: Asia
South Korean e-commerce giant Coupang tops $84 billion market cap after soaring in market debut
"In its trading debut. It's the biggest U S. I P O since Uber This company has been dubbed South Korea's Amazon. It's backed by Japanese conglomerate Softbank and right now, coupon has a market value of about $84 billion. Coupon CEO Bom Kim attributed the company's success to its long term vision. We're here today because we focused on a long term strategy. Long term vision we've had Teams and shareholders who've been aligned with that long term vision. I think we'll continue to stay steadfast to that'd Noah. Now in terms of the I P o. We were told coupon restricted access to fewer than 100 investors. The top 25 were allocated about 80% of the deal. The U. S. Has imposed new limits for some supplies to hallway. Conditions
WSJ What's News
SoftBank-backed Greensill Capital reportedly files for insolvency
"Specialty finance firm green silk capital filed for insolvency protection in the uk today that similar to bankruptcy protection in the us. Greenville offers short. Term cash advances that allow companies to stretch out the time. They have to pay their bills. Today's filing follows a move by credit suisse to freeze the investment funds that were central to green sales operations. One of greenville's major investors softbank. We've previously reported that its vision. fund was set to write down a one and a half billion dollar investment in the firm our finance reporter in london. Julie steinberg says green sales clients are now looking to a potential takeover of greenville private equity firm apollo. And it's insurance affiliate athene many companies will be able to resume their supply chain finance programs but in other cases particularly for companies that are less than investment grade. Those companies will have a hard time securing financing at it might Snarled their supply chains because effectively means is their suppliers might not get their money on time and it could delay orders. So there's a ripple effects that might a
WSJ What's News
WeWork Co-Founder Adam Neumann Nears Settlement With SoftBank
"As we first reported exclusively we work. Owner softbank is in advanced talks to settle with the company's former ceo and co founder. Adam newman softbank took a majority stake in the shared office space company after we works attempted. Ipo collapsed in two thousand nineteen. A deal could clear the way for we work. Second attempt at a public listing the journalists. Maureen farrell has more. Adam newman some early employees and shareholders have been fighting with softbank about roughly three billion dollars. That softbank was gonna spend to buy their shares as of monday. It looks like softbank. adam newman. We work special. Committee is all very close to a deal. There are all close to settling their respective lawsuits with each other. So that litigations out of the way it could clear a path for we work to move forward potentially with the spec deal. We've heard that they've been negotiating. People familiar with the matter. Said there is no guarantee that an agreement will be produced but if there is one it could be finalized in the coming days. Newman had stepped down as investors balked at buying the money losing companies shares as well as conflicts of interest and erotic behavior
Aviation Week's Check 6 Podcast
Dennis Muilenburgs Bet on the Future
"Denis muhlenberg has kept a low public profile since he left his job. Ceo of boeing at the end of twenty nineteen. But that's about to change me. Lemberg has teamed up with air finance founder. kirsten bartok tau and other aviation luminaries to fund a special purpose. Acquisition company called new vista acquisition corp. They're aiming to raise two hundred and forty million dollars through public offerings to acquire businesses focused on transformational technologies in areas. Such a space defense and communications advanced their mobility and logistics. What does that mean well. We'll let you hear directly from denison. Kirsten who have joined today also with us on my side of the table so to speak is aviation weeks. Technology specialists and urban air mobility guru executive editor graham warwick. Just one no we will. Not be talking about boeing past or future. If you're interested in that i'd like to refer you back to our january twenty nine podcast so let's get started a dentist. Tell us what you're up to. And why joe the good morning and thanks for the chance to talk about new vista. We're very excited about this. New endeavor and that excitement starts with a tremendous opportunity that we see right now as you know i had the privilege of being the ceo of boeing back in. We celebrated our centennial in two thousand sixteen and we. We did some work together on the age of aerospace and when we look back on the history of aerospace the opportunity in front of his right. Now i think it's the greatest one in that one hundred plus year history harris face. We're seeing this convergence of technologies in a way that we've never seen before technologies that span artificial intelligence autonomy new manufacturing techniques satellite technologies new types of vehicles and propulsion systems that set of emerging technologies. All at once has never happened before. Combine that with mega-scale changes in the market. You mentioned air mobility new waste. People are moving Logistics e commerce capabilities the revolution in space in the build out of the lower orbit ecosystem and next generation defense systems that combination of technologies and mega skill. Market ships creates an unprecedented opportunity. And that's what we're focused on at new vista kirsten. Let's hear from you. What brought you into team. Up with dennis and How are you approaching this. Thanks joe and as you know. I've been pretty focused on advanced ever ability for the last four or five years Having been based in silicon valley and kind of live through the internet growth and doing venture capital back then realized early that this transition was going to happen and just from the basic technologies with your talk about them. Electrification greeted propulsion which then goes to autonomy and an ad in hydrogen which has come on the radar lately These technologies are going to completely change Aerospace so that the next twenty years is going to look completely different in the last twenty years and even the is you know. The aircraft designs will look entirely different. Lucky enough i been working on this trying to figure out the right vehicle to investment doing a lot of my own personal investing some through our finance and then was Got on the idea of a spec realized that could be the optimal solution to help. These emerging companies crossed the chasm of death valley of death that we call where you got early stage venture capital money but they needed at large amount of growth capital. These are deep company's hardware and software at their capital intensive and then added that they've got the regulatory component of the faa and. they needed some good opportunities. For large amounts of crossover capital groups. Like softbank could have been that or sovereigns but the spac product has really come in to help. These company cost the valley of death and make it to the next level where they're commercialization occurs and their operational so i couldn't be more lucky to partner with such an incredible operators dennis someone who really pushed billing to be more. Entrepreneurial created horizon ex and necks and We put together a great team here. And we're excited to make a positive difference in the landscape. So so what are you thinking. I mean how do you take these technologies that we write about all time. I guess our listeners want to know and apply them to be like a real product. What what is really exciting. Talk about this this change in the next twenty years. What can we see in practical terms. What are we going to see. joe. I think you're gonna see transformation in these four market segments that we're talking about that's way beyond what we've ever seen before i take what's happening in the in. The lower orbits space ecosystem and extraordinary the number of technologies. That we're seeing that are coming into places real applications now. The build out a satellite infrastructure nanno sats micro sats we see a market for fifty thousand plus additional small sets on orbit or the next decade. We see a number of companies who are working on breaking the cost curve for access to space new launch capabilities that are coming to bear and then new applications in terms of how to use those satellite networks to create information at useful data earth observation New kinds of reconnaissance and surveillance capabilities connectivity. In communications i think the low earth orbit ecosystem. Build out that we're seeing now is just one example of the kind of massive transfer transformation that we're gonna see that's going to create economic value. It's gonna create new companies new jobs. it's going to create a new technologies that are on the innovation edge that are now ripple out into other business sectors. So it's an exciting time to be working on this leading edge
Equity
This startup is making customized sexual harassment training
"Is raising money. And i think this is a really cool company and i want you to tell us all about it. Athena raised money in june with two million round for anti harassment software that it would send to companies and companies basically. Install it for their employees. You'd get a nudge every month. Five minute training and it'd be kind of this idea of making a more flexible way of learning about how to deal with modern situations that might rise up better than the one hour lecture. This is a shift in its focus. Because before was doing kind of one thing and now it's doing a broader array of things when it raised in june was just doing anti harassment in zoom and slack world and now eight months later. It's another two million co led by the same firm. Gsp that let first round of it's and it's going into anything compliance related whether that's how to make sure you are not doing insider trading by mistake or or other bits like that and it's they leaned on big customers which was the impetus for this round including netflix's doom and send us and so for an early stage startup. Those are big names. They have twenty thousand active employees completing their monthly training which the co founder is a positive signal that it's at least getting engagement in some way. Are you currently caught up on your corporate training for verizon media group as managing editor one of my wonderful tasks at the company is to actually monitor our employees to make sure they follow all of the different trainings that they have to do. Because i am the one who gets. The e mails for a bunch of folks that says so and so is sixty days later on their annual compliance training. We will delete thirty male if they do not respond immediately. Did not know that was a state attorney question again dan. Natasha and i caught up on our vm. I think you're mostly caught up february's if you are not cut up would have been fired because most the recordings are due in december. So if you haven't done them you would be out nailed it tauscher. There's also some grows numbers and our notes here. Something like two hundred and fifty percent growth quarter over quarter. What is that metric tracking in the athena's since it was tracking basically the amount of people who are on the platform amount of learners. That are coming to athena. Obviously those big contracts and mentioned earlier help them be able to prove that like any startup. right now knock sharing revenue profitability et et cetera. They're just hoping to use this money to gain new customers and figure out that stuff. Later is spelled. E. t. h. e. n. a. Not of in ethene like it's like patina but it's not blockchain related. I usually ask founders for the story behind their name but recently i guess i have not been good enough to that curious enough about how that came together. I think the idea of little mini modules. Make sense. I mean some of the things i actually remember. From compliance training are like mini modules for instance detectors by verizon media and reisen media's owned by and say verizon because it has infrastructure works with government a lot and so in our corruption training which had to take. Oh yeah there's this great story of like you're working hard at work in the field and you have a city official with you. Can you offer them a bottle of water on a hot day. And i was like stir and there's like wrong committed bribery and corruption and a dig radiation to american society. You may not offer anything of value. Not even a penny. You can't offer free water bottle or kick cat.
WSJ What's News
SoftBank to invest $900 million in gene sequencing firm Pacific Biosciences
"Japanese technology conglomerate softbank plans to invest nine hundred million dollars in gene sequencing company pacific biosciences of california known as pak bio the company produces next generation dna sequencing systems used to research diseases and develop treatments. The move comes as softbank ramps up a new public equity investing effort
Mark Levin
SoftBank Turns $11 Billion Profit, Helped by DoorDash
"Telecommunications and a technology conglomerate Softbank Group reporting a massive $11 billion profit for the fourth quarter. Jeremy House reports, Softbank says its profits of far better than what analysts had expected. Growing 21 pulled from its profit the previous year. Value of its investments rose, including the endured Ashley US Food Delivery service and Uber US technology company that offers right healing and deliveries. Softbank's investment portfolio got an overall healthy boost from booming global stock markets, authorities in
The First 100 Days
"softbank" Discussed on The First 100 Days
"Hi everyone welcome to another keeping it. One hundred episode. Our guest today is jim. Delays customer success manager at softbank robotics america and former business development representative at cloudflare. His tips about staying curious and maintaining a beginner's set mindset relevant to us all regardless if we early in our career or seasons executives. Thanks for joining us. Show jim to cut to the chase. There's two words it's beginners mindset and to break this down. I started my first sales tech role at cloudflare cybersecurity company essentially there the infrastructure for security at performance for all my properties such as up sites and i learned a whole lot so aside from hard work and coming in with that beginners mindset. Learned a from my mentors managers. Just to name a few visits bo chris cannon next simmons and kill pasha and it was interesting because i came from a non technical background so it was very dante an intimidating to join a very technical company. But what allow me to actually joined that company and find success breaking records as far as quota or after quarter was applying this beginner's mindset so to break down that beginners mindset and essentially. What it is is coming into work exactly without beginners mindset as if you're new to that company and continuing doing that day after day and so that's for example being insatiably curious as well as being coming prepared as far as a before demo call sales calls and so i knew early on that if i wanted to be the best i would find out who the sales leaders are the ones who are performing at a high level and shadow them listen on mccall's and figure out what they're doing to find success and aside from that it wasn't just the sales folks also expanding to other teams so i would talk to marketing product. People engineers as well as the support team to figure out how to present our technical products. How things worked. I was always asking wide to all of our other team members. And it's not just limited to the actual team members but also when i hopped on customer calls before demo calls i would do a lot of research prepare ahead of time. I'm not talking just five minutes before demo call. I would actually do research on the people that i would be talking to as well as the actual company who their competitors are. What is your business model. Why they're even looking at our product and figure out that so that way. Do go into that conversation. I'm not just talking about whether or sports. Mo- salespeople do. I learned that from arson name. Alex su who also celebrate his sales growth. So with that when you're talking to the customers especially if you're not very technical you can't really talk in depth about the product you wanna ask. Why why why. And so for example when a customer says hey i want this feature as opposed to going down the rabbit hole and just digging out how this will benefit the customer. You'll ask them. Hey wisest future important to you. And then from there. You'll be surprised how much they'll talk about their product their company and then from there you'll be able to dial in as far as what type of product or feature you can present to them so without beginners mindset. Also wanna talk about being prepared. So i know as you gain more experience you you tend to prepare less And that's a very dangerous spot to be in. So for example. I had in the beginning of every quarter. I would write a one page. I would call it the gems one pager where i would present it to all my managers and say hey. These are all my goals. These are all my quarter a objectives. And this is how. I'm going to set strategically exceed all of those and then time after time or after i was able to do that. And so you've probably heard the term You can't hit what you can't see. So is that same mindset Is basically that the beginners mindset and there's probably listeners in here for our maybe new to sales new attack and they could appreciate this type of advice as far as having that beginners might set but then on the flip side. there's also while seasoned veterans who have been doing sales for countless years. That are probably asking. Why should we listen to this kid. Who has a couple of years of experience in sales but it's that same exact reason why actually learned a term yesterday called the dummy curve. Ceylon it from a gentleman named darren fan but essentially it's when you first started company. You're so curious your your relentless as far as learning you just want to learn everything but then once you gain some experience you hit this plateau where you're very comfortable and you limit yourself as far as how much knowledge you attain and that's a dangerous spot to be in so paul. Those wall season veterans. If ever they want to change their methodologies like revert back to recall the time when you first joined a company and you're dislike so curious about learning new things and you'll be very surprised.
Yahoo Finance Market Minute
Nvidia's $40 billion Arm acquisition to be investigated by UK competition regulator
"Watchdog in the u. k. Plans to investigate invidious proposed acquisition of the british chip designer arm and nvidia announced plans to buy the company for forty billion dollars from softbank back in september. The watchdog is inviting third parties to give their opinion as to how competition would be impacted by this acquisition arm. C yo had said previously that he's expecting regulators to look into the deal invidia. Today is more than fought four percent. It was added to cities catalysts. Watch list all the semi today are in the green the sock semiconductor. Etf is up at new highs right now for
The 3:59
Robots to take the virtual stage at CES 2021
"It's often provided a big visual punch at previous Shows so how big a role do you expect him to play at cs. Given the fact is all remote and we're covering all this virtually. Yeah i mean. I think it's going to be a challenge. Full companies no matter what the product is that. They're launching this year. And i think that that's going to extend to robots justice. It will extend to anything else however i still think that robots are going to be a really big part of this show and the reason for that i think is the no matter. What a what the context i think. Robots really capture people's imagination. And i for me personally. Often the most exciting part of the show but they are for other people as well and even though it's going to be much harder for them to kind of make an impression in actually show what they can do beyond just seeing a picture of one it's definitely. I think that they're still going to play already. Important part in the this year. So you know you. You've spent a lot of time checking out these robots at prior shows. I'm just curious to get your thoughts on whether or not the loss of that. Wow factor. is there really viewing some of these robots via zoom conference screen or even just pictures of like how impressive is that versus. Actually being there in person at checking out these rowbotham. You know firsthand. I think it's going to make a really big difference. You know i think the the really exciting thing about robots particularly at yes. I know this works for me. Because i'm the. I'm the one who said and i'm kind of interacting with them but i think telling redesigned audience about two as well being able to say. Oh this is what the robot does when. This is how the interaction goes. This is how they might feel they might sound or this is how how they actually come alive. I think it's going to be so much harder to convey that in an exciting. I mean. that's a challenge for us to challenge for the companies that showing off the robots. So hopefully we'll be able to do that but it's definitely probably going to be a bit trickier especially there. There are times. I've had interactions with robots that have been really physically demanding. And i'm sure that that is not going to be the case this year while before we get into cs toil one. What are some examples of robots that you've interact with where the experience was memorable. Also many i think there are some. They've been really fun ones. That was a year. Where there's it's been several years. Now this has been a variable played ping pong with. It's a huge kind of robotic arm. And it's amazing a capabilities and you can actually play on a full size pain table tennis where you can play ping pong with it. I played cards against humanity with pepper. The robot which is a robot that many people might recognize. It's white ball this team. That's made by softbank and it's been around for a few years now but there was kind of funny meetings that they can do with it and in this occasion. That was what. I was doing us playing a game of cards against humanity. Then there were a couple of our favourite ever experiences. There was a robot that created in. Served me pizza and there was also one of my favorite experiences ever which was at meeting a labrador puppy that was so realistic that it when it went to sleep even did gentle snoring and so durable. I wanted to take it home. Why and i do remember last year. Bread bought was the was one of the big talks of the show. Even though really is just like a giant box that made bread the app on the robot label on anything nowadays exacting. Let's talk about the show next week. The what are some of the robots. You're expecting where some of the big trends so perhaps unsurprisingly one of the biggest trends that we're gonna see the share is robots doing things that humans can't do because for safety reasons you know over the past year with covid we've seen that's been a greater need for than ever before for for robots or at technology to kind of step in and do the things that we can't physically because we might be putting ourselves at risk so i think that's gonna we're gonna see that play out in multiple different scenarios for example they're going to be some robots side gonna be there sanitizing things going into places cleaning them up keeping us safe that way they're robots. I can be. Perhaps actually you know about this a going to fukushima and seeing the robot stabber rebel stepping in being able to do jobs perhaps manual jobs that humans also robots helping out at home a bit more. Now that we're in the home
Techmeme Ride Home
Whoop, maker of the fitness tracker that pro athletes love, is now valued at $1.2 billion
"Whoop makes fitness trackers and provides performance metrics for athletes and whoop just raised one hundred, million dollars at a one point two, billion dollar valuation from I've VP Softbank Vision Fund and athletes. Including Eli Manning and Patrick Mahomes quoting Bloomberg. The wearable technology up charges a monthly subscription fee in exchange for providing data to users collected from the whoop strap it supplies at no additional cost that can influence how they work out, recover and sleep. After four months of use members dedicated an additional forty one minutes to sleep each night and reduced their resting heart rates by about four point four beats per minute. The company doubts on its website quote whoop data shows users are making different lifestyle decisions such as consuming less alcohol. In order to improve quality of sleep? Said I'VE EP general, Partner Eric Lee who has joined whoops board both he and referred to the company's hyper growth. But declined to provide specific information on whoops subscription base or other metrics. The company's data may help indicate if a user has contracted covid nineteen in June despite not experiencing other symptoms professional Golfer Nick Watney sought a test after whoop data showed his breast permanent were elevated. He tested positive for the virus and ultimately withdrew from the. Heritage existing investors such as basketball star, Kevin Durant thirty-five Ventures Golfer Rory mcilroy and Justin Thomas and billionaire cryptocurrency bull Mike `grats also participated in the funding round as did firms including two sigma ventures, accomplice collaborative, fund, Thursday ventures next few ventures, promos, ventures, Cavu ventures, and d twenty capital earlier investors who didn't join this round include. Jack Dorsey and Moose partners which manages the wealth of the brothers who owned the luxury Chanel Empire Emad said and quote.
Duct Tape Marketing
Should Business Follow Data or Gut Feel?
"Hello welcome to another episode of the duct. Tape Marketing Podcast, this is John Jansen, my guest today's Reeves Wiedeman. He is a contributing editor at New York magazine. Also featured in New Yorker New York Times Magazine Rolling Stone Harper's, and we're going to talk about a book that is fairly new called billion dollar loser, the epic rise and spectacular fall of Adam Newman and we work. So reeves welcome to the show. Thanks for having me. So. Why don't you give away the ending for for for people that that may be have followed this story Kinda give us the like. Here's you know here's what was going on at the high level. Here's what happened. Yeah. Fair enough while while a lot of people may know it but but the the the short version of the rise of we work in an office leasing company started in New York City that in the course of a decade expanded all over the world The basic business premise was slicing up large office spaces into small glass. Rent out. By Twenty Nineteen they had more than four hundred locations around the world A also had apartments they had started in elementary school. and a variety of businesses that required a lot of money and so eventually in in thousand nineteen, they decided to go public at of gob smacking forty, seven, billion, dollar valuation and in pretty spectacular fashion over over a few weeks in the summer and fall of last year the. Collapsed out of Newman, the company's founder was was ousted and He's spending most of his time surfing. So you know and the future for him and for the company's still remains to be seen, but it was pretty pretty remarkable rise in in a pretty shocking and swift fall. So the at the from the highest evaluation to like when it all shook out, what did it shed about eighty percent ninety percent You're GonNa make me do some math but you're outright it. It got up to forty seven billion at least in this theoretical way, and and this past spring Softbank, which is, is we were primary investor mark it down to just under three billion, two, point, nine, billion so a. Pretty shocking loss value in a very short amount of time. So. What was it? You did a series of interviews with adamant obviously a lot of other people that show up in the book but what what was kind of the timeline for your interviews because it was really pre crash, right? Yeah. I mean, we when I was I work at New York magazine and we had I decided to do this story at the beginning of Twenty nineteen in the. Reason we did it was was because we work with growing so fast, and because it it suddenly was was everywhere. We have an office in in Soho and in New York and suddenly there were half a dozen of them just a few blocks of where our office was and so we saw it as kind of a success story. We knew there was sort of strange things about the company and. It became very clear to me as I as a after interviewing Adam Newman last April April Twenty nineteen shortly before the IPO was announced. And then talking to people who'd worked with him some members of his executive team that everything that was good and bad about we work revolved around Adam Newman. He he was the visionary. He was the sort of branding expert and he was the. That, was driving company, and then as it became clear, he was also kind of embodied a lot of a lot of what what went wrong. So my only instance as I did work out of we work in Dumbo one time. A few years. Was it nice. Yeah. It was nice. It was like all the kind of. HIP places in that part of town. Are. Very minimal decor. So. It's interesting. You brought up that idea of all good things and bad things because in reading through the book you almost. And and maybe other people. Have covered it this way to that it wouldn't have happened with him and it wouldn't have crashed with with him without him. I think that's exactly right and that's when when we wrote my first story and this was when the company was still on the rise we. I didn't come up with this but but the title one of my bosses did was with the I and we and and and you know it's just everything about this company. was. Just, CER- wrapped up in in in Adams great qualities which which company grow and then things kind of centered off off the rails.
Duct Tape Marketing
Should Business Follow Data or Gut Feel?
"Hello welcome to another episode of the duct. Tape Marketing Podcast, this is John Jansen, my guest today's Reeves Wiedeman. He is a contributing editor at New York magazine. Also featured in New Yorker New York Times Magazine Rolling Stone Harper's, and we're going to talk about a book that is fairly new called billion dollar loser, the epic rise and spectacular fall of Adam Newman and we work. So reeves welcome to the show. Thanks for having me. So. Why don't you give away the ending for for for people that that may be have followed this story Kinda give us the like. Here's you know here's what was going on at the high level. Here's what happened. Yeah. Fair enough while while a lot of people may know it but but the the the short version of the rise of we work in an office leasing company started in New York City that in the course of a decade expanded all over the world The basic business premise was slicing up large office spaces into small glass. Rent out. By Twenty Nineteen they had more than four hundred locations around the world A also had apartments they had started in elementary school. and a variety of businesses that required a lot of money and so eventually in in thousand nineteen, they decided to go public at of gob smacking forty, seven, billion, dollar valuation and in pretty spectacular fashion over over a few weeks in the summer and fall of last year the. Collapsed out of Newman, the company's founder was was ousted and He's spending most of his time surfing. So you know and the future for him and for the company's still remains to be seen, but it was pretty pretty remarkable rise in in a pretty shocking and swift fall. So the at the from the highest evaluation to like when it all shook out, what did it shed about eighty percent ninety percent You're GonNa make me do some math but you're outright it. It got up to forty seven billion at least in this theoretical way, and and this past spring Softbank, which is, is we were primary investor mark it down to just under three billion, two, point, nine, billion so a. Pretty shocking loss value in a very short amount of time. So. What was it? You did a series of interviews with adamant obviously a lot of other people that show up in the book but what what was kind of the timeline for your interviews because it was really pre crash, right? Yeah. I mean, we when I was I work at New York magazine and we had I decided to do this story at the beginning of Twenty nineteen in the. Reason we did it was was because we work with growing so fast, and because it it suddenly was was everywhere. We have an office in in Soho and in New York and suddenly there were half a dozen of them just a few blocks of where our office was and so we saw it as kind of a success story. We knew there was sort of strange things about the company and. It became very clear to me as I as a after interviewing Adam Newman last April April Twenty nineteen shortly before the IPO was announced. And then talking to people who'd worked with him some members of his executive team that everything that was good and bad about we work revolved around Adam Newman. He he was the visionary. He was the sort of branding expert and he was the. That, was driving company, and then as it became clear, he was also kind of embodied a lot of a lot of what what went wrong. So my only instance as I did work out of we work in Dumbo one time. A few years. Was it nice. Yeah. It was nice. It was like all the kind of. HIP places in that part of town. Are. Very minimal decor. So. It's interesting. You brought up that idea of all good things and bad things because in reading through the book you almost. And and maybe other people. Have covered it this way to that it wouldn't have happened with him and it wouldn't have crashed with with him without him. I think that's exactly right and that's when when we wrote my first story and this was when the company was still on the rise we. I didn't come up with this but but the title one of my bosses did was with the I and we and and and you know it's just everything about this company. was. Just, CER- wrapped up in in in Adams great qualities which which company grow and then things kind of centered off off the rails.