Adobe's Figma Acquisition and the Ethereum Merge

the merge is here success. We're gonna hear from an Ethereum core developer about whether it's all going to plan and what is next? And climate tech investor in entrepreneur David Friedberg is with it us. You might also know him. That's a bestie on the all in hud will ask about his news back Today's Big Tech m and A and Elon Musk. A number of social platforms will announce new actions to combat hate crimes and racially motivated violence at a summit hosted by President Biden at the White House.

Representatives from Instagram, Facebook, Twitch, YouTube, and Microsoft all planning to attend. The Company's new efforts will be unveiled alongside a package of federal initiatives to design and address hate fueled violence. Meantime, hundreds of workers at an Amazon warehouse in Coventry, England, are now striking over pay. They've been threatening strikes across the UK after a major rise in

the cost of living. Any action to protest against the company's pay packages would likely take place in November, according to the Union, and the UK will open an in depth probe of Microsoft's planned sixty nine billion dollar purchase of the video GameMaker Activision. Blizzard regulators saying the deal could hamper competition and that Microsoft turned down the chance to offer are remedies to address its concerns. If the merger goes through, it will make Microsoft the world's third

largest gaming company. The Brazilian agriculture company is planning to list in the US via spack with the help of one of the most prominent climate tech entrepreneurs, Lavareau, helps farmers boost production by offering a suite of key ingredients like seeds, fertilizer and more. I want to get right to David Friedburg Now, a long time founder turned investor

focused on climate technology. The CEO of the Production Board which just merged with Lavreaux as well as you might know him as a co host of the All In podcast. David's so great to have you with us, big listener here, talk to us about the thesis behind this spack deal.

Why spack why now? Yes, So we set up the back about a year ago specifically to do a strategic transaction, meaning we were seeking a business that operates a scale in a market that we know well food, agriculture, biomanufacturing, life sciences, and where we believe technology that exists in our portfolio of businesses could be additive and a creative

to their operations. And we know AGG very well. UM came across Lavorro, which is the largest AGG retailer in Brazil, leading AGG inputs retailer in Latin America UM, and this business really has an incredible opportunity to transform how farmers farm in this market. And Latin America is the largest AG export market globally is the largest provider of calories

around the world. UM and so this is a massive opportunity because farmers locally in that market don't utilize the best technology, they don't have the greatest productivity, which is yield per aker, and using agg retail, we can actually access that farmer and really transition them to new technologies like biologics, software and other tools that can massively improve their productivity. And that results in more calories, more sustainability

of food production. And it's so impactful because this region is so important globally right now. So I'm curious about the decision UH to do us back in general when they've been under a lot of pressure, you know, they've almost disappeared in the last few weeks. Why do you choose that? Why did you choose that as the vehicle? Yes, so we set up a speck um last summer and so we've been UM. You know, it's the only off

balance sheet of vehicle. We have the rest of our operations at the production boarder all balance sheet driven capital UM and we build an investing businesses off our balance sheet. And we did this specifically because there were public market investors that were interested in partnering with us, and we thought that this could be a really great mechanism to find a business that we could be useful to UH,

and that's exactly what we're doing. So so we're actually investing a hundred million dollars off our balance sheet into the transaction, and several of our businesses are going to be partnering with lavorro UM in the future, we do hope as a way to bring new technology to that important market. And so this is a really great strategic vehicle, and the SPAC is really just a mechanism for doing that and for getting a meaningful ownership stake in a

business of scale. I mean, this business, as we show in the presentation, UM should do about one point six billion top line this UH this year, and it's doing about a hundred and seventy two million proform adjusted IBATA

this calendar. You're growing to two seventy seven next year UM, And so it's a business of scale, it's profitable, and I think that there's a real way to drive UM further margin improvement and further revenue growth with some of the technologies we can bring to their here talk to us about deep tech investing, which has been your thing for so long. How it's different in a bowl and bear market. You know, obviously these are companies that need funding,

but it can be a harder sell when times are tough. Yeah, So it's exactly I mean, what you're seeing is exactly right. I mean, deep investing typically invests on a milestone based program. So you look at some technical breakthrough, you know, proving something works, and then you raise more capital, and then you prove the next thing works, and eventually you have a product, and eventually you can sell the product and make the product, and eventually you can scale scale into

the market. And so that takes several years, and capital needs to be unlocked in milestone based um increments. In a market like this where you can buy US creuxuries and make four percent, or you know, buy a great stock that's got a five percent dividend yield and it's a growing business, it's really hard to find capital into

highly speculative long range investment cycles. So then interest rate environment really challenges deep tech UM and it really challenges and I think we've particularly seen it of late in the biotech market. I don't know the latest statistic, but as of a few weeks or months ago, biotech um roughly of public issues, we're trading below cash UM, and so I think it really speaks to the channel lunge

that deep tech businesses face. Now what we're doing with Lavoro as an example, and what I think happens often nowadays in biotech and will continue to happen with other UM more deep tech UM investing cycles is to partner. So you partner with the large business. You partner with the business that has scale, reach, distribution, cash flow that can really benefit if your deep tech pursuit unlock some

value or some opportunity for their customer days. UM and So I think that's what we'll see more of UM likely going forward. Less of the vcs making you know, big check investments early stage hoping for something to UM you know, to hit that you'll likely need to see much more strategic partnership happen to get these things across the finish line. I'm so curious what you make of the Patagonia founder giving away his company to fight climate change.

What do you think about it? Is that something more Silicon Valley founders and CEO should be doing. Yeah, he's always been an interesting guy. UM. You know, he operates his business in a different way than I'd think a traditional capitalist thinks about operating their business UM and so, you know, it doesn't seem surprising knowing the personality and the way you've talked about things. In the past and

the decisions he's made. I mean, I think, uh, he kind of banned putting financial services firms logos, you know, as part of their custom embroidery programs that they were having for a while a few years ago. Um. And look, I mean, it's gonna go into these blind trusts, into these irrevocable trusts, and I'm sure that the stewards or the trustees will continue to operate this business in a smart way. I doubt that the trustees are are going

to basically shred the thing and give it away. I'm sure they're going to continue to run the business, and that the dividends and the profits generated from that business over time can be used to fund um, you know, uh initiatives in climate change mitigation. Uh and um. And I think that that's a very noble way to transfer the ownership of your business rather than just give it

away to a bunch of NGOs and nonprofits. Let the trustees that you know and trust break the business for you that can generate cash and value over time, and then decide where that cash and where that value should be allocated to really drive the impact in the world. So it's it's a great noble decision, and um, you know it really fits well with the way he's talked

about what he's done in the past. Meantime, I got to ask you, since the Twitter Musk dispute has been a running topic on your all in pod, you interviewed Elon Musk at the All In Summit. Do you think this steal goes through? Does Musk end up buying Twitter? And if so, how does that change the social media ecosystem? Yeah? I think, Um, look, there are probably two key things at play here. The first is, you know what what ends up happening in the courts as they go through

this this legal process. And um, I saw a great post by a legal analysts a few weeks ago, and I wish I could remember the person's name and reference them, but they said, you know, the Delaware um Court there, the chancery court is less likely to try and force a deal to close because then if the parties don't actually close the deal, it really damages the reputation and the integrity of the court. And that there's a case to be made that Musk would just simply say no,

I'm not closing. You know, do what you want, give me a fine, of a billion dollars. I don't care. I'm not closing the merger on these terms, and so it's on this Legal analysts pointed out that it's unlikely that they'll close the deal on those that the court will try and force the deal. And I think on the other side, he saw value in the community, he saw value in the user base, he saw value in the social network, and I'm sure he still does UM.

And you know, regardless of what he's identified with respect to the bot problem or the stamp problem as he calls it, that there must still be value there. So I would say that based on those two conditions, there's probably a bidass gap that maybe gets met still UM, And I would envision that there's still a motivation to do something here that is probably a function of the true size of the true network of user is on that platform, because it is such an important platform. Deep down,

he probably still really wants to do something. And on the other side, the court may end up saying, hey, you know, there's um, there's some way that you guys were only going to charge a fine here, which forces Twitter back to the table to negotiate price, and maybe something happens, so you know that would be my middle of the line, kind of middle middle of the uh, the aisle here kind of decision or or um perspective and what might end up happening over the next couple

of months here. Um, So we'll be listening. We'll be listening to the podcast for more commentary Dave Friedburg. Great to have you with us. Thank you so much for stopping by. We'll be right back with more Bloomberg Technology. This is Bloomberg. Let's get back to that Adobe deal to buy software design start a Figma. This deal, valued at bion dollars, is the biggest ever takeover of a

private software company. I want to bring in Figma's co founder and CEO hillan Field now as well as Adobes, President of the Digital Media Business David Wadwanti for more on this historic deal. Exclusive interview Dylan kind of the Silicon Draft Valley dream coming true here. You stick with your initial idea, you develop it for a decade, you sell it for billions of dollars. There are still people ask out there asking twenty billion dollars, what do you

think is the potential here? And why is Figma worth twenty billion dollars? Well, First of all, I just want to give a giant shout out and thank you to the Thigma team. I'm on this interview to day, and there's so many other people that have been involved in SUSA Thigma along the way, past figmates, current figmates, and I want to thank all of them. Of course, this is about moving forward now and how much potential there is a combined Figma Adobe combo, and we really believe

there's such potential here. Whether it's looking at Figma and thinking about how we can accelerate our efforts with fig Jam through um Adobe Acrobats and their giant install base and their productivity case there, whether it's about the Stigma design platform today and how we can bring capabilities from Adobe in whether it be imaging, vector illustration, video three D or more, or it's thinking outside the box where we're currently at thinking about developers and thinking about markets

were not serving and we were not playing to serve such as creatives and thinking about how do we bring the capabilities of Adobe onto the Thingama platform and make it set creatives are able to have more collaborative workfloads, make those workflodes web based and make it set creativity design and software development are more accessible to more people.

Were truly excited about what can become possible there in our combination with Adobe, David, we all thought we were in a downturn, and here you are doing a twenty billion dollar deal. The stock had kind of a rough day as investors digested the number. Here, what's your response to that? Look, we we had Adobe. We're entering our forty year and we continue to be very aggressive about the opportunities that we see. If you look at the opportunity head and what Dylan and the amazing team and

Figma have built. UH, they've built a company that's basically going to add two hundred million dollars of air are this year, crossing four hundred million by the end of the year, UH and UH and addressing a TAM that's sixteen and a half billion dollars. And when you put it in the context of the efficiency of the business, cash flow positive with a net dollar retention rate over a hundred uh, there are very few companies with that profile.

And in the context of what we see and some of the things Dylan talked about when we look look ahead and the synergies we can do to accelerate Figma's move into that sixty and a half billion dollar CAM to accelerate what we do in terms of our core creative flagship applications we imagined with the technology running on

top of the Figma platform. Uh. And when you think about it in the context of how Dylan was talking about with Big Game and Acrobat really coming in at the cross center across the intersection of um creativity and productivity, we think that the market opportunity here is massive and this was a great time to make that plate. Uh, Dylan. There was a great tweet from Ruben Harris, another startup

entrepreneur out there. He compared Figma to Instagram. Well, if you think about it that way, you hear the numbers that David just rattled off, your casual positive you could have gone public as soon as the window open. Why sell? Why not try to build your own hundred fifty billion dollar company and go public on your own terms? Yeah, I mean, first of all, we're super thankful that we had the ability to control our own destiny here. But the end the day, we have to think about our community.

We need to think about the impact we can have and what timeline we can have an impact on. And we believe that this accelerates the impact we can have at this Rowden's the impact we can have. And by leveraging and utilizing the expertise of Adobe, the capabilities, the technology they've built, as well as the amazing people they

have UH and they've attracted over the past three decades. UM, we think that we're able to basically scale the impact we have beyond just design and move into new areas and be able to have more impact faster, And that's why we've done this deal. David, I know you were the architect of this deal, and you also sold a couple of companies, including one to Adobe in your earlier days. What kind of advice did you give Dylan through this process?

You know, personal advice in the best interest of you know, Figma and his company and not necessarily the company that you work for now. Yeah, well, I think I look at it as as a shared common interest and shared objective here. So you know, Dylan and I have known each other for a few years and we started having this conversation in earnest a few months ago having gone through this process being acquired as part of Macromedia into Adobe.

The things I know are if you have shared purpose, if you have a shared passion UH, and you have a clarity in terms of how you're going to actually operate and go after the market. UH, great things will happen because there's so much that we have in common in terms of how what we want to approach the market. And Dylan and I have been very clear in terms

of how we're planning to run this. Dylan will remain CEO of Figma and UH, and he and I will be working very closely to make sure that the decisions that he makes with the autonomy that he needs to keep the things that are special about Figma special UH, combined with the things that we can do surgically to accelerate the business, accelerate our technology vision, and accelerate move

into new markets. That's really the foundation and the big the most important thing, and we talked a lot about this of the process is shared vision and trust and and I certainly have a tremendous amount of respect for what Dylan and the team has done. And I think he's he knows me well enough that he knows that I'm a person of my word and we're gonna do

great things together. It's mutual and it's her years prior as well, all right, fig A co founder and CEO Dylan Field, along with Adobes President of the digital media business David Wadwanti, thank you both for sharing both sides of it. Crypto's most important commercial highway, Ethereum has just been repaved. The blockchain network completed the crypto world's biggest

and most ambitious software upgrade to date. This according to its co founder of Italic, Peter and The upgrade is called the Merge and appears to be a sell the news event. Bloomer Boss has been covering for this and Shanale, have you been up all night long? Did this thing that we wake up at two am to see what

had happened? Yes, Emily. And while it was successful, remember and also one of the biggest upgrades we've ever seen in the cryptocurrency industry, it is still the beginning of many changes for Etheroryum ahead to get to those ultimate goals that Atherorum is looking for. So what is really changing now? We are moving to this proof of steak model.

We are moving over from that reliance on miners to stakers who are used to validate the chain and really start to expand other things that Ethereum is really looking to do, which has become more scalable, improve transaction fees and gas fees. But you know that's not going to

happen right away. There are things that you've seen the talk Twitter and talk about today on Twitter that will start to get you closer to that, but there's still some concerns right now as we look at the merge and how the next couple of days and weeks work out.

What are those concerns. Those include scammers potentially appearing and creating forks that look a lot like the Ethereum chain as it continues through the merge, and you're also worried about the impacts on the layer two's that are tied

to Ethereum. You're also worried about any unanticipated glitches that are not just tied to this particular merge, but the future upgrades, because those are the ones that are going to do the things that we want to see from a theory um, which is improved those transaction fees and speeds. So when we take a look here to your point, you're seeing some pressure on Ethereum, but remember this is not really all about the merge. This is also tied to a lot of other issues that are happening in

the macro environment. The merge. While there were a lot of people buying it leading into this news, there was a lot of education that went around the merge in terms of, you know, the future for ethereum and what it looks like as people really start to take to the staking model and really bake in the place of ethereum, not just in the crypto community, but while we have all these other global issues going on that our headwinds emily, including a hiking interest rate cycle around the world that

can pressure on crypto assets including ethereum. So a lot still for theoryum ahead, but again the next few weeks will be pretty critical as people bake in this news. Alright now, I hang on, I want to bring in Preston van Loon, now ethereum core developer and co founder of Prismatic Labs. Preston, thank you so much for joining us. Love to get your technical perspective here. It seems like it's been a success so far. When will we know for sure? M Well, the merch event definitely was a success.

Um you know, the emergence ethereums uh switch from proof of work to proof of stake is literally emerging. The proof of state blockchain they launched almost two years ago with the Ethereum maininet. We've seen that's had consistent block production, consistent finality. So far, everything is a success. I think what we'll see over time is do the metrics hold up. Do we continually see nearly participation. Do we see consistent block finalization and a healthy network in the coming weeks

and months? You know, looking out longer term, what are you going to be watching for? Are there any potential um red flags that you are are going to be looking out for? Yeah, great question. Um. You know, with these kind of upgrades, it's really important that Darium stays online. Right. It's a really hard thing to do. Um. But you know with these upgrades there are also so complex, right, so there's a lot of things that could go wrong.

We do a lot of testing, We make sure that things are working really well before we do the upgrades. But things we're looking for right this speaking, sure liveness is continued. We still have the same up time as before. One of the cool benefits of the switch of proof mistake is that it's a much smoother blockchain. Box are delivered in Uh, markets the fashion every twelve seconds versus

probabilistically every thirteen seconds. UM. So really we're just maintaining that the software stays online, that participants are staying online, that um, the network is seeing healthy. How do you know when this will be successful? Obviously the price action today wasn't all that good and well actually I was down today, but you did see it rising very significantly until this point overall, before we really hit the crypto winter.

There was a lot of excitement around this. But when you really see the benefits of the new economy of the system, we're seeing the benefits today. Um, the switch is immediate, right, So the the energy efficiency gain that we've realized to the nine nine point nine. Uh, the more efficient model is in effect immediately today, and and the prior model immediately sees so we already see that benefit. We see the benefit of increased decyndralization. There are way

more actors in the in ethereum producing blocks today. UM. In principle um ethereums proofistake is working now. It is successful now, and it's it's running smoothly, you know. Uh. Somehow Panda's preston have become like the signature meme of the Ethereum merge. Can you explain that to me? Well, it is a meme, right, so there's only so much I can explain here. But the idea was that we have like a polar bear and a black bear and representing east one east to the two layers that are

emerging together. Uh, and apparently those two things make a panda. I'm not sure if that's a totally accurate in terms of science, but it is a fun mem and thing to really enjoy. What comes next? You know, this is very much, you know, a step in a series of more steps that will presumably give more people who are related to ethereum lower transaction fees, faster transactions. But when do you really start to see that happen. Yeah, this the switch to prove his stake has really unlocked the

next stages of upgrades. A theory still has a very ambitious roadmap and a very uh large amount of work to do in the next coming years. Um, we see that there's already scaling through Layer two technologies, and what we want to do there is to increase the security

and data availability guarantees that the theory has. So what that means is to provide more data securely for things like layer too, to provide that the transaction scaling um, and at some point will be also working on you know, the idea about charting and having more transaction through put

on the later one the base protocol of ethereum. But really, you know, this is helping the switch proof of state is really unlocking on these things and helping it there will become a global settlement layer that it aims to be. All right, Pressing Vallum, a theorem core developer and the co founder of Prismatic Labs, Thanks so much for giving us your technical view there. We're gonna continue to cover the merge at Shanali. Stay with us. We're gonna talk

about it from a crypto exchange perspective. The president of f t x US, Brett Harrison, joins us next to

talk about spunk trading and more. Let's get back to the big story of the crypto world now, and that is the Etherium merge complete, but with the transition to proof of stakes, some community participants still prefer to keep supporting the mining based proof of work version, so a hard fork is expected to follow within hours, splitting the chain into which prompted some crypto exchanges to adapt, like f t X, who was the first crypto trading platforms,

one of them to launch spot trading for a theory and proof of work tokens. Let's bring in f t X US president Brett Harrison for more along with our crypto contributor Shinali bos So. Talk to us bread about the dynamics at play with the spot trading here and

that does this just undermine the merge overall. So with proof of work, in order to be able to support the computational puzzle solving, in order to receive the mining rewards from the network, you have to create these giant rigs of servers that are going to solve these computationally hard problems. Expend lots of energy to do so they're

very expensive. So all of these companies that put enormous amounts of money and investment into creating these mining rigs suddenly find themselves as useless in the new proof of state post merge world for Etherium. So there's been a consortium with these miners that have banded together to basically create an entire fork, a copy of the ethereum main net, to create their own proof of work kind of classic

version of ethereum and try to keep that going. Now, I agree with you that it sort of undermines the whole purpose here, which is that Etherium moving to proof of state means that this entire network, which is the most popular network for smart contract based computation, is transitioning completely to an energy efficient world that hopefully into a bunch uh you know, faster transaction speed and lower transaction costs in the future. And this new POW token isn't

going to have the same property. However, these the operators of this network, we're air dropping these tokens on existing ethereum uh you know, existing ethereum holders, and they're gonna want to be able to claim those ethereum tokens, the Ethereum w tokens and trade out of them, and so we wanted to make sure that we allowed that as an exchange operator. Now we aren't supporting the positive withdrawals

in them. We have many concerns over you know, actors trying to uh kind of put themselves in the middle of unsuspecting consumers, not being completely sure which ethereum chain they're they're interacting with, and as a result, you know, basically helping kind of steal money from people who don't really know what's going on, and that's not that's really not good. You know, we are full supporters of this

move to proof of state. We have also supported other crypto networks that have always supported proof of stake, like Salmana, and we think that's really is what's the future of crypto is going to hold. But to the point that you're making earlier, On one hand, there's a concern about any potential scamming here at people moving to the wrong areas. But also, you know, while the actual technological change worked well today, how much does something like that undermine any

credibility in a system. The majority of the computational effort with regards to the this Ethereum chain that's happening now on the main nuts and a very small amount of power and transactions are happening on this new each proof of work chain, or you know, even though some mining activity has moved to Ethereum Classic and some other kind of e d M proof of work chains that still exists,

everything is happening really on Ethereum. And so what we probably expect over time is for the activity on these kizzle out, you know, the talk himself has said that he expects and hopes that this will happen, and people will, you know, basically give up the old way a proof of work transition completely to prove of steak because this is, you know, a superior system in a lot of ways, and obviously there's always trade offs, you know, security, reliability, speed,

the kind of investment you need to get into the network in the first place, level of decentralization. That's still open for debate between proof of work and proof of stake systems. It brings interesting questions into play with cards to pitcoin and what its future is going to be. But we and the Ethereum community as a whole really do support this new proof of steak post merge world, and we expect a percent of the activity to move there over time. What's your response to sec Chair Gary

Gensler's comments on the merge in particular. I mean, you know, he's he's been pretty clear doesn't think bitcoin falls under securities regulation, but that post merge, uh, the Ethereum network could. So are many complicated legal analyzes involved in trying to decipher, you know, which aspects of this system might be securities

and which might not so. For example, um, the CFTC already regulates ethereum the ether futures on multiple venues including CME, ice F, t x US derivatives, and basically lays claim to that being a commodity. But perhaps the staking in such a system might be considered an investment contract of some kind, and that's really an open question. And there are multiple kinds of staking as well. There's you directly

participating in the network as a validator. There's you delegating your tokens to a validator to get the rewards from staking. There's also investment staking, which is sort of none of the above, where you know, delegate your tokens to some sort of protocol, a defied protocol which promises a certain yield. All of these have, you know, different characteristics that you may or may not pass the four prongs of the

Howe test, and it's all open question. And aside from the regulatory risks, there's also other risks involved in staking. You know, for example, that the price action that can occur between now and when ethereum actually unlocks, and the fact that ethereum staked ethereum won't unlock for people to reap those rewards for probably six to twelve months still, and there's operational risk involved. Two. If a validator fails to UH to properly validate a block, it could have

some of its steak tokens taken away. And so there's a number of risks that are still involved in the aspect of stake staking. All right, interesting, so much to continue to follow on this historic tay s t X US President Brett Arison, thanks for breaking that all down for us and our very own Chennali Bossi to you as well. You a win for the European Union of four billion euro fine that's about four billion dollars upheld

for Google's treatment of services on the App Store. Or earlier, my Bloomberg colleague spoke with Margaret Veastier, Executive Vice President of the European Commission, where she is in charge of Digital and competition policy. Take a lesson. This is a win. Huge majority of the case is completely upheld, which means that the court has confirmed of you. And because of that, of course, we also feel the encouragement to continue enforcing.

When it comes to big tech, we have a number of investigations ongoing, three Apple cases, one Facebook case, uh and quite a big Google case also coming up. Does the progress that you made with the guards of the Google case, do you think that actually helps you with some of the other antitrust cases that you're bringing. Well, we get the guidance from from the court on our approaches. Of course, one of the major things for US is first to prove dominance, because if you have that kind

of market power, then our rules say kick in. If you're just a small guy, you know you can do so many different things. If you're the big guy. If you have the market power, then of course we become much more strict. But just to be clear though, I mean, we know that Google is going to continue to fight

this as long as they can. That's expected here. Even if you end up with a victory in the traditional sense here, does the prolonging of this fight maybe give those other companies a little bit more encouragement to fight back in their cases as well? Well? I don't. I don't see it this way. Also because we have regulation coming in to complement what we do with the case

by case enforcement. The Digital Markets Act was just signed yesterday, so we'll be uh in trying to force mid October, and of course there is sometimes adju to new rules, but by early twenty four those who are designated as skatekeepers,

you know, real tech market power. They will have to comply to quite a number of prohibitions, but also things that they must do, for instance, share data with some of their customers, some of already the threats of certain fines in the upholding has changed behavior to a certain degree. And I know that, of course the US had welcomed as positives some of the changes, the proposed changes indeed

that Google has made. It's interesting when you look at some of the reporting on the Google story from US print, the Boston Globe, the Times saying they call you, well, big text tormentor. And I'm interested to whether you're finding that the US is becoming a tormentor too. When you're here talking with your counterparts from a competitive perspective to the United States back you in terms of the moves

you make on some of the big companies here. Well, I have you know, the first time I came to the US as Commissioner for Competition with my Google case, people say what you're talking about? You know, crazy woman? That has changed completely, you know, both public opinion, the legislator in their approach, but you shoul law enforcement now cases are being brought the States also very active. Uh.

And it's part of the global development. We see in South Korea, we've seen in Australia, we see you know, around the planet, people say, come on, we need an open marketplace, we need the drive for innovation, we need people to have choices. So so that has changed enormously. And of course we follow very closely what happens in Congress and we're very working very closely with our colleagues here.

M H. And that does it. For the sedition of Blooberg Technology Friday, we've got the CEO of Grinder, the new CEO, George Arison, will talk about his plan to take on Match and Bumball. And don't forget to check out our podcast wherever you get your podcast. I'm em only checking in San Francisco. This is Bloomberg. And he'd show how people are eating as people a people people help people had show people eating the aga people have beach peple a people