Amazon Union Win in NYC and Chinese Tech Stocks Rebounding

turn in China's tech delisting plan. Chinese authorities preparing to give US regulators full access to auditing reports of the majority of the two hundred plus companies Chinese companies listed in New York. We will break it down and Bractel is the new n f T gaming company in town, created by Twitch co founder Justin Kahn. Why does he think n f T s or the future of gaming? Con joins us in an exclusive interview this hour, workers at an Amazon warehouse in New York have voted to

join a union. It is a historic victory for organized labor. Amazon has managed to keep unions out of its US operations for more than a quarter century. The vote wasn't even close. Those in favor of the union, winning by ten percentage points. We are joined now by Lynn Vincent, assistant professor at the MJ. Whitman's School of Management at Syracuse University, along with our Bloomberg Senior executive editor Brad Stone,

who has been covering Amazon himself for decades. Brad, Amazon is the second largest private employer in the country, so this could potentially be huge. Just how remarkable do you think this is? Well, it's certainly historic. As as you said, Amazon has been fighting union attempts in the US, probably since the late nineties when it first started in a customer service call center outside Seattle. And if you remember, Amazon closed that facility and just moved the work elsewhere.

So it's fault these efforts bitterly. In Europe, there have been unions there having work stoppages. Amazon typically kind of routes around it, and so I think, look, it's historic, it's unusual for Amazon, but it's just the beginning. I mean, this is one facility. Amazon, as we reported today, is going to contest it, probably in court. But then the

real work begins bargaining. And will Amazon even sit down with this new and very untested union, And you know, and then will it renegotiate things that it does give employees, like a fifteen hour wage. I think this this group led by Chris Small, as a former Amazon employee, is now going to be very, very much tested. Chris Smalls

has been a huge character in this whole story. I want to read Amazon statement here, Amazon saying we're disappointed with the outcome of the election in Staten Island because we believe having a direct relationship with the company is best for employees. Were evaluating our options, including filing objections based on the inappropriate and undue influence by the n l r B that we and others witnessed in this election.

When it sounds like Amazon is intending to make the argument that basically President Biden's pick to run the labor board swung list in an activist direction, does that argument hold water? I don't know about the the legal implications there, but historically, when we look at organizations and unionization attempts, the power imbalances in favor of organizations. So I would be surprised if that held a lot of water in court. But I wasn't on the ground. I didn't see what

happens specifically in the distribution center. So what is your outlook on just how this could ripple across the United States, across other Amazon warehouses, but at other companies where employee employees could look at this and say maybe we should do this too. It could have enormous effects because Walmart and Amazon were the untouchable giants, and now they're not so untouchable. It's still an uphill climb for other Amazon

distribution centers and other organizations. But the momentum is there, and we've seen the momentum continue through the the nation. I mean, we have movement at Starbucks, at ari I, at Conde Nast alphabet workers. So it's there and I don't see that this movement is going to go away soon now, Brad. At the same time, you're looking at a similar vote in Alabama. This is a do over vote because controversy around the first vote that one going at this point in the other direction. It's too close

to call. It will likely be challenged. But so far in Alabama, it's looking like the Union is not coming out on top. Why why are we seeing different outcomes here? Well, I mean, I think look looking at Staten Island in New York City is probably pretty important. I mean, this is I think the second most unionized state after Hawaii, and in the country. New York cities have even higher Staaten Island probably even higher just in terms of union membership.

You had a group here with Chris Smalls and as colleagues that employed the kind of community activists playbook in terms of using social media and getting arrested, a very very innovative UM playbook, and also speaking as former Amazon employees, So I think that had something to do with it. UM.

I think I think Lin's right. There's some important, kind of symbolic victories here for a labor movement, an organized labor movement that's probably been losing ground over the past few decades just in terms of the sheer number of union members. But I still think it's it's too soon to say that the tide is really turning. I think Amazon, it has this immune system response to two unions in its supply chain, and it fights them to the nail.

And I think probably workers at other fulfillment centers are going to be watching and waiting to see if Chris Smalls and his colleagues can convert today's important and very symbolic victory in the meaningful changes for Amazon workers. We're actually looking at video of Chris Small's popping a bottle of champagne on the back of this vote. Lynn, You know,

do we need a character like that? If other pushes for organized labor in other parts of the country, at other Amazon warehouses, at other companies, is really going to succeed. I think the case of Chris Smalls is particularly interesting because he led that independent union. When we look at the tactics he used in terms of change management, coalition building, he's really smart. Amazon has a particular playbook that they use when it comes to fighting unions, and Christmas tactics

kind of subverted them. It was really clever. It's the next step will be negotiating, which is going to take a lot of effort, a lot of resource allocation, um, so the transition to that process will be harder. But he seems to be focusing on participation and bringing the workers involvement in so if he continues to do that, he could be very successful. Brad, what kind of roadblocks

do you think Amazon will throw up next here and elsewhere? Boy, we we we probably can't even conceive of what they'll resort to. If you look back across the arc of Amazon history. They've shut down facilities, They've walked away from

the scissist facilities that have even attempted to organize. I don't think in under Andy Jasse, Amazon can or will do that, although you know, Frankly, a couple of years ago, they shut down, as you remember Emily h the HQ two project in Long Island City because basically it had become about unions, and mayor at the time Bill Deblasio said, uh, New York City is a union town. Amazon, You're gonna have to accept it. And they and the next day they close shop. So but you know, Jesse is a

little bit of a different CEO than Bezos. I don't think they'll do that, but I think they'll fight tooth and nail. I think these legal objections are just the beginning. I think, uh, bargaining tooth and nail for for everything um with Chris Malt and his colleagues. We can certainly anticipate that and maybe don't reach a contract, and maybe there's a strike and maybe Amazon resorts to replacement labor and we have a big battle with the world watching.

I really don't think they're going to allow Smalls and his union to kind of set an example because they do view it as a little bit of an existential challenge for the company and the relationship they have with their million plus workers. Lann, I see you nodding your head in agreement with what Brad is saying here. What do you think comes next from Amazon? I I think they are going to fight to snything I'll just was said. Um,

so they the location offers some challenges and benefits. Mean they are it's in a pro labor town in a pro labor state. Uh that, and they have a lot invested in the area. They have multiple distribution centers, would be hard to shut those down easily. That being said, they are in a large urban area with a greater labor supply possibility. So it's they have some things going for them in against them. Will be interesting to see

what they choose to do. While the scale of this is certainly potentially massive, Amazon employing one and a half million workers in the United States alone. Lynn Vincent, assistant Professor at the M. J. Whitman School of Management at Syracuse University, along with our own senior executive editor Rad Stone, thank you. Both will continue to follow Sticking with Amazon, The tech giant gave CEO Andy Jase a pay package

worth two hundred twelve million dollars last year. Almost all of that came in a stock award sixty one thousand shares. Those vests between next year and one. Jesse took over from Amazon founder Jeff Bezos back in July. Coming up, Apple's four into fintech, how the iPhone maker plans to develop its own pay it's processing technology, and what it

all means for the rest of the fintech world. Next, Mrs Bloomberg, you soon may be able to pay for your iPhone or other Apple hardware in the same way that you pay for I Cloud, Apple TV Plus, or Apple Music. Apples working on a secret project to create an iPhone subscription service that would allow users to pay

for their phone monthly via their app Store account. This would differ from normal Apple and carrier insolvent plans, as the feet would be a proprietary price based on which I phone model the user chose, versus just the cost of the device, divide it up by twelve or twenty four months. As part of the initiative, Apple would let iPhone users replace their model each year. As new versions

are released over time. Of course, the recurring revenue would generate even more money for Apple, but it would also allow consumers to get new iPhones were frequently and not have to pay a thousand dollars outright for a new high end model. Apple has also internally discussed tying the program to Apple one its services bundles that include TV Plus, Apple Music, Cloud Storage, News, Fitness Plus, and more, in

addition to Apple Care technical support plans. Similarly, Apples also working on a widespread by now pay lead service for Apple Pay it All goes to plan, Apple could launch the hardware subscription service later or sometime. I'm Mark German. This is power On, Mark German air for Bloomberg and don't forget to sign up for his weekly newsletter power

On at Bloomberg dot com. Seeking with Apple, Bloomberg and Mark reporting earlier this week that the Iphonemaker is developing its own payments processing technology and infrastructure for future financial products. To talk about that and other fintech news, I want to bring in Jackie Racist, CEO and founder of post House Capital. Jackie, great to have you back with us.

I'm curious what you're I'm curious. What your read is on Apple digging even deeper into the financial services world and what this means for other fintech players, Well, I'm not at all surprised. I mean, for a few reasons. First, they process hundreds of billions of dollars worts of payments throughout the entire Apple ecosystem, and so the skill with which they operate is extraordinary for any type of payment

system to run throughout their network. The second thing is they've been in payments for eight years and they've already shown interest in launching both himen and credit products. And what they're doing in particular with pay and for for example, is enabling consumers to just buy in another form. So it's a tender type, meaning it's a type of money that you can use. And what they do is make it easier to pay with your device and pay over a period of time. That makes it easier for consumers

to control their monthly spend. And so it obviously is helpful because from Apple's point of view, it creates engagement. It creates this relationship even after a transaction, because the servicing relationship for a pay and four enables them to continue to build a relationship with a consumer on their phone. So there's tons of utility there, both for the consumer who wants to control monthly expenses, as well as for Apple who wants to continue to dig a little bit

deeper into the consumer's wallet. Who does this hurt the most? What does it mean for a PayPal for example. I don't think it's gonna hurt anybody. I think it is a new form factor and way to pay, and you'll see it proliferate across while it's everywhere, and so you'll see the credit card providers do it, You'll see specialists do it, like a firm after pay Klarna, and I think you'll see it as just another payment vehicle for

consumers to use. And so maybe it changes the whether someone uses debit, whether they use credit, or they use a digital form factor. But it's just another way to expand the relationship and continue to give options amongst all of their products. We've seen a number of fintech stocks take up beating this quarter. I mean we're looking at a lot of red on the screen. There a firm. I know you're on the board of a firm PayPal, so Fi Block he used to work at Square for

many years. Why do you think fintech in particular is taking this I know there's a broader down market. Fintech seems to be taking it pretty hard, you know it. Fintech had an unbelievable series of years between one where funding and valuations reached fairly heady heights, and so you see a reset back to valuations that are more standardized

levels of valuations. Particularly given the growth of these companies, I think you'll always see them operate with disruptive multiples, meaning they'll operate with multiples that are higher than the non technically advanced companies in the payments and financial sector. But they came back to a more sustainable multiple level

in this overall market reset. Having said that, the private market also reset, and uh in one alone, you saw sixty increase in crypto investments, you saw a similar increase in fintech investing, and all of that had reached a level of valuations and um levels of interest that really had peaked, and it just kind of came back to earth.

I still see huge opportunities in this sector. It's one of the biggest sectors in the United States and around the world, and it's a sector where the traditional companies that operate in this market are for the majority of the public companies over fifty years and older as companies, and so there's incredible opportunity to be disruptive in this space.

So I still see lots of opportunity and lots of investment. UM. Even today, you're an investor in the crypto market, and I'm so curious how you're thinking about DEFY an adoption trends. The Inner Information just came out with a pretty explosive headline talking about entries and Horowitz versus Jack Dorsey and the crypto quote unquote holy war that is brewing. Okay, I think that's a little dramatic. Having said that, UM,

it is entertaining. UM. I think Defy is fascinating because it changes the paradigm of who controls and who owns companies and who who operates them, and so I do think there's an opportunity to expand the aperture of how these companies are run and created. I also think we're

only in the first inning of DEFY. We really are seeing tons of experimentation, whether it be an infrastructure or even in vertical products, but you haven't really seen use cases come to fruition and build significant scale companies where you're seeing the broader use cases used in consumers day

and day outlives. But the experimentation that's out there is pretty exciting and I think it, along with the rest of the crypto market and the fintech market, continues to show the level of interest in investing in this area of of the United States economy. Jackie, before you go, I want to ask you quickly about your new book, Self Made Boss, which you co wrote and you talk to entrepreneurs, owners of small and medium businesses. Really you know some of your customers when you were working at

Square Capital. What was the catalyst for this quickly um catalysts is small businesses need help to start, run and grow their business. They are half of the economy two thirds of job growth in the United States. Lauren Weinberg, my co author, and I really saw the need to create a pragmatic guide to help small businesses build their companies through feedback from other small businesses, and it's a helpful tool to help them again start run and grow

their business. Jackie reesis post House Capital and new author Self Made Boss. You can check it out on Amazon. Thank you, Jackie. For joining us. Welcome back to Blow Technology. I'm emily changing in San Francisco. Potentially huge news from Twitter today or is it news at all? Twitter tweeting that the company is working on an edit button. Then again, it's April fools Day? Ed what do you think? Is it a joke? Reminding you m all day long it's

April Fool's Day. This is a joke, right, this is what the people want, but clearly this is a joke. This is what I want. But I'm guessing this is a joke. Unfortunately Twitter has resisted for years and edit button, right, so why would they do it now? And on April Fool's Day? Give us the edit button? And even investors think it's a joke because chet check. All right, well, well we'll have to see tomorrow. And yes, you were the one preparing all of us not to fall for it. Um,

all right, i'd boodlow. Thank you. I want to talk more about Chinese tech sos rallying now with Race Capital partner Edith Young. If first of all, what do you make of the Chinese government potentially taking a really unprecedented step by that's given how secretive and protective the government is about its own companies. Well, I hope this is not a April four jokes from from the Chinese authority UM. Who knows they also have a sense of humor as well.

Point And I think, you know, obviously, you know, based on what you and I just discussed, you know, it's it's amazing to see to Stoff really rally up this morning. And you know, for the last twelve months all the Chinese stock and the two plus companies been under a lot of pressure and haven't been It's just been a really, really tough time for them. So I think like this particular announcement UM, from from my point of view, is

the three implication. One is it's amazing to see the Chinese authority is willing to work with UM, the US to potentially open this up. We will see how it goes during the summer. But this is really at the government level UM in terms of cooperations, sort of amazing to see. And in this particular implication, in some sense it's very historic because it's been a lot of pushback,

you know, for many, many years. So number two is it's great news for the listed companies because compagned market cap is almost over two point one trillion that we're talking about is really nervous for many many other investors, for for all the CEOs in the public listed companies. So now it's you know, the Chinese authorities are willing to sort of really sort of lead the charge. So

it's that's great news. And number three, from the point of view from a startups, there's so many different startups really been wanting to go I p O in the US, and now there's light at the end of the tunnel, so it's great news overall. And last but not least, I still have family and friends. Now is under complete lockdown, particularly in Shanghai now and it's just so bad. So economically,

we really need some good news in China. Well. So I wonder if this is going to be part of a longer term strategy, given that the Chinese government has been cracking down on its own tech companies for months upon months now, are we going to see a broader

easing up? Um? I really hope. So it's I don't I'm definitely not qualified to a comment on you know, what Chinese authority and government would do, but one thing for sure, I think that Chinese government really wants to know support the economy um, and think what happened without at the end grouped or of course it's not purely just for regulatory with with ATTACH or or or or the fintech so sectors. It's just overall. I think the whole economy because of COVID has been been, um really

going through self tough times. And I think right now the government really wants to sort of help and push this along. And at least you know, for us from from an early stage investor, and that's from a startup point of view, this is really really good news and I think they really wanted helped it, not to suppress it. So what is your assessment now whether investors should be getting into or staying in Chinese tech stocks public companies, and whether Chinese companies in general are smart from a

private market or venture capitalist investment perspective as well? Then well, I think like from my private market, um, there are many many areas. It's a little bit more. I don't know one I want you go from healthcare or signmi

conductors um or any sort of electric cars. And you know, frankly, China has been the one of the fastest growing market for companies like Tesla, so China actually as a whole is still the one of the second largest in terms of um GDP in the world, So it's a huge market, and I think as much as so the ten Cent and end group of the world or Buy Do. Seems like the stock PLA hasn't been done so great, but but still is huge, huge in terms of user base.

And I'm so really really bull about the Chinese market. We can predict what Chinese government wants to do, but at the same time, just in terms of the health and the future of the economy is still really really bright. So in general, I take a very positive attitude. Now I want to turn the crypto now because you've backed some of the biggest crypto names out there yet Salona f t X. Why do you think we're seeing such hesitance on the part of public market investors to double

down on crypto amidst this broader market downturn. There was a thought that cryptocurrencies could potentially be decoupled from traditional equities, but we're not really seeing that. Well. I actually, I mean, I guess it really depends on the day. Um Emily, I think you and I catch up December last year, and I actually predicted for the last five years that

three crypto winters and sort of got every January. There's some sort of downturn, particularly with bitcoin um, but having said that, in the last few days in the quarto market really rally up once again. So in my head there's a few things. One is, you know, last it's been red cut high in terms of early stage crypto venture and just look at like f t X along the revenue has just been insane, and I think that

more and more where we're seeing. In some sense, I think the Biden administration with the executive order, you certainly the White House can't say, um, I want certain things to happen, but they really have give their blessing. In some sense, still need to wait for all the agency

to give the officials to regularly regulate this. But at the same time, I do think that we're going in the right direction in sort of institution regardless in the Cowan of the world which invested in POL signed in in terms of custodies, they are more and more institution um offering actual products for so that the family offices so many many sort of consumer to get into the game, just starting with coin based being publish an f t x I don't know when, but also going through the

right direction in terms of getting all the license regulatory compliance. I think more or we will come in Young Price Capital partner, thank you as always for joining us. Coming up, the co founder of Twitch also getting into crypto and n f T s, will speak with Justin Cohn, you know, broadcast exclusive about his first adventure capital round for a new gaming and f T company, Fractal. This is Bloomberk

the future of n f T s in gaming. Fractal, the new n f T gaming company founded by Twitch co founder Justin Cohn, just raised an additional round of funding from crypto focused investors like Paradigm and multi Coin Capital. I want to bring in Justin Cohn now for more on his vision. Justin, We know you so well for experimenting with and popularizing early technologies from Justin TV too of course Twitch. What makes you think n f T

s in gaming are the future? Uh? Well, it makes me it feels it feels like those early days of live streaming, you know, fifteen years ago when I started off on the Internet and we're building Justin TV, which

is the company that turned into Twitch. There was a lot of experimentation on how are people going to interact on the Internet, and today in crypto and n f t S particularly, it feels like there's all this experimentation on how are people going to regard an exchange value on your neet And that's what's really exciting to me. What is a successful game that uses n f t S look like in your vision? Yeah, it looks like a game. You know, I think that n f t

s are the new is this model gaming? And in ten years from now, you know, we won't think of blockchain games or games with n f t s is something completely separate. We're going to see it as like these are games that have assets, and those assets are worth something. People trade them, they own them, they take them with them, and uh, it's just gonna be something that's kind of standardized. So today, if you look at the games that are most popular in the world, they

all have virtual assets, right, They sell skins, characters. You know, these are games like Fortnite that everybody's heard over their kids play. And I think the next step in the evolution of these digital assets is that they're gonna sit on a blockchain and people are going to really have ownership of them, and yet there's a huge debate about the future of n f t s and gaming. A lot of folks in the gaming industry don't want this to be the future. Why do you think there's so

much pushback? It reminds me a lot of free to play. You know, you and I were both kind of around when this came out, and free to play as a business model came out gaming maybe around two thousand sight, and those early games and free to play were you know, they were like ZINGA games like farm Bill and Mafia Wars. Um. There was a lot of pushback from gamers. Then they said, these games aren't great. You know, they're not good, they're

not fun, they're just viral, you know, something viral. They're not I don't want to pay like incrementally, I just want to pay upfront. And then, um, you know what happened was there was more investment in the model. People build better games, uh, people build games that they want

to play in general. And then what happened was, you know, ten years later, now it's like every game is a free to play game in the markets, with like tens of billions of dollars a year in digital assets and so I think the same thing is you know, can

be said of crypto or crypto games. You know, people are saying, uh, these games aren't good yet there you know, we don't need n f T s Like this is not something that gamers want, but I think it's it's actually something that will become that predominant model as the games become better. That said, where do you see hype in this industry, whether it's about n f T s or crypto or play to earn? I know you're not

a huge fan of that in particular. I mean, are their technologies that you see getting a disproported disproportionate amount of attention that shouldn't be well. I think that the kind of fundraising, like the the amounts that games are raising, is what capturing, is capturing the imagination of both the

game studios and players. And sometimes it's you know, people are like, oh, it's ridiculous that these teams that haven't launched yet or have very rude mentory gameplay compared to like a Triple A title, you know, the traditional world, you know, raising hundreds of millions of dollars or like have these economies that are with billions of dollars you know, and they think it's overhyped. Into some extent that might be true, So I think that the fundraising aspect is

a little bit overhyped. What what's really exciting to me as a technologist is just this idea of like these games becoming shifting from closed economies where you know, the game company controls everything to really open economies where there's an ecosystem of developers and players who control what happens

in the economy. And to me, that's going to inspire more people like these games to become platforms on top which many different developers build experiences, and um, these open ecosystems I think are going to be like much more durable and worth a lot more in the future. Now we're saying a fight to own the future of deep by among venture capitalists and bigger players like Jack Dorsey.

The Information just had a controversial headline talking about how Mark Entrieson and Jack Dorrisey are kind of starting off the Holy War of crypto. You know, what do you think about the competition to invest in this space and whether it'll really be decentralized at all or whether it's just a different group of players owning it. Yeah, I think the argument really is between them like kind of

how much decentralization is enough decentralization right and not? Jack on one side, it's like, you know, these vcs are funding and owning a large portion of these protocols, it's not like truly decentralized. And um. I think Mark's position, you know, want speed for him would be like, well, someone's got to fund these things, and it's like decentralized enough. And I think it really depends how the answer the question.

It really depends on what your use case is. I think so for something that's like bigcoin, which is a store of value for this massive amount of people in

the world, you really want like a huge amount of decentralization. Um. And I think for you know, something that's maybe more like a game, uh, you know, might be variable how much decentralization you really need, um, you know, because like how much they like how important the assets are that there's like truecentralization and no one could ever you know, take control over this or or or you know, Like I think that's it kind of depends on the use right,

Like defied might be like much more security might be the most important thing for the game. It might fall somewhere in the middle. Now you've made a choice fairly early on to build on the Salona blockchain versus Ethereum. Why yeah, Well, so you know what prevented me from getting into crypto as a builder for longest time was usability. You know. I was like, I I saw Ethereum with

intry invested in the theorem. Actually I bought a fum, you know, like in Seen, I was like, this is really interesting, but I didn't really see how you could build an application with the transaction through put of something

like twitch, you know, um on it. And so what really got me excited about Salana was, you know, for the first time, I really felt like, oh, you know, normal people could build on top of this, and you can build something that reached a mass audience because the kind of trans transaction speed and cost was low enough that it made sense for maybe something more like a gaming use case where you might have like many different n f T S n f T items in a game and you might trade in and out of them

like very quickly within one playing session. You know. So it really was like a usability you know choice, But like at the end of the day, fractal wants to be wherever game studios want to be, and so our goal is to become multi chain and expand to everywhere that game companies want to build their products. All right, Justin Con, We'll be watching to see where this goes. You'll have to come back soon for a progress report.

Twitch and Fractal co founder Justin Con thank you. Right Line, which provides virtual behavioral and mental health services to kids and their family has just raised an additional hundred five million dollars in funding led by the private equity firm KKR, along with earlier investors like alphabet What's to come? I want to bring in Bright Lene, CEO and co founder Naomi Allen. Naomi, thank you so much for joining us.

We've been hearing a lot about the mental health crisis, behavioral health crisis facing kids and teams across the country, in part as a result of the pandemic. What is the need you believe is not being met that you're trying to fill with technology, Emily, thanks for having me. The need is a national, high quality, accessible and affordable solution for families. So today, even pre COVID, one of five kids had a diagnosipal behavioral health condition and eight

didn't not get appropriate treatment. And that's because historically care has been really hard to access and hard to pay for for families. So how does Brightline solve that problem and make sure that it's solving it with quality care? Great question. We've built a care delivery system where we hire and manage our own team of pediatric trained coaches, therapists, psychiatrists,

and speech language pathologists. We bring those services to insurance companies, and we contract with those insurance companies to make sure the services are affordable to families, and then we provide those services virtually so that no matter where you sit in the country, you can access high quality behavioral healthcare for your kids. We've built this all through a model which has been proven and tested to be effective, and we measure clinical outcomes every single week for the children

that are in our care. How would you say the pandemic has exacerbated this crisis? You said one in five before the pandemic. What's that number now? The incidence rates of pediatric anxiety and depression have bokene up about and there's new data that was just released last week by the CDC saying that one in five teams have considered

committing suicide in the past year. So what we're seeing is across the country and frankly even globally, a sharp increase in terms of the need and the severity level of pediatric we here about hot conditions, and again that was building on already a point of crisis for the country. And I think the other thing that we're seeing is an acute shortage of clinicians and especially clinicians that are willing to be in network with insurance companies, and so

the affordability crisis is real as well. So with better access and better care, how do you think those numbers can change. Yeah, we believe that there's no reason for kids all cross the United States not to be able to receive care within a few short days of seeking care and treatment. Now, we have a long way to go as a country, still working on stigma with parents and caregivers, but we're seeing actually stigma go down meaningfully

amongst the new generation of children, adolescents and teens. So that's that's good news. We're seeing actually a lot more openness and so what we need to do is create affordable and high quality access and that's really what bright Line is scaling across the country. You know, the other thing that we think is critical is reducing the lack of equity and equitable access. Today, seventy of the counties in the United States don't have a single child or

adolescent psychiatrist. And so one of the ways you reduce that that lack of equity is by scaling using technology. So we've built a virtual solution to reach kids and families no matter where they are in the country. All right, we'll be watching, Naomi Allen, co founder and CEO of bright Line. Thanks for sharing your story with us. And that does it for the edition of Bloomberg Technology. Don't forget to check out our new podcast find it anywhere

you get your podcasts. For our daily news round up, I'm Emily Chang in San Francisco. Have a wonderful weekend. Everyone. This is Bloomberg