Disney's Bob Iger and Coinbase Hits Record Low

months before its collapse. Plus will break down how tech layoffs create a wave of issues for non US citizens that worked for Silicon Valley giants. But first and foremost, let's get to the breaking news. As Bloomberg is reporting the digital asset brokerage, as you just said, the Genesis struggling to raise fresh cash for a lending unit and it's potential investors that it may we say, may need

to fall for bankruptcy if it's efforts fail. So according to sources, and say best I can said, because she was indeed one of the byelines on the story. One of the key reporters, and Shally told us thus fall Genesis coming back and saying, look, this is an imminent but they have been trying to raise funds for some while now right, they have been trying to raise funds

four days. Remember they had halt and withdrawals at the lending unit just last week, in the middle of last week, and since then they have been in talks with investors, including now we're reporting finance now. Funding has so far failed to materialize, and they've been warning a group of investors that they may need to file for bankruptcy, certainly at lending unit, if those talks do not materialize into funding now. Remember Genesis is a huge player in the

institutional space. Their trading desk has separately reported an exposure to f t X. But we are now starting to see more effects of what has happened here that you could argue was contagion that started back to three arrows, let alone current A. When it comes to the ft x A vocals SINALI. What's happening behind the scenes? How much cash do the Genesis think they need? Is this happened in the last twenty four hours, in the last

two weeks? What's happening behind closed doors? Days? Remember they halted withdrawals in the middle of last week, let's say Wednesday, and then they had over the days after that starting to look for money. With the way that my sources describe what was happening was that a lot of these talks really amplified into the weekend. H And again remember that this is still they have not filed yet. They're

not said that they're going to file yet. They have told us on the record, by the way, that they don't have plans to file imminently, and their goal is to resolve the current situation consensually without the need for bankruptcy filing. But as we know that this is still a huge risk. Now remember there are benefits to bankruptcy

as well. It would contain a situation here and remember this is part of the broader Digital currency Group empire, where we do not have indications that this is a broader problem when you look at this empire that was built by Barry Silberg. So I think that as very important part of this story here which assets within that empire we are talking about, and how far that contagion can potentially go as we as we plan for a

potential bankruptcy for this unit. Yeah, just talked to us a little bit about Digital Currency Group as well, and the efforts that will already be made by Barry Silbert too will propop that in time DISR group because thus far it has been noted that money has been to put that to ensure that suddenly post Three Arrows the

implications weren't too destructive. It's an important question. Remember after Three Arrows, a part of the empire here was said to have been a creditor to the Three Arrows Group. So why is that so important today? Because as investors look at this asset, to the point that you are getting at here is that they do want to untangle the relationship between Genesis Lending, Genesis Trading, and the rest

of Digital Currency Group. Now, remember the rest of the empire is super important to the crypto space that includes a GBTC, the Gray Scale Bitcoin Trust, Great Scale as a company. But right now, what we do know and I would say I work about tune us over at the Bloomberg Intelligence has been brilliant at pointing this out. The company itself spits off a lot of money based on what they are getting in terms of managing the

assets for the Great Scale bus Coin Trust. So That's why again it's so important here to say what is revenue generating, what is still okay today and what parts of the business here are we more concerned about. But then importantly for investors, what is the relationship between all the entities at the end of the day. All right,

bloombergs Shinali Bassek, thank you. Let's tend now to Disney after the bombshell announcement that Bob iger is coming back to the company Rosco, that is CEO and co founder of Gerba Kawasaki, two billion dollars in assets under management, and importantly Caroline a Disney shareholder. So ross your reaction. I was so happy when I saw the news last night. I thought I was dreaming and and it was like

my dream came true. Bob Japeck had been running the business into the ground and had made some crucial errors in handling some very difficult situations. But it's time to really refocus the business back on creating great content for a reasonable cast. Okay, So ross in terms of your prioritization here, and I want to bring to our audience a poll that we went to Twitter with. I know you're a big player on Twitter with hundreds of thousands of followers, But we've been shining a light on what

they think the prioritization should be. Now, is it the cost controls? Is it more thinking about content the streaming perspective at the moment? Is it ross? Actually? Of course, what is the internal management of this business because Bob Chapeck himself had made some well, very criticized decision making when it came to the politics within Florida and what the company stands for. From your perspective, streaming strategy is number one for our audience right here, right now. Is

it number one for you? Yeah? For sure. I mean the streaming business that they've built over the last several years is amazing, and it was really led by Igor at the beginning to get into streaming, and and so they got to this point where they now have hundreds of millions of subscribers, but their losses have balloon, And I'm not really sure why there was such a lack of focus on the cost controls, especially last quarter, because the rest of the business like parks and resorts and

and and as well as the hotels and and the cruise ships, many elements of the business are booming right now. And hugely profitable. So we actually expected Disney to beat profits nicely this quarter, and it was like, where did this extra billion uh spent on on the streamers go? And so you know, Disney, Disney Plus and and Hulu have are great assets. ESPN Plus, they're great assets, and

they've had a lot of money investment. But it's time to make this business profitable and and and make sense economic. Let's bring you son of what Bob said in a statement Sunday night when he was named to see a first. Of all, he seems as surprised as the rest of us, using the word amazement, but he also talks about these times remain quite challenging. I suppose you're referring to macro conditions you talked about profit is it's just you can't just turn the tap off and suddenly the losses from

streaming go away and everything's dandy. How materially does he fix things at Disney? Well, I think you've got, really I would say three main issues that Disney faces. So the first, which we've been discussing, is how do we build a streamer with the right economics? And it's actually not that hard because you do have a certain level of certainty of what your revenue is going to be

because it's a reoccurring revenue model. So Disney and Apple just recently raised prices on their streamers, so they can pretty well guess what they're going to take in revenue wise over the next twelve months. And they just need to right size the budget for it so that that isn't that big of a deal. You just have to do the right math. The second thing Disney needs to address is China. This is the really big difficult challenge that many of my companies are facing, whether it be

the MGM and Macau or Tesla and Shanghai. You know, we're just facing so much uncertainty in the Shanghai park is closed again and this is a big challenge for them, despite the rest of the park's business doing extremely well. And then the third thing is what are they going

to do with their sports business. I personally love the ESPN brand in business, and I think that they need to be deeper in sports and deeper in sports betting, and and if not, just get out of the sports business and and spin it off or sell the ESPN brand. But I think they need to make a decision on what they're going to do with sports in the future. Now,

I think Disney should stay in the sports business. But but I think I will assess these things and make some great decisions, and soon enough we'd like you to see the monetization in some parts of Disney plus lust. I'm interested in the people behind Disney plus the executives. I mean, we know that bomb Iger might well be thinking of his lgbt Q plus community and how response to them post the politicization of all of that, But talk to us about the executives who institute do the roles.

Talk about the people who perhaps were given a backseat unto Chapec, and how that changes. So this part of Disney was going back to Igor's days when they bought Fox. So when they integrated Fox, there was just like almost a lot of the Disney people left and Fox people on the television and the movie side sort of stayed and and and that's been good, I think for Disney.

But I think Chpec really was not great with talent, and I don't think he had any vision for the artists or the artistry part of making the magic of Disney. And that's what Igor has that that is really hard to quantify. So so I think this is like a really big thing. Is I do think they have great executives managing their businesses, but I think they need some direction as far as content is concerned, and and sort of like somebody would taste, and that's what Iger has

that Chapex certainly doesn't. But I still think the integration of Disney and Fox in a way is still not a d percent complete, and I think there needs to be this finality to it. Ross. Did you buy more Disney shares on Monday? Well, you know, I run a public E t F. G K is my e t F and and I did buy Disney today and and I don't know if that's been actually posted yet, um, but but it's posted anyways at five o'clock Eastern, so the markets are closed. So I did by Disney aggressively today.

All right, let's think about the other company. I think it's wildly undervalued. I think it's wildly undervalued. And and with Eiger back, I think it's a whole another business to look at. Now, another business to look at Twitter, you're an investor in the private entity. Bloomberg reported that layoffs continued Monday, focus on sales and marketing. What do you make of that? Well, I think you're going to

see the same thing at Disney. So I think if you look at tech companies across the board, um, Twitter and Fluted and probably more extreme than most, is we're seeing this resizing of the tech industry across the entire industry. And and that's really part of that is from the pandemic boom to now bust. Uh and now you know, also just a more realistic view of what costs and

content are going to be used and achieved. But Twitter was wildly overstaffed and and now they're going to move to a staff level that's probably wildly understaffed, and then they're gonna build, and they're gonna build by hiring. So I think people are thinking like, oh, this is gonna like be the permanent size of Twitter will be extremely small,

and I don't think that's correct. What this is going on is a corporate restructuring where a new culture is being built at Twitter, and one that will be much more productive for the company, the users, and its shareholders.

Your perspective there was I'm interested in what though might occur with a luck says wildly understaffed all their risks all their concerns while it is so well, I've been you know, monitoring Twitter, you know, very closely from my own experiential, uh point of view to see if there has been any change, and I've actually would argue that Twitter is better now that Ellen has taken over then before. The engagement on Twitter has been off the charts over

the last couple of weeks. Not to mention all the news and information, but Twitter is still the most incredible source of news besides Bloomberg. When you're looking at Sam Banquin Freed live tweeting during his fraud, you know it's it's only on Twitter. And so whether if I want news on Ukraine, I'm sorry, I have to go to Twitter. And so it's a crucially important news and information site and one that Ellen is working very hard to protect.

Its integrating and I think twitters as good as ever Russ as an investor in Twitter who wants a long term return, one thing you want to see Elon must do with the platform ad add creator engagement opportunities. So by adding YouTube and you know these kind of features where creators can get on the platform and make a living. Um, we post a lot of video on on Twitter and YouTube,

and and everybody has to monetize through YouTube. So I think the creator opportunity on Twitter as a platform is enormous, and I think YouTube should be scared. All Right, Rosco, the CEO and co founder of the Kawasaki Thank You, coming out. We'll have the latest on the ticket Master and Taylor Swift debacle and the d j's role in all of this. This is blamed. Let's talk about Live Nations ticket Master, the system crash that of course dashed

the hopes of Mania. Taylors were found for a concert ticket. Turns out, long after the Justice Department started probing into all of this to think whether Live Nation is a using its power of the live music industry. That's all according to sources, and pleased to save new meg intelligences.

And Jennifer Ree is here when more on this end because we want to be discussing with Jennifer the great deck that she put out full blue Meg Intelligence about why aren't you reminding us this isn't the first time the d o J has got interested in what was an emin ad done years ago. Jennifer, Yeah, so you know this has been going on for a really long time. You know, I think the Taylor Swift debacle kind of

brought this to the headlines. But honestly, there have been critics of Live Nation and groups that have called for the deal that was closed in two thousand ten to be unwound by the d J really ever since it closed. And the DJ started investigating after settling with the companies in two thousand ten, probably as early as two thousand twelve, only a few years after they actually were merged, because they believed that they were already violating in consent agreement

that they signed in two thousand ten. Now I don't know exactly when that investigation started, but what had ended was in two thousand nineteen, and the d o J said, in fact, we do believe they've been violating these terms they were supposed to behave in a certain way towards venues. They promised to behave in that way, not to force or coerce the venues to use Ticketmaster, allow them to use rivals to Ticketmaster, and in fact they've renigged on that.

So we're going to enter another settlement with them. And that settlement was signed in late two thousand nineteen. And now I think what's going to happen. Is the d J is going to look again to see are they still violating that newer amended agreement from two thousand nineteen, and are they even doing more in the market that's anti competitive? Jen, what's the threshold this time around? What is it that they'd be looking for that would be

enough for an enforcement action? You know, that's a good question, and they actually have two different thresholds because the consent order that they agreed to in two thousand nineteen lowered the threshold. This is something Live Nation agreed to for the d o J to show that they've been violating that consent order. So if they're trying to show that, hey, they agreed to this, they're not abiding by these terms, we have a pretty low threshold to prove that that's

what's happening in court. So that's why threshold um. I think this is the kind of proof and evidence that's fairly easy for the d o J to collect. They just go out and talk to venues and find out what their communications have been with Live Nation and with Ticketmaster.

But I think the second thing the d o J might be looking at is more broadly is Live Nation and Ticketmaster entering into exclusive agreements with so many big venues that they're basically blocking out smaller rivals who can no longer contract with those venues because they're exclusive to Ticketmaster. That's a little bit of a higher threshold something I

think they could also prove in court though. If you are a company with market dominance, and it's alleged here that Live Nation does have market dominance, it is illegal to tie up more than about thirty five of the outlet, And if that's what they're doing with these exclusive agreements or quasi exclusive agreements, that would violate the antitrust laws. Jennifer, when the measure had is a long time ago. Yes, told to us about the speed at which any of

this I could unfold, Well, it's really slow. I mean, as you heard, the mergers in according to the d o J when they came out with papers in two thousand nineteen, the deal had been violated since two thousand twelve, right, and they didn't settle into till two nineteen. So these investigations can go for two or three years. But I think that the DJ investigation that's ongoing now did start

a few years ago. You know, I went back and I looked at how often we at Bloomberg Intelligence had published about antitrust problems Live Nation could have, and we wrote in two thousand eighteen, we wrote in two thousand nineteen, and we wrote in two thousand twenty. So I think it's very possible something could happen next year in two thousand twenty three, and enforcement action more likely than a settlement. All right, Bloomberg Intelligence is Jennifer Ree, Thank you, Thank

you time now for our top tech calls. Moffatt Nathanson upgrading Disney to outperform, expecting the company to re examine a streaming strategy after reinstating bob IgA to the top job. Self driving tech name Mobili initiated with the street high seventy seven dollar price target. It's City Group. The firm has put a by rating on Mobili, saying there's a path to hitting fifty billion dollars of revenue by and finally, Argust downgrading online and car vending machine company car Varna

to sell. The firm says the company will struggle to make a profit as used car prices continue to drop. Those of your top techles welcome back to putting back technology. Some breaking news, of course, to fall out after the reappointment of Bob Iger at Disney. We understand that at the moment he's asking Disney managers to reconsider the corporate structure. Already, we've started to see that the distribution chief, Kareem Daniel, is stepping deep down. We understand, of course this executive

was particularly close to Bob Jpeck. So Bob Igor is announcing changes in a company memo as it stands, So Kareem Daniel, being the chairman of Media and Entertainment Distribution, will continue to bring you all the latest when it

comes to dis Knee and some of the restructuring there. Meanwhile, though, there's restructure and going across technology more broadly, mass tech layoffs have left hundreds of workers living right here in the United States on just temporary visas, were little or next to no time to find another job, and indeed they have to leave the country. And how could this change the U S tech landscape more broadly, Yeah, it's

an interesting one. Tech companies rely on the H one B visa for computer engineering talent right from all around the world. The numbers behind this Bloomberg analysis of fascinating H one B vis has captin a five thousand per year. This group of six tech companies on your screen are behind forty five thousand of them, both new and renewed over the last three years. Just those six names, alan As you can see from the chart, H one bees make up a significant okay, not a majority, but a

significant amount of the overall workforce. So to answer your question, if a tech workers laid off and they have to return home to their home nation as a result of losing their job, there's a cost to the lawyer that has to be covered for the travel back to that home nation. The cost is also a big part of this story, right, Why are layoffs happening? Cost saving measures are a part of it. H one B visas also

carry higher average pay. Generally speaking, the national average for H one B in terms of pay, if we bring up that next chart, is around a hundred and six thousand dollars per H one B visa employee. But you look across the tech sector again those same six names, that average pushes higher and higher in terms of the salary than an H one B visa employee can command.

And things are changing. Think about all the reports we've done recently, Caroline on Twitter, those staff that have been laid off here in the United States, and the reporting that the Bloomberg has done about them trying to find new roles talking with recruiters. I really encourage the audience go on Bloomberg dot com, get your Business Week magazine

hard copy and take a look at this story. Fascinating data analysis and all over linked in many getting onto communication with across WhatsApp using any technology outlet really possible to try and find mind a new sponsor. I used to White Dixon White Chief people Officer and legal advisor can bring us her expertise, of course, previously held legal and HR positions at Disney. At we work and are used to. This is a really emotional time for many.

The dependency of certain people upon their companies to sponsor them, to let them remain a mortgage pair in the US, their children remain at school here. Overall the company the building box of a life they make. We're hearing that certain companies are taking different ways of supporting them. We know that Meta for example, trying to find ways to delay some of that overall notification and notice period that

people serve. What are the best ways companies can make this transition, I think the best way is to a be honest about what they can do, what they can

have fund in, what they can afford right now. I think that if you are on an H one B visa and you are in the middle of your visa stay, trying to get on with another tech company will be amazing at this point, although it seems like the largest tech companies are setting for a layoff right now, so maybe looking at a smaller tech company that still has

a budget and the ability to sponsor. But I think from a company standpoint, companies are looking at the talent that they cannot lose no matter what and keeping those people sponsored. And for other people, they are trying to get them an extension for as long as they can, because there are so many people who have adjusted their lives believing that they would be in the US sponsored

by an employer. From a more macro perspective, time and time again, everyone's wondered when this is going to show up in the numbers, when the non farm payrolls are going to show some of the job layoffs. So we're seeing in technology and the response I've been getting is, look, these are very talented individuals who will find it very quick to find another role. Is that the case are we awashed with jobs at the moment, because I seem just this tear of job freezes in the tech world.

So in the tech world, I think, honestly, of the people who are being laid off will find another job very quickly. What is how opening, is that there are layoffs and there are a lot of job freezes at this point, even if and it's the holiday season, right the holiday season is a very very slow time for hiring all around the US. So what we have here is two things that are working against people. One is

layoff and freezes. The second is the holiday season. But I think even if we look at once, we look at January or February, we're only really talking about the people receiving jobs again, because everyone isn't a software engineer that's being laid off. It is across the spectrum in HR, legal, finance operations, and so all of those jobs, even though they're intagg don't necessarily get picked up as quickly. I

want to leverage your professional background, your experience. You've done a lot of reporting here at Bloomberg about what has happened at Twitter right down the road from me and Market Street people being locked out of the building, the HR department being let go, and so those administering the layoffs not being sort of qualified HR people. You know, Elon must tweeted over the weekend pictures of him working late into the night with this new team of engineers.

But what is your assessment of how that process was handled? I want to be completely honest and transparent. This was probably the worst mass layoff I've ever seen in my twenty years of being an employment lawyer. I think, you know, Ellen came in as an individual versus a businessman and really look to take over a company and is using it like it's a toy versus a company. At this point.

He did not come in and work with the chief people Officer, who is the chief people and Diversity officer, to determine the skills that he had within the company, the knowledge base he had within the company, so he could really make it born decisions about who to let go and who to stay. And everything is showing that he's let go of people who is he's asking to

bring back at this point. I mean, there's so many things that he has done that have been really unfortunate and it's playing with people's lives, their salaries, their medical benefits, and their retirement benefits. I mean, this just kind of goes against everything that we say is in best practice of HR and it's really unfortunate. On the other hand, Aisha, he does have a track record of getting the best out of people, especially when they're under duress. Does the

end justify the means? Absolutely not, Absolutely not. I I mean, and I would eat my words in six months to a year if something is different. But honestly, right now, he's working with a bare bones crew, a crew that doesn't appear to be diverse, a crew that is looking like they're going to burn out. And honestly, a number of people that I know who have continued with Twitter are looking and they're just looking for their next best opportunity.

I think the landscape of employment has changed considerably since COVID. No one wants to work and work until they drop anymore.

It is just not that type of employment landscape. And so I understand that Ellen has had people who stick along with him for this ride for a short duration, but I do not believe that he has created enough goodwill or that he has a good enough reputation even within Tesla, to bring people from Twitter who had really kind of dedicated their skills and everything to Twitter, to bring them alongside what he's trying to do. He's just

not communicating enough. He's not really showing the roadmap to everyone and the things that he's done, from laying off people at the top all the way down with no severance, no notice. It's not a way to keep a company going or employing morale. It's interesting just to play devil's advocate here. You say, the landscape has changed, but the economic landscapes changing with it, And before we really had

the pendulum swing in the direction of talent of employees. Well, now we've got to slow down in the economy and people are more fearful of their jobs. Is there a risk here that the focus on diversity, on inclusion, the realignment of what we thought our purpose for what it was, does shift again as we start to get more fearful. I don't think it it will shift. I think that some things will take a pause. I definitely believe that budgets within the d E and I space, the budgets

within the culture space, are going to pause. I think they really are because in some companies they believe that that is nice to have versus a must have. But in terms of what we need, honestly, from a bare bones perspective to have a company run, which is top talent. Top talent can go anywhere, and the question is why would they want to work for you. Ellen at this

point is not offering increased salaries, increase flexibility, nothing. He is saying, hey, please buy into this dream that I have of how I can really make Twitter something even better than it already was. And I don't know if he has a lot of people along for the ride. In terms of the other tech companies, there are some tech companies that have really done it right who are not abandoning d E and I and some of the

other things like strife. I think that you don't abandon these principles, but sometimes you do need to take a pause budget terrant LYE in order to focus on operations. Okay, Aisha White Dixon White, Chief people Officer and legal adviser, Thank you now, bloom Bags Camera Leach is on the case with the Twitter saga and reported more layoffs today. Camp what do we learn? It's been a lot that's been happening over the past thirty six to forty eight

hours for employees at Twitter. We could say even from our own reporting, starting off on Sunday, workers woke up to a to a to a new calendar invite Sunday morning, and then by midday Sunday there was all hands meeting affecting basically just trying to give a new direction for where Twitter was going to go. By the time it came around to Monday, workers had learned that they've been fired. They had been let go, which only until January that they'd get uh, they'll still be paid and considered to

be an employee as well too. And more specifically, this affected the sales team, and this came as a complete shock, specifically because the sentiment was that you know, they had been and shield it from some of these layoffs that we have been reporting. Not only have our viewers been watching this, employees that Twitter have been watching our reporting as well too because they didn't know what was coming

up next. But the whole thought process in the sentiment was that they wouldn't be affected by these layoffs because one thing that Twitter needed was revenue, and the cells team was the main driving force behind those things. So this came out a complete show for a lot of workers camera at the moment. I think at the bottom of the story, it really shows that at one point it was seven thousand workers before masks were now looking at an employee internal counter of two thousand, seven hundred

and fifty. How much is that still to go? How much do we inherently need to support a overall social media and part such as Twitter. There's going to be real concerns. Hi, Yeah, I mean we've all been, you know, tracking a lot of these you know, technology companies, the big tech companies, and we know for sure that Twitter has been a revenue losing company for some time now,

and they've just had to cut costs, you know. I think they only got down to a less than a billion just last year, and that was over they were losing about more than a billion dollars. So it's so much money they have to cut, and it seems like Ellen thinks that salary is the best way to do that by decreasing his head account. Um. I think the wheels are definitely spending over there. I think nobody knows where this roller coaster is headed next, and everybody's on

their toes walking on the eggshells. Well, Kin, that's what I wanted to ask you about, you know, you and I and the team. We have heard from a lot of former and current employees right A lot of sources inside the company have been confused about what's going on. What is the sentiment among staff that are left at Twitter. Yeah, even for those that are left that Twitter, they as you know your guests in the last segment said they

are still looking externally. They're keeping the the training wheels going um, because there is no direction There seems to be a lot of confusion going forward. Spoke to a source earlier today and apparently there should be a final all hands meeting happening today that kind of gives the direction where Twitter two point oh we'll be going. And apparently those are the just only the staff members that

are left and that Ellen will be keeping with. But that was supposed to be the thought with the last all enhanced meetings, So you never know if this could be the next one, if this could be the final one. Um, so nobody knows. We're sticking close to the situation and

we'll want tote it on Bloomberg dot com as well. Comer, thank you so much for bringing us your inside track in the moment, Cameron Leach, as always, we thank him and you ed across whether all your reporting coming up crypto contagion, it worsens Genesis wanting up the possible bankruptcy. More on that moment. This is Bloomberg, two major bloomberg

scoops in the world of crypto. On Monday, Genesis has warned of a potential bankruptcy if it doesn't get funding, and federal prosecutors in Manhattan were already looking into fd x is operation months before it's collapse. That according to sources, Luckily Bloomberg Shnali Bassak is here with all the details. Let's start with that ft X investigation. What do we know about regulators and what they were doing with f t X. Regulators were concerned about the ft X empire.

Of course, regulators in the United States would be worries about worried about the ft X empire. I would also say,

they'll remember, this is all happening. The bloomberg scoopa that we are discussing here is all happening on the back of a lot of dispute here ed between the Bahamas and the United States and bringing Sam Bankman Freed here to questioning for regulators and lawmakers publicly as we wait to hear what's going to happen with the House Financial Services Committee and the Center Banking Committee, who also want to bring in Sam Bankman Freed for testimony as well

as his deputies. I would say separately, as we think about what's happening with regulators tomorrow, there's going to be a hearing in a Delaware bankruptcy court starting eleven am. And so you're hearing both the issues of the f t X empire and ravel at the same time as we hear about authorities and their concerns. According to sources, between the links between f t X and al Amda, Let's of course go to further links. Let's go to further contagion. Let's go Shnali to genesis right now, because

you're scooped just before us coming on. Add the fact that they may have to fail far off the bankruptcy. The focus right now is this is not imminent and they're looking for other sources of funds. Now. Remember something that's interesting about not just the breaking news that we have today as well as what we've had as we've been talking about U S authorities looking at f t

X over months. This is just another indication that some of these issues go back many months, that they go back to Three Arrows for example, and whoever had a relationship with them. Remember, Genesis is one of those companies that did have links to both Three Arrows and f t X. At this point in time, they are a large creditor when you looked at their relationship to Three Arrows.

And now let's talk about it in the vein of f t X for a second, because we know the trading desk had had about a hundred seventy five million dollars tied up with f t X, but the lending business separately has had to pause withdrawals. So here come the questions, what were the relationships then between Genesis Lending and Genesis Trading, Genesis Lending Trading and the rest of the Visual Currency Group empire. How much does that actually

matter at the end of the day. And are some of these questions not just a matter of you know, customer money tied up in one exchange or one lender, but is there a broader systemic issue here in the way customer funds are being used among crypto companies? More largely as it comes to lending and trading activities. Okay, so one that we continue to ask questions on and of course cost no expersions, but continue to dig deep as you do with all the relative reading tentacles of

this business. We thank you. Shanna m now going viral. Let's stick with FIFA. Let's stick with seven national football teams including England, who will not wear a rainbow Arman showing solidarity with LGBTQ plus rights, bowing instead de pressure from FIFA because players might receive a yellow card for the show of support. Cutter has been under intense scrutiny leading up to the World Cup, of course, over of course the treatment of migrant workers, as well as concerned

with human rights and its criminalization of homosexuality. Now one gay rights group Stonewall says that by threatening sporting sanctions and stopping players from wearing the One Love Our Band's, FIFA are brushing criticism of human rights abuses under the carpet human rights campaign, and Peter Tatchell noted, look two days ago few for presidents spoke of inclusivity about this

ruling shows actually his true colors. I urged the team captains at their post match process conferences to spend just thirty seconds to speak out for the rights of women, lgbt s and migrant workers. That would have a huge impact, he says for me. Also the Iranian team not singing their national anthem, and of course over the course of this weekend going viral that shocking news out of Colorado springs. It makes it a very intense time for the lgbt

Q plus community, particularly in the US. Yeah, and we see on social media it's having an impact on the arm bands, you know, Captain saying that they thought that they would face a fine rather than something relating to kit rather than a sporting sanctioned serious things, That does it, Caroline. For this edition of Bloomberg Technology on Tuesday, though, we've got zoom CFO Kelly Steckelberg to discuss earnings and the

growing competition in video conferencing. Don't forget check out our podcast. You can find it on the terminal as well as on Apple, Spotify and on iHeart. This is Bloomberg