FTX's Potential Robinhood Deal and SCOTUS

We'll tell you where the talk stand and we'll also bring your exclusive interview with coin Flex CEO Mark Lamb about why they froze all withdrawals and what they're doing to fix it. Plus, tech companies may be willing to cover travel fees for employees looking to get an aboord, But what about protecting your data? We'll talk to a civil rights attorney about the power tech company's have over

your digital rights. In a post row era and Para Nos's Sunny Baldwani his fate in the hands of a jury at the same courthouse where his ex girlfriend, Elizabeth Bones was found guilty of defrauding Investors will get the latest on where the trial stands. More on that bloomberg scoop news of f t X and Sam Bankman Freed's interest in acquiring robin Hood. We learned just last month that Bankman Freed owns a seven point six percent stake

in robin Hood through another holding company. As this news was breaking, he tweeted backstopping customer assets should always be primary, everything else is secondary. For more, I'm joined by Bloombergs. Annie Massa, who covers robin Hood has been working this story for us. What's the latest, Annie? What do we know?

What's the status of this? So the service is that f t X has talked internally about potentially reaching out seeing if they could buy I robin Hood, and we've seen robin Hood has been pretty distressed in the months since its I p O last year, and it's led a lot of people to wonder if robin Hood might pursue a deal. Now, they haven't advanced as far as uh as having formal M and A talks, but this is something FTX is exploring, especially after that stake that

Sam Bankmn Freed took. As you mentioned, so fd X saying in a statement, we're excited about robin Hood's business prospects and potential ways we could partner with them. That being said, no active M and A conversations with robin Hood. Do we know how robin Hood and its co founders feel about this? They're the company declines to come in

for our story. It's true that this is in the earlier stages right now, but and it's complicated by the fact that robin Hood's co founders lad tin Of and Beij Jubat have super majority voting uh they control over fifty percent of voting power at robin Hood, so that

would complicate any deal. However, you're still in a position where there there have been a lot of questions about what robin Hood might do, whether it might come under enough pressure to look at a deal, and if FTX were to come forward with something, um they might have to take a look. Why would it feel like this makes sense? Obviously, we know robin hood stock has plummeted, They've had to do some layoffs. There are still an

incredibly popular trading app. When you ask, you know, a typical retail investor, UM that said, you know that they've been working trying to push harder into the crypto market. That's f T x is bread and butter. You know, talk to us about you know, the reasoning behind a tie up other than the fact that sam Bank been freed is interested. That's right. So first year have sam Bank been freed with his stake that he already has your holding company in robin Hood. But there are other

overlaps between the companies too. Robin Hood really benefited from the huge boom and retail trading that we saw during the pandemic. You can trade equities options crypto all on robin Hood and f t X is a crypto exchange, but it's also shown interest in getting into the equities

world as well. So there is a fair amount of overlap between the very retail heavy world of crypto f t X really embodies and the crypto stock trading options trading for younger investors, newer investors that robin Hood represents. So you can see a tie up of the two making sense, all right, bloom Brigs. Animasa will continue to

stay tuned to your reporting. Thank you. Some of the biggest companies in the world, many of them in tech, have quickly put into action plans to help employees who may need access to abortion care following the Supreme Courts ruling overturning Rowe versus Wade. Companies like Apple, Uber, Lift, Meta, Amazon, and dozens more have an ou still cover travel expenses for employees and states where the medical procedure is or will be banned for more. Now, I'm joined by Bloomberg

Sarah Fryer. So Sarah explained to us what's happening in the fine print here and what these companies are saying. Well, a lot of the companies are saying that they will include abortion among the health care procedures, that they will will reimburse travel for UM. So often that is, you know, if it's if it's something that you that you need, UM, they will find a way to fly you to a

state where that's possible. The problem is, UM, they're not saying anything about another big question that we have here at Bloomberg, which is not just about employees, but about their investments in these states, but about the data that

they collect UM. There's a lot of concern right now that that companies will collect data just through their uses, through their searches, through their messaging, through UM, their interactions online about whether they're playing abortions, and that prosecutors in these states where abortion is illegal might try to subpoena the companies to get it. And so far, we haven't seen a lot of companies stand up and say they won't provide that data or that they'll protect user privacy.

And it's a tricky situation for them because UM historically their rule has been whenever there is UM something illegal or something requested by law enforcement, they could apply UM. But in this case, where they have a subject that a lot of employees feel very passionately about, most of the us UM is on the side that, you know, people should be able to have this health care procedure.

I don't know how they're going to react when when prosecutors started asking for that data, and Sarah, I know that you and your team are trying to get some answers from these companies about how they're going to handle these bigger questions. What are we hearing so far? Well, I think I think that what we might see is some companies standing up and saying, no, we're not going

to do that. UM this data, this user data, will fight in court over not providing it to the government and potentially endangering someone, whereas other companies will say, listen, this is the law, and we operate by the law of the land wherever we wherever we are, UM, you know, putting our product, we have to do that, and so they'll just they'll just comply, and UM it could set up a lot of problems for a lot of people who use these services. UM. It's it's very different than

fifty years ago, UM pre row. Whereas now we have this entire economy around knowing exactly what people intend to do based on their online behavior. And I think that the next few years we're going to see a lot of pain and question around what responsibility companies have to their users versus what responsibility ability they have to the law in the area where they operate. All right, huge big questions that have yet to be answered. Bloomberg's Sarah Fiar,

editor for our Tech Team, Thank you, Sarah. Now, while tech companies might be offering their employees navigating a new important abortion landscape help, there are concerns, and Sarah said about the information these companies have on their users and how it could be used against them if they try to access an abortion. Digital rights experts warned that search trees, location data app usage could all be fair game for

more on this. I'm joined by Cynthia Conti Cook. She's a civil rights attorney and currently at Tech fellow at the Ford Foundations Gender, Racial and Ethnic Justice Team. So, Cynthia, we're in some very uncharted territory here. Walk us through this post row era and the heightened risk of surveillance. Thank you. Yes, we are not going back in time.

We are going fast forward into uncertainty. And what we have already seen happen with digital evidence used against people who were pregnant and we're charged with conduct related to the termination of their pregnancies, is that that information was text messages, it was email receipts, it was search histories and websites visited. That's the information that already has been used in cases we've already examined coming in front of courts across the country. How do you expect companies to

handle this information? I mean, I wonder is there going to be some sort of shadow economy or even a shadow society created as a result. Absolutely, people will be pushed into shadow economies and pushed into places where they are experiencing a lot more vulnerability as a result of this decision. So the tech companies have here to to to do something about it, to take a stand one way or another. Tech companies could engage in a few

different ways. They could, for example, collect less data in addition to I've heard a few tech companies speak to location data recently, but location data so far has not been used in criminal court against pregnant people. However, their

search histories have, their website tract have. The other things that tech companies can do is become very prepared to go into court and actually pushed back against the requests that they get from law enforcement to share information about what what websites people are looking at and what information they're searching for. So you're talking about the biggest and

most powerful companies in the world. So, for example, Senators Around Widen and Elizabeth Warren wrote a letter to the fc FTC asking them to investigate Apple and Google's role in all of this. What responsibility do you think these companies have. The companies provide a very important service that

allows people to access information about their healthcare. This is very simply a public health issue much more than it is a technology issue, and the technology companies need to understand that the information they collect and store and the law enforcement agencies that they provide it to will in turn use it to criminalize the people that they are relying on to be their users and to be the people who will purchase information and of commit to their advertisers.

It's part of the ecosystem. And if they are disregarding the rights and welfare of the people that they are serving through the technologies that they provide, those people are

going to be less and less able to participate. Now, there are these big companies, you know, that's one thing, but there's also a host of startups offering you know, women and family health care UM and I wonder what you think the role is of those companies, less powerful, obviously less well resourced, you know, being put in a in a very difficult position where you know, in any afford to states this is all just totally fine, and

in the rest of the country it's not. First, smaller startups, I would say that they first should be they should find out from the places that are already existing and have been serving the abortion access movement what the needs are for the UH questions that they're asking and for the types of services that they are considering making available. First, the people that are going to be using the service

should be involved in designing it. Now, what do you think about the role of these quote unquote crisis pregnancy firms. Bloomberg has reported that these firms, which are encouraging women to not get abortion, are also scooping up data on women who are seeking abortion. Yes, that's right, they are.

The crisis pregnancy centers have been very delus really not just through in person interviews collecting information about people, but simply through existing as a website collecting information about people that visit their websites in the same way. So, what's your advice to women right now about protecting their digital autonomy in this kind of messy middle where we are, where a lot of this has yet to be decided

and this law was just overturned. In the same way that we should not all be individually responsible for protecting ourselves against COVID, we should all not be individually responsible for securing all of our digital devices and having all the knowledge of what types of information is collected about us. But there are a few things that people can do. Secure your devices, Do not share your devices voluntarily with

police officers, social workers, anyone at a hospital. Secure your communications. Make sure that you're using encrypted communication, even very casual, and that you have all of your contacts already imported and secure your browsing, so use as your default browser the types of browsers that are not going to track you as you visit website to website. All right, Cynthia Conte Cook, fascinating new landscape to explore. Ford Foundation, fellow

civil rights attorney, thank you well. A new poll suggests that a majority of Americans disapprove of the U. S. Supreme Court's decision to overturn the constitutional right to an abortion. According to the CBS News survey, fifty opposed this ruling, including six of women, while seventy percent of Republicans support Supreme courts action of Democrats disapprove. Coming up with the boyfriend of Farina's founder Elizabeth Holmes, will he face the

same fate? A joury is deliberating the future of Sunny Baldwani right now, We're gonna have the latest on the case. Next, this is Bloomberg. A jury is now deliberating in the trial of Sonny ball Waming, the former second in command at Sara No Nos and ex boyfriend to founder Elizabeth Holmes. While Wanni's lawyers have done their best to try to separate him from Holmes, who was found guilty of DEFRAUDI

investors back in January for more on the trial. I'm joined by Bloomberg Stral Rosenblatt, who covered the Holmes trial for US. And you were in the courtroom every day for the trial of Elizabeth Holmes. You've been in there for much of the trial of Sonny Ball Wanni. Have lawyers been successful separating the two? You know, we're gonna find out. I'm not sure. It's just gonna be interesting to see what what jurors think. Uh. Elizabeth Holmes has

loomed large over this trial. I was in closing arguments last week and on one day alone in in his lawyers closing arguments, she was mentioned nineties six times. So so they're they're trying what what Sonny's lawyers are trying to do. I say that he too was defrauded by Elizabeth Holmes, that that she tricked him to. That's what they're trying to pull off. Um, I think that's going to be unsuccessful. The jury was instructed to separate the two,

and so you wonder if it's actually gonna work. Yeah, that's to me the kind of the real conundrum of this trial and confusing for jurors because they got an instruction. I sent you the instructions up. I don't enough you're able to show that, but asked yours to to not consider any fact or aspect of Elizabeth Holmes's trial. And that's you know, read very legally and very technically. You're not supposed to consider the trial. That's okay, that's the instruction.

But she has permeated this entire affair and the trial. And I said, she's been mentioned so many times that it's impossible for them to to to I think, separate the two of them out, and that's part of the reason he's in so much trouble. What is your perception after spending so much time in the courtroom, you know, is it clear that one had more of a role than another, or were they working in tandem? You know, some of these lawyers have said that he joined much later.

She founded the company and he joined years later. Um, that's another way that his lawyers have tried to say this was her company and he kind of just got duped or got pulled in. But the we've seen the same texts and the same emails that were shown at Elizabeth Holmes trial, showing how tight they were that even he was the president of the company, she was CEO. But even in that kind, in those titles, they just held a very special place at the company, special roles.

They held onto information that only they could see or they decided who could see what. So they were in tandem. And that's that's that's what geors are going to see, and that's what they're going to contemplate it. And does he face the same potential sentence he does. I mean, part of the reasons she hasn't been sentenced yet is because the judge wants to figure out his role in relationship to hers. They look to be so closely aligned that I think they're both facing between eight and ten

years of prison. Interesting now, Elizabeth Holmes, the deliberations took much longer than any of us expected. Do you think that's going to happen here? Yeah, this trial is just kind of it's just very different. It's been much quieter. So you don't have the media showing up at two am dressed like Elizabeth Holmes. You don't have that. You don't have that the the courtrooms are actually very quiet and almost empty. His family is sitting right behind him,

just packed together, even though there's space in the courtroom. Um, I you know what they're seeing is it's really a very different trial. I mean there's the same facts, but there's not this kind of energy, not this kind of pressure that I know. Jurors in the Homeless trial I was speaking to them afterwards felt to to make a decision and make the right decision. I think here they could decide it kind of easier and without the pressure.

So interesting, not as long I'm expecting. Well, keep following. Have you back when there is one? Thank you. This is a moment that feels that it has been twelve years in the making, and if you look at today's technology companies, the very very large majority of will survive it. The question is do they have a strategy to thrive afterwards. The best time to start a company is where do you notice such it? It's clear right now the market is going to reward real companies to build real things

and make real earnings. Now we are going into a world where we're going to have to be more discerning. I think that the place of opportunity today that We're quite focused on continue to be uh is on cyber security. I would say, you know, pick sectors that are essential businesses, essential markets, government perhaps draw also think the future work continues to be a place of great opportunity. A lot of companies will will be absorbed in. Other companies will

just disappear um. But at the end, typically a situation like this creates a lot of new growth. So there are bright spots, but no question we're in for choppy times. Welcome back to bloom More Technology and Emily Chin in San Francisco. Snapshots there of the reactions we've gotten from investors and CEOs right here on our show about their outlook on the market downturn, what the next big thing

could be. This has data from CB Insights shows that private capital back startups raised far fewer rounds of funding in the last three months they did late last year early this year. I want to stick with this now and bringing Phil Haslett for more on it. He's a founder in chief strategy officeer for equities and so first of all, Phil, we hadge back on the show in March.

Where do you think we are right now in the cycle of this particular downturn, Yeah, I think we've continued the trend since we last spoken March, which is that you know, private valuations tend to lag a little bit behind public ones, and we're just kind of starting to see that reality set in through Q two as observed

through some of the CD Insights data. Something that we've seen on our side is that maybe if companies were trading on the equities and platform in the secondaries, that maybe discount and Q one to the most recent funding ground. We're seeing that to continue to go downwards towards maybe the forty to six percent drop, which again is kind

of reflective what we're seeing in the public markets. So I think we uh may be reaching the bottom here, but we've we've certainly kind of continued the slide over the past few months. Some venture capitalists are recommending not just one to two years of runway, but three to four years of runway. I mean, can start ups really handled that when their businesses are already getting a hit? Yeah, it's an easy thing for a bunch of venture capitalists

to say. I think it's no company was really prepared to have three to four years of cash um as a startup, the same way that no company back in cobD was really prepared for an environment with zero revenue for a period of time. So I think that's a bit unrealistic. I think what you will see is kind of a definite shift in atitude and how companies are sending money. In particular, UM, one of the things they can control, has already kind of observed by UM some

pretty significant headcount reductions. You know, we we've seen that that. You know, compensation really is the majority of stend for most of these technology companies, so will expect to see that continue. So let's talk to us. Uh So, talk to us about these folks who are getting laid off. A lot of people don't understand that employees who work

at startups. You know, half of the upside is the equity in those startups, But you have to buy that equity in order to benefit from that upside, often before you know if the startup is going to be a success or not. So when you get laid off from a company, you have a very short window oftentimes in order to buy that equity. Can you explain to us what these laid off employees are going through right now? Yeah? Absolutely,

it's you know, it's a tough time. You know, it starts off by getting laid off, which is obviously a big hit to someone's or financial future. UM. It's compounded by the fact that most of these employees, as you mentioned, are issued you know, stock options, which basically give them the rights to purchase shares of the company they work for. UM. And that's usually a really big hook uh and and

incentive for for these employees to have joined the companies. Unfortunately, most of the rules around this say that you have ninety days to basically buy those shares after you've left the company or even if you're terminated. So you can kind of imagine this really unfortunate scenario where hundreds or thousands of employees are getting laid off and are then given a really short window to decide if they should pay money out of pocket and incur a tax bill

to own their stock or not. Right, it's it's really uncertain to know if your company is going to be successful this point, whereas maybe nine or twelve months ago it felt like a complete no brainer. UM. And so we're starting to see some more and more active conversations between companies and between secondary platforms like equities and and also between companies and their employees to see if they can kind of help UM solve this problem, which is

obviously a pretty meaningful one. Then you have a company like Bolt, the high flying e commerce startup that actually gave employees an option to buy their shares early. I wonder if those employees are now in a horrible or very precarious financial situation because they took that bet and now it's not panning out at least not now, as

they absolutely are. And and actually, when that proposal came out from from UH both financial whatever, it was maybe four or five months ago, a lot of the venture capitalists, particularly ones that had gone through the dot com crash in two thousand, waved as many red flags as they possibly could to say, you know, this can end very poorly when markets kind of turned on their head UM.

And so while it is one idea it to kind of help employees with donating their stock, we can kind of think of many other solutions that I think are a little bit more palatable for for companies to enact for their employees. I would say kind of the two easiest ones to do UM are that, you know, companies can proactively kind of convert the equity compensation to give to employees at departure to actually extend that amount of time where they have to exercise to own their shares.

That's something we saw from pinterest, and we saw from coin based many years ago, um while they were private, and I think it was very well received. And something that we work on with companies is that we can help companies elect to allow employees, you know, to sell some of their shares you know, through secondary transactions and private transactions to help you cover the cost of any

exercise or any tax and uh implications as well. The last one I think that we'll see that that we talked about a bit before, was that companies can actually redo kind of their fair market valuation, which is what's used to determine tax implications and also the price of which you get your stock options. And we saw companies like instat cart do that and I expect and hope

to seem any more do that as well. So what's your advice to employees right now, say they've just gotten laid off, they don't know what to do, should they buy the stock or not? How do they evaluate this decision? Yeah, it's a tough one. Uh. My first advice would be to kind of ask the company, what, you know, what choices they do have with their equity? Is it really

just ninety days? Um? The second thing I would ask is if the company is aware of investors that maybe are already on the company's cap table that are looking to grow their position that can help with liquidity. I

think that's absolutely the first one. And then the last one, which is obviously a little self serving, is to kind of explore what options you have within the secondary markets to get liquidity for your shares um As you know, while the markets have taken a turn, we have seen a lot of investor interests, particularly at these lower prices for companies that they wanted to invest in for years

that they finally feel like are more fairly valued. So I encourage employees to kind of start having those conversations as soon as possible. Interesting, all right, Phil has Let, founder, chief strategy officer at Equities and lots to consider. Appreciate you taking the time to walk through all that. With us coming up the crypto futures exchange that just halted all withdrawals, we'll speak to coin Flex CEO Mark Lamb exclusively about what happened and how fast they can fix it.

That's next. This is Bloomberg and it's time now for our crypto report, and I want to take a look at the crypto liquidity as a wave of liquidations gives rise to even more fear. Selsie has started freezing withdrawals earlier this month, and then a vague tweet by a founder of the crypto hedge fund Three Arrows Capital, which is facing its own liquidity troubles, created even more anxiety. Then came babbled finance pausing withdrawals. Now coin flix Flex,

the crypto physical futures exchanges in the spotlight. Our crypto contributortionally Bossa here to give us the lay of the land, Shinali. Yeah, something interesting here, Emily is then, in addition to the situations that you had talked about, when it comes to coin flex, the counterparty was not Three Arrows Capital or another lending firm. We're going to get some more details

about that in just a second. But just as equally interesting here is how the industry is being shored up in the middle of this crypto winter and liquidity crunch. We're going to talk about just how that's going to happen now with Mark Lamb, the CEO of coin Flex. Coin Flex is looking to bring back their operations in more normal form of resuming with withdrawals by Thursday June.

And one of the ways that you said to me today that you're planning on doing that is by issuing a new token that is almost fifty million, it's forty seven million dollars worth with a twenty percent yield. That is a large return to investors who would get into this token. But Mark, tell me, what does this token actually represent? Who isn't making whole? How is it making them whole? And what happens if you can't raise that money? Yeah? Sure so um at coin flex fundamentally we believe in markets,

transparency and token ization. So we've done that with one of our other products, flex USD. It's uh, it's it's on markets, it's it's it's funding a market, our repo market, and it's a token. And we're doing that again here with the Recovery Value us D SO r v U s D. It's a way for us to use token ization to solve this problem where we have this asset which is UM. It's an ultra highnet worth individual UM.

They they owe us these funds UM. We do believe that they're going to get us these funds at some point in the future, and we wanted to make it such that the assets UM all match up and everything matches up in a way where it's a market based and we pass on this risk to investors that are understand what the risk is and and are eager for this risk, and basically UM solve the problem right now,

we can't have withdrawals UM. There are lots of different ways of solving these problems in in crypto finance, and crypto generally is on the cutting edge of finance. And one of the ways that UM hasn't been as successful in the past is when companies put their head in the sand or refuse to communicate or go high behind

the excuse of lawyers. UM rather than treating lawyers as as advisors and consigliarias in creating solutions that resolve the problem extremely quickly and and also in a way where more people get to participate in the solution. Mark, assuming that this does work, that you're able to raise this token and withdrawals do begin again on June, are you afraid that you will face a run on the bank

in that kind of a scenario. We're not worried about that scenario because upon this fundraise being concluded, um, everyone can withdraw and and so we want everything to be always mashed at all times. And you know, in situations where that isn't, we have to intervene. We have to

do these things. We are going forward, We're going to take even further steps on making every aspect of the exchange transparent, including the futures positions, the notional value not the specific coin, but the notional value of every account's positions public via an external auditing firm, and also the

margin backing those positions. And we think that ultimately that's in line with our you know, our ethos from day one, we've we've wanted everything to be market based, transparent and tokenized. What's our longer term plan mark to make sure that if we experience this kind of volatility in the market again, and certainly the crypto market will experience this volatility again, it is a volatile market, that this won't happen, that

it all doesn't come down to or depend on one individual. Yeah, So part of the issue here was and this is common practice in crypto and and really it originates from traditional finance, but we had a customer on a personal recourse based non liquidation account. UM. We will be eliminating that type of account. We will also be making these positions public and you won't just have to take our

word for it. We have an auditing firm that we're going to be working with two have them published this data, and this is much needed data in futures. There isn't a single crypto futures exchange in the world, uh, including here in the US UM that that makes this data public around position sizes and the margin ratios, margin balances and collateral backing those positions. And it is one of those things where there's a balance between transparency and privacy.

Right now and Defy they've set the standard in terms of transparency, and we need to do at least as good as, if not much better than Defy with respect to transparency so that depositors and users can feel comfortable trading. UM. It has a damage to privacy, but we think that traders are going to find that worthwhile for the you know, the additional comfort that they get from knowing the risk and the leverage implicit in the system. So what's your

message to customers right now. What's the level of confidence, your level of confidence that in the three days between now and June you're going to make that date. Yeah, I'm highly confident. We have we have spoken to people NonStop on on phone calls and in person meetings UH since this issue arose, and UM, we have more than half of the UH the amount needed in soft commitments

to UH to get this done. And so I'm I'm highly confident that there's strong appetite from within the crypto space and also in the broader institutional space in this type of token. UM, it's not we're turning a problem into an opportunity, and we're also UM, you know, we're also turning that into an opportunity that gets resolution very very quickly. You know. This this is something where at the end of this offering, UM, you know, the problem is solved within a matter of days. This is something

that's been done before in Crypto's history. UM, and and it's been extremely successful when it's been done before in crypto. What kind of treasure do you feel to reveal more details about who this investor is who couldn't meet the margin calls initially, especially when this new token is tied to their fortunes. The people who will be investing in this new token are doing it to make this other investor that they don't know. Hal, Yeah, that's a that's

a great question. And look, I think the market is always going to demand more and more transparency. So we're going to be revealing as much information and as we can as we're able to reveal that information. At this point, this is you know, this is what we can give, and we wanted to very very quickly, uh, be fully transparent about what happened, how we're resolving it, and our plan going forward to uh, you know, protect customers, uh and and be fully transparent to customers about all the

leverage in the system and how it's collateralized. But I think, uh, I think the market will demand that information. I think the market will try to pursue that information, and uh, you know, that's the beautiful and powerful thing about markets, and that's the important thing about transparency, and uh, I think that's what's going to happen going forward. This one customer, I mean, how do you know whether he or she can pay you back? How much confidence do you have

that you will get that money back? And what confidence can you have customers that you would remain solvent and be able to continue operations in normal form if they can't pay you back. Yes, So we have alternative mechanisms if if we're not able to conclude this raise, we have alternative mechanisms we're looking at and we have on the table. Um. Really the focus is on this mechanism because it actually opens up a new type of asset

for customers to invest in. And UM, you know, I think there's a lot of people very familiar with the situation. I think there's a lot of people who you know, want access to this type of yield. So it's again, we want to turn this into an opportunity for people. We want to be totally transparent about what happened, and we also want to make it clear um going forward, Ah, every bit of data about the inner workings of our

exchange is going to be public. You know. We we already um are extremely public about all the data in our exchange, but this is an area for us to go even further and even more cutting edge on the transparency. Know all right, Mark Lambs of coin Plex coin Flex, thank you Mark for coming and sharing your side. What's happening with us along with our very own shot. Appreciate it.

Short sellers reportedly have been ramping up their bets against Tether, the world's largest stable coin, according to The Wall Street Journal. More traditional hedge funds have executed trades to short Tether through Genesis Global Trading, one of the largest crypto brokerage

brokerages for professional investors. Some hedge funds are shorting Tether as a bet about the broader economy and Taiwan's Global Wafers plans to build a semiconductor silicon wafer plant in Texas that will be the biggest of its kind on American soil. The company says the factory will close a critical gap in the supply chain. The plant is being built in Sherman, Texas, could support as many as fifteen hundred jobs. And that doesn't for the citition of Bloomberg Technology.

We're gonna be back tomorrow. We've got some great guests lined up. Arms CEO Renee Has will be here along with Cloud Flares, Matthew Prince and this will be fun. American sprinter and the most decorated US track and field athlete in Olympic history, Alison Felix, she's got a tech angle for you. We'll talk to her about that tomorrow. And natally changing in San Francisco. This is Bloomberg