Sheryl Sandberg Steps Down as COO of META

let Mark know. I'm gonna have more on that decision, why she's leaving now and what it means for Meta's future. And if you want to keep working at Tesla, forget about working from home. Elon asks sending an email with the subject line remote work is no longer acceptable. We will get to that later in the show, But first, a quick check of the markets and of course, how Meta Shares moved on news of Cheryl Sandberg leaving the company after fourteen years. Bloomberg's ad Ludlow here with more

Big day for the markets, Yeah, big day. Fantastic reporting on Cheryl Sandberg and the role that the sell off and Meta Shares had, even though it was just in the last twenty minutes of the session. You did have an impact on the broader markets. You look at the SMP five hundred, the NASDAC one hundred, both down by seven tenths of a percent, but those declines accelerated as we saw Facebook Meta shares sell off more rapidly in

the last thirty minutes of trading. Definitely the biggest points lagged on the NASDAC one hundred, really weighing down that index. Another day where yields continue to rise though, which is

impacting tex stocks. You see the yield in US tenure treasury up to two point nine percent, up around six basis points, and that that's the move right You're all wise on Meta, the parent company of Facebook, at one point down four percent, although it did pair some of those declines is more details came out about Sandberg's replacement, about the fact that Sandberg is going to remain on

the board despite stepping down the CEO very quickly. One corner of the market where very heavy selling took place was crypto related stocks. We saw Bitcoin actually through most of Wednesday session full back down towards thirty thousand dollars per per token, and you see some of the names involved in crypto and also blockchain related technologies seeing really heavy declines. There was also broader impacts from their sell off and met up on the social media landscape and

the moment that the headlines cross the Bloomberg terminal. You saw that instant reaction in Meta shares ticker FB remember June thirty is changing to ticker m E t A. But Twitter also saw the clients pairing some of those losses towards the close. The same story with Snap. This is going to have reverberations in the social media landscape because of the role that Sandberg was as a player in the ad space as well. And all right, thank you. That big news of the day Cheryl Samberg leaving Matter

after fourteen years as chief operating officer. I had a chance to speak to her exclusively along with my colleague Kurt Wagner about the announcement. She will officially leave the company in the fall. She will stay on Meta's board. But here's her answer as to why and why not. This was a decision I made that I did not come too lightly, and it really is about how I will spend my time, not how much I believe in

the company. I believe in the company, but as much as I ever did and staying on board, and I really have complete confidence in the team Mark and I have built. I think they're going to do a great job building the future or accompanied us a huge part of my life and a huge part of my heart for more. I'm joined by Kurt Wagner, who of course covers metaphor us, and David Kirkpatrick, founder of Techonomy, author

of the book The Facebook Effect. Kurt, I'll start with you, since you and I both spoke to Cheryl exclusively on the phone. You know, we've been preparing for this, you know, but I think a small part of me never thought it would have been you know, give us a little bit more context about why you believe Charyl was making this decision and now. Well, she was very clear in our conversation Emily that, uh, it felt to me like this was a much more personal decision than anything for her.

You know, she talked about the fact that she's getting married this summer. Uh, you know, she's gonna be blending

her family with her fiance's family. She's obviously very passionate about her philanthropy work, and and lean in and so those were the types of things that she talked about, right, And when you start to take a step back and you look, okay, well, some of her biggest responsibilities, for example, running all of policy has already been handed off to Nick Clegg, right, and so the legal side had already

been handed off. So you look at kind of, um, the trail that led us to hear right and see what's happening in her personal life, the fact she's been there a long time and that some of her responsibilities had been started to hand off to other people. I think it felt, um, you know, sort of to your point, like we've been asking this for a long time. It wasn't necessarily shocking. At the same time, it's hard to think Facebook without Cheryl sand and we have been asking

this question for a long time. But the irony is she told us that she made the decision over the weekend, told Mark over the weekend, and here we are with this announcement today. She talked to us a little bit about delivering that news to Mark. Take a quick listen to what she had to say. I made a final decision this weekend, and let Mark know, I think you know that the rules are such that once I've made a decision, we do not have a lot of time

to announced. So that's why the timing between decision and is so tight. So obviously there are sec disclosure rules that require meta slash Facebook to tell the public in short order. David Kirkpatrick, who wrote the book on Facebook, You know Cheryl well, you have interviewed her many times over the years. What do you think. Well, I was surprised like everyone else, but I'm like many I had

expected this really to come quite a bit ago. I think for the last few years it's been easy to imagine Cheryl wanting to leave Facebook, both because one could have the sense that she had sort of lost a grip on the issues that she was supposed to be responsible for, or she, by some analysis, wasn't taking sufficient responsibility for them. Obviously, Mark Zuckerberg has been taking responsibilities back away from her in the last year or so.

The New York Times wrote a piece last summer about the split between Zuckerberg and Sandberg following January six, and her statements that you know, Facebook was not responsible for that, uh, and that resonated poorly with some, but you know, her whole history, there is an astonishing history of a miraculously

effective leader in many many ways. And I think, unfortunately though, the end is sort of a sad one, because Facebook's reputation has fallen in such a huge way in recent years under her leadership, and of course Caryl's Hamburg unfortunately became the face of many of the controversies Facebook has weathered. But I don't think we can overstate her impact on obviously meta but also Silicon Valley culture, business culture. Is she built Google's business model as well. Facebook set h

an inflection point right now. They've got to figure out this metaverse thing and a whole new business model. Kurt and I also asked her if that had anything to do with this, the fact that she's kind of got to write a whole new business plan. Take a listen to what she had to say. We have a current business, which is our current apps connecting customers to businesses, and I think there's a lot of opportunity there right right now,

but also over the long run. And then the metaverse is a much longer term business opportunity and it's going to take some of the same form and that I believe we will be your place. And then the metaverse will be a place where businesses and consumers connect. But I think the exact form that takes is something that will be figured out over the next number of you

a much longer terms. Now there's a team in place whose job that is to do now figure out how consumers and businesses are going to interact in the metaverse. And Kurt, you know, talk to us a little bit about the new leadership structure. You've got Hobby Olivan who's going to be taking on the role of c o O. You've got obviously Nick Clegg who's continuing to run policy and communications. You've got Chris Cox, the Chief Product Officer,

Andrew Bosworth the Chief Technology officer, and of course Mark Zuckerberg. Yeah, I mean, historically, the way Facebook has been set up is that they kept the product side of the house under Mark Zuckerbergh and the business side of the house under Cheryl. Now, what you'll see from this image right here is that a lot of the people up there, with the exception of Nick Clegg, are kind of from

the product side of the house under Mark Zuckerberg. You know, Chris Cox is a very good friend, Andrew bos Were a very good friend. Hobby and very good friends. So these are people who have worked with and for Mark

Zuckerberg for more than a decade um. There's someone are people that he trust very very completely, and there are also people who are going to, you know, listen to what Mark says and believe in the vision that Mark sets forth right and not that Cheryl was at all someone who was sitting in the room and banging interest and saying, you know, I'm not going to go that direction.

But my point is sort of that, you know, Mark has now uh surrounded himself with people who he very much trusts and who have worked for him for a very long time. And so when you look at the future and you look about what might be uncertain about this idea of the metaverse, I don't see the company wavering on it because the people, again who are going to be talking with him at all of these important meetings are people he's known for a very long time.

And of course there are a lot of powerful women at Facebook who continue to work there. But David, what do you make of the fact there are no women? Oh, it's a bunch of wise man, isn't it, Given that you know Cheryl Sandberg, you know, did a lot to change the world for for working women. This has been a key priority of hers, a key priority in terms of evolving Facebook's culture to one that is friendlier two women. Well, she served as a symbol of him and success in business.

There's no question. I mean for most of the last fourteen years, certainly for the last maybe ten or eleven years. She could have left Facebook at any time and become the CEO of any company in the world. And I know she was solicited for those kinds of jobs time and time again and didn't show interest because she really

wanted to stay here. Um. I wouldn't be at all surprised. However, if she really has been feeling very not only left out, but quite critical of a lot of the company's moves, I wouldn't even be shocked to learn that she was not in favor of changing the company name and didn't really believe in the metaverse shift, which I frankly think is still an unproven and highly questionable shift. Um. She's a very rational, grounded business person, and I want to

reiterate one thing. She created what was probably the best business in the history of capitalism for most of her time there. The profit per dollar of revenue of Facebook's advertising business that she created is greater than the profit margin of any public company you can name, and that has declined in recent years for a variety of reasons.

But she really is an astonishingly effective business leader. For whatever other flaws we might want to point she is not, I've heard many times today one of the most influential women in business. She is one of the most influential people in business and still is. Yeah, and of course now there's this big opig question, what's she going to do next. She talked about her philanthropy, She talked about her women's advocacy. Take a listen to that portion of

the conversation. The decision I didn't come too lightly. But it's been fourteen years. It's been fourteen years, and I want to make more room to do more philanthropically, to do more with my foundation. I've definitely not been able to do nearly as much as I have wanted to recently. It's a really important moment for women, Emily. I know you and I have spent a lot of time talking about that over the years, but it really feels like

a very very important moment. When I think more focused there would really be important to me personally, and of course Kurt and I are immediate next question was will you ever go back to business? Will you ever get into politics? Take a listen to what she had to say. I learned a long time ago and never make any predictions about the future. But I think I think a lot of that is pretty unlikely. And I'm really I really think there's a lot, hopefully that I can do

with my foundations. And still on propically, Kurt, do you believe it? Is it unlikely? Are We're going to see a reincarnation of Cheryl Sandberg in business or politics. I'm gonna I'm gonna fall on the side of believing what she said there, simply because I'm not sure that going back. I mean, clearly she doesn't need the money, right, So going back into business simply for her own personal wealth or anything like that doesn't really it's not Sarah doesn't

make much sense. And I think that, you know, similar to Mark Zuckerberg, similar to a lot of these um billionaire tech founders and successful executives we've seen, their legacy is going to be left probably in other ways, right, and so it's gonna be hard for her to go do anything outside of Facebook that's going to be more important than what she's already done on Facebook on the business side, and now I think she probably sees an opportunity to uh, you know, solidify herself as someone who

is truly a champion of of women's issues, and, as she pointed out in that interview with Assembly, kind of making that her top priority. I guess if I had to choose, I would I would assume maybe that's the direction she goes. I I would agree. She did joke to us that it was the honor and privilege of a lifetime, but it was not the most manageable job of a lifetime. Kurt Wagner, thank you for your reporting on this. David. I want to ask you one last question.

Do you believe do you believe her? Well? Is this is this officially Cheryl Sander moving into philanthropy or she's a multibillionaire. She can do whatever she wants, and she will certainly be effective as a philanthropist. I'm sure it might actually be a role that suits her better. I know she really has been interested in politics for a long time. I think for many years she really had

hoped that that would be her eventual direction. My own opinion is that the way that the Facebook story has evolved in recent years has made it extremely difficult for her to move into Democratic Party politics, which is certainly what she would do, because Facebook is a essentially a

persona on grata in the Democratic Party. Facebook has been shown to have so many social harms, and she is to some extent responsible for not having taken enough action on what about an appointed office versus an elected That's a possibility, I think if she you know, there was talk that she's been talked about as a Treasury secretary in the past. She worked in that office under Larry Summers. I'm sure she'd be a good one, but I still think even for a role like that, it would be

very controversial because of Facebook's history. Indeed, all right, well, we will of course be watching, and we should mention she is. They're transitioning the team over the summer. Her direct reports will be transitioned over the summer. She will leave officially in the fall, and of course she will remain on Facebook's board. David Kirpatrick, Javier is a very

impressive guy to who I know very well. He's been running growth and we know Facebook and that is still growing, and he's been there all this challenge pretty much as long as she has or longer. All right, well, David, thank you. I'm glad you're here today. It's good to see you here in person in New York. And of course we're gonna have much more on this throughout the show. Venture capital funding has surged in recent years, but not

all founders are treated equally. Last year, companies founded only by women now just over two of total capital invested in venture back startups in the US. Still, VC funding for female founded or co founded companies has been trending up saw the creation of several women led funds, incubators, and new companies. Here with me to talk about this and more. A new doogal founding partner of the Female Founder's Fund and new Thank you so much for joining us.

Good to see you're in person. Thank you for having I have to ask you before you begin, what you make of Cheryl Sandberg leaving Facebook, given her impact on the tech industry and the conversation about women work and

having a seat at the table. Yeah, well, I mean, I think you know, it's obviously breaking news, so um, not much to comment beyond the fact that I think, you know, she's obviously been an incredibly influential women women excuse me in tech and has you know, a massive network, has made tremendous impact, and really excited to see what

she does next to you. In my conversation with her, she talked about this being kind of an inflection point for women women's advocacy, She's going to spend more time on that. There's been concerns about women backsliding in the pandemic. How do you think that translates to women founders and what they're facing in the venture capital industry right now? You know, to typically when belts tighten and markets get tumultuous,

investors go back to what they know, which is male founders. Yeah, so I think, um, we're kind of in the early stages of UM what one would call it downturn. I think looking back to UM, it was an incredible year for female founders. Overall, record number of I p o s led by female founders. In fact, I think in the history of the stock market there have been twenty female lad UM I p o s and last year alone there were six, So I think a lot to celebrate there. We had a lot of growth rounds that

were led by female founders, particularly in digital health care. UM. So I think we're starting to see some really interesting lamentum. So, how are you thinking about deploying capital at this time? So, I think as a seed investor, we sit in an interesting position in that, um, you know, the markets have been largely overvalued and we have the opportunity to sit back and really look at valuations coming down and be

paid shint. I think you know, in the last year, you at some point had you know, two to three days to get back to an entrepreneur to a founder, and it will be it will be interesting to kind of reset back to what I think was more of the norm, um, you know, in in the coming year. What's your advice to founders right now? I mean we've heard batten down the hatches, slower burn you know, yeah, yeah, I mean I think I think all of the above.

I think, um, you know, even the best performing companies are going to have a hard time raising capital, and if they do, you know, they probably will not get the valuations they want. And so in light of that, the advice that we've been giving is really too to your point, you know, look at your burn, focus on you know, that path to profitability and and really try to weather the storm. You started your own fund back in what are some lessons you've learned along the way?

So I think, UM, you know, back when I started the funden the idea of investing in female founders was really quite novel and UM, and I think, you know, along the way, there's been so much development in this space, and I think so much recognition for the fact that it is important to invest in diverse founders and that that diversity pays off when it comes to you know,

some of the recent exits and UM. You know I p O s that I mentioned earlier, and what do you think the the the industries of the future are the bets of the future? I mean, are you looking for the next Facebook? It's a great question. I think. You know, a space that we've been seeing a lot of activity in UM is digital health, and I think that's largely due to what we saw with the pandemic, where you know, a lot of Americans had to deal

with healthcare in a very different way. And you know, whether it's pediatrics, whether it's UM you know, your primary care physician, women's health, all of these categories, UM. You know, we're seeing a lot of interesting disruption and innovation and primarily, you know, quite frankly, from female founders. All right, on a dugal female founders fund. Love the name. Thank you for joining us, great to have you here, Thanks for having studio. All right, Coming up, we're gonna have much

more on Cheryl Sandberg's exit from Meta. While some controversy around Elon Musk, who would have thought and workers returning to the office. This is Bloomberg, Well, the world's riches man has had it with working from home. In two mammals to Tesla employees, Elon Musk said he wants to make sure certain stuff are in a real Tesla office at least forty hours a week, joining us to talk about the latest Bloomberg's bloodlow ed. What exactly did must

have to say? So two memos to two different trenches of staff, but basically saying for those that want to work from home, they need to be in the office for a minimum of forty hours a week. As you said, but he stipulated, this isn't just a remote or pseudo office.

This has to be a main Tesla office. The second memo to a broader number of tests or employees clarified his position, and he basically said there maybe tech companies out there and that have a hybrid working model, they're fully remote, but he didn't see any of those companies innovating or doing anything new on their products. So he is basically saying that he wants to see employees back in the office full time. Raises a lot of questions

about Twitter as well. What if Elon Musk's purchase of Twitter goes through, because you remember, back in May, Jack Dorsey, when he was still CEO, instituted an indefinite work from home or work on a hybrid model policy. Even when Twitter's officers we opened in September of last year, people continue to work remotely. So that's been the kind of big question as a follow up to that. But it's very clear Elon mask Worlds really just man CEO of Tesla and SpaceX, is not a big fan of return

to the office. Indeed, Jack Dorsey was one of the first, if not the first, executive I believe, to tell workers they could go work from home permanently. Okay, I'd love the story. We're going to continue to follow their thank you. The decision I didn't come too lightly but it's been fourteen years. It's been fourteen years, and I want to make more room to do more philanthropically, to do more with my foundation. I've definitely not been able to do

nearly as much as I have wanted to recently. It's a really important moment for women, Emily. I know you and I have spent a lot of time talking about that over the years, but it really feels like a very very important moment when I think more focused there would really be important to me personally. I made a final decision this weekend, and let Mark know, I think you know that the rules are such that once I've made a decision, we do not have a lot of

times announced. So that's why the timing between decisions and is so tight. This was a decision I made that I did not come too lightly, and it really is about how I will spend my time, not how much I believe in the company. I believe in the company because as much as I ever did and staying on board, and I really have complete confidence in the team Mark and I have built. I think they're going to do a great job building the future or a company that's a huge part of my life and a huge part

of my heart. We have a current business, which is our current apps connecting customers to businesses, and I think there's a lot of opportunity there right right now, but also over the long run. And then the Metaverse is a much longer term business opportunity, and it's going to take some of the same form and that I believe we will be your place, and then the metaverse will

be a place where businesses and consumers connect. But I think the exact form that takes in something that will be figured out over the next number of you a much longer term. Welcome back to Bloomberg Technology and Emily Chang in New York. That was part of my exclusive interview with Cheryl Samberg along with my colleague Kurt Wagner, who announced today that she is leaving Meta after fourteen years as the company's chief operating officer. Samberg now fifty

two years old. She joined Facebook at this when she was thirty eight and Mark Zuckerberg was just twenty three. She'll officially leave the company in the fall, but she'll stay on Meta's board. For more on what this all means, I'm joined now by Bloomberg Sarah Fryer, who of course, covers technology and social media for us, along with Stephen Levy, Editor at Large at Wired and author of the book Facebook The Inside Story. Stephen, you heard Cheryl's words. They're

her explanation for why and why Now. What's your read on this? Well? I think you know. The surprise is why she stayed so long. Uh. You know a lot of people have thought that it would have happened earlier. It's not a big surprise that she's going on to something else. No one can say she cut and run when Facebook run into troubles because she wrote it out long pass the time some people thought she would. Uh. And once the company changed its name and refocused on

the metaverse, you could tell o'clock was tacking Sarah. What's your take? I mean, you know, in that interview she she talks about how you know, we asked her, is she gonna go back and a businesses? Are we going to see her in politics someday? She said, all of that is very unlikely. She really wants this time. She wants to work on her philanthropy and still never say never, but you know, not something that we should expect to

see her do. What do you think, Well, I think you know, she wanted to leave Facebook in in a good place likely and and it's really been a difficult time to find a good place to leave Facebook. It's a company in constant turmoil. They've they've had multiple scandals, some of them you know, Cheryl Sanber contributed to through the company's grow at all costs and you know, advertising business, user growth, and then solving the problems after the fact. She she did try hard to make sure that UM

Facebook could change. It's the way the public sees it, the regulators could see it differently. But this is a company that you know, is just such a big, powerful force and continues to have issues. And so there was no bright horizon moment for her to leave Facebook. She just had to make the call. And I think I think what she was saying about the transition to the metaverse that gives a little bit of a clean moment for her to say, like, listen, I I built Facebook

up to a nearly one billion dollar business. It's time for the next era to begin. And that's not really the era that she needs to be a part of. UM Well, let's talk about that next era, Stephen. You know, obviously Cheryl Sandberg did UM for better for worse, become the face of many of Facebook's controversies. I imagine it was difficult to find that good time to leave. And yet she is inarguably one of the most influential people in business today. How would you assess or explain her legacy.

It's a complicated one. She came there with you know, you pointed out Mark was only twenty three. Um, she was, you know, thirty eight. She built a big business at Google. Um. And she changed Facebook's culture when she got there. Uh, it was still very much a dorm room flavored uh, kind of grow engineering based culture, and she knew how to build it out to something bigger, something more welcoming to a more diverse group of employees. Um. She built

up the business, the bad business. Um. You know you could say that, uh, maybe point a finger at her and saying the way she built it up was to build it up on personal data and target advertising. That was something that Cheryl really nurtured and delivered in a spectacular fashion to advertisers. Um. And then she was also in charge of the policy aspect of Facebook. And again that's where they run into a lot of trouble. And uh again you see it's interesting they had a few

months ago. Uh, that part of it was shifted to Nick Clegg, who took over that part of the company's role, which previously had been Charles Domain. And Nick reports directly to Mark. Uh. And so before that whole policy thing, the Washington d C thing, which you think Cheryl would be so adept that because she came from d C chief and treasury, Uh, that went to someone else. So again one way for her to ease herself out of the company. So let's take a look at the next

generation of Facebook leaders. Javi ol Evan will take over s c o. Oh, but the role is is being somewhat reconstituted. He won't oversee all of the things that that Cheryl did in her iteration of chief operating Officer. Obviously there's Nick Clegg, Chris Cox in product Andrew Bosworth, chief Technology Officer. Talked to us Sarah about the team that Cheryl Sandberg leaves behind. Many of these long time

Mark Zuckerberg lieutenants who've been at the company for years. Well, the one person that people might not know very well

as Holly Hobby, who came out of the growth organization. Uh. He was a lieutenant to uh Chamath Polly Hapatilla, who was you know they growth at all costs lieutenant to Zuckerberg, who really drove the company sometimes in dicey ways, uh as it grew and he gained trust and really has been very quietly one of the very top executives Facebook slash Meta UM, and I think you're going to learn

more about him now. Of course, Andrew Bosworth is again someone who's been with the company, uh since two thousand five. I think, Um, he helped launch the news feed. That that's how bar back he goes. UM. You know. Also, you didn't have any women in unfortunately in that line there, but Naomi glight Um is someone who is in that inner circle UM, who again one of the earliest Facebook employees. So it's sort of striking that now as Meta faces, it's next big focus is next challenge of the metaverse.

The people behind it are people who have been with Mark Zuckerberg since almost the very beginning. Speaking of women at Facebook, a number of you know, powerful women who came up in Facebook have left quite frankly, Stephen Caroline Everson, uh Fiji Simo, who is now the CEO of instat card I actually had a chance to sit down with Fiji to ask her about Facebook's future this pivot to the metaverse her thought on whether or not this was a good idea. Take a listen to what she had

to say. I personally don't love spending a ton of time in gel I am incredibly emotion sick, which would have been a very big problems Facebook to guilt in metal else. You know, it's interesting, Stephen, I wonder if Chryl had a moment of like, you know, I've got to rewrite a whole new business plan, write a whole new business plan, and how this all is going to work in the metaverse now, and that may be a part of her just didn't want to do that, Stephen,

what do you think? You know? I agree when I when I saw that the comped changed its name, I thought, finally, Charole has kind of an exit rant. If you look at the history of Cheryl, I think she wanted to leave originally after the company went public, but that really didn't go very well um and it would have been a bad note to leave on. So she said, Okay,

let me wait till it all comes together. And then the next horrible thing that happened was her husband died, and you know, um, that wasn't you know, a good time you know to leave. It wasn't a good time for her personally, and you know, she leaned on Mark and the company to get her through that. And then came the election and all the troubles then, so you know, she was thwarted every turn. When the senatorial post came up in California, a lot of people thought, well, that

was something that Charytle was waiting for us. She wanted to go into politics, but again she was in no position to do that. And also a lot of people thought that the person who took over that uh that seat was you know, in line for that again. And so Sheryl has had some pretty bad luck in terms of an exit ramp from Facebook, which she only really wanted to stay for five years. That was her original prem and she told me that today that she thought this was a five year gig and here she is

fourteen years later. I mean, Sarah, what is your level of of confidence in that the team that's left um behind, if you will, or the team that's still there that's going to have to come up with this business plan for the Metaverse? And obviously all the products that are

going to make it come to life. Well, always, when I think about Facebook and what Facebook is really invented over the course of its history, it's it's this this sort of very methodical strategy of growing, growing in ways that you know a lot of other companies wouldn't have thought of, like making sure that there is no barrier to somebody using your product and have your Olivan, who is going to be the new CEO of Facebook, was really the person spearheading that at Facebook for many years.

He was in charge of growth, in charge of making sure that Facebook resonated in new markets. And I think that the fact that he's in the CEO of position, it just means that Facebook needs the betaverse to work. That is their next bet um. Because of the decay of their legacy platform, Facebook is is um stagnating in terms of user growth. Instagram is struggling to keep up with TikTok. This is a really rough time for Facebook to not have a sure bet for its next ten years.

And by putting Xavier in the driver's seat their operations, um, they really are saying, like we want this to work. Uh. It's certainly interesting to think about the pivot of the metaverse as an off ramp. If you will, UM for Ryl Sandberg to leave, as you know, I'm sure she's been been planning to do at least eventually, Um. Bloomberg sarafire. Thank you Stephen Levy at our large at Wired, author of Facebook The Inside Story. If you want to learn more about how we got here, Thank you both. It

is time now for our crypto report. And Bitcoin seemed to be on the right track for a decoupling with US stocks, but that was short lived, as the largest cryptocurrency felt for the first time in five trading sessions. Bloomberg's Katie Gray felt here in New York for more going to see you in person. Thrilling to see you so thrilling d that's the word. Um. What happened? It's not good that correlation with big tech. When it comes

to bitcoin, it's back in a big way. That's actually bad news for bitcoin because of the the NASA's dropped for two straight days. It's down about one percent so far this week. And if you look at what that's meant for Bitcoin, basically under a lot of pressure, dropped almost seven percent on Wednesday alone. It's bad below that thirty dollar per coin level. It still hasn't broken out on the low end of its rain but Emily, it's just it can't get it off the ground. So what should

we expect to happen tomorrow? It's a good question. I've actually been taking a look at the pro SHARE's Bitcoin strategy e t F. The ticker there is BITTO. If you look at the it's put to call ratio, it's close to a record high. That ratio right now stands

at about one point six. And if you pair that with what we're seeing in short interest, about ten percent of BIDO shares outstanding are sold short at the moment you add that all together, Basically it tells you that even though BITTO and Bitcoin down well over thirty percent so far this year, trainers preparing for more losses ahead. Now I gotta tie this back to Cheryl Sandberg somehow,

because that is the big news of the day. Let's not forget that Facebook had a big cryptocurrency project Libra. David Marcus, who had come over from PayPal, ended up running that. He's no longer at the company either, is there you know, how much hope is there for Facebook to have a role in the crypto space. It feels like this company really has a torture relationship when it comes to the entire crypto ecosystem. Like you said, I mean d M never really got off the ground. It

took a long time for that to unravel. And now obviously Facebook now Meta took a hard pivot into the metaverse, that digital world. I haven't heard a good definition for it yet, but in any case, they're investing a ton of money there. But we heard from Zuckerberg just late last month saying that it's going to be a long path to return on investment in the metaverse. That Meta is going to lose significant money in the metaverse for

the next three to five years. But like Sarah Fire said just in the last segment, Facebook needs the metaverse to work, but that could take a while. And Data now there's a whole different team of people that's going to be in charge of figuring out the business model for that without Cheryl Sandberg. Okay, Katie Graffeld, thank you. Coming up, what Cheryl Sandberg's departure means for women leaders in tech at large, We're going to talk about that

and more with Girls Who Code founder Rushma Shao Johnny. Next, this is Boomberg. The decision I didn't come too lightly, but it's been fourteen years. It's been fourteen years, and I want to make more room to do more philanthropically, to do more with my foundation. I've definitely not been able to do nearly as much as I have wanted to recently. It's a really important moment for women, Emily.

I know you and I have spent a lot of time talking about that over the years, but it really feels like a very very important moment when I think more focused there would really be important to me personally. I want to come back to today's new Cherryl Samberg leaving Meta, bringing rest Michelle Johnny, founder of Girls Who Code, author of pay Up, a book on the current model of the workplace how it needs to change for the

next generation. Obviously, Ryl Samberg was part of the Converse station that I'm sure got you there, and I know she was a supporter of Girls Who Code. I have to ask for your reaction to this news that after a really long time, Cheryl's Amberg is leaving Facebook. I'm excited for her. You know, Cheryl was an early supporter of Girls Who code. We used to actually have every year these town halls, you know, where her and I would have a conversation with you know, hundreds of our students.

And she opened up Facebook, you know, to this movement, and I think she's absolutely left right. I mean, women are in crisis. You know, Rovi Wade is about to be overturned any minute now, and so we need leadership and we need her leadership. So I'm excited to see what she does. So do you make us a controversy around her leadership? I mean not everybody agreed with len In? Yeah, I mean, listen, I don't agree with all of len In.

You know, I wrote a book pay Up saying but you know it was revolutionary at that moment, and things have changed. I think she would agree with that that we need a different type of fight in workplaces. We have to stop trying to fix women and we have to fix the structure. But the reality is is you have to applaud how far she got to and what

that means for women. You know, we always say you cannot be what you cannot see, and there are so many young girls who are looking at her as a CEO of Facebook and saying, well, maybe I can do that too. A very high ranking female executive in Silicon Valley told me, you cannot lean in if the door is nailed shut. Is this is the door still nailed shut for a lot of people, or has has it cracked open? No, it's nailed shut. You know it. It is definitely nail shut. I mean, look at the state

of affairs right now. We are literally living in a country that is forcing birth, you know, for when with that, in a country that has the highest infant mortality rate, no paid leave, no affordable childcare, where our kids are being shot in schools. I mean the number one you know, the number one reason why kids die is guns. And so, yes, the door is nailed shut and we have to force it open. Uh. And there's ever been a moment to call for a revolution, to call for you know, thinking

about things differently. You know, we just launched a coalition to make sure that child care is a benefit that every single company offers. You and I have talked about women backsliding in the pandemic and the fear that women will come out of this in more shape than how they entered. Um Elon Musk is now saying I can't work from home. I'm curious what your your reaction is to his memo. Um, given that this thought of hybrid work, there's a thought that it's good for women. Yeah, I mean, listen,

I get it. People want people back in the office. But people can't come back in the office unless they don't have the support. So, you know, we just did a survey with McKinsey, and half of the women that we surveyed left because childcare is unaffordable and unreliable. Today, half of our day care centers are still shut down. You know, we still have new variants. You know, we still have instability at schools. I mean, most people, you know, pay more for their their childcare then they pay for

their mortgages, their largest cost center. So if we want people to come back to to work, we have to think about new policies to help them come back to work, which means paying for their childcare, you know, which means having paid leave, which means thinking about how you do design hybrid workplace to make it possible for people to fulfill the roles that they're fad And it's not just moms,

it's dad's too, you know. I talked to so many fathers to say I don't want to commute two and a half hours, you know, to work every day there and back and see my kid for five minutes a day. I don't want to live like that. You also have a very unique view into how well our young people and girls especially are being prepared for their future. Are they ready? Are they getting new tools to succeed in in in the world that we're still faced with today. Yeah,

you know, it's interesting. I gave Yale commencement speech last week, and I've been talking to young people and asking them, like, you know, how do you feel about this moment? You know, do you feel like you want to change the world? And when I talk to so many as they see in the past two years, it set us back. We're exhausted, we're tired, our mental health is drained. You know. We look at the adults in the room and they are

not leading us, and so we are not inspired. We do not feel like we're ready to basically solve COVID climate. So we need to do something different. So in thirty seconds, what's the good news? Inspire us? Because you're out there doing this good work, and clearly women are inspiring. Yeah, the good news is we're piste off as hell and

this rage is going to take us to power. Um, well, uh, what do you How significant do you think it is that Cheryl Sandburg will not be leading on the business side, but you know, might be more influential on the policy side. I think we need. I mean, listen, I I give so much gratitude to Melinda Gates and mckenzy basis. I mean, Melinda has single handedly funded the movement that I'm a part of, you know, in terms of making sure that we have paid leaven affordable childcare. So we need more women,

more philanthropists, more women who are seating this work. Amen, Rushmashe Johnny, girls who code so good to see you here. Good, thank you. That does it for this edition of Bloomberg Technology. I'm gonna be right back here in New York tomorrow. I've got a great lineup of guests there. That's all for now. Stay tuned to Bloomberg