Let me take you back to spring. It was a simpler time in Silicon Valley when the world's most valuable startups seemed poised to make it big. Uber Lift and Pinterest We're all going public, and next in line was we Work. We Work was valued at forty seven billion dollars, and investment banks were saying that the price tag could go even higher during the I p O. That meant that on paper, we Works co founder and CEO Adam Newman could be worth as much as ten billion dollars.
His company was the most valuable startup in America. Another tech unicorn has filed to go public. This time it is we Work, now known as the we Company. It has announced that it has confidentially submitted its paperwork to the SEC for an I p O. We Worked has revolutionized the leasing of office space. Co founder and CEO Adam Newman, as well as strategic partner who else but actor Ashton Kutcher ten billion dollars invest in this company.
It's the second largest venture capital investment of all time. These may have been some of the best times of Adam's adult life. He was getting photographed for magazine covers, grinning at the camera posing on office furniture and bounding up flights of stairs. In TV interviews, he talked about how we Work had made billions in revenue and was doubling in size every year. They were helping Fortune five companies make their employees happier by building them better, beautiful
and inspiring offices. If the I p O went off as planned, Adam We Works employees and we Works bankers would become rich, very rich. And for a startup, going public is the ultimate milestone. Very few companies make it, and it can take years to get there. And IPO means you're established, You've arrived in the halls of global business. That August, it looked like Adam Newman was about to make it very soon. But then in the span of
one month, everything changed. The scrutiny that fall in the lead up to we Works I p O quickly turned the company into a laughing stock exhibit a of the over hyped money losing, conflict of interest written stereotype of tech startups. Suddenly, a few investors were willing to buy a stock and we Work had no choice but to cancel its I p O office space startup. We Work
has officially postponed a plan to go public. We work as having trouble finding investor demand at one third of the forties seven billion dollar price tag that soft bank assigned in its latest funding round. That big markdown could spell big trouble for soft banks that work a potential investor in and we work. We think this thing is an absolute mess. I don't want work. I wish they would just go away. The real concern is Adam Newman,
the CEO. Everything is on him. His performance will determine this. It was a disaster and almost everyone was blaming it on Adam. People started saying that his biggest investors wanted him gone, and we're meeting without him to plan his exit. And in the midst of all this chaos, someone snapped a photo of Adam walking down the street in Manhattan. We know this because it was posted on Reddit. In the photo, he's outside on the sidewalk. He's wearing a
gray T shirt and black jeans. He's tall six ft five, His long brown hair is blowing in the wind. Bizarrely, he's barefoot, and remember he's walking on a sidewalk in Manhattan. It all looks a little unhinged, but I guess you could also say it's on brand with his unconventional ways. More on that later anyway. In the photo, he's midstride holding a cell phone up to his ear. It's hard to tell if he's angry or smiling. Was he trying to sweet talk an investor into letting him keep his job.
Was he venting to a friend. According to someone who spoke to him the day that photo was taken, Adam found the prospect of leaving WE Work unimaginable. He was determined to stay on at the company he had spent the last decade building into a global empire. That day
was a Friday. Over the weekend, Adam and his board members debated whether he should step down, a move that would cut him off from his company but just might save It's I p O. Depending on who you ask, Adam either agreed calmly that he should go, or he shouted at his investors when he realized he was being forced out. What's clear is that by Monday night, the debate was over. The Next morning, Adam dialed into a conference call with his board of directors. At this point
it was just a formality. One by one, the board members voted to remove Adam as CEO. When it was his turn, he voted against himself too. So what happened with We Work? How did Adam Newman get to the top of the world and how did he fall so quickly to the point where he was roaming the streets of Manhattan barefoot? Then, as if he were in some Shakespearean drama, he voted to oust himself from the job he loved. I'm Ellen Hewitt, and you're listening to Foundering,
a new podcast from Bloomberg Technology. In this series, we're going in depth to chronicle the most memorable dramas in Silicon Valley. This season, we're telling the legendary story of Adam Newman and his controversial company We Work. You might have read the news describing how it all went wrong. I wrote a lot of those stories for the past four years I've been reporting on We Work for Bloomberg News, and in the blur of it all, I think I forgot how crazy this all was, how crazy it all
still is. Remember we Work as just a company that rents out short term office space. You pay to access at desk and we work inside. You sit next to people who work at sock companies or pr agencies or AI startups. Maybe you discuss the weather with each other by the keg at the office happy hours. How this turned into the buzziest technology startup of our time, only to come crashing down in a matter of weeks. You've all heard about other famous corporate collapses like Lehman Brothers
and Enron. In the tech world we work might very well be remembered the same way. It's a story that captures the last decade of the global economy, free money, unrelenting growth, and few consequences for bad behavior. I've gone back and re reported this story from scratch. Over the course of the season, you'll hear from people who lived, worked,
and partied with Adam. Will play you past interviews with the man himself, who sat down with me on multiple occasions, including one that took place just a few months before it all collapsed. And you'll hear recordings of internal staff meetings that we work that were never meant to be heard outside the company. Over the course of the show, I think you're going to find that the real story is a little different from what you think it is. But first, I want to tell you about Adam's life
right up until the founding of We Work. Let me start from the very beginning, when Adam Newman was just another kid at a kibbutz in Israel, dreaming of the day he'd get rich in America. So you know, first of all, guys, thank you for having us, and for all of you have ever been to Rework. Thank you. So I actually grew up in a kibbutz. Who here knows what the kibbutz is raise your hand. Wow, very educated in crowd. So there's a few things to know
about Adam Newman as a kid. Adam was born in Israel. He struggled with dyslexia. His parents divorced when he was seven. By his count, he moved thirteen times growing up. He says he had a pretty scattered childhood, and when he was eleven, his family moved to kibbutz near arm in southern Israel, and he points at this as the thing that originally inspired We Work. So for those of you who don't know what kibbutch is a failed social experiment that happened in Israel. As a teenager and as a child,
it was the most unbelievable place to grow up. I was with all my friends from morning till night. We ate in the same dining hall, which of to the same school, and then we all did a homework together, or we didn't do a homework together. Was awesome. A kibbuttz is a collective community in Israel. Usually they have a few hundred members. Everyone lives on the same compound. Traditionally, the members pool their money, so for example, if you're a doctor who works in town, you donate your entire
salary to the kibbutz. Hundreds of these communities have been built in Israel in the last century. They were part of a movement, a movement to settle Israel with these socialist, utopian communities. Adam likes to call we work it kibbutz two point oh or a capitalist kibbutz. So if you're a wee Work member, you've got to work every day alongside other entrepreneurs and small businesses. Sure, you might be trying to get rich, but you're also part of a movement,
the we generation. If you squint hard enough at a wee Work I guess you can see a reflection of kibbutz life. When you walk into a we Work office, you notice all these communal resources. The brightly lit common spaces with couches, plants, and coffee tape ables. There's kimbucha and beer on tap. All of this is shared, much like a kibbutz might have a swimming pool, a mess hall, a pantry, daycare available for all its members. I've covered we work for the last four years, so I've heard
Adam emphasize his kibbutz roots again and again. He says it on stage, He's quoted in magazines talking about it, and I always wondered if it really did inspire we work or if it was just a convenient talking point. Recently, I was at a party and I met someone who also grew up on kibbutz near Arm. She was a few years younger than Adam. She described him as a kid who served and had long hair that he sometimes
wore in a ponytail. She told me that she remembered him as part of this group of older, rowdy boys who often caused trouble on the Kibbutz. She recalls them sneaking snacks out of the dining hall and making mess. She said that they would break into the swimming pool and go skinny dipping. Of course, this made me even more curious about Adam's kibbutz life. I wanted to know
what was he like as a kid. Was he like the Adam Newman portrayed and all those headlines last year, reckless, aggressive, charming, maybe a little delusional. And was the kibbutz he lived on anything like a wee work? So I called my colleague Kobe ben Miller, who's based in Tel Aviv, and I asked him to drive a couple hours south to visit Adam's childhood kibbutz. So we're pulling up now to it's uh winter in southern Israel, so blue sky is
a bit of clouds, but a light sweater will do. Um. We're pulling up through here in the entrance there's um some palm trees. The terrain is a desert, doesn't rocky desert um Today Kibbutz near arm is right on the border with Gaza. There was rocket fire just a week before our reporter Kobe came in. Traditionally, every kibbutz has a few ways of making money, like growing crops or selling goods. Well, the main income is really the factory,
so silvero and agriculture. We have mainly wheat. We have potatoes. We have a nice orchard. Now we're we have planted avocados. Sooner we're going to plant bananas. Cob We met up with a former school teacher who was his tour guide for the day. Well, my name is Micha Benny Little. I've been a member of the Ski Boots for over fifty fifty five years and the vivid. Adam's mother lived in one of these buildings here one of their partments. Adam's mother was an oncologist and she worked at a
nearby hospital. She also did shifts as an on call doctor for the Kibbutz. And in a crazy coincidence, not only did me have remember Adam, he actually taught him in school. I was his home room teacher for three months before they left, so he was in my class. He was always the center of attention. He was very restless. It was very I mean the girls in his class with the was right, but he was a guy with the already that age, very tall. Yes he was good.
Look yes, So miha to Kobe around the Kibbutz, and they asked the residents what they thought about we work. Shout out Bloomberg, Bloomberg, Kiloomberg, podcasting, we were okay, did you hear that? It's a little subtle, But when Kobe said we work the Kibbutz resident kind of scoffed. Many of the people of near Arm were sick of talking about the kibbutz is most famous resident in their minds. He hadn't even lived there that long for for about
two hours, he said. To be fair, Adam's family actually lived on Kibbutz near Arm for about four years in the nineties, so more than two hours and at a pretty formative age for Adam. But to the Kibbutz members, most of whom have spent their whole lives living and working on the Kibbutz, Adam was an outsider. Here's Kobe meeting another woman who remembers Adam from when she was younger. Kobe, why ask your question? She asked Kobe to stop recording, and she told him that other kids from the school
used to beat Adam up. In her words, the kids used to smack him around because he was an outsider coming in from the city who thought of himself as a big shot on the Kibbutz. Then Miha, Kobe's guide cuts in. He tells Kobe Cee, I told you it's not easy to break into the Kibbutz. This feels poignant to me. Whenever Adam talks about his childhood years on the Kibbutz, he describes it as a happy time. But the people who live on the Kibbutz remember how he stuck out and how he got beat up. Here's me
Hi again. I think it took time, I think for him to to integrate into very conservative place. Very why do you say conservatives in general? Kibbutz kids were not very open to people who came from from outside. I mean, but but basically to have somebody enter their society, entered there in a group, you know, it was I think it took him time to to integrate. There's another reason
that Adam's family stuck out at the Kibbutz. They were renters. Basically, there are two kinds of people who lived on the Kibbutz, members and renters. If you were a member, you put of your salary into the kibbutz, and you were probably a lifetime resident, maybe even born on the Kibbuttz itself.
Adam's family, on the other hand, were renters. As a renter, you paid in order to live on the land and take part in the kibbutz offerings like childcare and meals at the dining hall, a model kind of similar to a we work actually, but more importantly to Adam experience, renters on the kibbutz were seen as temporary and that would have marked Adam socially. Renters were almost seen as outsiders. This reminded me of something Adam told me last year
when I was interviewing him from a magazine story. I was writing many different cities, so I grew up in thirteen different places. Growing up as a child. When you moved to the place, it's very difficult because child are tough. It's always hard fitting it. So there's always a big craving for community. This is a surprisingly vulnerable thing for him to say that as a kid he had this big craving for community and that he struggled sometimes to
find it. Anyway, let's go back to the Kibbutz. On this tour, Kobe stopped in to look at the old dining hall, and that's the dining room of the kot. That's where Adam, that's where he ate his meals and in this in this dinue. So now we're walking into the coworking space. Yeah, the coworking place. Yeah. I hope it's somebody can open it for me, because there's this dining hall isn't serving food anymore, in part because at this Kibbutz and others it's been more and more difficult
economically to keep offering shared meals. So a few years ago they converted the hall into a coworking space. It does actually kind of resemble that we work, doesn't it. They could have turned it into anything, and they decided to make it a coworking space. We went to the Kibbutz for two reasons. We wanted to understand how strong Adam's connection was to the Kibbutz. People definitely remembered him, but to some he was an interloper, someone just passing through.
And the second reason we went to the Kibbutz was to learn how a place like that actually works, to see if it could be shaped into a fast growing tech startup without losing its core values. Parts of traditional Kibbutz life seemed pretty extreme by American standards. There was no personal ownership. You can't show off with a new car because no one owned a car. You could borrow one of the kibbutz cars by signing up on a sheet.
Even clothing circulated. Kids wore hand me downs distributed by the Kibbutz, and when they outgrew them, they'd give them back to be passed on to other kids. And remember, members gave all their income to the Kibbutz. That money was redistributed to everyone equally, no matter what you earned. This part of the system seemed to bother Adam as adults, though, I remember looking at the kibbutz and saying, so in
the kiboats, everybody makes the same amount of money. So one of my friend's dad's was the head of the factory. He worked sixteen hours a day, and other friend's dad was the head of the gardening, he worked six hours a day. They both made the same amount of money. And it's interesting because later when he builds we work. This is the part of kibbutt's life that Adam ultimately rejects.
So even though for us as kids it was amazing, I always remember thinking that it's not fair that someone's effort is not getting rewarded based on what he puts in. Because remember that clip earlier, So for those of you who don't know what kibuch is a failed social experiment that happened in Israel. In Adam's mind, the kibbutz was a failed social experiment, but we work was not going to fail because he would change the broken economic model of kibbutz life to make it more fair so that
people doing more work got more money. But I think a little bit of a capitalistic kiboats on the one hand. Community on the other hand, still you you eat what you kill, and you get what it is that you did, and every person is allowed to have a different level of a desire and a different level of of what they want to put effort into whatever it is they're doing. So that's how kibbutz two point oh and capitalist kibbutzs get coined. Adam uses these terms all the time when
explaining what we work is. It's funny because people who grew up on kibbutz has told me that those communities are so socialist that a capitalist kibbutz just doesn't make sense. Here's what struck me about this notion though it kibbutz is more than just a plot of land. It's this powerful vision, this myth of utopia for decades, volunteers from around the world traveled to Israel to work on a
kibbutz and bring those values back home with them. It has this meaning bigger than itself, a set of beliefs and values and purpose to make we work. Adam took the most romantic parts of the kibbutz and reshaped them for a millennia audience. You can hear it when he talks about the so called We Generation. The members might speak a different language and dress a little differently, but
inside they're all parts of the Switch generation. They're all part of the awakening, and they they all feel the same. They're global citizens of the world. They want to work to create their life's work. In his mind, we work as a place that values community but also entrepreneurship, where people hold onto their own money and don't share it
around too much. He had that idea early on. Maybe the seed was already planted when he was a kid watching his friends dad's it's that eat what you kill policy that years later will make Adam much wealthier than any of his employees. And at the end of it all, when Adam is set to walk away with more than a billion dollars, while thousands of we Work staff are laid off. It'll leave everyone questioning whether he ever believed in the power of we, of being better together, or
if he just wanted to get rich. We'll be right back. A few years after leaving the Kibbutz Adam moved to New York City. He started as a student at Baruke College. He was twenty two years old, a little older than his American classmates, but he embraced all that college had to offer. I spent my first two years in Baruq,
studying a little bit and partying a lot. I majored in entrepreneurship and marketing, and I thought the best way to practice what I learned at school, because we talked a lot about mentorship, was to practice with every bouncer, convincing him to let me in the club, every promoter, convincing him to give me free drinks, and basically hitting on every girl in the city. It was while Adam was in college that he dreamed of his first business. I came up with a genius idea. Was gonna be
a women's high il shoe with a collapsible hill. And the point was that as the women of New York City navigate through the urban jungle. They can walk on flat still be comfortable, and then go to hills and be fashionable. I thought it was sort of a Hunger Games meet sex in the city come together. So he's describing a high heel shoe where the heel folds down and the shoe becomes flat. It doesn't totally make sense to me, because obviously a two with a heel has
a completely different shape from a shoe that's flat. The first sample came in and to our astonishment, one of our employees fingers almost got cut off when that hill collapse. Very quickly, I realized I know nothing about this category and this is definitely not my passion. Okay, so not passionate about women's shoes. Also probably no firsthand knowledge there. Adam then founded his second company. It's a baby clothing company that still exists called Crawlers spelled with the K.
This one I knew was gonna make it big. Crawlers was baby pants with kneepads on them to protect the baby's knees for the crawling age. The tagline is pretty funny. Just because they don't tell you doesn't mean they don't hurt. And Adam dropped out of college during his last year to work on crawlers. All this tape that I've played for you over the last few minutes, it's actually from a speech Adam gave at Brute College in ten He was the commencement speaker. He was also his own graduation.
He got his diploma more than a decade after he dropped out to pursue this baby clothing business. Of course, the business was a tremendous failure. For the next five years, I slaved. I worked so hard. I thought it was smart to drop out of school when I only had four credits left. Not a smart move, and I left
to follow up business that I wasn't passionate about. At the peak of our success, we did two million sales, but we had three million in expenses, and every single month I didn't know how we're gonna make payroll m spending more than you make. This won't be the last time Adam has this problem, but he chalks it up to a lack of passion for baby clothing. To be clear,
he also didn't have any babies yet. The crawlers business wasn't having much success, but around this time he would meet the two people who would become his move most important partners for the next decade. The first one is Rebecca Paltrow. She's Gwyneth Paltrow's cousin. She was an aspiring actress at the time and had studied Buddhism and been a trader on Wall Street. By the time I was twenty eight, five years after I arrived to New York City,
I was thirty pounds lighter than today. I was smoking a pack of cigarettes a day. My hands were shaking violently, and I was confused and lost. Thank God, at this moment, the universe intervened and introduced me to Rebecca. Rebecca, wait till you're here. Wait till you're here. Rebecca told him one thing. If you're working on something you're not passionate about, you're wasting your time. Rebecca went on the first stage
with me, and within five minutes. Now I say five minutes to be nice, but it truly took ten seconds. She looked me straight in the eye and she said, you, my friend, are full of ship. It's funny because Adam is implying in this speech that he's changed. But all these years after Rebecca supposedly said this to Adam, I
wonder is he still full of shit? Did he mean it when he gave speeches about the value of community, the value of sharing, the importance of being part of something greater than yourself, all these values that he supposedly learned from the Kibbutz and has now applied to his company. I asked several people who worked with Adam whether they think he believes what he says, and even they can't come to a consensus. Some of them say absolutely, he believed every word of it. Others think that it was
all for show. Here are a couple of them talking about this quality, this ability of his to say just the right thing. These people asked us not to broadcast their voices because they signed nondisclosure agreements related to we work. So we had some Bloomberg colleagues read them out loud for us. Adam is a great salesman, and so you're always skeptical when you leave the room with Adam as how much of what he said is belief or not.
He understands what drives people, and everyone's different. He just knew what to harp on and each meaning differently. He would tailor a meeting to what he thought the listener thought was the most important thing. Here's another person who worked closely with him. I think Adam is the most savvy, manipulative person I've ever met in my life. Manipulative in both good ways and bad. He knows how to read
a situation. He was able to use his charisma and his ability to figure out what it is you want to hear and then say that, but also make it benefit him. It's an amazing skill. And as for Rebecca, she saw right through him on their first date. She then said, every single word that comes out of your mouth is fake. You talk about the business, but you have no passion. You talk about money, but I know you're broke. And worst of all, she said, everything you
do and everything it's it's without meaning. It's harsh. Every word is fake. Everything you do is without meaning. And I did two things. Number One, I immediately proposed to this amazing woman. We only dated for a few months. And Rebecca, I just wanted to say thank you for agreeing to marry me, thank you for seeing my potential when no one else did. I told you that while Adam is at Crawlers, he makes two important connections. The first is with Rebecca. His wife. The second is with
this guy, Miguel McKelvey. He's the most important business partner Adam is going to have, the co founder of We Work. Miguel is an architect. On the day he meets Adam, Miguel is going over to his coworkers apartment building to hang out on the weekend. And as they're taking the elevator up, this guy walks in long hair tall here's Miguel in an interview with Guy ros and here is how I built this in waltks this other dude and
we get introduced and it's Adam. I think it's a hot summer day, and he Adam Newman, you're at your partner now we work? Yeah, Adam Newman. And he's got his shirt off. I think, which just to walk into a New York, you know, condo building, rental building, elevator with no shirt is one kind of statement. And then too, I remember, as we're like, you know, going up in the elevator, he's starting conversations with people who are on the elevator and then he's like holding the door as
the person get off, and then continuing the conversation. Turns out Miguel's coworker shares an apartment with Adam, and from the start, Miguel says that he was drawn to Adam's brashness, this intensity of personality. He had never met anyone like Adam before you heard Adam's voice earlier. Notice how in comparison, Miguel sounds a lot more subdued. Over the years covering we work, I've almost felt bad for Miguel because in so many of his interviews, ostensibly about himself and his
own work, he ends up talking about Adam. Here's Miguel on a podcast called Behind the Brand with Brian Elliott. For whatever reason, we just had a connection. It was like, no clear reason for it, but just one of those people that as soon as you engage you find a reason to continue the conversation. And it just like I think that we knew that we were quite different, and therefore perhaps there was something that we complimented each other,
and we could both see that. Not that we ever said it out loud, but but it felt that way at the time. Miguel grew up on a commune in Oregon. It's a nice parallel to Adam's years on the Kibbutz. It's interesting that this is how Miguel sees himself as the yin to Adam's yang. They were complimentary opposites. In fact, someone pulled me an interesting fact that Miguel is six eight actually a few inches taller than Adam, though you'd never know it. Miguel just doesn't carry himself with the
same stature. Here's Miguel describing Adam. You know, he's Asraeli. He's very outspoken, he has tons of energy. He is kind of like, at least at the time, he was much more sort of bouncing off the walls with with energy.
And so I think just in that regard, I was attracted and interested in him because he was bringing energy to the room and perhaps for him I could be a calming element in some way, or at least someone who um could could hear and listen and take in some of that energy that he had and reflected back at him in an interesting way. Okay, So Adam and Miguel meet and they have the idea to create their first coworking space. This was during the recession around two
thousand eight. Businesses were folding, Entire floors of office space were sitting empty. Landlords were desperate for tenants, so Adam had this idea to lease some office space and break it up into individual desks, which he could then rent out. He went to his office landlord, but the landlords had no. For weeks, Adam kept pressing on. The landlords had no, no, no, until Adam warmed down. The landlord relented and showed them
a space that they could lease across the street. Apparently, at night mcgell went home, he came up with the name Green Desk. He bought the domain and sketched up some floor plants, and so this initial business, sort of proto we work, was born. The building was this exposed brick Brooklyn warehouse with bigwood beams, big windows and columns. Mcgellan Adams told memberships starting at three a month. A year later, Adam and mcguell were itching to expand. They
wanted to explore Manhattan or San Francisco. Their landlord, on the other hand, wanted to keep using the buildings he already owned. They couldn't agree, so Adam and mcguell sold their share of the company to the landlord and pocketed a couple million dollars. This was They wanted to use the seed money to start something else, something bigger that would connect people all around the globe to a new community. They wanted to reinvent the workplace, which used to be
a boring place you would dread. Mcguell and Adams sat together and sketched out ideas for this new company. Work would be the beginning, but it could be so much more. To your home, a place to eat, a way to travel. They wanted a name that aptured this sense of togetherness without sounding to Kumbayat. That wasn't easy until literally, in the middle of the night, Adam's friend Andrew just literally came out with it and he said, it's we work.
It's we live, as we sleep, as we eat, as we like just flowed with this whole thing that just happened in a moment for him in the middle of the night. As soon as we heard it, We're like, that's it, and they ran with it. You can hear the excitement in Miguel's voice even years later, how passionate he is about the idea of we work, and same
with Adam. Remember when Adam spoke about his earlier companies, the women's shoe line and his baby clothing company, he said that both of them failed because he lacked passion. But now with we Work the coworking space, he can point to something from his authentic past. Those teenage years on the Kibbutz make for a great story. He can say that he had this vision ever since he was a kid. Maybe we Work was a way to build and sell this sense of community that he yearned for
or when he was young. So Adam starts signing leases, he brings on his first customers, and he hires young, passionate people to work for him. These are recent college grads, many from top schools. They joined an exciting tech startup on the promise of Adam's vision, and once they walk in the door, some of them discover the reality is very different from the promise. They find themselves mopping up spilt beer and catching mice and trying to find a
bathroom for five d customers. At the last minute, we didn't have a functioning bathroom on the first day. There's the saying, you know, you've got three options, fast, cheap and right, but you only get to pick two. What are you gonna pick? You know, when we work, it was always fast and cheap. That's next time on Foundering. Foundering is hosted by me Ellen Hewitt. Sean When is
our executive producer. My Aquava is our associate producer. Raymondo mixed the show Today special thanks to Kobe ben Men, Gnam Door, Tony Palladino and Alex Patali. Mark Million and Vandermay and Alistair Barr are our story editors. Francesco Levi is the head of Bloomberg Podcasts. Be sure to subscribe and if you like our show, leave a review. Most importantly, tell your friends see you next time.