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tv   Bloomberg Technology  Bloomberg  November 21, 2022 5:00pm-6:01pm EST

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>> i'm caroline hyde in bloomberg's world headquarters in new york. >> i'm ed ludlow in san francisco. >> bob iger returns as disney deals with challenges internal and external. the biggest priority for the comeback king of content. : genesis morning of bankruptcy appeared the entire industry faces a liquidity crunch and we have learned to u.s. prosecutors opened a probe of ftx months before its collapse. caroline: we will break down how tech layoffs create a wave of issues for non-u.s. citizens that worked for silicon valley giants. check in on these markets. overall there was a little bit of risk aversion. volumes low paid we have a holiday shortened week ahead of thanksgiving celebrations in the u.s. the technology sector under some pressure.
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off of their lows for the day but stress as we see more people focusing on what the federal reserve will have to do now to curtail inflation. whether or not they will be hiking rates at a pace of 60 or 75 basis points. money moves up. crane shares csi china. i have been looking at the etf's that track the etf giants. they had been lower on the day. what is happening in terms of china, covid outbreaks, deaths. does that mean we will see the curtailment of that economy? this particular etf flat. let's look at what is happening across asset. let's look at what is happening in terms of bitcoin. look how much has been falling. we want to focus on what has been happening in the crypto world. further headlines when it comes to genesis in this hour alone.
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ed:ed: the crypto contagion spilling over into the equity markets. coinbase closing at a record low. while that stock is at a record low we see cathie wood and are buying 1.3 million shares of coinbase, buying the dip so far in the month of november. draftkings down 5%. users reporting issues with their accounts weighing on the stock. tesla down 25% since october 28 when elon musk closed his deal to buy twitter. some concern that muska is distracted away from tesla. there is the impact of covid shutdowns in china. and disney, up 6%. bob iger is back. bob jpeg has departed the company. this amazing price chart. look at the stock over the last two years and reminds yourself of the story behind disney. disney plus lunged at the end of
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2019. che peck does not take the help until the early stages of the pandemic in 2020. you have this fuller coaster ride with the share price rising to mid 2021 and falling away as we get concerns over subscriber growth and how expensive the losses are for the streaming business. on the far right side of your screen, bob iger is back with ceo. -- back as ceo. caroline: first and foremost let's get to the breaking news as bloomberg is reporting the digital asset broker is struggling with cash and warning investors it may need to file for bankruptcy if efforts fail. she and alley bass lake is here because she was one of the bylines on the story. talk to us. thus far genesis saying this is not eminent but they have been trying to raise funds for some while. sonali: they had halted withdrawals at the lending unit last week and since then they
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have been in talks with investors including binance. they have been warning a group of investors they may need to file for bankruptcy. if those talks do not materialize into funding. genesis is a huge player in the institutional space. there trading desk has separately reported and exposure to ftx. we are starting to see more effects of what has happened here that you could argue was contagion that started act to three arrows let alone currently when it comes to the ftx debacles. ed: what is happening behind the scenes? how much cash does genesis think they need? sonali: they halted withdrawals under the middle of last week. let's say wednesday. over the days after that they had started to look for money. the way my sources describe what was happening was a lot of these talks amplified into the
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weekend. remember they have not filed yet. they have not said they are going to file yet. they have told us on the record they don't have plans to file eminently and their goal is to resolve the current situation consensually without the need for bankruptcy filing. this is still a huge risk. there are benefits to bankruptcy as well. it would contain the situation here. this is part of the broader digital currency group empire where we do not have indications this is a broader problem when you look at this empire. i think that is a very important part of the story. which assets within the empire we are talking about and how far that contagion can potentially go as we planned for a potential bankruptcy for this unit. caroline: talk to us a little about the digital currency group and the efforts that have been made to prop up the industry grew because thus far it has been noted money has been put there to ensure certainly posed
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three arrows the implications were not too destructive. sonali: after three arrows a part of empire here was said to have in a creditor to the three arrows a group. so why is that so important today? as investors look at this asset to the point you are getting at here is that they do want to entangle the relationship between genesis lending, genesis trading and the rest of digital currency group. the rest of the empire is super important to the crypto space. that includes the grayscale bitcoin trust. what we know and i would say eric balchunas at bloomberg intelligence has been brilliant at pointing this out. the company itself splits off a lot of money based on what they are getting in terms of managing the assets. that is why it is so important to say what is revenue-generating, what is still ok today and what parts of the business are we more concerned about?
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importantly for investors, what is the relationship between the entities at the end of the day? ed: let's turn now to disney. after the bombshell announcement bob iger is coming back to the company. the ceo of gerber kawasaki, and importantly a disney shareholder. your reaction. >> i was so happy when i saw the news last night. i thought i was dreaming. it was like my dream came true. raw -- bob chapek in the business into the ground and had made some crucial errors handling difficult situations but it was time to refocus the business back on creating great content for a reasonable cost. caroline: in terms of your prioritization and i want to bring to our audience a pole we went to twitter with. i know you are a big player on twitter with hundreds of
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thousands of followers but we have been shining a light on what we think the player attains age and should be now. is that the cost controls? is that the streaming perspective at the moment? bob che peck himself had made some criticize decision-making when it comes to the politics within florida and what the company stands for. from your perspective streaming strategy is number one for our audience. is it number one for you? ross for sure. the streaming business they have built is amazing and it was led by iger at the beginning to get into streaming. they got to this point where they have had hundreds of millions of subscribers but their losses have ballooned. i'm not sure why there was such a lack of focus on the cost controls especially last quarter because the rest of the businesslike parks and resorts and hotels and cruise ships, many elements of the business are booming and hugely profitable.
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we expected disney to beat profits nicely this quarter and it was like where did this extra billion spent on the streamers go? disney plus and hulu have -- are great assets. espn plus, great assets they have had a lot of money invested but it is time to make this business profitable and make sense economically. ed: let's bring you some of what bob said in a statement sunday night. he seemed as surprised as the rest of us using the word amazement but he also talks about these times remain quite challenging i suppose furring to macro conditions. you talked about profit you cannot just turn the tap off and suddenly the losses from streaming go away. how materially does he fix things at disney? ross i: think you have three main issues disney faces. -- ross i think you have three
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main issues disney faces. it is actually not that hard because you do have a certain level of certainty of what your revenue is going to be. disney and apple recently raised prices on their streamers. they can pretty well guess what they are going to take in revenue wise. they just need to right size the budget for it. that is not that big of a deal. you have to do the right math. the second thing disney needs to address is china. this is the big difficult challenge many of my companies are facing whether it be disney, mgm and macau or tesla and shanghai. we are facing so much uncertainty and the shanghai park is closed again and this is a big challenge for them despite the rest of the parks business doing extremely well. the third thing is where they're going to do with their sports business? i love the espn brand and i think they need to be deeper in sports and sports betting. if not, get out of this it's
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business and spend and off or sell the espn brand. i think you need to make a decision on what they're going to do with sports and the future appeared i think disney should stay in the sports business but i think iger will assess some things and make great decisions. caroline: i am interested in the people behind disney plus. the executives. we know bob iger might well be thinking of his lgbtq+ community but talk to us about the executives in studio roles. talk about the people who were given a backseat under chapek and how that changes. ross: this part of disney was going back to iger's days when they bought fox. in the integrated fox, there was a lot of the disney people left and fox people sort of state and that sort of stayed and that has been good for disney but i think
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chapek was not great with tennille and i don't think he had any vision for the artist or the artistry part of making the magic of disney. that is what iger has that is hard to quantify. i think this is like a really big thing. i do think they have great executives managing their businesses but i think they need direction as far as content is concerned and somebody with taste. that is what iger has that chapek does not but i still think the integration of disney and fox is not 100% complete. i think there needs to be this finality to it. ed: did you buy more disney shares on monday? ross: i run the public etf. gk is my etf and i did buy disney today. i don't know if that has been posted yet but it is posted anyways at 5:00 eastern so
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markets are closed so i did buy disney aggressively today. i think it is wildly undervalued and with iger back i think it is a whole other business to look at now. ed: in other business to look at. twitter, you are an investor in the private entity. bloomberg reported layoffs continued monday focused on sales and marketing. what do you make of that? ross: i think they are going to see the same thing at disney. if you look at tech companies across the board, twitter included and more extreme than most is we are seeing this resizing of the tech industry across the entire industry. part of that is from the pandemic boom to now bust and also a more realistic view of what costs and content are going to be achieved. twitter was wildly overstaffed. now they are going to move to a
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staff level probably wildly understaffed. they are going to build my hiring. -- billed by hiring. people are thinking this is going to be the permanent size and twitter will be small. i think what is going on is a corporate restructuring were a new culture is being built at twitter and one that will be much more productive for the company, the users and shareholders. caroline: i'm interested in what might occur. you say it is wildly understaffed. are there concerns? ross: i've been monitoring twitter from my own experiential point of view to see if there has been any change and i have would argue twitter is better now than before. the engagement has been off the charts. not to mention all the news and information. twitter is still the most
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incredible source of news besides bloomberg when you are looking at sam bankman-fried live tweeting during his fraud. it is only on twitter. if i want news on ukraine i'm sorry. i have to go to twitter. it is a crucially important news and one that elon is working hard to protect its integrity. i think twitter is as good as ever. ed: as an investor in twitter who wants a long-term return, one thing you want to see elon musk do with the platform. ross: add creator engagement opportunity. by adding youtube and these kind of features where creators can get on the platform and make a living, we posed a lot of video on twitter and youtube and everybody has to monetize through youtube. i think the creator opportunity on twitter as a platform is enormous and i think youtube should be scared.
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ed: ceo and cofounder of gerber kawasaki. coming up, the latest on the ticketmaster and taylor swift debacle and the doj's role in all of this. this is bloomberg. ♪ at fidelity, your dedicated advisor will help you create a comprehensive wealth plan for your full financial picture. with the right balance of risk and reward. so you can enjoy more of...this. this is the planning effect.
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caroline: let's talk about live nation's ticketmaster. the system crashed. the hopes of many a taylor swift fan for a ticket. to see whether live nation is abusing its power of the live
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music industry. jennifer re-is here with more on this. want to be discussing the great -- it's not the first time the first time the doj has gotten interested in and m&a done years ago. >> so this has been going on for a really long time. taylor swift debacle this to the headlines but there have been critics of live nation and groups that have called for the deal closed in 2010 to be unwound by the doj since it closed. the doj started investigating after settling with the company in 2010 probably as early as 2012 because they believed they were already violating a consent agreement they signed in 2010. i don't know when that investigation started but when it ended was in 2019 and the doj said we do believe they have been violating these terms. there were supposed to behave in
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a certain way toward venues. allow them to use arrivals to ticketmaster. they have reneged on that. we're going to enter another settlement and that settlement was signed in late 2019. i think what is going to happen is the doj is going to look again to see are they still violating the amended agreement from 2019 and are they doing more in a market that is anti-competitive? ed: what is the threshold this time around? what is it they would be looking for that would be enough for an enforcement action? >> actually have two different rush holt's because the consent order they agreed to in 2019 lowered the threshold. this is something live nation agreed to for the doj to show they have been violating the consent order. if they are trying to show they are not abiding by the terms we have a low threshold to prove that is happening. i think this is the proof and
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evidence fairly easy for the doj to collect peer they tell for venues and find out what their communications have then. i think the second thing the doj might be looking at is more broadly is live nation and ticketmaster entering into exclusive agreements with so many big venues they are basically blocking out smaller rivals who can no longer contract with those venues because they are exclusive to ticketmaster? that is a higher threshold. subbing they could also prove in court. if you are a company with market dominance and it is alleged live nation does have market dominance, it is illegal to tie up more than 35 to 40% of the outlet. if that is what they are doing that would violate the antitrust laws. caroline: 2010 when the merger occurred as a long time ago. talk to us about the speed at which any of this could unfold. >> it is really slow. the merger was in 2010. according to the doj on the came
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out with papers in 2019 the deal had been violated since 2012 and they did not settle until 2019 so if these investigations can go for two or three years. i think the investigation ongoing now did star a few years ago. i looked at how often we add bloomberg intelligence published about antitrust problems live nation could have. we wrote in 2018, 2019 and 2020. i think it is impact -- i think it is possible something could happen next year. ed: bloomberg intelligence's jennifer rie. coming, eric top tech calls of the day. as we had to break let's take a look at zoom. the stock down almost down 5% after reporting its lowest quarterly sales growth on record. tomorrow we talked to the cfo about the company's fight to reverse the slowdown in growth. this is bloomberg. ♪
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ed: time now for our top tech calls. moffett nathanson upgrading disney to outperform. expecting the company to re-examine its streaming strategy after reinstating bob iger to the top job. mobileye initiated with a street hi target. the firm has put a buy rating on mobilized saying there is a path to $50 billion of revenue. a firm says carvana will struggle to make a profit as used-car prices continue to drop. caroline: coming up we have so
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much more to talk about about workers. thousands have been laid off by tech giants recently and hundreds of those are on temporary work visas. why the clock is taking for immigrant engineers. a clarification from our -- for our audience. during a discussion on elizabeth holmes we want to clarify we were not trying to imply we works founder adam neumann had committed any wrongdoing by a comparison made. this is bloomberg. ♪
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caroline: look to bloomberg
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technology. the fallout after the reappointment of bob iger at disney. we understand at the moment he is asking disney managers to reconsider the corporate structure. we have started to see the distribution chief kareem daniel is stepping down. this executive was close to chapek. kareem daniel young the chairman of media and entertainment distribution. we will continue to bring you the latest when it comes to disney and some of the restructuring. there is restructuring going on across technology more broadly. mastech layouts have left hundreds of workers living on temporary visas with little or no time to find a job. how can this change the tech landscape more broadly? ed: tech companies rely on the h-1b visa for computer engineering talent. the numbers hind the analysis are fascinating.
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h-1b visas are capped at 85,000 per year. this group of six tech companies on your screen are behind 45,000 of them both new and renewed over the last three years. just those six names alone. h-1b's make up a significant -- not a majority but a significant of the overall workforce. to answer your question, if a tech worker is laid off and they have to return to their home nation there is a cost to the employer that has to be covered for the travel back to the home nation. the cost is a big part of the story. why are layoffs happening? cost savings are a part of it. h-1b visas carry a higher than average paper generally speaking the national average for h-1b is around 106,000 dollars per h-1b visa employee. but you look across the tech sector, the same six names, the average pushes higher and higher in terms of the salary and
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employee can command. think about all the reporting we have done recently on twitter, the stuff that have been laid off in the united states and the reporting bloomberg has done about them trying to find new roles. i encourage the audience. get your business week magazine hard copy and take a look at this story. caroline: all over linkedin. using any technology outlook possible to try to find a new sponsor. our expert can bring us some expertise. this as an emotional -- this is an emotional time for many. to let their children remain at school here overall, the building blocks of a life they make. we are hearing certain companies are taking different ways of supporting them. we know that meta are trying to
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find different ways of supporting them. one of the ways the companies can support them? >> the best way is to be honest about what they can do and afford right now. if you are on an h-1b visa and you are in the middle of your visas day, try to -- visa stay tight to get on with other tech company would be amazing although it seems the largest tech companies are setting for layoffs. maybe looking at a smaller tech company that still has a budget and the ability to sponsor but from a company standpoint, companies are looking at the talent they cannot lose no matter what and keeping those people sponsor. for other people they are trying to get them an extension for as long as they can because there are so many people who have adjusted their lives leaving they would be in the u.s. sponsored by an employer.
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caroline: from a more macro perspective, time and time again everyone has wondered when this will show up in the numbers. the response i have been getting is these are very talented individuals who find it quick to find and their role. is that the case? i seem to hear of job freezes in the tech world. >> in the tech world i think honestly 50% of the people being laid off will find another job very quickly. what is happening is there are layoffs and there are a lot of job freezes at this point. and it is the holiday season. the holiday season it is a slow time for hiring all around the u.s.. what we have here are two things working against people. one is layoff and freezes. even if we look at 2023, january or february we were only talking about 50% of the people receiving jobs again because everyone is not a software
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engineer being laid off. it is across the spectrum. hr, legal, finance operations. all of those jobs even though they are in tech do not necessarily get picked up as quickly. ed: i want to leverage your professional background, your experience. we have done a lot of reporting a bloomberg about what has happened i twitter down the world for me at market street, people being locked out of the building. the hr department being let go. those administering the layoffs not being qualified hr people. a line must tweeted over the weekend pictures of him working late into the night with this new team of engineers but what is your assessment of how that process was handled? >> i want to be completely honest and transparent. this was probably the worst mass layoff i have seen in my 20 years of being an employment lawyer. elon came in as an individual versus a businessman and looks to take over a company and is using it like it is a toy versus
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a company at this point. he did not come in and work with the chief people officer who is the chief people and diversity officer to determine the skills he had within the company, the knowledge base he had within the company so he could make informed decisions about who to let go and to stay. everything is showing he is let going out -- letting go of people he is asking to bring back at this point. there are so many things he has done that have been unfortunate it is playing with people's lives, their salaries, their medical benefits and their retirement benefits. this goes against everything we say is in best practice of hr and it is really unfortunate. ed: on the other hand he does have a track record of getting the best out of people especially when they are under duress. does the end justify the means? >> absolutely not. i would eat my words in six months to a year if something is different but honestly right now
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he is working with a bare-bones crew, a crew that does not appear to be diverse, a crew looking like they are going to burn out. honestly a number of people i know who have continued with twitter are looking and they are just looking for their next best opportunity. i think the landscape of employment has changed considerably since covid. no one wants to work until they drop anymore. it is just not that type of employment landscape. i understand elon has had people who stick along with him for this ride for a short duration but i do not believe he has created enough goodwill or he has a good enough reputation even within tesla to bring people from twitter who had really dedicated their skills and everything to twitter to bring them alongside what he is trying to do. he is not communicating enough. he is not showing the roadmap to everyone. the things he has done from laying off people at the top from all the way down with no
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severance, and a. it is not a way to keep a company going. caroline: just to play devils advocate, you say the landscape has changed but the economic landscape is changing with it. before we really have the pendulum swing in the direction of talent, of employees. now we have a slow down and people are more fearful of their jobs. is there a risk the focus on diversity, inclusion, the realignment of what we thought our purpose for work was does shift as we start to get more fearful? >> i don't think it will shift. i think some things will take a pause. i definitely believe budget is within the dni space, the budget is within the culture space is going to pause. in some companies they believe that is nice to have versus a must have. in terms of what we need from a bare-bones perspective to have a company run which is top talent,
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top talent can go anywhere. the question is why would they went to work for you? you want at this point is not offering -- the line at this point is not offering increased salaries, looks ability. he is saying into the stream i have of how i can make twitter something even better than it already was and i don't know if he has a lot of people along for the ride. in terms of the other tech companies there is some tech companies who have done it right. i think that you don't abandon these principles but sometimes you do need to take a pause budget terribly to focus on operations. ed: dixson white chief people officer and people advisor. kamaron leach is on the case with the twitter sacca and reported more layoffs today. what did we learn? >> there has been a lot happening over the past 36 to 40 hours for employees at twitter.
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we can say even from our own reporting starting off on sunday workers woke up to a new calendar invite sunday morning and then by midday sunday there was an all hands meeting basically trying to get a new direction for where twitter was going to go. by the time it came to monday workers had been learned they had let go -- they had been let go. and only until january they would still be paid and considered to be an employee. more specifically this affected the sales team. this came as a complete shock. the sentiment was they had been shielded from some of the layoffs we had been reporting. not only have our viewers been watching this. employees at twitter have been watching our reporting because they did not know what was coming up next. the sentiment was they would not be affected by the layoffs because one thing twitter needed was revenue. the sales team was the main driving force hind those things so this came as a shock for a lot of those workers. caroline: the bottom of the
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story shows at one point it was 7000 workers. we are now looking at employee internal count, 2750. how much is there still to go? how much do we inherently need to support an overall social media empire such as twitter? i have got to be real concerns here. >> we have been tracking a lot of these technology companies, big tech companies and we know for sure twitter has been a revenue losing company for some time now. they have had to put costs. i think they only got down to less than a billion last year in 2021. they were losing about more than a billion dollars. it is so much money they have to cut and it seems like elon is n thinks salary is the best way to do that. nobody knows where the roller coaster is heading next. everyone is on their toes walking on eggshells. ed: you and i and the team have
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heard from a lot of former and current employees. a lot of sources inside the company have been confused about what is going on. what is the sentiment among staff that are left at twitter? >> even for those left at twitter, as your guest in the last segment said they are still looking. they are keeping the training wheels going. because there is no direction. it seems to be a lot of confusion going forward. i spoke to a source earlier today. there should be a final hands meeting happening today that gives the direction where twitter 2.0 will be going. those are the staff members left and that elon will be keeping. that was supposed to be the thought with the last all hands meeting. you never know if this could be the final one. we are sticking close to the situation. caroline: thank you so much for
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bringing us your inside track. we thank him and ed with all of your reporting. coming up, crypto contagion worse is genesis warning of a possible bankruptcy. this is bloomberg. ♪
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ed: two major bloomberg scoops in the world of crypto peter genesis has one of a potential bankruptcy. federal prosecutors in manhattan were already looking into ftx's operation months before the collapse. shelley bosak is here with all
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the details pair let's start with the ftx investigation. what to we know about regulators and what they were doing with ftx? sonali: regulators were concerned about the ftx empire. regulators in the united states would be worried about the ftx empire. the bloomberg's group we are discussing is happening on the back of a lot of dispute between the bahamas and the united states in bringing sam bankman-fried here for questioning by regulators as we wait to hear what is going to happen with the house financial services committee and the senate banking committee who want to bring in sam bankman-fried for testimony as well as his deputies. separately as you think about what is happening with regulators, tomorrow there is going to be a hearing in delaware bankruptcy court at 11:00 a.m. you are hearing the issues of the ftx empire and ravel at the same time we hear about
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authorities and their concerns according to sources between the links between ftx and alameda. caroline: let's go to further contagion. let's go to genesis. your scoop before us coming on air, the fact they may have to file for bankruptcy. the focus right now is this is not eminent and they're looking for other sources of funds. sonali: something interesting about not just the breaking news we have today as well as what we have had as we have been talking about, u.s. authorities looking at ftx over months, this is another indication some of these go back over many months. they could back to three arrows are genesis is one of those companies that did have links to three arrows and ftx. they were a large creditor. now let's talk about in the vein of ftx. the trading desk had about 175 million euros. the lending has had to pause
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withdraws. what were their relationships then between genesis lending and genesis trading? and the rest of the digital currency group empire, how much does that matter and are some of the questions not just a matter of customer money tied up in one exchange and one lender but is there a broader systemic issue in the way customers funds are being used among crypto companies when it comes to lending and trading activities? caroline: one we continue to ask questions on. we thank you. meanwhile coming up, we want to talk a little bit about fifa. the backlash going viral on day two of the world cup. this is bloomberg. ♪
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>> in 2010 fifa announced qatar would host the 2022 world cup to the country promised to make it a carbon neutral tournament appeared as the matches approached, environmentalists are claiming qatar has green washed the world cup. >> the claim is mostly a pr play. there is no way a mecca event of that size can be carbon neutral. >> fifa can do better and should do you better. my focus would be on encouraging people to do that for the next world cup. >> the u.n. defines carbon neutrality or achieving that sero-carbon emissions as balancing a measured amount of carbon released with an equal amount offset. >> first step is to measure your emissions so that is what fifa has done for the world cup. we looked into a calculation and we think this is quite significantly underestimated. >> there are two big challenges
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with any carbon neutrality claim. the first one is travel. the second part is construction. >> 75% of the carbon footprint have supported stadia over their lifetime is locked in day one from the materials they are built from. it is about concrete and steel. >> qatar has invested billions of dollars in infrastructure for the tournament including building seven new stadiums. organizers estimate the world cup will emit 3.6 megatons of carbon dioxide. >> the construction of the stadium is the most problematic element because it is the element we think was focused was most massively underestimated. from that factor we think the total footprint would be 5 million tons. >> international flights in and out of know-how will account for majority of the missions. organizers argue this world cup will be a more energy-efficient than others since fans won't have to fly to different venues and can just take public transit. >> the sticking point is always the flights. most olympics and world cup's accounts to more than 85% of
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total emissions. >> balancing carbon emissions with offsets is key to carbon neutrality. so far cutter has purchased less than 350,000 carbon offset credits. of the 3.6 million needed in their estimation. the supreme committee says it has already secured aim and a mom of 1.5 million credits from the global carbon council and that further details will be forthcoming. so far greenwashing issues are not keeping fans from rooting for teams on the pitch. an estimated 1.7 million people will be in attendance with over 3 million tickets sold but with a warmer future ahead effects on fans will soon be felt. >> this board is the most opportunity to tackle the climate crisis because we can engage football fans and make them fans of the environment through their favorite sport.
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caroline: now going viral, let's stick with fifa. let's stick with seven national football teams including england who will not wear a rainbow armband showing solidarity with lgbtq+ rights vowing instead -- bowing instead to fifa because players might receive a yellow card for their show of support. qatar has been under intense scrutiny over the treatment of migrant workers as well as concerns over human rights and the criminalization of homosexuality. when gay rights group stonewall says by threatening sporting sanctions and stopping players from wearing one love armbands fifa are brushing criticism of human rights abuses under the carpet to human rights campaigner peter cashel noted two days ago a fifa president spoke of inclusivity but this really shows his true colors. i urge the team captains at their postmatch press conferences to spend 30 seconds to speak out for the rights of women, lgbt's and migrant workers. that would have a huge impact he
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says. for me also, the iranian team not singing their national anthem and over the course of this weekend going viral that shocking news out of colorado springs. it makes it a very intense time for the lgbtq+ community particularly in the u.s. ed: we see on social media it is having an impact on the are bands. cap and saying they thought they would face a fine weather than something relating to a sporting sanction. that does it for this edition of bloomberg technology appeared on tuesday we have the zoom cfo kelly steckelberg to discuss earnings as well as the growing competition in videoconferencing. check out our podcast on the terminal, apple, spotify and i heart. this is bloomberg. ♪
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