Transcripts For BLOOMBERG Bloomberg Technology 20240712

Disney has postponed its plans to reopen disneyland in anaheim, california, indefinitely. We will talk about that. It was a volatile day on wall street. Stocks rising nonetheless. I want to bring in kailey leinz, who has been following it with a choppy session, but still ending about 1 higher. What happened . We saw the fluctuations between positive and negative territory until the last hour of trading. We saw the furious rally into the close. Likely people taking advantage, using it as a buying opportunity. One caveat is the volume was about 17 below average for the past 20 days. Obviously, investors trying to take advantage from yesterday, despite the fact we are seeing worsening headlines, in regards to the spread of the coronavirus. Texas and florida having to pause reopening because of researching cases. Research in cases. They took part in the rally, smallcap kind of a proxy for the recovery story. They are more domestically oriented. The nasdaq lagged marginally, but it wasnt tech outperforming, which was differing from what we have seen over the sessions in the past couple weeks. Emily talk about the stocks that were primarily driving the gains, if it wasnt technology. It was financials, which is not something you hear all too often. Banks were up about 2. 6 in the thursday session. That was driven mostly by optimism surrounding changes to the volcker rule, easing up regulations banks have to face in regard to funds they can invest in and also margin swap requirements. Then we got results from the fed stress test about half an hour ago. Thats taking a bunch of bank shares lower in after hours trading. Goldman sachs and wells fargo fared the worst in this kind of scenario that the fed put together. Perhaps disappointment in the fact the fed is capping dividends at the Second Quarter level. Also for bidding share buybacks until at least september. Thats taking some of the bank stocks lower, even though they were the strongs performers on thursday session. Emily disney ending the day down just slightly. Apple shares slightly rising. Talk about some of these other stocks where you are seeing a real impact from the virus, and giant theme parks planning to reopen now being postponed. Disney is delaying what was intended to be the july 17 reopening of disneyland in anaheim indefinitely. The company wasnt sure if they were going to get approval from the government, or agreement from the union in time. Apple closing another 14 stores tomorrow in florida. The total tally is 32, about 10 of their u. S. Footprint. To me, this raises the question, even if state governments arent telling people to close down, Companies May do it themselves to protect their employees and prevent the spread. Emily kailey leinz with the update, thank you. More on the disney story. Disney being pressured to delay the reopening of its theme parks in florida, a day after postponing the reopening of its california parks indefinitely. An actors union and florida wants the same thing for cast saying itsr unclear how disney can responsibly open as cases continue to soar. To discuss, we are joined by crisco mary, who covers disney for us. We start with california. Disney saying indefinitely that they will not give a new update on plans for reopening until at least after july 4. Right. Californiaessure in on the company not to reopen. Mostly coming from unions. There were petitions from the general public. The unions are negotiating. They have reached agreements with 11,000 of their 17,000 employees in california at the parks. Thees a lot of issues unions want to see, in terms of safety about reopening. Emily disney mentioned it had something to do with state regulators. How much is the state of california actually dictating what disney can and cannot do . They have to get approval from the state in order to reopen theme parks. As manybeen doing stages, theme parks were a later stage. Governor gavin newsom said the ongoing negotiations with the park owners about winter reopening, and hes happy disney made the choice they did. He said it was based on their data. The covid cases increasing. It is pretty clear that the unions had written a letter to newsom and made their position felt. This statement from disney, given the time required for us to bring thousands of customers back to work and restart our business, we have no choice but to delay the reopening of our theme parks and resort hotels until we receive approval from government officials. This in california specifically. What is the latest in florida . Disney world scheduled to reopening july 11. They have reopened in shanghai, hong kong, as i understand it, successfully, with new safety precautions in place. Do we expect this could impact plans in orlando, as well . Potentially. I checked with disney, they are scheduled to start the first two on july 11. One of the changes the unions mentioned is who is going to pay for covid testing, and if the company is going to do that. Disney said in a letter to the unions this week that the covid 38 s are unreliable, only of them fail. It doesnt want to be testing every single employee before they come to the parks. So thats one of the issues. They will take temperatures to maintaind trying social distancing, mask wearing, and cleaning, all of that other precautions. Emily obviously that is a massive undertaking, given the size of these parks and crowds. Chris palmeri, thank you for that update. We will follow the story as it develops. Coming up, what does office life look like post covid19 . If there is such a thing. Should companies allow employees to work from home forever . The ceos of slack, okta, and box are with us next. Later, our interview with nba allstar lebron james. His thoughts on getting back to work, and his mission to fight Racial Injustice off the court. This is bloomberg. Im looking forward to the season getting restarted, getting back in a laker uniform, and continuing to push the envelope, not only on the court, but also off the court. Like i have been telling colleagues and friends, i wont stop until i see change. Emily being a company through a pandemic is challenging, and can sometimes be lonely. The ceos of three tech companies, slack, box, and okta, have been collaborating. All of the companies have benefited somewhat from the shift to remote work. I sat down with them earlier today to talk about how they have come together and help each other through this crisis. Weve been in the industry as ceos for a long time, so we have gotten to know each other through investors or social events and so forth. Ofhas been good the job ceo is a lonely. Its great to have people that you can commiserate at times with, celebrate victories with in these crisis times, compare thoughts on what to do next. Emily how lonely is that job at a time where there is so much uncertainty, not just a health crisis, but an economic and social crisis . Is pretty lonely. I guess it always is. It probably has to do a lot with the kind of decisions we are called on to make. A lot of the job is making decisions. But we trained over the course of decades in certain classes of decisions, and get pretty comfortable making them. Now we are facing decisions no one has had to make before. That makes it harder. Going back to how we got together, we have been more or less a mutual support group. Not just us, theres another dozen plus people that we spend a lot of time with trying to work through a lot of these challenges. Emily aaron, you have a remarkable way of finding humor in a very dark time. How do you channel that at a time like this to keep your team motivated, your customers motivated . Clarify that i dont find humor in the darkness, but there is sometimes things that happen that are y veryus amidst man difficult things. I think what we are doing as leaders right now is dealing with some unbelievable stress. Everybody going and working remotely, dealing with a tremendous amount of disruption to their daily lives, family members that might have health issues, economic issues. Now it is all layered onto many social issues of Racial Injustice, that has been persistent in this country for so long, but obviously brought to the foreground in a much more significant way. These stresses add up. It is an environment now where our companies have to lead and run with our principles. As leaders, we have to make sure those principles are clear and expressed. Occasionally, i may have a tweet that i may regret a few hours later. I do end up deleting some of those, by the way. Sometimes i treat twitter like a mix of a timeless constant chat room and snapchat. I just need to get something off of my chest, because the administration is doing something i am frustrated about, then i go back and say i am calm now, lets deal with these issues more productively. Emily on a more serious note, we are speaking on a day that cases of covid19 in california are spiking by the thousands. Are ceos responsible for leading thousands of people and keeping them safe. What goes through your head when Something Like that happens . When it almost felt like things were Getting Better . Okta for 11o of years, it has been an important job, but ive never had to make these decisions that have life, death, and health and locations for 2500 employees. Implications for 2500 employees. We take it very seriously. When you have to put down your priorities as a leader, it is really clarifying. Number one, the health and safety of our employees. Even if in the shortterm that might impact the business, thats the decision we will make. We have taken a very conservative approach, in terms of working remotely, not requiring people to go back to offices until there is a vaccine or treatment. Its a decision im happy with. Plans,changing your knowing that the second wave israel, is is real, is it changing the return to the office . Already set as marker several months in the future and revisit them. There is uncertainty. I think it is important to say we are not going to reopen before x date, so people can plan their lives. I think its also important to communicate the policies. I think its really interesting. We are all friends, we help each other, we also compete for talent. Not just among ourselves, with square, twitter, facebook, thats a microcosm of the tech economy. Of the whole i dont think of us as competing very frequently like Goldman Sachs or american airlines, but everyone is hiring software developers. Software is becoming an important target of every single business. Demand,we wanted to required employees to come to the office next january or Something Like that, if todd is making an offer to that same engineer, saying you can have flex ability, you can come in a couple of days a week and work from home, or you can just work remotely. You can go back to ohio or wherever you are from and be close to family, we are not going to get that person. There is a lot of uncertainty around this. The chips are already on the table from a lot of very Large Companies who have already made their decisions. I dont know if its impossible, but it is very hard to walk back. If you go down this path and 20 of your employees are remote, and 50 adjusted the way they work and where they live to work in an environment where they are in the office one or two days a week and at home the rest, it seems hard to imagine. Note, jack dorsey saying employees can work home forever, is that a mistake . Maybe its a domino tipping. I also think we are making the right choice for us, we will let people work remotely, offered flex ability. We still have to work through the ramifications of that. Emily indefinitely . Will bet know that we able to take it back. Say you are able to work remotely and move to your family with with your family to a different state. We cant call you and say come back to the bay area and buy a house. Spiking, what did people expect . Did people really think it was over . It has been bizarre to watch it, and also watch it become a political thought. Emily on that note, we have seen different parts of the country taking different approaches to just how serious this virus is. How do you take a stand on the health and safety of your employees when it is almost strangely a political issue . Thats been the most disappointing phenomenon in this already unprecedented scenario, the politicizing of very basic health and safety facts. We have very few weapons against this virus. One of those weapons is wearing a face mask. If you go outside or interact with people, and somehow that has become a statement of what side of the aisle you are on politically. It is shocking and very disappointing to see from our country. There are very few things where i really energize about. Racial injustice is one, the basic arguing of health facts in an environment where we as a collective have to Work Together to be able to solve this issue. We have had a very clear Leadership Void in our country. That Means Companies have to step up and make decisions on behalf of their employees customers, and employees, which is what we are doing. Generally, it would be easier to have a tail wind at your back of a government making sound decisions on behalf of the country on these issues. Emily talking about stepping up, we are in the middle of a social crisis, as well. The black lives matter movement, just this week it is how do immigrants feel about some of the decisions the president is making . Do you believe companies dont have a choice in taking a stand on these issues . How do you take that stand without alienating your customers when you are a Global Company . The way we think about that is there are a lot of issues that you could argue either side politically. Then there are some that are in the best interest of every future employee at okta and all of our customers. These are things like the health and safety of our employees. We will not be political about masks. Employees should wear a mask when they go out. All the evidence points out to that being the clear thing to do. Racial injustice is bad for everyone. Its a human rights issue, not a political issue. Its something very clear that we need to stand up for as a business and organization, and people in this society. The political issues that are beyond that that you can debate about, maybe we will have that debate, but those are fundamental to us and not debatable. When weow do you think do return to some sort of new normal, how will life be different, how will office life be different . Are you going to be getting on the road and talking to customers in person day after day . Great question. We will see. A lot of it is about the cultural ramifications. We all evolve kind of in concert. One thing for sure is it is a generational shift. I will put this in terms of technology, but i think it is broader than that. Like in the 70s, the first wave of digitization, or the 90s, the adoption of pcs. 2000, the spread of the internet, early generation cloud services. There will be a much bigger alliance on Technology Bigger reliance on technology. There will be a change in how we manage. Theres an opportunity now to reimagine how we plan, manage , it takes all of us to see what opportunity and see how much we can level up as a result of this. Emily how is this changing the way you think about your business . How do you plan for the short and longterm . Were i think we all represent Digital First organizations that have tried to run our businesses in a very agile, fluid, dynamic way. What we are seeing is the World Economy now has to catch up to that way of running an organization. When you think about what a Digital First is, it doesnt mean a remote first, office first, it is Digital First. It means people can collaborate in realtime, work from anywhere, the business is more fluid. When you think about how to plan for an organization in the 21st century when you have pandemics, disruptions to your supply chain, you have to build an organization that can be resilient to whatever gets thrown at you. I think thats what more and more businesses are experiencing. Thebased way to do that is make sure you the best way to do that is major you have a culture that can get through these events, and have a way of running your business from a Technology Architecture standpoint to let you be resilient, as well. Whether its the shortterm pivots companies have to make right now to enable a remote workforce, or the longterm Transformation Companies have to go and drive to be Digital First, i think you will see a completely new operating model that companies begin to incorporate Going Forward. Emily given all of the uncertainty ahead and all of your employees working remotely, how do you get them all aligned in one direction Going Forward . What is the healthy dose of paranoia for a ceo to have at a time like this . A full cup of paranoia, i would say. We are still finding ways to generate that alignment. People have meetings, they make presentations and write documents, but i think because we are missing a bunch of things we had when people were in the office, we are finding ways to compensate for that. Emily stewart butterfield, ceo of slack. Todd mckinnon, ceo of okta. Aaron levie, ceo of box. Going halfway around the world to the dramatic collapse of a european fintech star, wirecard. The german based company filed for insolvency today after admitting it could not locate more than 2 billion on its balance sheet. The former ceo was arrested earlier this week. Bloombergs luca kasi roddy has the story. The Biggest Tech Companies in germany has filed for insolvency on thursday. Thecompany, which was in german stock index, as much as 25 billion euros, has been distraught for more than a year after the Financial Times published the question of the accounts. Projected ford months, but last week, it couldnt claim almost 2 billion euros of cash. Then a storm on its stock, which has been wiped out, followed by bond prices. Officer, whocutive has been with the company for 20 years, resigned last week on friday and was arrested in munich, then released on bail. The coo of the company is also being socked by the german police. Germanyortant for , theng a lot of questions authorities, because calls for an investigation in the companys accounts have been coming fr for years coming for years now. The eye of the storm is the german regulator, which went and had beenellers investigating them for stock manipulation. Now the auditor of the company because involved here, its the main auditor for the company and never flagged an issue with its accounts. Raisedas also questions for investments that had been propping up the company. Investigation last year. Among them, softbank, which invested in convertible bonds in april, 2019. Emily that story we will continue to follow. Bloombergs Luca Casiraghi th ere. Lam, facebookosha activist investor pushing for facebook and other big tech companies. We will talk to natosha, next. You say that customers make their own rules. Lets talk data. Only Xfinity Mobile lets you switch up your wireless data whenever. I accept 5g everybodys talking about it. How do i get it . Everyone gets 5g with our new data options at no extra cost. Thats good. Next item corner offices for everyone. Just have to make more corners in this building. Chad . Your wireless your rules. Only with Xfinity Mobile. Now thats simple easy awesome. Switch and save up to 400 a year on your wireless bill. Plus get 200 off a new Samsung Galaxy s20 ultra. This is Bloomberg Technology. As the economy continues to reopen, we are witnessing a shift to a new normal, one that includes a revolution for social justice not only in daytoday life, but incorporations for years to come. To discuss how boston is moving forward, we are joined by anasha lamb, head of activist investor based in boston. As the economy starts to reopen, how do you expect companies to address this second shift, this shift we are seeing on social issues, a new sort of social normal . I think the first step is to acknowledge that companies have a problem. We have seen a lot of messages of solidarity going out there, but the first step is to look inside and look at the Structural Racism and sexism within their own ranks, who is on the board, who is holding the highpaying jobs. Solidarity is one thing. Reelection is another. We actually have a shareholder proposal out for greater action on racial and gender pay equity at 10 Different Companies annual meetings. At all of those meetings, the boards opposed the proposals. That is not meaningful change. I wonder if that would happen now, one month later, two months later, as companies are really starting to reassess what they can do to both acknowledge the problem and change from the inside out. You are an activist investor in twitter, google, and facebook. If Companies Continue to turn down your proposals, can you keep investing in them . Natasha we invest in Companies Like facebook, for instance, with the intent of engaging. We think they have a strong platform, a strong position in the market, and we have been working for the last four years to press for change. And we have seen some change. It is not enough, because certainly there are consumers and users that are unhappy. You have an advertiser boycott. Zuckerberg therk reference the 10 pages of hate speech that were removed from the platform in the first quarter. The reason we know about that as we press for transparency on that kind of reporting. He problem is its not enough that boycott,g of verizon halted advertising on because and instagram of those policies, joining a chorus of advertisers pulling advertising from facebook. How big of a blow is this . Natasha i think it is a big blow. We have been warning for years that it facebook did not seriously address conduct governance on its platform that it would come back to bite them, and it has. We are seeing big brands. Verizon, pg e, Procter Gamble were looking at their spending. These are not small brands. Threatxactly the kind of that we have been warning about. It is up to Companies Like facebook to bring critics to the table, hear what they have to say, and make meaningful change, because Going Forward with the status quo is no longer an option. Twitter has been more aggressive in taking a stand on the president s most recent tweets, the same post saying on facebook staying on facebook unchanged. What is your take, since youre investor in both of these companies, how they have handled these situations so differently . Natasha five think what we need more than anything is power and decisionmaking in the hands of more people, not less. When you look at facebook and the power Mark Zuckerberg has and they decisionmaking around these issues of content governance, human rights on the platform really falls on one guy. Frankly, these are complex issues, but its not working. This spring, we engaged with facebook and google and asked them to add a human and civil rights expert to their board in order to have a more fulsome approach. Attemptwith twitter and to do something about this, which i find really promising, but we just have not seen that with facebook. Concerned arew you about potential antitrust issues facing facebook in particular, because the point has been made that perhaps Mark Zuckerberg is making these decisions because he does not want to anger the Trump Administration when facebook is facing a threat of being broken up . Natasha i dont think thats going away anytime soon. It is definitely the elephant in the room. When you have that kind of a monopolistic position and, frankly, you are not managing it well two point 5 billion users around the globe and you things like the christchurch shootings that happened last spring in new zealand being broadcast over the platform, posts from trump about when the looting starts, the shooting starts are inciting violence. When you see the continuing of hate speech and racism and sexism on the platform during such a potent time, i think there is no question there is going to be more regulation. We have seen zuckerberg welcome that. I dont think he is welcoming being broken up, but that is a longterm threat that is going to exist despite the whims of this administration. Emily have you been in touch with any of the employee activists at these companies, the people on the inside who are trying to make change from within . Those folkssee as allies in pushing for change, because it is not any one company is not just going to listen to their investors, or they are not just going to listen to a politician or just their employees. It is really about having a chorus of voices at the same time saying hey, its time for change. While we are not engaging directly with facebooks employees, we see it as really significant, how they have stepped up and are challenging in what hasuo historically been a very controlled culture, which you see as you attend the annual meetings, just how controlled it is, and you dont tend to see a lot of dissent in the ranks. I think it is a sign of the times and hopefully a sign of change to come. Emily all right, natasha lamb, arjuna capital. Always great to have you on the show. I just want to recap those headlines. Verizon now halting advertising on facebook and instagram, saying they are not happy with the content policies. Facebook falling 1 after hours. We dont know how long verizon is pulling their advertising from facebook for, but that is a story we will continue to follow. Coming up on this weeks cover of bloomberg businessweek, lebron james of the l. A. Lakers. Stay tuned for an exclusive conversation about the return of professional sports. Toly the nba is gearing up restarted season on july 22 after halting games due to covid19. Bloomberg spoke exclusively to lebron james of the l. A. Lakers about the return to professional sports. I believe that sports in general have done so many great things for communities, for households, bringing people together. More importantly, like you said hasier, our commissioner always allowed us to express values about whats going on in our lives. For us to be together as a lead once again, along with whats going on right now, it gives us another opportunity to continue talking about whats going on with social injustice, police brutality, black lives matter, and continuing to hit home on things that are going on that matter a lot as well. But sports has always been something that kind of galvanized and brought people together, and makes people feel very uplifted. I know in my community right now, unfortunately, a beautiful 18yearold girl was just gunned down in akron, ohio, last week, a week after graduating high school. T to get peoples minds not saying forget about certain situations, but just to have a breath of fresh air, to have a breath of love, which sports can bring. I know what i do on the Basketball Court can bring a lot of happiness to a lot of households, including my own, including my community and my kids. I am looking forward to the season getting restarted, getting back in a laker uniform and continuing to push the envelope not only on the court, but off the court, because like ive been telling a lot of my colleagues, and a lot of my friends, i wont stop in till i until i see change both on and off the floor, so my mission stays the same. Emily lebron james speaking exclusively with my colleague jason kelly. Of that storyore on bloomberg businessweek. Another story in the latest issue of bloomberg involves the wework founder as well as a woman who sounded the alarm on wework. There is a new bloomberg tech podcast, the latest episode called foundering wework. Allen joins us. Tell us about this whistleblower. What did she do . N her name was joanna strange. She became a part of we work because her company was acquired by we work. At bloomberg, we dont usually talk about who our sources are, but she wanted to go public with her experience. The story was that in 2016 she was a new wework employee, and she was seeing things at work that she found were not acceptable. She felt they were not being honest about layoffs that were happening, and she found documents that showed they were readjusting their profit projections for that year way down. She was upset that the company was not, in her mind, being honest with its employees about what was going on, so she reached out to an employer, which was me to a reporter, which was me. Sharing some of the information she shared, and wework actually sued her. Now she feels free enough to speak about it. We wanted to tell the story because she is part of this new sevenepisode podcast series that Bloomberg Technology is launching about wework. There are many different characters. Adam neumann is a big part of it, but one of the episodes also explores joannas story, so we wanted to tell that separately in a print story in businessweek. Now . how is she doing you talked about what she went through when she was trying to get the story out there, talking to the fbi, and i know that was quite harrowing. Ellen it is a pretty interesting experience. Wework sued her, and that is pretty terrifying for anyone. After she was sued, she received a knock on the door one evening. Two fbi agents visited her home and proceeded to ask her about how she got the information. Part of her story was that she had been given yeah. She talks about that, and she end explains how in the wework won a default judgment against her and never collected the money. Emily interesting. So, where is she now . She lives in new york. She feels an interesting experience she spoke out many years ago about weworks finances, but at the time it did not affect wework at all. Its interesting to see the things she spoke out about only to see that several years continued towork raise a lot of money, do very well, and it was only a year later when they had problems with the ipo, and everyone feels like, maybe we should have known all along. Emily i know this is just one of many stories you are featuring on your new podcast, foundering the story of wework. A number of different characters featured in this series. Ellen, thank you so much for sharing that with us. Still ahead, summer is upon us, and that comes with parents and students worried about the fall. Im terrified. His school going to start or not . Emily with cases of covid19 surging across the country, especially in states like california, florida, and texas, parents are asking, is school going to restart in the fall, or do we face another semester or even a year of Online Education . Joining us to discuss, sal khan, founder of khan academy. Talk to us about what you are seeing and hearing now from School Districts. Frankly, im terrified about either my school is going to start or not and what that means for my children. What does that mean for you . Sal a lot of that data was even about a week ago, before the uptick in covid. The School District i just gotten out of the room with the epidemiologists, telling them what social distancing has to happen, who can come and who cant, and they were looking at things like a shift based model, where half the students show up one day and the other half the next day, but they still have to plan for a scenario where some of the kids are not going to be able to come on a regular basis because their families dont feel comfortable with that. That was precovid. They were talking about the highs will student sustain virtual but the elementary and middle School Students could use the High School Facilities so they can stay socially distant. Even in that world, they were thinking about, how do you leverage technology, things Like Khan Academy, and videoconferencing, and, when possible, the physical environment . Now we have seen this uptick in covid, and if you extrapolate that out for another month, when they are going to have to make the decision about going to back likehool, it may look more april or may than it does like a normal backtoschool. Emily so, what does that mean for Distance Learning and programs Like Khan Academy . Do you see it being integrated into the curriculum now, potentially more so for years to come, given the experience that schools have had with your program over the last four months . Why, evenhole reason precovid, khan academy existed is because we believe education should not be bound by time or space. Students should be able to fill any gaps they have. Teachers should have what they need to address the barriers in any classroom. And then covid hit, and we saw overnight our traffic become 250 , 300 of normal. New registrations where 10 times normal. We have been trying to do a full court press on what else we can do to support not just to the u. S. School system, but the Global School system through this crisis. We have been doing things like daily schedules, parentteacher webinars, learning plans. We already have a learning plan going from the last school year into the summer. We know that kids are going to have even larger gaps in their knowledge then they would after a typical summer of learning loss. We have been launching things like get ready for grade level courses, which have been launched last week. You can have a fifth grader go to they get ready for sixth math course so they can fill all the gaps before they show up in sixth grade. Given how unusual this backtoschool is going to be, whether it is a socially distanced model or a hybrid model, people are going to have academy and on khan videoconferencing than they might have had at any other time. I think this is going to have longlasting applications. One Silver Lining is that people have been talking about the Digital Divide forever, and it has been very clear that as the School Closures hit, there is a subset of kids who did not have adequate internet and computers at home. That has always been a barrier for them, to be able to adopt tools Like Khan Academy. People are serious about solving that. If that gets closer to being solved, the whole system can lean on this. Been talk about the socalled covid slide or the learning loss that might come as a result of all the schools being closed, in some cases indefinitely. I know khan academy has been a lifeline for parents. , how big do you think that covids light is going to be, and how much of a concern is that for you . Concern. S a huge we have had School Closures before, called summer vacation. Students not only forget over three months, but they atrophy. You are forgetting two or three months of the year before. With covid, when kids have been out for five or six months, not only are they not learning for those five or six months, but our partners are saying there could be a year of learning loss. Whats scary is thats on average. Maybe my children have been able to keep up and not have much learning loss at all because they have been engaged and have resources that keep them learning, so for every kid that is able to keep up, that is probably one kid losing two years or a lot more. Another thing a lot of people are starting to bring up is i think we have all been in a situation where we know people if you have been out of the workforce for a year or two, it is hard to get work. Imagine if you are an eightyearold, nineyearold, or 12yearold who has not been in the pattern of school for a year, what that might do to their ability to engage. People are talking about a potentially lost generation. Emily weve got about a minute left. What is your advice to parents whose children might be in that situation . Sal my advice is, as much as possible, try to keep learning over the summer. It can be as little as 20 minutes a day. Khan academy is nonprofit, noncommercial. Try to keep the learning on khan academy, especially in math, because thats where the gaps hit the most. As you go back to school, hopefully your teachers are going to use our get ready for grade level courses. Dont stress about it. If your children can get 20 or 30 minutes a day in math, reading, and writing, they will be ok, but if they dont get that, then we could get into some of these scarier scenarios. Emily sal, weve got about now a minute left. You are joining us as part of some special boston coverage coming up. You started your career in boston. It is a place with many educational institutions. How much of an impact at the city have on you and the original khan academy idea . 30 seconds. Sal i went to undergrad and grad school in boston. Huge impact on me. Khan academy, in many ways, my undergrad i went to m. I. T. They did great coursework in the early 1990s and 2000s. They said knowledge should be free to the world and took that upon themselves. When i started khan academy, there was debate about whether we should be forprofit or nonprofit we will have to leave it there. Thats it for this edition of Bloomberg Technology. Save hundreds on your wireless bill without even leaving your house. 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