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tv   Bloomberg Technology  Bloomberg  November 8, 2016 12:00am-1:01am EST

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>> it is 1:00 p.m. here in hong kong and i'm angie lau. after an 18 month of a bitter and divisive campaign election day has arrived in the united states. midnight polls have opened, we're just seven voters are registered. global markets are betting on a hillary clinton win with stocks and the dollar higher. bloomberg gives her a three-point lead over from. -- over trump. despite the currency flipping almost 10% from the previous year.
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1.4% comes living the trade circles up $49 billion. the chinese drivers rushed out to purchase small engine cars before a tax cut expires before the end of the year. car sales climbed for eight straight month come up 20%, more that 2.2 million units. local carmakers were among the biggest winners. global news 24 hours a day, powered by 2600 journalists and analysts in more than 120 countries around the world. this is bloomberg. let's take a look at the markets for you here in asia ahead of u.s.ig boat in thg vote in the asian stocks are clamoring for a second day. this is bloomberg.
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emily: i'm emily chang and coming up, the tech community chooses sides with less than 24 hours to go. we will tell you who is voting who, and analyze the impact of a bitter u.s. election on silicon valley. plus, lighting up the markets for a second trading day. we are joined with inside on the cyber threats from russia on u.s. politics. and steve ballmer drops the mic with the richest sports team owner. everything from how we drifted from bill gates to the $50 billion a shot that salesforce. priceline shares after-hours trading after third-quarter earnings beat estimates, despite the company announcing an, $1 billion write-down. we will tell you what to expect from the top tech stories of the week, including the biggest story of the year.
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that is the presidential election. joining us now from new york, paul sweeney a bloomberg intelligence. bloomberg tech starter reporter eric newcomer, in a cory johnson. we will start with priceline, announcing this big write-down of opentable. what do you make of this? >> this could have been a train wreck for them. they spent nearly $2 billion on its acquisition and having to write off so much of it shows this has been a money pit for them. they explained the right off a little bit in the press release. all companies should do this and do not, but these guys put their 10q the same day they put out their press release and earnings. it has a little more detail. they fundamentally say their post acquisition strategy was "premised on significant and rapid investment in international expansion." that resulted in limitedin progress. in other words, they sunk a lot of money into this thing, they
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thought it would keep growing, and it didn't. emily: they have positive things to say about opentable. inopentable's investments future growth include completion of the international technology platform, which will allow it to enter into the global market and to work at driving growth. we remain enthusiastic but the long-term prospects. angelina remain enthusiastic about their relationship. [laughter] >> they said, we are not going to put so much money into this thing. this is the fundamental problem with opentable. i use opentable like crazy. i made five reservations yesterday for a trip to new york next week. where are you from? >> macon, georgia. >> if you go there, do you need
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opentable to make a reservation? >> no. >> in hawaii, you do not need opentable. >> exactly, but you might in honolulu. the international expansion is by by definition. in muncie get to second-tier and third tier cities, -- and once you get to second-tier and third-year cities, it is not necessary. emily: how well-prepared are they to deal with a whole host of upstarts, whether it is airbnb or hotel tonight, all of these companies trying to disrupt the incumbent? yes, they have done acquisitions, but their biggest acquisitions were hotels.com and looking at businesses in europe in particular. the biggest difference with the you hotel business, the u.s. has networks of hotels. you have got your marriott
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hotels, and your ritz-carlton hotels. there are points systems that link travelers together. priceline has gone through your, hotels, linked these together and created this network. they hoped to do the same with opentable, but did not have the same success. emily: all right, moving onto alibaba. single day is coming up. in a couple day, the biggest shopping day of the year and in china, the biggest day by far for alibaba. paul, you have the numbers showing sales will be even bigger than previously expected, given the weak yuan. >> it is arguably going to spur transactions within china, as opposed to the chinese buying abroad. when you take a look at the single day numbers, the gross merchandise value they reported last year of about $40 million, just a huge number alone,
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expectations are that that number will grow dramatically this year. i think most investors really look at the growth rates, the trend in this company overtime. what we have seen, what investors have seen, is a very strong, organic growth grearaten china, which is the business funding the other investments around the globe. e-- other investments around the globe. emily: that said, how much is this really you know, a lot of shopping happening in one day, and how much of this is expert marketing on the part of alibaba? >> you are right. single day has become an incredible promotional event for alibaba itself. i think this year they have katy perry appearing during the television broadcast, which will have the huge audience and be a great promotional vehicle for alibaba specifically, and for just online shopping in general.
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but you are right, there has been accounting issues at the company, particularly as it relates to single day. when they report the gross merchandise value, there is a lot of fuzziness in that number. it is not an audited number. it includes sales that will never be paid for. salesit includes fake reported by the margins on the platform. it is not an audited number and most investors are not very concerned about the accounting issues. investors look at the gross merchandise value more for the directional tone they set. is the growth rate still exceptional, or is it decelerating? that is what the investors focus on, as opposed to the absolute number. emily: we will be watching all the numbers and single day is happening later this week. i do want to talk about the u.s. election, 24 hours to go. and then, hopefully, it will all
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be over. >> hopefully. emily: look, silicon valley has spoken and overwhelmingly favors hillary clinton. >> a pretty liberal place. emily: eric, you wrote a story about how difficult back in the day about how difficult it was defined a single trump supporter. some of theund to companies and there are a lot of political consultants here, even some of the one from the mccain campaign are not coming out for trump. i went to the local campaign committees to see if they attack people publicly supporting from. i literally could not find one. he is star third of standing ale here. emily: if trump is elected, will
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silicon valley spend a lot of time building bridges? what happens if he is elected? does silicon valley divorce f from the white houseoe for four plus years? >> unlikely. you will have political connections to the white house in relation to technology. california has always been willing to support republicans. our last governor was republican. two governors before that was republican. emily: this is a different brand of republican. >> this could be more about the particular policies around donald trump's immigration. but also, it would be hard to do business internationally if you affiliate yourself with the person who holds those views during the campaign. if that person is in the white house, that might be somebody you have to do business with.
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go,y: 24 to 36 hours to hopefully we get through it. paul sweeney, our bloomberg intelligence analyst in new york. usnk you all for helping create the week. and tuen ine in to bloomberg for complete election coverage, starting 7:00 p.m. in new york. tune in. still to come firyee shares on a tear. we will talk to the new ceo about the company's improving forecast and the rise of election hackers this election season, ♪ next. this is bloomberg. ♪
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emily: we are watching fireeye
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shares come up more than 20%. the company said a four year loss would not be as bad as the guidance laid out a few months ago. also, the painful process of job cuts paid out. 's ceo, us now, fireeye kevin mandia. this is our first time speaking since he became ceo. fireeye made its name investigating high-profile cyber attacks. but it struggled more with the shift to the cloud. what do you see your strategy relying on more, products or services? >> i think you have to do both. services are strategically important. we own that moment when there is a security breach. we get to see firsthand how attackers circumvent safeguards. then we have the ability to adapt to that. it is a very strategic thing. everybody says the threat has abated and we are still responding to pretty big threats.
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they are just coming from a different part of the world. emily: are you focusing on medium-sized companies or large companies? >> we are focusing on security companies. anyone in certain industries who want good enough security. enterprise?is 1a >> in industries where you cannot afford a bridge, where your reputation is on the line, or your information, maybe there are regulations you are compelled to follow and you have to maintain stalwart security mechanisms. emily: are you looking to add any missing functionality to better compete with whether it is palo alto networks or other acquisitions? >> i think it is interesting you mention the firewall companies. every time we respond to a breach there is a firewall there. it is obvious that the safeguards people must have do not prevent every breach. that is something that is hard for people to understand. they think, i have a security posture that is 90% effective.
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the problem is, 95% on the internet may not be that great. so, we are the company that, we believe that if you respond to every breach that matters we can bring all of that to bear all the time. anytime safeguards are abated, we can adapt, have a learning system, and update our customer security to the threats of today. emily: so, if there was any area of fireeye's portfolio you wanted to beef up, what would that be? >> we are always innovating to what is next. some will be more mobile than desktops. we go where the attacks are, quite frankly. that is just it. we are global. we are worldwide. we see a lot of attacks in south korea. we see a hot zone even in the united states. wherever the attackers are going, we will be there with products. emily: where are the attacks going?
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>> right now it depends on what you do. if you are an organization that makes cupcakes, you might not be targeted, but you could get copper must. actually, i look at media. it used to be that chinese espionage used to target meida. they wanted to know what published what. i think they have abated or lowered their threat presents. -- their threat presence. right now we are dealing with a russian state actor. they are just acting on a broader scale. emily: i know fireeye was involved in identifying the connection between that dnc hack and russia. do you foresee greater involvement in russia over the next 24 hours, and the next u.s. election, and even beyond that in the u.s. politics? >> i feel if you do clinical expert somehow, even though i am a nerd responding to breaches. but you start to recognize and 20 years into my career, all the
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breaches have a jewel political connection. a geopoliticalave connection. russian state actors are acting out of brashness. the minute we would respond to the breach, they would dissipate or disappear. now we are responding and they know we know they are there and they keep hacking. emily: how likely is an attack on the election system on election day, and what kind of attack do you imagine that would be? >> any attack could happen anytime. here is what i think. it is really hard to alter the election results. you can probably discredit the results. you can do all kinds of defaming. you never know who is really publishing things on the internet. it is one thing to have the capability to do it. it is another to exercise that capability.
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with all the experts watching the internet tomorrow, your risk profile will change. even if you could hack the election system somewhere, are you going to opt to do it or not will be the question. because i do not think he will get away with it. emily: you are saying if russia, are however, decides to flood the election server with traffic, that cannot be stopped? >> i remember in 2001, a canadian kid shut down some of the major websites on the internet. that is the new normal. we have to be ready. emily: how likely can something like that happen? >> 58%. no, i really do not know. i have been in this career for a long time and i can still not read the minds of attackers. ddoss are easy attacks to carry out. a target of attack to alter information, that is one that i
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think we would be able to pierce the anonymity on. emily: has reported that fireeye offers,d banks to field including one from symantec. >> i can tell you this. it is my job to make sure the company follows on the plan. we stay focused, heads down, on what we want to do. if somebody is interested in us, it is for the board to do their fiduciary duty. emily: kevin mandia from kevin , thank you for stopping by. sprint gives softbank an earnings boost as the japanese telecommunication company reports better-than-expected profit. the breakdown the numbers in tokyo, next. this is bloomberg. ♪
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emily: now to a story we are
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watching, the cofounder of the chinese conglomerate has admitted his empire is running out of cash. in a lengthy letter to employees, he apologized to shareholders and promised to slash the income to one yuan, which is about 15 cents. he also promised to move the company towards a more moderate phase of growth. we are now moving to tokyo. peter, what is your reaction to this? >> it is not a complete surprise to people who have been watching the expansion of leeco. jia has a very ambitious in his plans to expand. he started out as an online video service akin to never let. he has been -- service akin to netflix. he has been using the cash to move to smartphones and smart tv's. he moved to the u.s. to make an
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electric car, and then they did this acquisition for visio, the television maker. he has been using his leveraged approach to financing to expand. people have been speculating about a potential cash crunch. it is surprising that he sent an employees in this way. emily: i know you will keep a close eye on that for us. i do want to turn to softbank out of japan, reporting better-than-expected second-quarter profit with local wireless and internet businesses bringing in cash for the company. sprint's revival give the telecom company a boost. heater, what are your big takeaways about softbank's operation based on the numbers from this quarter? >> typically, the softbank operations are the least operations of the plans.
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we have seen the operations are stabilizing a bit. the japanese telecom operation continues to generate cash, which sony has used to make investments over the world. sprint was in crisis mode fora a couple years and they continue to add net subscribers. revenue has declined, and that spooked investors a little bit in the u.s. softbank is becoming more of an investment company. and in the conference call, he said he would spend more of his time focusing on investments. they put together this next ordinary investment fund to raise $100 million to make acquisitions around the world. this will allow him to move beyond this acquisition for the chipmaker. they want to other acquisitions that could take advantage of these tech trends we will see in the future. emily: now he is saying he will
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focus more on investment decisions at the company. what prompted that change and what does it mean? >> well, i think it is partly because he has people in place now running these individual operations he is comfortable with. in japan he has one of his old hands running the japanese telecom operations. he has some be running the sprint business. for a long time coming he was staying up late here in tokyo with the u.s. crew. now he does not have to do that anymore and now he gets to do the fun stuff. they are going to go out and put together some of these operations to take advantage of the internet of things, and the other opportunities around the world. his son has a strong track record of making these moves. he made tens of billions of dollars for the company making a stake in alibaba. emily: all right, peter, thank
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you. coming up, our conversation with microsoft's former ceo. he gives his thoughts on sales for the los angeles clippers and what he has in store for his second act. this is bloomberg. ♪
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angie: it is 1:30 in hong kong. in the next 24 hours, we should know who the next president in the united states should be. eighttest polls show votes cast and of those eight votes counted, clinton received four votes. she takes an early win in the tiny new hampshire town. hillary clinton's polls give her a lead over donald trump. ehe wrapped up his final kick and said he would take
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over the white house. samsung has been dropped into south korea's presidential scandal after investigators raided the headquarters. samsung may have given $3 million to a company owned by the man. the raid comes as company deals show a fallout. ts were estimated around $6 billion. in british prime minister -- and british prime minister theresa not going as planned. may said more students could be enrolled if modi speeds up plans. global news 24 hours a day, powered by 2600 journalists and analysts in more than 120 countries around the world. this is bloomberg. i'll get you a check on how the markets have been trading in the
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asian-pacific today. here is juliette saly. on reliefthe risk rally is continuing across asia. that is 371 points on the dow jones index. asian equities are continuing on from their pasta dishes an on positive decision on monday. most of southeast asia is looking incredibly positive. remember, this is on yen strength and also the nikkei rallied quite high during monday. hong kong is up by .25%. you can see it with a bit of a comeback in those property stocks and casino stocks also rallying, lifting hong kong for a second consecutive session. there is a little bit of a rally on the shanghai composite as well, though exports and imports missed the mark. currencies are also in focus today. south korea is now headed for
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its biggest gain in three weeks. this, as hillary clinton continues to have that lead. bit coming through out of safe haven assets. we will be live in london within the hour. emily: this is bloomberg technology. former microsoft ceo steve ballmer has opened up on his estranged relationship with bill gates for the first time. ballmer revealed it was his decision to move into smartphones after watching apple and android pass them by that led to the breakdown with his relationship with gates. take a listen. >> people like to focus on, bill was ceo or you were ceo. this was my baby and bill's baby. he was the senior partner and i was the junior partner. i would say that mom gets to
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decide more than dad. i take great satisfaction in what we accomplished the rep the time, not just when i became ceo. -- accomplished throughout the time, not just when i became ceo. when i became ceo, we had a terrible time. bill did not know how to work for anybody and i did not know how to manage anybody. i would say my life changed in 2008 when bill left the company. emily: how so? >> bill said, i am happy to help you, but i do not want you to need me. if you want me, great, but i have another life. in a sense, i finally felt like, we are not partners anymore. i have to take accountability. i think i did some of my best work at the company after bill left, actually. emily: really, like what? >> i sustained the investment. the a's really where we got into the cloud. we started what is now office
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365. we pushed into the hardware business. and now, my successor is taking things there to infinity and beyond, if you will. emily: how do you feel about being asked about your successes and your failures? >> at this stage, i am almost three years out, it is ancient history. i had a lot of success, yes. there are things i wish i had done differently, of course. i had started a company that had about $2.5 million in revenue and 30 people. i left a company that had $22 billion in profit. i feel like that net is pretty good success. emily: what is your relationship like with bill today? >> we have kind of drifted apart. he has his life and i have mine. microsoft was the thing that bound us. we started off as friends, but
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then got meshed around microsoft. since i have gone, we have really drifted a little bit. emily: you know, he was not happy about when you left. he left suddenly. what really happened? >> it was definitely not a simple thing for either one of us. i think tha t at the end of the day, there were two things. a little bit of a difference on the strategic direction of the company, which is a challenge. and number two, he and i had always had what i would call brotherly relationship in the good parts and bad parts. i just think towards the end that was a little bit more difficult, and not with the strategic direction change. you know, that stock prices as well. the rest of the board felt pressure, despite the fact that profits were going up.
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it was a combustible situation. youy: does it ever bother that you do not take credit for that? >> sure and no. at the end of the day, i have the comfort of knowing what i did and everything does not matter. emily: where did you want to take the company and where did he want to take the company? >> there was a fundamental disagreement about how important it was to be in the hardware business. the board was reluctant in supporting it. things came into climax around the phone business. >> on stage recently, he said missing the mobile phone was one of the biggest mistakes in microsoft history. what would you have done differently? >> i would of moved into the hardware business faster and recognized that what we had in the pc, where there was a separation of chips, business, and software was not largely going to reproduce itself in the mobile world. i wish i had thought about the model of subsidizing phones
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through the operators. you know, people like to point to this quote where i said, "iphones will never sell." the price was about $600 or $700 and there was this business innovation by apple. we should have been in the hardware business sooner in the phone case. we were still suffering what i would call some of the effects of the vista release of windows. hugeh sucked up a amount of resources. when you have a lot of your best engineers in a sense, being nonproductive for a while, it takes little. emily: would you have purchased nokia? >> i certainly wanted to. the board disagreed with that. i had decided to leave. if executed in a certain way, i think it made a lot of sense. the company chose to go in a
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different direction. that is the decision the company made. i see the stock price flying sky high and all you can say is, the market certainly agrees with the directions. i am super excited about that. emily: former microsoft ceo, steve ballmer. , when we discuss his move from the boardroom to the basketball court is the owner of the los angeles clippers. ♪
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emily: back to our exclusive conversation with former microsoft ceo steve ballmer. in 2014, he brought his enthusiasm to the basketball court, purchasing the clippers. i asked him about the purchase
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and what life is like as the new owner of a sports team. steve ballmer: i love the game. i love seeing us go out there and win, but there are aspects to be job as well. how do i properly interact with our coach, without basketball staff, with our players? what is my role? we have big decisions ahead of us in the arena? where do we go in terms of changing the way sports is reality, virtual and live statistics? emily: so, what are your hopes for a new season. and not to talk smack, but how can you beat the this year? >> it is kind of like what we say, anybody can beat anybody on any given night. emily: that said, the cavs and warriors are favored to get to
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the finals for the third year in a row. does the league have a competitive problem and do they need to fix it? >> i think our league is pretty competitive overtime, but in any given year, there are players who are difference makers. i think it is tougher to win it all if you do not have at least one and probably at least two of thsoose. emily: how is the search for the new arena going? >> we are searching. the first question is, what is out there for available land? what would it look like to build the building? we have some good confidence that we will find land, and we can build the building at a good price. i am theory interested in the building of an arena. before it is all said and done, i am sure we will talk to the staples guy. i don't think it ever makes sense to enter the arena negotiations with a landlord unless we have an option. emily: let's talk about your class you are teaching now
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because you are drilling down on government. >> when i retired in early 2014, my wife and i really -- she has been working for more than 10 years on issues of child welfare and what does it take to help support children who grow up in cover circumstances? -- grow up in tougher circumstances? i said, come on, the government takes care of that. we only have to pay our taxes correctly. she said, no, we can do better than that. number one, we locked in on a focus on kids who are born in communities where their probability of living the american dream, is very limited. but why the government project? because my wife challenged me. i said, i have to figure out what government does. how much money does it take in,
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how much does it put out? we came to the idea that we had to create something like an investor presentation, if you will. we are hoping to publish in early 2017. emily: what are the most troubling things you have found about the numbers? >> the government is making good progress in many ways. i was surprised about how good i felt, not perfect, but much better about government and the taxes. i came away with two big things. number one, what i call that savings programs. social security and medicare. enough to put aside revenue and expense to match. those things have lost money every year since 1980. second thing, we have to do consequently then, that will help us get thge debt under control. but the third thing, there are communities of people -- let's
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say you are born in the bottom 20%. if life was perfect, there would be a 20% chance you remain in the bottom 20%. there are people where that number is over 50%. that is not ok. every kid should have the opportunity. what does it take for government and for us as people with philanthropic and civic resources, what kinds of investments and not for profits and government programs? so, it has been interesting. but when you look at government, a lot of things are going well. but something's really not. emily: the work you are doing in philanthropy has been compared to what mark zuckerberg is doing with the zuckerberg initiative. talk to me about where you are going? >> we are trying to find the best of those not for profits that operate nationally and support them. two, we are very bullish
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on what they call place based strategies, where you bring a community together and you challenge everybody. number three, we will focus bulh on what they call place based in on certain cities. the ones we have a connection to our seattle, because we lived there, los angeles, because we own the basketball team, and detroit, because i grew up there. emily: coming up, why i there is some truth between the comparison between steve ballmer and tim cook. this is bloomberg. ♪
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emily: a mobile engagement platform for sports fans called ettingn is g outreach. we spoke with gary payton and asked how the app is encouraging youth to talk about sports.
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>> this is very important because you have got to understand. these kids are looking at us. they are analyzing us. the more famous people we get on this app, this is the more they want to be honest. because they want to associate with us. . if they see us watching a monday night football game and we are going back and forth, that is amazing to them. they want to keep doing that. oh, gary payton is on there, snoop doggie dog, is on there. let's talk. they will get more into this app, and then they want to be on it every night. we can go on there if gary payton is on there. let's trash talk with them and that is what they want. emily: he went on to say that athletes are investing with these apps because they want to share the v.i.p. treatment with fans. and back to our long-term show
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in our conversation with steve balmer. in part three, i asked him about his views on salesforce. he has a very public friendship with the ceo. but steve balmer said he could never get the math to work. >> it is too expensive. it is a fine company. is it a great company? i don't know. in my opinion, relative to earnings potential, it is dramatically overpriced. emily: do you think they are headed for a disaster? worldview, at some point in time, the market will ask companies to make profits commensurate with their market cap.. amazon does not either. they have great potential. it is a great company. when will be market demand that? i cannot say. when will they demand that from salesforce? i cannot say. emily: is amazon getting a pass from wall street?
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>> they are because i think people believe powerfully enough in the future of earnings. but you cannot tell me that in the future earnings and market cap are divorced. emily: when you join microsoft, you did not get a single share. is that true? >> that is congregated. i had a profit share. -- that is complicated. i had a profit share. i never had a stock share. my percentage of the company has been the source of ownership since then. emily: do you still own a portion of the company now? >> i still own 4%. and with the stock, you just have to consider the possibilities. emily: you have held onto your shares. why have you held on? >> i believed in myself. i ran a company i believed in
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and guess what? it is worth a bunch. the recognition in the marketplace of the profit stream we traded was not recognized during my tenure, but it is now being recognized. i would say i made a great investment by holding and number two, i have a lot of loyalty. certainly, if i started selling, what does that mean? that means i do not believe in the future of the company. i basically believe the people who are on board or work for companies, at least in leadership positions, they should hold onto their stock. emily: at what point do you think you might sell? >> that will be a decision i get to make th. the longer i get out of the company, the more it is not mine anymore, the more we are doing philanthropic lee, which is a big deal. these things will change. emily: we have calculated.
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you are worth $26 billion. how do you manage your investments once you get to that level of wealth? >> i am microsoft, some twitter, the clippers, and a bunch of index funds. emily: comparisons have been made between you and tim cook. what do you make of those comparisons? >> i mean, if you write it down on a piece of paper, founder, product oriented ceo replaced by non-founder more business oriented ceo, the comparison is perfect. if you say most of the revenue and profit was generated under my watch, yes. tim's watch? yes. those things are true. i think people are trying to extrapolate that. newng the tenure, the product assets were not filled. in my tenure, we got started in
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hardware and the clouds. apple is a lot more secretive. i cannot tell you what assets tim is building or not building. the jury is out on everything. worst thing anybody ever says to me is i am being compared to a guy who has done a great job at apple, so be it. emily: what do you want for the second act of steve ballmer? >> i want to have fun and make a civic contribution. i think some of the things we can do with the clippers can be very important physically inside the los angeles area. -- can be very important civic ly inside the los angeles area. i love watching my kids play. and the clippers are similar. i see myself as a very energetic guy, a thoughtful guy,
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a guy who have come from being shy and nerdy. but the grounding part throughout that is the ability to think through hard problems and hopefully, make a difference. emily: microsoft's former ceo, steve ballmer on bloomberg studio 1.0. you can watch this interview on podcast, itunes, and sound cloud. remember, all episodes of bloomberg tech are now live streaming on twitter. check us out weekdays at 6:00 p.m. in new york, three club p.m. in san francisco. tomorrow, tune in for coverage of the u.s. presidential election, starting at 7:00 p.m. new york time. this is bloomberg. ♪
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>> america decides. the big day is finally here after one of the most bitter election campaigns in memory. asian equities extend their gains as the latest polls put clinton narrowly ahead. u.s. futures slip. china's exports dropped for a seventh straight month. a brexit budget vote. a warning that to leave the -- great cost the britain 25 billion pounds. ♪

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