tv Bloomberg Technology Bloomberg November 18, 2016 11:00pm-12:01am EST
>> let's begin with a check of first word news. president-elect donald trump has agreed to settle fraud lawsuits over trump university for $25 million. the suit alleged the university failed to deliver the education it had promised. the deal doesn't require mr. trump to acknowledge wrongdoing. president obama is blocking the sale of drilling rights in the arctic and atlantic for five years. oil and gas companies have been seeking new offshore options. an alaska republican joined the rest of her state's congressional delegation in criticizing the move, calling it shortsighted.
since the cease-fire collapsed in syria, more than 1000 people have died in the besieged city of aleppo. that is according to a monitoring group. the death toll includes more than 230 children. turkey's state-run news agency says 76 academics have been detained in istanbul. it is part of the ongoing investigation into the movement allegedly responsible for that attempted coup back in july. the government arrested nearly 37,000 people and fired or suspended 100,000 more from government jobs. in new york, i'm mark crumpton. "bloomberg technology" is next. ♪
emily: i'm emily chang and this is "bloomberg technology." president-elect trump is picking his team but his choices won't please those looking for postelection moderation. plus, social media under fire. facebook and twitter have very different ways of handling the postelection backlash. and, the backlog of companies ready to go public is growing but trump's uncertain policies could be bad news for tech ipo's. what happened to u.s. cyber and national security policies with trumpet in the white house? it is a key question after the president-elect named alabama senator jeff sessions as attorney general and kansas representative mike pompeo as head of the cia. michael flynn will be national security advisor. what do they stand for? what happens to the strong bridge the white house built between washington and silicon valley? obama appointed the first cdo,
chief data scientist. obama attended the tech heavy sxsw interactive festival, hosted a q&a, held twitter town halls, and seemed to have a direct line to bill gates, mark zuckerberg, and tim cook. joining us now, bill faries, who leads the bloomberg news team of reporters covering national security, and jonathan aberman, who has worked with darpa, the department of homeland security, and the department of defense. thank you so much for joining us. bill, you lead the team of reporters in our d.c. bureau covering national security. walk us through these picks and what they mean for the issues silicon valley cares about. bill: thanks, emily. after some fits and starts, we
saw donald trump pick three very strong personalities for his national security team. to start with the cia, you have mike pompeo. kansas republican congressman, really cut his teeth on the benghazi investigations, and was perhaps the harshest critic of hillary clinton throughout those hearings. you have michael flynn, whose appointment to national security advisor -- remember, he does not need senate confirmation -- has raised a lot of questions with democrats about conflicts of interest. he has accepted money from russia's state-owned media outlet. he has business ties to people affiliated with the turkish government. a lot of questions are being raised but there's not a lot democrats can do to stop that appointment. finally jeff sessions, who first came to national attention almost 30 years ago when he was
unable to win senate confirmation for some racial comments he made. subsequently became a senator. well-regarded as someone who knows a lot, focuses on the details, but this is a guy who will be in charge of enforcing u.s. civil rights laws. for many people, his appointment would raise a lot of concerns. i think a lot of this will come out in the confirmation hearings. flynn doesn't require confirmation. emily: with michael flynn, jonathan, you worked with him at the department of defense intelligence agency. talk to us about what he's like and what he means for these issues. jonathan: i didn't work directly with general flynn. i worked with his chief innovation officer on how to get entrepreneurs engaged in national security. i think his experience -- it is indicative of ash carter's experience with secretary of defense. there's a big need for innovators in silicon valley to engage in national security.
a lot of threats we face are viral. i think you are going to see somebody who understands that as an issue. for people who worry about whether the outreach efforts of secretary carter will continue, i think this is a good sign. emily: bill, a lot of the conversation around jeff sessions has focused on potentially racist remarks made a long time ago. he also has some strong views on immigration. he's against a path to citizenship. he's very supportive of the wall that donald trump talked about building. this is a huge issue for tech companies that rely on visas and skilled workers coming from outside the country. does this give us any more clarity on how immigration policy under donald trump will play out? bill: he has been in the same category as trump when it comes to immigration.
he has been very strong against what he calls illegal immigration. he defended candidate trump during the campaign when he made about tanning muslims -- banning muslims from the united states. i think there is a lot of concern with sessions and with the other two appointments. anyone who thought that governing would be a moderating experience under trump, i think we are seeing that, no, he is picking people in line with the views he expressed in the campaign. emily: jeff sessions was also talked about as a possible candidate for department of defense. now they are speculating about tom cotton, senator of arkansas. defense secretary ash carter has been out to silicon valley multiple times. we had an entrepreneur on who said he's met with him four or five times in the last year. i sat down with secretary carter a year ago and talked about
building this bridge with silicon valley that, for a long time, the relationship had been broadly ignored. take a listen. secretary carter: we need to be a technology leader to protect our country. we can be a technology leader only if we partner with folks out here. emily: as you know, jonathan, silicon valley broadly did not support donald trump and was very vocal about it. what sort of bridge do you expect the defense secretary, whoever it is, to build or maintain with this part of the country? jonathan: first of all, there's no doubt -- anybody in innovation knows that immigration is a big driver of five this country has been so great at innovation. speaking more narrowly on national security, ash carter was part of a trend, but he didn't start the trend.
the need for dod to work with innovators in silicon valley and washington, d.c., that is not a new thing. department of defense has had a relationship with innovators in this country since the space race and before. silicon valley got its start because of nasa and the need for semiconductor technology. i don't think it matters who the secretary of defense is. this is a big issue. we need the technology to drive our nation forward. dod has been the backbone of everything that matters. i do think it matters from a standpoint of policy and orientation. people in silicon valley are justifiably concerned about immigration. but innovation and technology is very tightly entwined in this country. emily: you did say this could be an opportunity for a reset between washington and silicon valley. what kind of reset do you think
is needed and is likely? jonathan: what i was getting at is that secretary carter, department of homeland security, and other agencies, has made a big push to get out in silicon valley. this administration did not raise a lot of money in silicon valley and wasn't the candidate of silicon valley. perhaps there's an opportunity for other regions in the united states to have their innovators build the same relationship that secretary carter and others wanted in silicon valley. one of the things that limited the success of these outreach efforts were how to engage in the government contracting industry. companies like booz allen and others understand how to get technology into programs a record and that is a big hurdle for young emerging companies to deal with. i think there's an opportunity
right now to look at the issues of acquisition reform, the issues of how to get technology converted from early prototypes into programs of record, which is a really important challenge, and maybe more important for national security than reaching garage inventors when you look at things overall. emily: bill, jeff sessions as attorney general would be in charge of following through on trump's promises to further investigate hillary clinton's e-mail situation. sessions had been supportive of a special prosecutor. do you think this is something he will follow through on? bill: i think that is ultimately up to the president. when donald trump does his -- did his interview on "60 minutes," he said he didn't want to hurt the clintons. i think that is something he will have to decide early on. there certainly are people in the congress who would like to see those investigations pursued to their conclusion. emily: all right, bill faries of bloomberg news, jonathan aberman, founder of amplifier ventures -- excuse me, thanks so
emily: turning now to houzz, the online home decor startup expanding to india. it marks the entry into its 14th market after establishing itself in singapore, australia, and japan. i asked about the launch in india and what growth opportunities she sees there. adi: india has been a great market for us.
we have a prominent community in india. we have over one million community members coming to that platform every month and more than 40,000 professionals already very active on the platform. there was strong demand to localize the platform for them, as well as our users all over the world that are very interested in india and everything that comes from india, from ideas to products. we felt like it was the right time to go in. emily: it is a huge market. how much business do you think it will drive? adi: i think it's going to be very prominent. like every country we launched outside of the u.s., we're going to be focused, localizing the experience, making sure we provide the features and technology and content exactly as needed by these industries in india. the monetization and business will follow. emily: there are obviously strong local players.
amazon is making a big bet on india. what do you think gives you the edge? adi: basically, houzz is the only player in this industry that provides end to end solutions. everything people need from the inspiration and ideas to the great service providers and professionals, products and materials, really folding it all under one roof. as well as that global community. we found it very powerful when people can get ideas, collaborate, hire people from different places, as well as have access to products and materials from all over the world. emily: you have raised over $213 million. what is your take on the broader environment? a lot has changed. how do you think that a president trump will impact the overall environment in general? adi: in general, i think it's a good practice to build an independent company.
and then all the options are going to be open to you. we always did that. we know how to build companies. this is how we don't it originally -- built it originally, in a very lean way. when you have the ability to choose whether you want to raise or don't want to raise, everything is open. in terms of what is going on with the election, i think that what we've seen in the industry and what we're hearing from our homeowners -- first of all, the plans for renovation are starting way before the actual execution. 6, 9 months before. many of these plans are being executed now based on things that people don't long before the election. when we are acting in the last few years and we have hundreds of thousands of participants,
and we ask, why are you renovating, decorating, the number one priority now that we are hearing is, to improve our quality of life, to improve the functionality for our families. no president or election is going to interfere with that. this is the place where people feel like they have full control, full power to build something they love. emily: you mentioned your husband. he is the president. what have you learned about working together? adi: we learned that actually having a cofounder that you truly trust and you know very well is very, very powerful. and we do know each other very well. we've been together for more than 20 years. understanding each other's strengths and weaknesses is very helpful. trust is a big thing.
you need to learn how to put boundaries between home and work. has the company grew and our kids grew, we had to reinvent ourselves again and again. it is a fun adventure. emily: all right. on the topic of staying independent or being independent and giving yourself the tools you need to do so, what are your plans for an ipo? adi: ipo or any financing event was never the goal for us. it is important to provide liquidity to employees and investors and to be very thoughtful about these things, but it is not a goal. i think that building a strong company with a strong business gives you the opportunity to decide whether it is the right time to go public or not. we're definitely thinking about the right timing for different events but it was never a goal. emily: that was houzz ceo adi
emily: two stocks we're watching. salesforce shares rose the most in a month. software contracts with larger clients and reason i pledge -- recent acquisition benefits in the second quarter. announcing a buyback and earnings that beat analysts estimates. crowdfunding platform indiegogo is stepping into the equities space. it teamed up with micro ventures to launch a crowdfunding portal. the new site will give entrepreneurs the option of
offering investors an equity stake in their projects. for more, slava rubin joins us from new york. what does this mean? does this mean anybody can get an equity stake in a startup they back on indiegogo? slava: exactly right. we launched in january, 2008 and we are entering equity crowdfunding. when we came up with the idea, we wanted to do equity crowdfunding right away, but we learned about the rules that stopped us. today we are able to launch something that changes that. everybody in america who is of legal age can now invest in a company and get the financial returns. emily: indiegogo was made possible in part by the jobs act, which came into effect under the obama administration. what sort of policies do you expect from donald trump when it comes to entrepreneurs and small businesses?
slava: indiegogo was launched in 2008, prior to the jobs act, but we were excited to see in the jobs act that they looked to relieve some of the rules around being able to invest as an individual into equity crowdfunding. four years later, it is finally live. in terms of what we see in limitations, it seems like in the trump market, some of the financial institutions have had a bump. i believe they think there's going to be some loosening of regulations. if that is true as it relates to equity crowdfunding, this could be positive. the current state of the jobs act is you have a limit of $1 million a company can raise or an individual can max out at $2000 or $10,000 depending on their net worth, how much they can invest. there is the potential that there could be loosening there. emily: going through your
numbers, you say that rough the 23% of backers supported more than one campaign, which means the majority are supporting just one campaign. what does that say to you? does that say that investors are really doing this as a one-off or that people really want to get into this as a career? slava: two dates, no one has been able to invest until this week, so statute you are referring to is individuals investing because they know the person or they want the product. this is going to be a very exciting time. over 98% of america are not accredited investors. they don't have $1 million in net worth. this is really opening up the market to most of america. over 98% of them will now be able to invest into their neighbor, the local coffee shop, or the movie they want to fund.
emily: there's some variety in the kind of businesses started on indiegogo. since 2008, what are the most popular kinds of businesses, and do you see certain trends consolidating around certain verticals? slava: we've had creative projects, and different products, but we are really seeing a lot of momentum in the last few years in those hardware projects, those innovations, whether it is canary, a security device which is out of new york and doing really well, or you have misfit, which ends up selling for over $200 million. right now you have another one of those hardware devices, a ball that has smart sensors that connect to your mobile device. now anybody can invest in that company. emily: slava rubin, indiegogo founder, thank you so much for joining us.
mark: i'm mark crumpton. you are watching "bloomberg technology." acknowledging zika is here to stay, the united nations health agency is lifting an emergency declaration against the virus. the world health organization is shifting to a longer-term approach. nearly 30 countries have reported birth defects linked to zika. the president of peru warns that the u.s. presidential election is a sign of growing hostility to free trade that threatens the global economy. he made his remarks at the opening of the apex summit in lima. he said that global trade has already stopped in the last two years and would get worse if nations close off their
economies. christine lagarde, managing director of the international monetary fund, is attending the summit. she discussed one of trump's signature proposals. >> we would be very happy to see investment in infrastructure. a combination of public incentives and support and private engagement. mark: lagarde says she hopes to work well with the incoming trump administration. the polish president said he had a friendly phone conversation with president-elect from that helped ease concerns over security and relations between the nato allies. >> he told me to stay calm and assured me cooperation between poland and the u.s. would develop well. this to me was a very good signal. i've no doubt the u.s. is poland's strategic partner.
mark: resident duda said he was reassured by mr. trump, whose campaign rhetoric raised questions about his commitment to the military alliance. the final rush of public opinion polls in italy reveals voters are leaning toward rejecting constitutional reforms. four surveys showed the no camp in the lead. prime minister matteo renzi has promised to resign if voters reject the reforms which he says would streamline government decisions. german chancellor angela merkel may provide more details this weekend about whether she will seek a fourth term. chancellor merkel will hold a conference in berlin. the parties congress is in early december. cleveland school district will replace hundreds of drinking fountains, outdoor spigot, and other water fixtures after high lead levels were found in the water at 60 buildings. nationwide testing found that 9%
of drinking water sources in school buildings in the u.s. exceeded standards set by the environmental protection agency. global news 24 hours a day powered by more than 2600 journalists and analysts in over 120 countries. i'm mark crumpton. emily: this is "bloomberg technology." in this edition of our tech week in review, we're focused on social media. facebook and twitter are under scrutiny for different responses to backlash since the election of donald trump. facebook dismissing the influence of fake news. ceo mark zuckerberg wrote, more than 99% of what people see is authentic. this makes it extremely unlikely hoaxes changed the outcome of this election. it has been a very painful election for many people.
it's important to understand the perspective of the other side. on the other side, there's twitter, this week enabling users to filter out abusive content, but also choosing to suspend a handful of accounts promoting the alt right, a group tied to white supremacists and support for donald trump, which leaves us with the debate of who is doing this right. sarah frier and eric newcomer are here along with tom metcalf. we've come a long way in just a week. you have mark zuckerberg denying facebook had anything to do with the outcome. you have president obama talking about fake news running rampant on the site. sarah, is there any indication from what you are hearing that mark zuckerberg is changing his mind? sarah: i think zuckerberg is going to want to do what is best for the user experience. in the past, they've pulled their users and the users don't like being misled. even if it is 1% of the news that is fake, and some people
suggest it might be more than that, people don't want that. it doesn't create a safe environment for facebook. there are people who are telling zuckerberg, you need to take more responsibility for this. yo i think zuckerberg, he seemso be holding fast to the notion that he's not responsible in public. emily: there are reports that employees are horrified and going rogue. sarah: protesting. people have talked to me too, current and former employees, about ways they think of solving this problem that they really wish could be implemented in a stricter way. facebook has tried to solve the problem in the past. there is a lot more than just fake news. it is propaganda sites that are getting spread. emily: i would sort of quibble with him talking about the quantity of news versus what the fake news is. when you have a story about the pope endorsing donald trump that
is completely untrue and has a major impact on the news cycle for a time, that is a very important 1%. >> 1% on facebook is a ton of content. a lot of facebook isn't news. not to overly take mark zuckerberg overly literally here, but 1% would be a ton. if a news organization had 1% of its content fake, that would be super troubling. sarah: that was the point made by a former employee. facebook has become such a databased organization, but you have to think about things beyond the data and think about their impact. 1% might be fine for an engineering error, but for the information the public gets about a critical election -- emily: eric, you wrote our bloomberg tech column, and you had an interesting take.
you said, bring back my low. -- milo. milo, the breitbart writer who was banned from twitter. twitter has now gone on to ban other accounts tied to white supremacy. you say that is the wrong approach. eric: twitter and facebook don't have to be different. they should let anybody published on the platform. the problem is they are creating this toxic experience. what they need to do is protect the user, make it easier to block people, and find an experience they find enjoyable. on one hand, let people publish, but give users more control over what they see. facebook does a good job of that. twitter does a terrible job of that. it is a sort of wild west. sarah: eric, i want to -- eric: you disagree? sarah: the social networks are not government organizations. they are not beholden to free speech regulations.
these are companies with profit models. twitter is not profitable and they need to create a brand-safe environment to attract advertisers. it is the same reason facebook doesn't allow pictures of breast-feeding. not because breast-feeding is bad. some people really disagree with that. it is because they want to create an environment where advertisers want to spend money to put their messages next to the stuff. eric: i have some subjective views here, but for them i would say that is where the curated environments happen. for facebook, it is the feed where they are calculating what should appear. when you're own wall, you should be free to express what you want. emily: we've talked to a number of different investors, the ceo of reddit, and almost universally, they say facebook shouldn't be having more human involvement.
the idea is perhaps that more human intervention could have prevented things like this, which runs counter to mark's claim that, we are a tech company, not a media company. eric: however they want to solve it, it is going to be a human solution. these algorithms are built by people. their preferences are driven by the values of their employees. to say, should people solve it or algorithms, it is the same. they are building the tracks. it is when they let the decision get made by a machine. emily: i don't want tom to get left out. all this criticism is falling on facebook and twitter. snapchat has filed for its ipo and seems to be blissfully avoiding any kind of controversy. i saw one tweet that said, 100 million people didn't vote, but they stood in line for spectacles, snapchat's new video glasses that are being sold out of some vending machine.
tom, you have a piece out about what the ipo could mean for the founders. tom: snapchat could hit $25 billion in ipo. based on the last round of funding, pretty high some would say, you've got the founders still holding 38% of that company according to data provided to us. at the moment, they are a $2.9 billion fortune. if they hit this $25 billion valuation range, the question is, this is like the definition of pay for wealth. i spoke today to an analyst who said, i'm seeing all these people desperately trying to subscribe. he's confident they are going to hit that ipo. emily: you have comparisons to uber and airbnb.
they have not filed for an ipo. snapchat has beaten them as far as we know to the punch. tom: airbnb, they've raised billions of dollars and still managed to hold about 23% of the company together. we don't know the precise split. on the airbnb side, you've got three cofounders. that is again quite interesting. these founders have sort of managed not to get too diluted. it is not like where they are down to single digits. these guys still hold massive positions. sarah: and they are maintaining control of the voting power even more so than zuckerberg had were larry and sergey at google. evan and bobby will retain a vast majority of the voting control over snapchat after the ipo. emily: spectacles, are they going to add to the bottom line? sarah: it is so hard to tell. it is such a small set of products available now.
people are standing in line for them. people are saying, have you ever seen someone wait that long for a product from facebook? i've seen people wait in line to try oculus, but this is a product that is really causing a lot of excitement. we've seen it go on ebay for $1200. emily: i saw higher prices on ebay. sarah: and people are buying them out of vending machines. they are putting these vending machines in picturesque locations. they were at big sur, northern california. they started at venice beach. they want people to put these glasses on. they are just so easy to use that people are loving it. tom: and they've not given them out to the media. emily: i did get a memo that said, we are not giving these to the media.
you can't try them unless you try really hard. sarah frier and eric newcomer, billionaires reporter tom metcalf, thank you so much for breaking down the week that was. coming up, the head of melbourne's accelerator program explains why aussie startups are eyeing a future in the u.s. this is bloomberg. ♪
emily: the heads of melbourne's accelerator program are wrapping up a trip to silicon valley. their pitch, australian startups moving to the u.s. is good for both countries. the director of that program joins me now. interesting week to be visiting the united states and silicon valley i'm sure. what kind of people did you meet? what kind of companies did you meet with?
rohan: we met with a bunch of different types of people. investors, entrepreneurs, universities, and the real objective was to connect our entrepreneurs with people who could help them build their businesses. emily: you talked about why so many australian startups are moving to the united states and why that is not a bad thing. what do you mean? rohan: there are two cities that are synonymous with an industry, and that is los angeles and san francisco, with entertainment and technology. when australians go to l.a. to try to break into hollywood, we applaud them. but previously, entrepreneurs going to silicon valley, we lamented them leaving. we have moved on from that. australia is a small market. we have to clean 4 million people. you have 320 million people here. if they are going to build a global business, they need
global networks. it is important that entrepreneurs from australia are moving overseas, forging networks, and making relationships. emily: do you think it is important for those companies to ultimately move back? rohan: the patriot in me would like there to be present in australia so we can benefit as well. melbourne is ranked the most livable city in the world. a lot of entrepreneurs do move back. there are plenty of people who made a career and a life in the u.s. that is part of the world we live in these days. emily: what are some things you learned on your trip that may have surprised you? rohan: i've been to silicon valley quite a few times, but it has been interesting given the election last week. one thing i was surprised by his the resilience of silicon valley. they are going to go on and do things. we didn't know how it was going to go. that was the takeaway. emily: from the outside looking in, what is your take? we've been talking about what a trump election means for silicon valley, for technology.
what is your view as somebody who lives outside the united states? rohan: it has been very interesting to watch the election. for australians, entrepreneurs, a number of our friends have come to do that, so i think the concerns around immigration are valid for australians. the president-elect has softened a bit on his stance, but hopefully that won't have too much impact for australians. emily: do you talk to people who feel like they are in limbo? rohan: not yet. they are pragmatic and they are biting their time. there is still a lot of time until he come -- becomes president. emily: what are the biggest challenges you think australian entrepreneurs face that you would like to change? rohan: australians have a fairly self-deprecating and laid-back attitude. when you have an australian pitching a business, they kind of say, it is a pretty good idea, and it could be the best
company in the world but they are not going to say that. in america -- emily: channel the travis kalanick -- i am awesome. rohan: exactly. i would like to see australians having more confidence when they come over here. emily: interesting. rohan workman, melbourne accelerator program. thanks for stopping by. a story we've been following is now official. drift kings and fan dual are merging after months of speculation. the tie up creates a company that would control more than 90% of the daily fantasy sports industry. draft kings will lead as ceo wow the -- while the fanduel's cofounder will chair the board. we will see if the merger stands up through a presidential transition. still to come, the race to create superhumans. we will head to zurich for what has been dubbed the world's first cyber olympics. this is bloomberg. ♪
emily: the world's first cyborg olympics is underway in zurich. 66 teams from around the world have paired up scientists with robotics and physically disabled people to push the limits of aggressive assistive technology. check it out. >> 66 teams from across the globe have come to zurich for a unique invitation. in a true blending of man and machine, people with disabilities are competing head to head. it has been dubbed the world's first cyborg olympics. the rules of the games are simple. robot assists, neurologists, and
other researchers are paired with disabled competitors that have been robotically enhanced. races are based on different disabilities. the fastest time wins. competitors are grouped as closely in ability as possible to avoid unfair competition. the technology can be conceptual or off-the-shelf. it just has to be safe. the mission, to improve assisted technology and better integrate those with disabilities in everyday life. i've come to meet with the team from imperial college london. kevin has a cutting-edge robotic arm after an industrial accident more than three decades ago. a computer programmer, his mechanical arm has dramatically improved his life. he's competing in the arm prosthetic race, where he will perform household chores like hanging clothes and cutting bread. twitching my muscle.
you can see the twitch going in the muscle. what level i want. i can do a closed hand. >> the university is using his experience to identify limitations of current technologies. the team hopes to use this info to develop and commercialize their own device. [applause] >> also on the imperial college team is johnny, who broke his neck in a trampoline accident when he was 16. he can't move his legs, but by placing electrodes on his skin, he can pedal a modified bicycle. >> the hamstrings and the glutes as well, and it comes out in these wires here. this fires the muscles and enables my legs to go around. >> the electric shock would buckle you or me, but he can't feel it. the university is building a.i.
that will monitor things like how tired his legs get. but this is not just an event to see who can run fastest or jump highest, but how tech is assisting people with severe disabilities do everyday tasks. johnny blitzed his qualifying race. he is through to the final. he starts strong, but quickly falls behind. the california competitor has some of the most advanced technology in the world. johnny comes in second, but his coach couldn't be happier. chuffed. excellent. really pleased. >> the research has broad implications. scientists believe studying people with severe handicaps can lead to building robots or breakthroughs in self driving cars. there are no cash prizes for the winners, but it is about pushing
the limits of science. emily: as if elon musk didn't have his hands full with the mega merger this week, the spacex ceo asked permission to launch 425,000 satellites into space. he has an ambitious plan to provide global internet coverage. the satellites will fly lower than many currently in orbit, which in theory will provide speeds similar to fiber optics and cable. as of now there are 1100 act of satellites in orbit. so spacex is asking to more than double the number of satellites circling the globe. we don't know yet when spacex will begin launching them, but it will take an estimated 90 launches to put them all in place. that does it for this friday edition of "bloomberg technology." all episodes now live streaming on twitter.