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tv   Bloomberg Technology  Bloomberg  January 30, 2017 5:00pm-6:01pm EST

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with majority muslim populations. it is and is the first state attorney general to announce legal action over policy. estebanond santiago -- guiltyo has pleaded not after the judge took in usual step of reading the entire 17 page indictment allowed in court , with repeated emphasis on the victims names. former president obama said he is heartened by the level of engagement over the travel ban and disagrees with religious discrimination of any kind. mr. obama said citizens gathered to have voices heard by elected exactlys and that's what the nation expects to see when american values are at stake. wd former president george h bush has been released from the hospital, saying he is thankful for the prayers and kind messages he received during his
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stay at houston methodist hospital. global news, 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i'm alisa parenti. this is bloomberg. up next is "bloomberg technology." caroline: i'm caroline hyde, and this is "bloomberg technology." tech mobilizes against the travel ban. cut through the details and theusion and analyze political opposition streaming out of silicon valley. plus the world's richest man speaks out against the immigration fallout. ahead.tes weighs in and snap decides to roll with the 90 over the nasdaq. what could be the biggest tech ipo since facebook?
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finds his voice is president trump's immigration ban fuels outrage across the tech sector. signed an trump executive order restricting immigrants from seven predominantly muslim countries. next actionted his may be an even bigger blow. secretary seanss spicer address the reform efforts earlier. >> you've artie seen a lot of action on immigration. i think there is an overall need to look at all these programs. you will see both executive action and some copper hints of legislative measures with a way to address immigration as a whole and through these programs. caroline: we're joined by alex wayne in washington. consternation coming from tech
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leaders in silicon valley when it comes to the executive order, and now the focus on what could be attacks against these is as well. b order is ahis h1 much bigger threat to silicon valley than the order that trump issued on friday, although i benk the visa order could more popular among average americans than the immigration order on friday. especially in congress among republicans and democrats, there has been concern that tech companies have abused the h1b they used it to recruit overseas engineers at the expense of american ones and essentially used it to suppress salaries for tech workers here in the u.s. seeinge: we're just pictures of the protests that occurred over the weekend. there has been some talk coming back from president trump about the reasoning behind these
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particular demonstrations, perhaps the chaos that we saw at the airports. >> for sure. he says this order was entirely aimed at making the u.s. safer and has compared it to a review of iraqi refugees, dealing with the flow of iraqi refugees from that country by president barack obama. there are some key differences. in 2011, the obama administration said they had specific, credible evidence that iraqi nationals might be planning terror attacks in the u.s. and in fact, two people were arrested in kentucky shortly before obama issued that order. in this case, the trumpet ministration hasn't offered any evidence or even asserted that there is a's civic, credible threat to the united eights. they have simply impose this order and claimed that it has to be in place for security reasons. caroline: alex wayne, thank you.
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u.s. tech leaders came together over the weekend in response to president trump's immigration order. >> facebook ceo mark zuckerberg was one of the first tech leaders to speak out. a post on friday he wrote, like many of you, i'm concerned about the impact of the recent executive order signed by president trump. say,ed to keep the country but we should do that by focusing on people who actually pose a threat. the netflix ceo wrote the next day, trump's actions are hurting netflix employees around the world and are so un-american it pains us all. statements appeared to grow in intensity over the weekend after protests andh amid a taxi strike. tweeted, the travel ban is against everything uber stands for. willriver who cannot work
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be compensated for lost earnings. also promising to donate a million dollars to the aclu over three years. housing tooffering anyone not allowed into the u.s.. tweeted, the blanket entry ban on citizens from certain primarily muslim countries is not the best way to address the country's challenges. he went on to ask followers to read the immigration order, saying let me know specific amendments. we will seek advisory council consensus and present to the president. at least half of the top 20 u.s. tech companies were founded or are currently led by an immigrant. , the those microsoft ceo google ceo, and apple ceo tim cook, all issuing statements condemning the travel ban and supporting their immigrant employees.
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now for more on the tech industry impact of resident trucks immigration order, let's stone and peter alstom. we are seeing tech standup unified in anger, it seems. >> it's a massive political repudiation of the trump administration. two things are going on here. has derivedey enormous strength from immigrants. these are blue state companies and their employees by and large did not want to see donald trump president. they are reacting very negatively to this immigration executive order and i think they are putting a lot of pressure on their leaders to come out and take a stand. steve jobsany citing
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himself was the son of a syrian. there is much concern building among those same tech leaders that next will be the thesis that will be analyzed and maybe executive ordered against. visas that will be analyzed. inthese help bring workers from around the world for either short-term or longer-term assignments. we saw the draft of an executive order, it has not been signed by president trump and may be modified report is signed into law. but there are couple of things that are very clear. some programs do not work to the original purpose of their legislation, and the changes are consistent with the kind of populist statements at president trump has made. it looks like trump and congress will look at a variety of reforms aimed in the direction of giving american workers more priority and then paying workers who come in from outside or
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money instead of bringing in lower wage workers in trying to pay them more. caroline: what seems so interesting here but perhaps as , thereel to the fire were some all of branches to begin with. is all of that going to unwind? schmidtep seeing eric going to the white house and going to trump tower. they see the need to be on the business council, despite the pr price they're paying for being affiliated with trump. they want to push their agendas. that's why they are trying to advocate on their own behalf. caroline: is there any update as to the timing of this? i know you said perhaps the executive power is not quite as
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strong on this front, could we see something this week? >> there is speculation about it coming relatively soon. it will be given -- difficult to tell, i think you will see a issue withthe h1b the u.s. tech companies that are recruiting highly paid workers from overseas to work on specialized assignments and the outsourcing companies that have typically brought in workers that are paid less money. the reforms are aimed at trying to split those two and looking at the differences between them. as that gore fewer vis to the outsourcing company, then more are available to apple and google and those bringing in specialized work. caroline: when were looking at some of the actions where seeing , looking at donations to the aclu, that seems to be an interesting tack that some are
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taking, perhaps not speaking out directly against president trump but trying to put in place help for those to come here and work. >> you are seeing tech ceos strive to demonstrate their bona fides. support oflaintiff refugees, brian chesky hit a home run. lyft donated a million dollars to the aclu, and then poor, sad uber kind of stumbling. there's not a lot of rationality behind this delete uber campaign we are seeing on twitter right now. anti-trump crowd concluded there were not being strident enough in their communications on the immigration executive order, and here they are stumbling to strengthen their own statement. so there's a little bit of optics at play here. caroline: we'll discuss that a little more with you, brad. us from tokyo, a
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beautiful morning. we are also keeping a close watch on the markets. u.s. stocks pull back in a big way in the session, the dow's worst drop since before the u.s. election. abigail doolittle is joining me from new york. take it away, abigail. >> it certainly was a rough day for stocks here in the u.s., stocks all their worst is the year led by the nasdaq. we have a great chart that exemplifies this. down nearly 1.5%, recovering to some degree but the high beta stocks led the charge down. biggest dragshe included outlook that, microsoft, facebook, and netflix. but those companies have in common is what you all have been talking about this evening, the fact that the head of these
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companies did come out against the trump travel ban, creating concern that perhaps it could work against these companies. something that criticism out of silicon valley against the travel ban was the strongest. as for what it can mean to these companies and their stock, i spoke to paul sweeney just moments ago. it really comes against an issue of headcount, their ability to attract new talent, and long-term it could truly be a negative. it could be negative for the sector. this chart suggests that tech is overextended well above the 200 day moving average while the relative strength index suggest that today's declines could be the beginning of a little bit of a pullback for the tech sector in the week ahead. caroline: thanks so much, abigail doolittle, from new york.
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coming up, snap, the long-awaited ipo. the signals for the popularity of nasdaq, next. this is bloomberg. ♪
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caroline: after a long courtship, snap has chosen a .uture -- suitor it will list on the new york stock exchange instead of the nasdaq later this year. glitch botched facebook's initial public offering. be marry and live
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long when it comes to the nasdaq. >> absolutely. there are a lot of people in the markets right now that are worried that nasdaq had that technical glitch and no one wants that to happen again. ipos have gone to the music stock exchange. there is another factor -- to the new york stock exchange. the new york stock exchange has been using snapchat quite frequently. they shown that they understand the product and they certainly been working to appeal to snapchat separately of this battle. social media know how seems to pay dividends. where expecting a little more meat to the bone in terms of public information coming out later this week. x absolutely. snap has out privately to go for an ipo under the jobs act. those documents should be made public by the end of this week,
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according to sources familiar with the matter. we will finally get a glance at how the business has been doing. theill see revenue and first earnings report we will ever see for snapchat. caroline: that will be fascinating. thank you for joining us. williamson specializes in social media and demographics. deborah, great to have you with us. what do you want to get into that nitty-gritty of when that public information does, on? snap >> obviously the revenue. we want to know if they will have $935 billion in revenue this year. this is a company that's growing so substantially, it's becoming part of the lexicon just like facebook was a few years ago, and it's exciting to watch how
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much they change the way that young people communicate. what questions are still left for you? determine the to future of snap in terms of marketing. what are you left with concerns about? >> certainly the advertisers are wondering how effective snapchat is. that done a lot to make advertising more effective, but it's still very experimental for advertisers. we see a lot of teens and young adults using snapchat, but are the moms and grandma is going to use snapchat? maybe not, and does it matter? those are some the questions i have. caroline: facebook could not buy them, so they are trying to beat them now. we've got the earnings coming up this week. i'm fascinated by the ea
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function on the bloomberg that shows that maybe were starting to see a slowdown in the growth of facebook. growth, anding 97% it's likely to average only 37% for next year. people talk about the revenue streams for facebook. where do they need to grow? >> facebook has a lot of things in its arsenal. the main platform performs still really well. her estimate in a facebook have $33.76 billion in ad revenue, second only to google. that's only the beginning. they have instagram generating about $3.64 billion in revenue this year, and they have messenger coming online with advertising, most likely sometime this year. it is a multiple platform strategy. caroline: will we start to see the bang for the buck with what's coming up for messenger? and now will clearly be monetized.
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>> that is a sticky one, but facebook changes its mind and changes its tune, as we all have seen, multiple times. it's going to be a slow process. consumers are still getting used advertising inapps. it's going to be a slow process, but this is a hedge against the idea of ad load being an issue for facebook. that came up in the quarterly earnings over the past few quarters, and all these individual platforms that facebook offers are going to be able to give a spoke that boost that it needs if the ad load doesn't become a problem on the main platform. caroline: will we see any of the backlash from the fake news they've had to tackle? not likeanizations seeing the bang for the buck.
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>> that is an issue. the fake news combined with perhaps some fatigue that people have over the relentless political discussions going on right now. ford safety is number one them. they want to be in an environment where their brand is going to be safe and protected and they're not going to be up against something that could potentially be considered negative or wrong. we are seeing that problem happening in social media. i fully expect facebook to continue to tackle the fake news issue and i fully expect advertisers to continue to want to be on facebook because it is such a powerful platform for communicating and advertising. it remains to be seen, but i really think facebook will have a way out of this. twitter is definitely under a lot of challenges right now. we are seeing usage decline, and revenue starting to slow, we are
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seeing the company start to jettison properties like fine , thatt once -- like vine it once thought was going to be very promising. this is a company that starting to batten down the hatches to have the assets available if and when a sale should come. it's focusing on the main things that it has. caroline: and on finding a buyer. debra williamson joining us all the way from seattle. fitbit struggling to maintain momentum towards fitness trackers and the stock is taking a hit. more on that ahead. this is bloomberg. ♪
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caroline: a stock we are watching, fitbit having a rough day. the company is eliminating about
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6% of its workforce. that's 110 jobs, because of falling demand. they're forecasting full-year revenue grew about 17% in 2016, down from a previous forecast. we will break down what this means for the future of fitbit, later in the show. up, silicon valley ceos speaking out against president trump's immigration order. how does that impact venture capital? will hear from the chairman of the natural venture -- national venture capital association. that's up next. ♪
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>> you're watching bloomberg technology. let's begin with a check on your first-word news. have con fimpled that six -- confirmed that six people the canadian city of quebec. five people are hospitalized in
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critical condition. the prime minister has called the attack an act of terrorism. received a condolence call from president trump. the terror suspect was charged for the november 2015 capital.in the french he was charged in paris. abrini and say another suspect were part of a cell that carried out the paris 130 people. killed british foreign secretary boris says passport holders can travel into the u.s. and are not affected by the travel ban people linked to seven majority-muslim countries. johnson says he's been assured the u.s. that the executive orders do not apply to brits, ofardless of their country birth or dual citizenship. the white house says iran has a ballistic missile test and the u.s. is stowing the potential -- studying the potential effects. sean spicer expects to have more
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information later. global news 24 hours a day, powered by more than 2600 analysts in more than 120 countries. this is bloomberg. 5:30 p.m. here in new york. 6:30 tuesday morning already in hong kong. joined by bloomberg's david, markets.ok at the david, good morning! >> yes. hi. well, lots of talk here in the asia pacific this tuesday obviously when it markets. david, good morning! comes to markets. not going toy it's be a good day across equity atkets here p. when you look what's happening in z new zealad gates, obviously investors are still very much unnerved by the latest policy the trumps of government. next 90 minutes, we have three up.ets opening sydney is poised for decline. futures in tokyo and seoul, those two markets are poised to fall as well. in fact, when you look at
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nikkei, the best be toof advice would close your eyes. we're likely to see an over 1% drop there. no policy changes expected here. apart from that, we're also update for the latest from the finance ministry on a forecast for the economy. china, hong kong, vietnam, by the way, are still shut for a year.new apart from that, good time to be shut, given all the developments that we've seen. i'm here in hong kong. technology,oomberg next. ♪ >> this is bloomberg technology. the tech industry's response to president trump's executive uper on immigration picked steam over the weekend. executives from google and apple
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condemning lyft, all the action and vowing to support immigrant employees. but a bigger fight might be just around the corner. here's white house press spicer.y, sean >> i think with respect to h1b ad other visas, it's part of larger immigration reform effort that the president will continue to talk about through executive order and through working with congress. >> the h1b visa he mentioned is tech industry heavily relies upon. executive editor for global tech coverage, live from new york at the moment, brad, give us a h1b visa. the who is it crucial to, and how is it potentially not always used way?e right >> as peter said earlier on the broadcast, it's used primarily in two ways. of high-level well-paid technology talent that frankly the big u.s. tech companies cannot find discoly. we've -- domestically. we've talked about s.t.e.m. education in the u.s. so tech companies are looking
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inside the country to bring those executives. and that is the original promise and premise of the h1b visa program. but then there's this other use, and some say abuse, where, you are, tech companies bringing in, let's say, talent to bring in lower-paid i.t. talent. the draft h1bfrom executive order that we saw, it looks like the trump toinistration is looking reform. >> and is this something that really will go to the tech yet further? we've already heard we're going travis,elon musk and uber, speaking to the president. his forum to have a discussion. but mainly about the immigration executive order thus far. oflook, there's a lot anxiety right now. the trump administration, with note executive orders, has been acting with a lot of nuance, right? broad,re kind of big, bold trucks that seem meant to
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promises. campaign the devil's going to be in the details. we'll see. but i think they're all girding a fight right now, i would imagine. >> we'll see how that plays out, probably on twitter. brad is going to be joining me a later.while staying with trump's immigration order, we spoke with venky partner atnaging menlo ventures. and we asked him what the recent rhetoric and possible moves to limit the h1b visa really means to start-up and big companies alike. >> well, we want to be careful, because we don't want to throw the baby out with the bath water. aere's something called start-up visa that they have been really pushing. it givesoes is immigrants who have started a company in america, and who have least five-plus jobs, the opportunity to stay in america. we builde is about how american companies, by american and hire american, because we get entrepreneurs to come and stay here and create companies here, not in india, china or
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israel. >> and so do we think that some made coulds being prevent people wanting to think that the u.s. is the best place company righth now? >> it can. that's why i think it's important we need to balance these things. president andhe the trump administration's goal to create jobs in america. 100% with that. but my belief is that we do that by setting up a visa program allows immigrants to come here and start companies here americans. that's how i'd like to make sure that we modify the h1b visa so that people can come and start companies in america. >> where do you think we might think talent go to? think we might see the talent pool start to dry up when hurdles put from front of immigrants? >> we already know that. now, in 2015, our share of
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venture capital, america has to 52%.n countries, they're catching up with us. if we make it harder for the to come brightest here -- these are all skilled, legal immigrants -- then they're go somewhere else and they're going to create the jobs there. we've got to make sure they come inr here and create jobs america. >> if you had donald trump's directether you're going messaging by twitter, or however you would want to be commuting, sayinguld you want to be to him right now when it came down to the h1b visa? immigrants,ay that immigrant entrepreneurs, play an incredible role in our economy. at the number of start-ups that are funded in silicon valley and have numbernt founders, the these people create wealth in america. and what i would tell mr. trump way tohould figure out a keep them. these are skilled, legal immigrants who make us better.
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ganesan of venky menlo ventures. now, silicon valley's vast response to trump's executive immigration is drawing praise. secretary spoke on bloomberg t.v. earlier. >> i'd be glad to see what many tech community have said. i think they've recognized that, as global businesses, they've a huge stake in the united states being a nation of of liberty rather than being a nation of refugee camps and barbed wire. got a huge stake in the united states supporting an open tolerant, global system. they have that stake for their employees, for their customers, reputation of the united states. and they've spoken out. i've been gratified by what we've heard out of the tech sector. we've heard rather less so far of the mainstream business community. in i'm going to be watching particular to the members of the
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that president trump has appointed to help him make america great again. >> that was the former treasury secretary. cofounder bill gates also weighing in on president trump's executive order on immigration and its impact on tech. his thoughts, coming up. next. also coming up, a most successful start-up in silicon valley had two very different reactions to the travel ban over the weekend. into the divergence between airbnb and uber and what it reveals about the future of each company. this is bloomberg. ♪
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>> general motors and honda are taking their tech partnership to the next level. the companies are teaming up to manufacture fuel cell systems for use around the year 2020.
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began collaborating three years ago to eliminate tailpipe emissions. the auto makers will split an investment and operate within existing manufacturing site in michigan. now, the events of the last 48 lot of focus on tech companies and leadership. the c.e.o. of airbnb was lauded strong words against trump's immigration proposals, tweeting that airbnb is toviding free housing refugees and anyone not allowed in the u.s. meanwhile, the -- the hashtag #deleteuber campaign gained in popularity after the send carsntinued to to j.f.k. airport despite the in york city attacks strike response to trump's executive order. we are joined by brad, following two companies for years. he has written all about them in the upstarts,k, how the killer companies of silicon valley are changing the world. out tuesday. brad, i'm very pleased to say cheeky-sneaky peek at
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this book. i advise every viewer to go out and get it. to us about, talk the debunking, the very genesis large part started at the inauguration of obama back in 2008. post the inauguration in donald trump. there are a few -- all, thank you for the book plug. i appreciate it. it really is remarkable how startedo companies exactly eight years ago. founders were kicking around at the inauguration of barack obama, talking about their crazy ideas. kind of intertwines the two stories. very similar, very wavesentative of this last of silicon valley innovation. and unlike the previous tech past, likeof the facebook and microsoft and google, it was a fight for both city.ies in every and, you know, i kind of chronicle how they did it and c.e.o.'s had to be a little different. they're not the introverted
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technologists but they're storytellers. they bring their customers to basically create these international companies. >> and you say about how their were different, perhaps from the founders of google and microsoft and apple. extrovert.ore that didn't always sit well with some of the big investors. here?st out who won? >> well, that was fascinating for me. capitalist a venture to be the tooth sayers of our world. it's hard for them to see the as well. 150 of 165 investors who got an 2010 about a company called uber cab and an opportunity to invest did not even reply to the e-mail. just seemed like it was going to be a fight. different.s seemed they weren't sure -- investors could trust they
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travis kalanick. a reputation of a bit of a -- a lot of people, kind of say they missed out on these companies. >> interesting now that travis himself is, well, perhaps not always trustworthy by some of those outside silicon valley, but he's aligning amself to donald trump to certain extent. they aren't afraid to rub up authority.to >> let's be clear about what's going on. this is the source of the backlash, the delete uber campaign. if travis is on this business advisory council along with elon and the c.e.o.'s of ibm and want a seate, they at the table, i don't think it's all that usual. have to say-- we that people have a little bit of withbivalent relationship uber. they seem to be willing to expect the worst from it for whatever reason. history a lot of the that i lay out in my book. through almost a sort of
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misunderstanding over the weekend, because uber was facilitating rides to j.f.k., so juno for that matter. they don't tell their drivers what to do. tweeted ass, they message, saying they were not going to turn on surge pricing. was construedit as an advertisement and now we have this mess of an anti-uber now.ign right >> it's something you document in your book very well, sometimes a few p.r. master strokes -- >> a couple stumbles. ha ha! >> but what i'm fascinated about now is the new administration. do we think about it? well, airbnb is actually a one of donald trump's own business lines. you've got uber. or forh has he spoken to or against these particular start-ups or upstarts? is of coursemp probably the world's most visible hotellier. not a great position for airbnb. they were pretty closely aligned administration. brian chesky had a relationship
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with the president. challenges these companies have faced have been fundamentally local. it is cities and states that are future.g their i think the threat with trump, on his twitter soapbox and create problems for the likes of airbnb. conflict ofa interest, because he does own hotel properties, but that has not stopped the president in the past. but i think it's one of the reasons why we see travis of business on the council, despite the p.r. hit. they want a seat at the table. they want to further their agenda. is on that council as well. he's got an agenda as it relates to alternative energy. and uber gets the criticism, because it's high profile. >> certainly. maybe peter teel, the investor, and donald trump -- but uber has been called ethically challenged. takenre travis will be that directly to the president. thank you again. technology's brad
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stone. upstart,a copy of the out tuesday. i urge you to get your reads on. the tech community has been vocal in its opposition of trump's recent immigration order. and bill gates along with berkshire hathaway, the c.e.o., warren buffett, importance of immigration to the u.s. economy. import the important u.s. has ever had by far is human talent. it's been to our benefit that a lot of the hardest-working, best brightest from almost every country in the world have wanted come to the u.s. so if you look at university departments or, you know, doctors, engineers, people starting up companies, building jobs, it's been a huge strength ours. we haven't always made it super easy for that to work, but it well.rked very so the number going back, it's
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meaningful. but we are still a huge beneficiary of human talent. was, of course, microsoft cofounder, bill gates, hathaway berkshire c.e.o., warren buffett, with charlie rose. 6:00 the full interview at and 10:00 p.m. in new york. as we've been discussing, tech leaders have weighed in on the trump travel restrictions introduced over the weekend. on monday, bloomberg t.v. canada up with chen. heshared his views on why opposes the ban. take a listen. understand the visas protecting the u.s. in terms of safety and of the country. thought the -- this is quite an extreme move. that came quite suddenly. >> now, chen later said the travel restrictions were too broad and confusing to be
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successfully implemented. up, fitbit announcing its workforce.of its what does the future of wearables look like? next. this is bloomberg. ♪
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>> fitbit feeling the pain right now. the company is eliminating about 110 jobs,workforce, because of falling demand. now, fitbit shares fell the most months, in fact hit a record low, falling as $6.10. 16% to fitbit facing more competition from apple's watch and cheaper china.from joining us now from new york is bloomberg's selena, who covers company. dig into us, will you, the impact. what they're trying to do is cut costs here. tofitbit said they wanted reduce operating expenses by $200 million. they're eliminating 6% of the workforce, just a relatively
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small proportion of that $200 million. likely that the rest of the cost cuts will come from sales and marketing expenses, pretty high, perhaps r&d expenses.eir another thing buried in this is they wantnouncement to reset performance incentives to retain also. the c.e.o. is going to be reducing his salary to $1. that will probably also have somewhat of an impact on the for 2017.expenses >> certainly will. cheap.work coming we spoke to james park. what is so odd, he sounded so optimistic. >> our preference is to compete and win in the market lace. think our numbers clearly show that. we're number one in almost every competing in. >> big talk. how it seems they're having to
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unwind that at the moment. is this a fitbit problem, a problem? >> you're right. this is not just a fitbit problem. this is definitely a secular decline. the global fitness band has experienced a slowdown recently. seen companies, they've really struggled to gain traction in this fitness band market. is still the market leader in this industry. they are, as you mentioned earlier, facing increased competition from the high cost end, from apple, and also from the lower-cost end, from the chinese manufacturers. we saw that they really traction in gain china. this is a big market for them, but they haven't really hit the spot there. asia pacific has definitely struggled with declining sales. is that justroblem overall, wearables really their niche. it's really kind of become gadgeted to this
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category. >> and they have been trying to to makeother ways themselves more omnipresent, going into relationships with insurers. how can they salvage this? theyey have been saying want to turn fitbit into more than just a gadget hardware company. into thisto turn it digital software health company that works with the health care industry, selling them f.d.a.-approved medical devices. made some headway. they have a corporate wellness program. of it's only about 10% revenues. they have also been cutting other deals with players in the health care industry. to execute on their strategy of diversifying their stream. they are looking to expand into smart watches. is to integrate some assets into their product. i think it will probably still be painful for fitbit, because lot of time to
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develop the smart watch. painful for investors, when you look at the share price, at a record low. you foralysis, thank joining us from new york. that does it for this edition of bloomberg technology. coming up on tuesday's show, a blockbuster day for earnings. apple is set for first quarter results. full coverage and highlights, along with instant analysis. it.know it, we've got remember, all episodes of bloomberg technology are on twitter. out, weekdays at 5 p.m. in new york, 2 p.m. right here san francisco. that's all for now. this is bloomberg. ♪
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>> from our studios in new york city, this is "charlie rose." >> bill gates and warren buffett are here. thes is the co-chair of bill and melinda gates foundation. the philanthropy focuses on poverty and global health. ofren buffett, the chairman berkshire hathaway, one of the most successful companies over the last five decades. two have famously been friends for more than five years. they started the giving pledge 2010, encouraging the world's richest to donate the majority wealth into charities. berkshire hathaway has since than $24 b

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