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tv   Bloomberg Technology  Bloomberg  October 4, 2017 11:00pm-12:00am EDT

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alisa: i'm alisa parenti in washington, and you are watching "bloomberg technology." let's start with a check of your "first word news." president trump told people in las vegas today the nation stands firmly behind them. he praised first responders for their courage as the deadliest mass shooting in u.s. history unfolded. trump and first lady melania met with victims and responders to the attack. president trump says he has total confidence in secretary of state rex tillerson. he called those reports made up, and tillerson denied he ever considered quitting. the senate intelligence committee is investigating russian interference in the u.s. and tillerson denied he ever
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election and has not reached a conclusion. that is according to the committee chair and the vice chair. they also warn tougher measures needed to be taken ahead of the 2018 election. white house budget director mick they also warn tougher measures mulvaney says there will not be a federal bailout for puerto rico, even after president trump mentioned wiping out that red ink as part of hurricane recovery. mulvaney says the administration will send congress a disaster aid package. global news, 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i'm alisa parenti. this is bloomberg. "bloomberg technology" is next. cory: i'm cory johnson.
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this is "bloomberg technology." coming up, facebook, twitter, and google -- all under the spotlight as the senate continues to probe russia's influence in the election. what changes could be underway for tech giants. plus, google unveiling a second generation of its most popular devices along with new gadgets, but can they catch up to apple? and sonos, a speaker company, rolls out a voice-controlled device. first to our lede, members of the senate intelligence committee said they will not be releasing russian financed ads turned over to them by facebook. they issued a stark warning as well. >> the russian measures did not end on election day, 2016. they were not only geared at the united states of america. we have seen russian measures take place in france.
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we have seen concerns raised in the netherlands. we've seen concerns raised in germany. and we need to be on guard. cory: senator warner also stressed three changes that he wants to see when it comes to social media political ads and stories. disclose if the ads come from foreign backers. know if bots are the cause for stories. find a place for the ads to live so they can be reviewed later. kevin cirilli, so good to have you on the show. this is fascinating stuff. fascinating as it is, it's disturbing. kevin: it is. i think, quite frankly, that that press conference -- i just got back from the capital. that press conference, really, i think is sending a signal to silicon valley that this is just the beginning. senator mark warner, the top democrat on the committee, went so far as to call on facebook to release those ads.
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the committee chairman, senator richard burr, a republican said, quote-unquote, "we're fine with them doing it," when asked point-blank if he believed they should release the ads. the only reason the committee is not releasing the ads is out of respect of precedent for those who hand over documents and give interviews, classified interviews to the committee. but the signal coming out of this committee, from this press conference, is, get ready, silicon valley, because google, facebook, and twitter are all going to be -- have been invited and will likely now all testify on november 1. facebook saying they will be participating in that panel. cory: it's remarkable to me also that -- how focused these efforts were, how technologically savvy these
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russian hackers or emissaries of russian hackers were in their ability to target -- use the very latest in advertising technology and get these things out there to have an effect on the u.s. electorate. kevin: 700% increase in digital social media ads from 2012 two o 2016. those numbers only expected increase ahead of the 2020 cycle. two points that i would make. first and foremost, i remember on the campaign trail, every time an ad was released, you had to know who was paying for it. the notion that these ads can be published on social media sites and no one has -- knows who is pushing for them raises a lot of questions. we wouldn't accept these ads on billboards on interstates. the second point i would raise just quickly is that vladimir putin's propaganda arm, rt, was essentially bundled into an advertising package for youtube. these are the types of questions that not just democrats are
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asking, but also republicans. quite frankly, big social media companies are at a turning point right now. they have spent decades trying to craft a perception of being transparent. now is the test. cory: finally, a final question, it's interesting that you got robert mueller in his probe looking at connections between the trump white house and russian groups, including paul manafort and rt -- michael flynn and rt, i should say. at the same time, you've got congress trying to understand the technology, what was happening in northern california with the fake ads and fake news and and so on. kevin: absolutely. aside from the social media angle and these big social media companies' angle, i can tell you the investigation is very much ongoing. the president's personal attorney will be testifying toward the end of october, october 25 or 26. they've had nine months for this investigation.
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they said, quote-unquote, they've hit a wall with this dossier, the controversial document from the former mi-6 officer. he has not agreed to testify. public pressure trying to urge them to quarry. cory: great stuff, kevin. kevin cirilli in washington, d.c. we appreciate your time. coming up later in the hour, we will talk about some of the developments in the russia probe with one of the members of the house intelligence committee, michael quigley. the european union slapped amazon with an order to pay $294 million plus interest in back taxes to luxembourg. this is the latest in the eu pushing back on the sweetheart tax deal that it claims tilts the balance in favor of a few select big businesses. the eu announcing it is suing ireland for failing to recover a single penny of last year's record $15 billion tax fine on apple. coming up, a bloomberg exclusive.
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shopify shares sent tumbling today after it was called a "get-rich-quick scheme." this is bloomberg. ♪
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cory: the notorious short seller andrew left has a new target, shopify. shares fell big-time wednesday after his citron research firm issued a stinging rebuke to the company, calling it a, quote, "get-rich-quick scheme." he called it "dirtier than herbalife."
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he spoke with our own julie hyman in an exclusive interview. andrew: a provider of e-commerce solutions to small- and medium-size businesses. shopify says it has 500,000 businesses. 2500 are big merchants probably really enjoying the platform, to give them credit. let's say another 25,000 are shopify advance. who are the other 470,000 shopify users? that is what has never been discussed on wall street beforehand. as i show and i proved, these are people who have bought into become a millionaire at home, get rich quick, and promises that completely violate every
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ftc rule imaginable. it's all in the report. the correlations and the parallels to herbalife. it's amazing that this has gone on. julie: when you talk about these ftc rules they are violating, what specifically -- because you allege illegality in your report, what law is the company breaking with its practices, allegedly? andrew: the business opportunities act. they are not providing websites to stores. they are telling people, you can be an entrepreneur. second of all, they are making claims that they can't back up. with herbalife, they had distributors who were making bold claims. with shopify, on the shopify website itself, are you ready to be a millionaire, how many millionaires were created today, a sample resignation letter to give to your boss once you make enough money on shopify to quit. just amazing that this would be an $11 billion company. these are all ftc-based violations.
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lastly, shopify is able to support this business through what they call their partner program. these partners are bloggers, influencers, and they are compensated by shopify. it's not disclosed anywhere. that also is a major ftc violation. so, it's not just one, it's many. julie: let's take that last point first, because i spoke to an analyst today who likened that practice to a practice of a lot of sort of online retail companies or companies that are trying to sell a product and have various spokespeople or celebrities who are posting on instagram and what have you, who don't necessarily disclose their financial relationships. how is this different from something like that? andrew: you have to disclose. you have to. the ftc has very clear rules about bloggers, about instagrammers. it's very clear. it's funny. if a celebrity goes on and says,
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you know, i endorse this line of clothing or shoes, and they don't disclose it on the bottom, even though they should and they are required to, you could say, what's the harm involved? when a blogger writes how they can make $10,000 just sitting at home and it's not true whatsoever and you don't know they are being compensated by the company, there is a problem there. for this analyst to say, well, other people are breaking the law, they can break the law, that means nothing. julie: what about disclosure? what if the company removes this line you are talking about on the website? as you yourself say, it has 2500 core customers that may be a ccount for the biggest chunk of its revenue. about half of its revenue, after all, comes from a percentage of what its customers tell. -- sell. andrew: fair enough. julie: there's real stuff being sold here. andrew: out of 500,000
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customers, let's say they have 50,000, let's say they have 100,000 -- you are looking at a company that is trading over 20 times sales. after snapchat, this is the most expensive stock on that per revenue basis. if i took this stock and gave it the same multiple that a salesforce -- these are top-of-the-line companies, the best of the best. this stock gets cut in half, shopify. we're not talking about -- don't forget, when people complained about herbalife, i think it was an $8 billion company doing $500 billion in net income. this is an $11 billion company that loses money trading at over 20 times sales that also is marketing illegally. julie: ok. another difference with herbalife, i would say, is that this company -- these people are not selling shopify products. they still have to come up with their own business plan. andrew: no.
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shopify, actually, and this is in the report -- you can make money on shopify by just referring people to shopify. that's affiliate marketing. it's not multilevel marketing. you can also make money on shopify by writing blogs about shopify. there's many ways. herbalife -- the only difference is you are not selling their own products. julie: but at the end of the day, most of their revenue -- in other words, how much are they paying out to these people? andrew: this is even better, which is even crazier. so, 50% of their revenue are subscription fees. it's still trading at over 20 times sales. julie: did you short this going into you coming out with this report? at what point do you close out the short?
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the stock is down sharply today. andrew: i'm still short the stock, and i will stay short the stock. every analyst can come out -- i don't care what you're going to say. this stock is illegal and expensive. they have heavy competition. this has a lot more way to go on the downside. cory: i love andrew left. that's andrew left, founder of citron, with our own julie hyman. shopify declined to comment on his claims. we are talking vr next. this is bloomberg. ♪
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cory: as we get closer and closer to the holidays, we see product launches. google has unveiled a new pixel xl2 smartphone and a new pixel
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mini speaker and a new laptop. google is continuing to push its hardware line. emily chang sat down with the head of vr and asked about what else vr. >> two things we announced today, one is an update to a product we announced last year, which makes all the things people loved about it better. you can see more in virtual reality. it's all about taking you places, letting you experience things like you are there. also on the new pixel 2 phone, we announced it has been optimized for augmented reality. we've made the optimization so the camera and the sensors, so that when you place digital objects into the world around you using augmented reality, they appear more realistically there. emily: that's one great example. why is google interested in this across all of the various products? clay: well, if you look at some
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of our core products, search, maps, tools and education, we see augmented reality really enhancing and extending what we can do in each of those areas. we talked about the idea of holding your phone up and having it tell you what you're looking at. in something like maps or navigation, i think we've all experienced getting out of the cab or the subway and you look at the blue dot and you end up walking the runway. with augmented reality, more precise mapping, your phone will be able to overlay steps on the sidewalk taking you in the right direction. an area i'm excited about, education. we've seen huge promise in both virtual and augmented reality to help students connect more with whatever they are learning about. augmented reality, for example, can bring a scale model of the roman coliseum or a tornado into the classroom and let a whole classroom of students walk
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around it as if it is there. emily: in many ways, this hasn't gone as mainstream as some people thought it would. do you think it was overhyped? clay: i think there is a lot of excitement around it. with any new promising technology, people tend to overestimate the impact in the do you think it was overhyped? short-term and perhaps underestimate the impact in the long-term. i think we are right in the middle of that right now. emily: do you think the same thing could happen with ar, that it could be overhyped and take longer to come to real reality than some people think? clay: i believe unequivocally in the potential for augmented reality, but, yes, in the near term, people may look at it, wow, and assume that everything will play out over the next 12 months. a lot of us, developers, users, companies like google -- we are going to be learning about how best to apply it in the near term and, on the other side of
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that, building more of the applications and underlying services, like mapping for augmented reality. it's only on the other side of that that you will really see real engagement and strong use. cory: that was bloomberg's emily chang with that exclusive interview. mark bergen attended the google event earlier, covers google quite well for us, i'd say. i hope your bosses say the same thing, mark. this is an interesting business for google to be in, because they are competing with giant companies like apple that are so good at consumer products and google obviously is not good at consumer products, as we can see from sales. why do they persist in doing this? mark: it's a two-hour hardware event where they barely talked about hardware. they did unleash a fair amount
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of new products and talked about the capabilities, but the one theme they kept hitting on was we have google's ai here and we have the best software and services. as clay was mentioning, augmented reality is a good example. google has a huge advantage. they have been working on this tech for a long time. something that apple has been pushing in, and the way apple is advancing as a world in which the iphone can use augmented reality software and google has no touch point with the consumer. to push ahead these reference devices to show the world and consumers that google is leading on the software. cory: are they also showing other manufacturers what you can do with google software, so that their device doesn't have to win for google to end up -- there are more android phones out there than iphones still, because the software is free to the phone companies -- phone makers, i should say. mark: the pixel is a delicate handset. why google started the pixel line is because they were frustrated with android that it wasn't moving in the direction they wanted it to move. they have things like camera capabilities for augmented reality, the voice assistant.
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this is a reference design where they can show android, look, this is what we think the best google is. clearly, there are stronger handset makers that don't need to rely on google as much. google, i think, with amazon, they are clearly seeing a threat to the home with devices that hit right at their core of search. cory: i guess what i'm sort of getting at is, is the business model here fundamentally different? cory: not to insult "usa today," who say that they are slugging it out with apple -- it couldn't be more different. mark: it's a smaller fraction of the market and an even smaller fraction of google's business. analysts are excited about it, as the world is moving more towards echo devices, home voice computing, computing with gestures, this is a space where google needs to be --
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they are looking ahead to see if they are being paranoid. they see a world where their core youtube, their play services, their maps need to adjust to the new computing services. cory: thank you very much, mark bergen, who covers google for us at bloomberg news. you can check it out on or on the or on the bloomberg terminal, which i strongly advise. coming up, representative mike quigley, will give us his thoughts on the probe and russian interference in the 2016 election and technology's role in that interference. listen to the bloomberg radio app. this is bloomberg. ♪
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it is 11:29 a.m.. i am paul allen. trump's proposal to a race puerto rico's debt has been erase puertohis -- rico's debt has been rejected. saysreasury secretary puerto rico will run out of cash on october 31. the number of chinese tourists visiting macau and the first four days are down.
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overall numbers down 22%. of 92.5 million people visited the city through october 4. oftheresa may has apologized to supporters for disastrous election results that deprived of a parliamentary majority. she said the campaign had been to presidential. she coughed repeatedly and lost her voice in the speech in manchester. why we will -- excuse me. actill never hesitate to where businesses are not operating as they should. celebrate the wealth created, the risktakers, the into vader's -- the
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innovators and entrepreneurs. global news, 24 hours a day. this is bloomberg. stephanie: a check on the markets. japanese shares come little changed. the dollar near a high. highlight, the despite a better than expected budget surplus. the mover has been the aussie dollar. that is weighing on retailers in sydney. for minorsd thing like a galaxy resources, the producer gaining on expectations prices will rise.
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jumping to a fresh record today. the best performer, your today, up to 25%. aussie sharemarket, a two day drop. this is bloomberg. cory: richard burr, the chairman of the senate intelligence committee, delivered a stern warning today about the prospects of future russian election meddling. senator burr: what i will confirm is that the russian intelligence service is determined, clever, and i recommend that every campaign and every election official take this very seriously as we move into this november's election and as we move into preparation for the 2018 election. cory: he is not alone in looking at this. representative mike quigley of illinois is also doing a lot of work on this and joins me now from washington. thank you for joining me.
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let me ask you first, is the role of technology in this -- i wonder, the role of technology and the biggest companies in technology, google, youtube, facebook, twitter -- the russians seem to have figured out how to influence the american electorate, maybe even more than some of our own politicians. representative quigley: obviously they are very good at it. they have been doing this for decades in europe. if anyone imagined it would stop at our shores, they were being naïve. i watched some of the facebook and twitter ads, and it's clear they were using the most divisive issues they possibly decades in europe. if anyone imagined it would stop at our shores, they were being could. the real issue would be, how do they target. you are right, the tech community needs to work on this. cory: the tech community is working on making these tools available. i understand you aren't releasing the ads.
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give me a sense of what the divisive issues were. representative quigley: i think if you looked at the divisive issues that candidate trump used, like immigration and race, you would have caught the majority of these ads. cory: you're talking about ads that targeted syrian refugees? are you talking about things that targeted immigrants coming from mexico? what are you talking about here? representative quigley: i think you have grasped what i'm talking about, when we talked generally about the issues of race, the divisive points in our country, the issue of immigration and migration and how the american public was reacting to that. just remind yourself how candidate trump used those issues to heat up the american public and, clearly, the russians exploited that at the same time. cory: has facebook done every thing you want them to do in terms of giving information to
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your committee? representative quigley: i think this is just the first page, turning this information over to us. i think they need to make these public. i think there are a number of stances they need to take immediately to talk about this. your committee? one, if you take an ad out on "the new york times" or on tv for a candidate, there is some acknowledgment of how that was paid for. we can't have this opaqueness. we have to have full transparency on who is attempting to influence the electorate. second, where were the preventative measures that would have tipped off facebook and other platforms that these could have been political ads? it's two easy measures they can look at, increasing public awareness and understanding who they can look at, trying to motivate us. cory: do you have a sense that it was limited to twitter, facebook, and youtube? do you think it went beyond that? representative quigley: i think there are ads out there we
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haven't found. it's quite possible the use of social media right now that has not been uncovered -- basically haven't found it. look how long it took them to find these ads and make them available to us. it's clear we were flying blind, and we need their help to make sure that doesn't happen again. cory: i ask you on facebook. let me ask you about google. has google done everything you want them to do to provide information to your committee? representative quigley: i think this is just the first step, cory: i ask you on facebook. let me ask you about google. acknowledging that we have a problem, turning over the information they have. the next steps will be to have a public hearing with the house and the senate committee to talk about a discussion with the american public. how do we make it more transparent? how do we make sure that we know who is buying these ads? it can't be done anonymously anymore. cory: i will put the same question in a different way. you said it is just the first step. that makes it sound like you want google to take more steps and that they haven't provided everything that you want yet. am i paraphrasing you right?
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representative quigley: i think they have turned over what they have found. am i paraphrasing you right? i'm suggesting, as they find out information and find additional ads, they should turn those over. but right now, the most important thing is that we prevent this in the future. cory: the republican colleagues have argued that this did not change any votes, that these ads did not influence anyone. do you believe these ads influenced any voters and changed some votes? representative quigley: people buy ads for a reason. they are successful in influencing voters. if you are asking me exact how many, i think that's impossible. if you take all the circumstances we learned about in this investigation so far, coupled with roger stone saying podesta is next in the barrel, take all this information that we know so far, you begin to
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question just how much influence the russians had. clearly there was some involvement. in my mind, there is evidence that there was coordination. will we ever know exactly how much it influenced the american public? probably not. we must find out what they did and how to prevent it in the future. cory: coordination. are you pursuing an investigation that there may have been coordination between the trump campaign and these russian ads appearing on facebook and beyond? representative quigley: let me direct you to what we know publicly. trump, jr., saying publicly, acknowledging, "if that's what it is, i love it." that's at the very least an acknowledgment, an interest, a willingness to coordinate or collude. i'm not sure collude is the legal term. that's just the public information at this point in time. there's a lot of dots we have to connect, and there are a growing number of dots.
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when they ask how long this investigation will take, it's, as the senate said today, growing in scope. it is so complicated, nuanced, layered, textured. watergate took over a year, and the democrats were in control of congress at the time. benghazi took over two years and that was extraordinarily politically motivated. this is going to take time. we are trying our best to coordinate with the senate and with mr. mueller's investigation. cory: thank you very much. coordinate with the senate and elizabeth warren, senator out of massachusetts, railing against equifax and its top executives as they continue to testify before the senate banking committee this week. senator warren: the incentives in this industry are completely
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out of whack. because of this breach, consumers will spend the rest of their lives worrying about identity theft. small banks and credit unions will have to pay to issue new out of whack. credit cards. businesses will lose money to thieves. but equifax will be just fine. heck, it could actually come out ahead. cory: former equifax ceo richard smith is facing his second of four congressional hearings this week on the breach that led to the theft of over 145 million americans' personal data. coming up, launching voice-controlled speaker, but is it competition or co-optation? we will talk to the ceo next. this is bloomberg. ♪
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cory: sonos, known for its speakers, its audio devices -- god knows i've spent a lot of money on those -- they are entering the new smart speaker device with a new speaker. let's bring in patrick spence, the ceo of sonos. this new device is interesting to me. i've been using sonos. i've watched your company change over time. when amazon showed off the echo and google with the play, i thought, these are great. you are trying to mix the two. patrick: we are trying to bring it all together. we kind of look at it in reverse. we want to help outfit your home with great sounding products that look beautiful and create a
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platform to offer all the services that you would ever want. cory: i read about your device. it's so interesting when you and i talked about it earlier on bloomberg radio. platform to offer all the it's so interesting that this is an echo device. i can say, hey, alexa, play bloomberg radio, and my sonos will play it instead of the speakers in my alexa. patrick: you can ask it to play in your kitchen or your living room. we are taking the power of amazon's alexa and adding it to the sonos system, and you can control the whole thing with your voice. cory: will this operate without having an alexa in your house? patrick: there are two options. the sonos 1 has the alexa built in. you can purchase an amazon alexa or echo or dot to be able to talk to the existing system, if you have your entire house full of sonos. cory: you can look at your amazon dot and say, hey, alexa,
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play this in the living room. i hope i'm triggering alexas throughout the country. amazon was willing to license its software in a very different model than you might expect from, oh, say, apple. patrick: i think all these companies, as we think about apple, amazon, google, want to get their services to as many homes as possible and on as many products as possible. we provide an opportunity to bring these great services into millions of homes. it's a win-win for both a partner and ourselves if we do it right. cory: at some level, they will sell fewer speakers. do i want the alexa speaker or the sonos? patrick: with amazon, apple, and google, they are after such bigger things. we want to build smart speakers for music lovers.
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i think they recognize that. we worked for them for years on their music services. we are the only system to have support of apple, amazon, spotify music services, so we have this experience, too. cory: i built a house. i had to wire the whole house for sound. i was very involved with the sonos controllers. it was complicated and difficult. the technology for these small speakers seems it has changed a lot. patrick: dramatically. we have wi-fi throughout our homes now. you have a great ability to deliver the music. we worked hard to make sure we can deliver the music every time to any room in the house using wi-fi. you don't need to run the whole house with wires. cory: you said the market is getting bigger. give me a dollar amount. how big is this market going to be in five years? patrick: at least $20 billion, $30 billion. cory: globally? patrick: yeah. cory: fascinating.
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it's an interesting product and you're up against some interesting competitors, who are working with you guys on this new sonos 1. that's patrick spence, the ceo of sonos. coming up, elon musk and mark zuckerberg facing off for an ai future. next, reid hoffman weighs in on this heavy debate. this is bloomberg. ♪
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cory: the debate over artificial intelligence. elon musk and mark zuckerberg took opposite sides of the debate. zuck saying people who are naysayers and try to drum up these doomsday scenarios, i don't get it. what kind of people are you talking about? people like elon musk. he responded that zuckerberg's understanding of the issue was limited. emily chang has linkedin cofounder reid hoffman with
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where he stands on ai. reid: you have thousands of people working with these companies, working on these projects. that gives you a very broad scope of potential whistleblowers. people, if they see something wrong, they can speak up. i think the thing is to be intentional about what is the thing that best helps society. design ai to help pay attention to the question of how do we have good human outcomes. that's actually -- the examples that elon told ashley were things like, well, you -- you tell the ai to eliminate spam and it says "eliminate all human beings." as you articulate your goals, have humans in the loop. that's a simple safety measure. i know that google, microsoft, facebook are thinking about that. i don't think it's a "rely on the good intentions."
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emily: is the fear mongering irresponsible, as mark zuckerberg said? reid: i think it's dangerous because it causes the discussion not to focus on the real issues. we talk about robots marching in the streets vs. how are algorithms already influencing our lives. it is not that we shouldn't think about the science fiction dystopias at all. emily: facebook, twitter, google -- they are all being called before congress. can ai fix this problem? is it something only a human can do? reid: i think both ai can get better. here is a weird ad buy. here is something that looks like it's external forces trying to do political ads. now let's have some humans look at it. i think the answer is actually both.
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improve the ai to detect fraud. have humans get involved. this is weird, take a look at this. emily: what about when it comes to robots and jobs? it seems like the ground is shifting beneath us as we speak. shifting beneath us as we speak. are jobs under threat, and how many of them? reid: jobs will be transformed, just as any technological revolution changes them. people had this worry from agriculture moving to the city, from manufacturing. we have to pay attention to people. these transitions can be very difficult. i don't think that means jobs are just going away. technology also usually creates a lot of new jobs. an ai may read your radiology exam a lot better than a radiologist, but a radiologist can still be there to talk to people, can still be there to look at the weird cases, that kind of thing. that's the kind of
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transformation that i think we should be building the technology for. emily: apple, google, facebook, amazon -- they all are in a race to get there, to be better. who wins? reid: i think in technology they are all going to win, and i think they're going to win in different ways. i think you will get great voice stuff from all three companies. i think you will have google doing the, ok, this is the one big pile of data. i think you will have microsoft doing the, hey, if you want to be building ai with confidential or private data, we will partner with you. emily: you are also working on a very well done podcast called "masters of scale," where you talk to viewers about how founders keep their company from zero to one to infinity and beyond. thinking about a company like uber, what are the lessons in what not to do, not just for founders, but for investors? reid: so, i think that part of the thing is to make sure that you start asking the social impact questions early.
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it doesn't mean you orient your whole company around them, but you say, look, what is our mission and how is our mission for helping people? in the uber case, how do we help drivers as well? how do we make sure we are increasing safety early on? you ask those questions early. airbnb is a positive example. i think it is scaled very fast. that's still the way you build a globally impactful transformation. if you don't do that, then you are not the company that has impact. add in the social questions as you are doing it. emily: what's the job of investors to make sure they are checking that behavior? reid: you are in this intense cycle of this exponential curve. let's help bring resources, questions, people to you that bring in these other voices as well.
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that's one of the things that my partnership does well. cory: that was emily chang with linkedin cofounder reid hoffman. a reminder, we are live streaming now on twitter. check it out weekdays at 5:00 in new york, 2:00 on the west coast. you can check us out on the radio. in boston, new york, d.c. station 119 on sirius xm. that's it for now. this is bloomberg. ♪
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