tv Bloomberg Technology Bloomberg March 8, 2019 5:00pm-6:01pm EST
caroline: i'm caroline hyde in new york and this is "bloomberg technology." coming up in the next hour, breaking up big tech. elizabeth warren revealed a plan as she campaigns for president, taking aim at the power held by google, facebook, and amazon. china's exports are plunging on the trade war concerns, but president trump's top economic adviser says trump and xi jinping could meet as soon as this month.
for high-profile breakthroughs and setbacks, what will self driving look like in 2019? we speak to a top exec at waymo. elizabeth warren laid out a detailed plan for breaking up facebook, google, and amazon. the senator stated "today, big to companies have too much power over our economy, our society, and our democracy." for reaction, let's bring in the tauscher lamb -- natasha lamb and jennifer from bloomberg. let's start with how seismic a policy change this will be in terms of the antitrust law that stands. jennifer: it is drastic. on elizabeth warren's part this is aspirational. laws, we are not breaking up companies just because they have gotten big.
--even try to break a break up a company that acted in an egregious manner. they didn't manage to get that through the courts. we're not been in the business of breaking up big companies since before the 1960's. emily: let's get the investment perspective. natasha, should the u.s. be in the company of breaking up big businesses? do you think it's tightens the economy? natasha: i think it does. from the industrial -- investor perspective, looking at not just financial metrics but environmental, social, and governance factors at companies. with theseproblems large tech firms. facebook, in particular, you look at the company and it has gotten to a scale where the question becomes, is it too big to govern.
platformompany govern with 2.3 billion users. far, is the so answer is no. just that. the other question is, with the monopolistic power that facebook by's competitors, instagram, whatsapp, and that becomes part of the platform. it not the kind of innovation until those firms get brought into the issues of the big firms. emily: talking of facebook, jennifer, facebook has been looking to integrate the backend of three key parts of his business, facebook, whatsapp, and instagram. some say this is preparing to stop disintegration.
can we see the reversal of big acquisitions, but realistically, could this go through? jennifer: what the enforcers have in their power, to look at these companies and determine whether they are doing something harming competition, anti-competitive, and they can come in and seek remedy that includes breaking up a company. one of the problems it is, once these companies get integrated, it is called unscrambling the egg. it makes it difficult to propose some sort of -- to propose that remedy. unlikely to agree to some sort of remedy at this point, to break these companies up, and possibly have unintended consequences that become harmful to consumers. atnifer was making the point senator warren is perhaps throwing something out there to be digested by the democrats and digested by the population at large, and land somewhere different.
we hear about the green new deal starting conversation to get policy in place. what policy do you think is needed? extreme or a little less? natasha: it's about setting a vision and moving the line forward. i don't think that is where we are going to end up, but i think there is a fair case to be made, just given the size of these companies, that it does stifle innovation. from our perspective as investors not just invested in amazon and google and facebook, but more broadly, in tech ended economy,my -- in the we are for secular growth opportunities. to be able to create an ecosystem that and growth,ovation
and not get stuck into these more monopolistic paradigms, which are not very free market in the first place. emily: would you want to see some of these -- would you want to see the entangling? natasha: i think is a case to be made that some could be good from the investor perspective when you take a broader view. emily: talking a broader view and paradigm shift, you have , starting a conversation when it comes to disparity in the workforce and a showing there is a gender pay gap that exists around the world and it has somewhat diminished. for theed for change it likes of citigroup, for example. i come from the u.k. where this has been brought upon by the government, insisting companies of a certain size revealed their gender pay gap. how is this working for you and working for companies? is this message landing as you want it to? natasha: one, i'm happy to be
here on international women's day, and i think it's a good day to have this conversation. we've been engaged in companies on gender pay equity for the last four years. we have moved 22 big tex firms, big banks to reveal their equal pay for equal work numbers. is so you and i are working the same job, you are man and i am woman, are we being paid fairly compared to each other? when you look at median gaps and how the gender pay gap is measured, even globally, women -- $.77 on the dollar for full-time work versus men. that's a huge disparity. it not only costs the economy $1.4 trillion per year, it is opportunity because we are not putting women in high paid positions, they are not moving into leadership positions, and it is something we need to look at closely.
citigroup was the first anthony to reveal its gender pay gap and -- first company to reveal its gender pay gap and that was 29%. we need to be honest to create a baseline to improve and measure progress. we can't hide behind these numbers that it is $.99 on the peers.versus the been inspired by bravery and courage citigroup showed several weeks ago. thee looking forward to other 11 companies we have a shareholder proposal in front of them on the gender pay gap this spring. right now, those will go to a vote of shareholders, but we would like to see leadership. emily: it's great to get transparency such as that's being driven by your conversation and the usual host of this program, emily chang, and the like. thank you for having that
conversation on international women's day. jennifer and natasha, thank you. updated its abuse reporting functions, allowing users to specify the complaint like if your personal phone number or address has been exposed. the company's first-quarter sales forecast indicated tepid user growth, suggesting improvement assets have not done much to expand audience. the moves comes after mark zuckerberg announced plans to rebuild some of the company's features on a focus of private communication. the u.s. overall jobs numbers we know, but how has the tech sector been going higher -- been hiring? if you like bloomberg news, check us out on the radio. listen on the bloomberg app, bloomberg.com, and, in the u.s., sirius xm. this is bloomberg. ♪ sirius xm. this is bloomberg. ♪
emily: is the first friday of the month so that means jobs numbers were out. , onlygh jobless rate fell 20,000 jobs were added in february. the president's top economic advisor is not worried. >> i think the top one -- topline number is a fluke. there are a million reasons for that. winter seasonals, the government , theown, the scoring of it classifications of people working and nonworking, it is crazy. emily: when it comes to new jobs, there is a familiar refrain that tech jobs change so quickly it's hard for people looking for work to keep up. economistsur -- our say that is not the case. this is a great set of stats, lifting the veil on technology hiring. saysey, your reporting some of the talk is worrying,
but the market isn't. >> the tech labor market is tight, but not as much as you think. -- havingare finding employees.me finding there are some of job openings for tech and people have been wanting to get into this industry, as well as people already employed in the tech sector, they are actively looking for job opportunities because they know they are out there and pay high wages. emily: is this new generation coming through and people are realizing they are redirecting their skills and needed there. shelly: there are boot camps where you can get nontraditional trainings intact. --re's also employers employer investment in workforce training has been going down, but in the tech industry, it has been going up. becauses are training
they want to keep their employees and know how much demand there is for tech talent. emily: dive into where is hot and where is not when it comes to the tech sectors. he say people are getting retrained, but are there areas that are in demand. -- demand? shelly: the jobs and the band -- in demand are the ones that can do front and back and work. more specialized engineers that can do one programming language, they are becoming more obsolete. emily: what about the way in which we are starting to see an overall industry change trend? are we starting to see pushes and pulls coming from different parts of the world? theye u.s. going to ensure have this vast quantity of well-trained, knew areas of pools of talent coming through? islly: what is interesting that tech jobs are not changing as quickly as they are in other industries.
are's because employers looking for tech talent that have a broad range of skills. they're not looking for someone with one specific skill set. other jobs and other industries are changing faster because of the tech impact. emily: and because of technology companies in and of and him -- in and of themselves. shelly: the food industry, for example, you can't even pay with cash. you have to pay with ipads or other technology. caroline: the disruption has no end. disruptiontalk about of a different kind to a certain extent. ticketingan online company dropped. but get the analysis from tim fox who helps figure out what happened here. it has been not so bright. >> this is a website, a platform that sells tickets to a variety
of different shows that you want to see. you want to go to a broadway show, a theme, whatever it is. they have a lot of competition and are not making any money. there is that the refrain that if you want people to buy your stock, you should probably be showing them that you have a plan to make money. they did an acquisition, are trying to integrate that, but there is a lot of competition with companies like stuff up and ticketmaster and so on. the traditional way of buying tickets, which is to go to the box office. people do that and resell them. there is a whole gray market as well. as far as this particular company is concerned, analysts are coming out today saying maybe not so fast. they have to figure out a way to start turning a profit. caroline: it's interesting that stuff up was in the press as well this week. ebay tore calling on
diversify itself out. pimm: right, you have the activist investors in ebay saying we really want to split the company into its different parts because we think, that's way, it will unlock more value for shareholders like paypal a couple of years. caroline: you mentioned the analysts. few downgrades and concerns. how could we see this company fort to set itself up profitability. pimm: i don't know the internal workings for the company, but this is an area that is undergoing the disruption you are just talking about when it has to do with technology. of thelity to access all seats you want or the venues that you want to plan a vacation, holiday, or even in your home city, that is something -- i know this makes me feel quite old, but going back a dozen years, that was
something you did not have the capability to do. you didn't have the visibility into that supply chain. that is the same kind of supply chain issue you have if you look at the availability of a particular item being sold, let's say on amazon. they say x number is left. the whole idea of being able to that and see and get transparency for price and volume, that is something that is relatively new. people growing up with it say this is the way things always work, but those of us that can remember, you used to have to use the telephone, call a human being and book the box office. caroline: i'm interested in the way you said and visibility. -- said visibility visibility. is there visibility? pimm: you could make the case, but who knows. you don't knowss
going out maybe a quarter or two quarters to determine how the company will perform. also, there is a lot of money waiting for initial public offerings. if you get a choice, you are an investor and want to invest in , uber, or others, those are big ipos. , in canada today, i believe, a pretty good initial public offering, maybe $179 million. money is not infinite when it comes to investors portfolios. they may be keeping a little on the side for when these big ipos come to market. , always great fox to get your analysis. coming up, is big tex threatening venture capital? how startups fair as companies like amazon continue to assert the dominance. that is next. this is bloomberg. ♪
caroline: one company reported that the president is starting down. he is said to transition to a chairman role as he spends more time on outside interests like the open ai research organization. there also confirming plans to move their headquarters to san francisco. meanwhile, elizabeth warren proposed breaking up big tech this friday. she cited lack center capital investment in her reasoning. she said venture capitalists are hesitant to find new startups to compete with these big tech companies because while it is so easy for the big companies to set them off, growing competitors are driven out of business. joining us now to discuss is nicole, parlor best partner at lightspeed venture partners. -- partner expertise
at lightspeed venture partners. you have an expertise and, you will first take on whether venture capital is put off from funding startups that might take on these bolinas? ehemoths. myths -- b >> the best story to listen to is the one the data tells you. data, thek at the funding environment has never been quite this frothy. number of huge companies being funded and we have not seen a drop off in any way. vc's that i've spoke to said there are 10 years durable run and that is factoring into valuations. and -- can you give us any examples or some sort of areas where some of these new innovative companies are still
managing to battle their way through, despite the behemoth known as amazon. >> as a company we have invested in that has taken america by storm. it is a shoe company made of plastic, recycled bottles. if you speak to the folks at rocknies they've had people leave from google and nike and here becauser to they have been able to turn it around so these shoes can go from being too ideal into the customer's hand within about six weeks, where that can take one to two years for the big established companies. if the nimbleness of startups that a special. caroline: if i could advertised by instagram for it one more time, they have got me in their line of sight. what about the ways we see amazon moving away not just from online but making an indent and rumbling on it comes to brick and mortar.
they have talks of new grocery outlets. we've seen startups getting into the mall area and revitalize there. what is the startups that you are backing? what are these companies looking at to sell to us when it comes to off-line as well as online? nicole: offline is going to be an increasing trend for these companies that were originally digitally virtual brands. yes, we see it with amazon. we were original investors in bonobo. please to think of that as a cost neutral marketing channel for them, and say whenever they open a store, it is profitable because of the halo effect for their entire online business. that has shifted so the off-line stores can be profitable marketing channels. not only are they profitable in the store and rockies has seen
sale per square foot. that is driving business to the online side of the company. looking at some of the portfolio companies, it strikes me as two women sat here at on international women's day, you are in a number of companies driven by female lead. is that something you look at? nicole: that is something that is important. i only invest in consumer companies. most of the consumer decisions in any household are made by a woman. it makes sense to have a true, authentic founder at the helm of the business. you certainly mentioned a couple. are two that goop we are excited about. portfoliomany in our of female offenders -- founders.
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caroline: welcome back to bloomberg technology. earlier on friday, president trump was selling the merits of a potential trade deal with china. president trump: i think as soon as these trade deals are done, if they get done -- we are working with china -- i think you will see a very big spike. a lot of people are waiting to see what happens with the china deal. caroline: there he kudlow told bloomberg no deal would be rushed for a deal saved. >> if they are not in america's interest, he will not accept it. do not read me bearish. i'm not bearish, neither is the president.
again, this idea of a quick deal to get a pop in the stock market -- i want to strenuously disagree with that point of view. caroline: to discuss the latest of the china-u.s. trade talks, i would like to welcome sam, new america fellow. on thursday, she testified before congress on the challenges facing u.s. and china. then, the leader of the u.s.-china economic coverage. bring us up to speed, how much are we positive or negative on the fact there will be some meeting in mar-a-lago between xi jinping and trump, and a deal done at that? sarah: the difficult point we are at to ascertain if there is going to be a deal or not, talks have entered a phase they are speaking via videoconference and telephone so we are not getting regular updates. we heard from trump several times this week that progress is being made. larry kudlow seems to be optimistic.
there is not really a sign, or maybe a marker of how far part they remain is we are hearing no longer is there a summit for march. it might be pushed into april. we have not heard from china that would accept the u.s. invitation to have a signing in the first place. we are at a state of not exactly what is knowing what is behind the scenes. caroline: tom, let's get your perspective, because you were just testifying in front of congress. one of the things you are telling them in the terms of what china can actually provide, what is going to because medic, what is going to be taken away as real progress when it comes to some trade deal? >> at the testimony, we talked about tough structural issues, i.p. stuff, cyber espionage. these things take time. last week, ambassador robert lighthizer said this is where the trade talks are, we cannot
rush them. the more we see deadlines extended, they are going into the weeds for the tough issues. caroline: what would a good trade deal -- we keep hearing from trump time and time again we want a good trade deal. what would a good trade deal look-alike for the u.s.? samm: it gets quite technical. cross-border flows, opening up cross-border services. lifting cross-border procurem nt. the business community said these are long-standing issues. let's see what we can get done. caroline: sarah, what has been interesting is the tit-for-tat that has gone on between robert lighthizer and trump himself. we always try to read the tea leaves on how the negotiations are going by who was at the table and what hawks are there. from your perspective, is robert lighthizer still driving this?
is he going to be pushing for the i.p. change that he wants, even if it is not an easy win? sarah: there are two things happening. one, robert lighthizer knows the issues inside and out. he's at the negotiating table and wants the best deal. these intellectual property practices, technology transfers. he wants a forceful deal and one that can be enforced. if china were next on some promises, there can be tariffs put in place and other mechanisms automatically that would punish china for violating the rules of this deal. isthe other hand, trump looking ahead to the 2020 elections. looking at the stock market as a gauge of his success. he sees when there is good news about the trade deal, the stock market going up and bad news going the other direction. he's really telling his advisers he wants a deal. he wants to see stock prices in positive territory. caroline: he does.
what does china want out of this? because we just saw the trade numbers out today, woeful if you are thinking from a february perspective, imports looking pretty bad. china's stock market has been forced to pause, it seems, by the government. what do you make -- who has the position of power here? samm: i think the only position of leverage the trumpet administration has right now is huawei. this is supposed to be a separate track. law-enforcement. separate from a trade negotiation. the lines are blurring. we are talking about china a national champion,, that successfully markets around the world, that the trump administration is trying to dismantle. mung is a wildcard in all of this. caroline: i love that you bring that up because it has been brought up by the chinese.we have a great piece coming from the chinese finance minister earlier today. continuehas and will
to take all necessary measures to protect the legitimate and lawful interests of chinese businesses and citizens. duty ofthe bound and the chinese government. at the same time, wthe companies and individuals in question seeking their own interests and refusing to be victimized blike silent lambs. caroline: the foreign minister fighting back. you say this is a political bargaining chip. how could huawei be really embroiled -- at the very beginning, trump said he could let her go, allow the difficulties -- she could be free to go almost if it helps with the trade discussion, but that got railed back. mung, hetrump releases will face significant backlash by the national security community in washington. we thought there would be an executive order if you weeks ago
that what bar huawei from participating. i think this is indicative of how much turn there is within washington on the issue. caroline: is this getting brought back into your conversation, that huawei could be a political chip? certainly, it has been politicized with the case that huawei is bringing to the u.s. sarah: it definitely puts the u.s. in a difficult position in the strait negotiations. they want to say there are two tracks. the national security track against huawei and the trade track that is separate. i think it is important to remember these tariffs in the first place are premised on the intellectual property theft issues. these issues the u.s. is facing less china reaches for tech dominance, economic dominance over the u.s., and that being a threat to the u.s. economy. this is very much woven into part of the talks and trump himself has entertained the
idea. as part oflease mung trade negotiations or bring that into them. i think trump himself has inserted himself into the situation at the moment. but, we have not heard actually from our sources this is a big part of the talks at the moment. it is a very sensitive issue. caroline: it is. zte and huawei know it. sarah mcgregor, thank you so much. samm sacks, great perspective. meanwhile, chinese bike sharing startup is closing down its international operations. the start of his late not more than 15 full-time employees as it retreats from non-chinese markets. a chineseght by delivery company for nearly $3 billion back in april of 2018. coming up, the rise of resale. 's markets become one of the most popular shopping apps,
caroline: as the world of retail and e-commerce gets more crowded, and new trend is gaining traction. the resale market. and it is growing rapidly. poshmark is at the center with 40 million registered users. in the latest division of the retail transform series, manish chandra, poshmark founder and ceo. one of our producers telling me she uses it all the time. who is using it?
what demographic? how often? what sort of trends are you seeing? manish: we have about 40 million registered users who engage with the platform seven to nine times a day, spending 20 227 minutes a to 27 minutes a day. we have been a full market selling men's, women's, kids fashion -- both used and new products. caroline: it is on trend with netflix as well. incredibly popular program at the moment about clearing out your closet. is that meaning you are having your moment in the sun? want to get rid of our things and own fewer objects? manish: absolutely. i think it has been a great trigger this year. what we have been seeing over the past six or seven years since we started is a continuous adoption of a reselling paradigm where it
leads to a social paradigm where people want to understand from each other. if you think about retail, what social commerce is doing is taking back to the old days where retail was all about people and not just about products. caroline: how broadly is this conversation going internationally? manish: we are currently only in the u.s. although, we just announced we will be launching poshmark in canada later this year. it is starting to sort of go global. if you look at larger marketplaces, for example, china, they have had prevalence of social interactions for a long time. we are starting to see a reverse trend back in america today. caroline: social commerce, you can make a tiny profit out of it. how do you make your business run? you are obviously helping introduce the buyer and the seller. what is the cut for you? manish: we take a 20% cut in
terms of transaction. there is no other fee. we provide you with everything from payment processing, shipping, dispute management, as well as chargebacks and other things. the key thing for the seller and the buyer is the conversation we facilitate, the styling we facilitate which makes it much easier for them to transact, but also discover new and beautiful trends and products. caroline: at this time last week, i was breaking news about ebay adding directors to the board. they've got some rather impassioned investors who are moving for change, but ebay has competition of its own such as poshmark. what's competition to you like? ebay, are there other startups? where do you find the competition coming from? manish: so, what we find from traditional retail as well as places like ebay and amazon. however, our approach has been
completely different which is to empower our community to form a large social community. in some ways, democratize retail. we have over 5 million sellers on the platform. what that does is it creates a level of diversity which can only be accessed through discovery. people curate items, for example, on a daily basis, our unity curates over 18 million listings. that is what you see on instagram, pinterest and not other retail actors. caroline: let's talk about diversity of a different kind. you added more diversity to your board. serena williams joining. talk to us about that key hire. it helps from a p.r. perspective, but what expertise is she bringing and what is the strategy for you? manish: serena, we are so grateful to have her. she's obviously a very .o.a.t.,shed g athlete. she is a fashion entrepreneur,
style icon, but also a champion of women entrepreneurs. that is where we connected at a deep level. many of her friends in the community are involved with poshmark. we think she brings a very authentic and deep connection to our platform and our community. that is very exciting to bring that voice on the board. caroline: looking for any more money to scale? manish: currently, we raised about $160 million. we continue to evaluate growth options. we have not raised any money since then. caroline: what is your best-selling kind of item? what are the most popular searches for? manish: we certainly see trends coming and going. recently, we saw certain brands being advertised by meghan markle. if you look at a very interesting category, kids sneakers. we launched serena williams'
daughter's closets. one of the hottest items were shoes, which is quite surprising. kid's sneakers are one of the hottest categories. caroline: as a mother, i'm not surprised at all because they are expensive and grow out of them like that. i'm all for passing the parcel. manish chandra, poshmark founder and ceo. meanwhile, senator elizabeth warren is calling for the breakup of big tech. new jersey wants to welcome more companies like amazon. the state governor told bloomberg and myself earlier he has spoken with amazon after the abandoned plans for a new base in long island city. he says new jersey is a good option or any large tech company to invest. >> i did speak to them and reiterated that the newark story is getting better by the day. it is incredibly compelling. we have the land. we have the story, the trajectory. i believe that continues to be a great story, not just for
caroline: waymo is getting into the sensor business. the self driving car unit is now selling its sensors used on driverless vehicles to other companies, as long as the companies don't compete with its robo-taxi business. joining us now is the waymo cheap external officer. wonderful to have you with us. you talk externally two different stakeholders within
the business. how willing and how much appetite is there for this sort of uptick in scanners and sensors you provide? guest: as you mentioned, this week has been so exciting for us, having the opportunity to sell the lidar sensors to our customers. there is a lot of excitement about it, first, because it gives us the opportunity to increase the speed to which we will bring this technology to market. and, it gives our customers a chance to employ it in a host of different applications so we really excited about it. caroline: nonautomotive space, can you direct us to where this is in terms of demand and how you are educating the market? tekedra: for these customers, but think about warehouse applications -- they think about warehouse applications, moving equipment, where it would be easy to apply a sensor that could see in the dark. dark warehouse so you don't have to keep the lights on. you are able to move things
using sensors. we have already seen a host of customers come in and express interest. we only announced it two days ago. caroline: a busy woman in that respect, but you are having to engage,nd continuing to educate the public about safety records of self driving vehicles. the way you can work state to state instead of internationally. what are some of the key issues you are having to tackle every single day? what are the biggest challenges? what are the easiest conversations? tekedra: i think self driving technology holds so much promise. i think one of the most encouraging aspects of this are are trying to figure out how to make it happen. there is recognition that understanding and awareness in the public, as well as regulations with policymakers, has not been established yet. we think, obviously,
establishing the right framework to allow innovation to take hold, we would not be at this point for a framework that allows for that. that is important with regulators. with the public, we believe companies in the space have a responsibility to educate the public. we launched let's talk self driving campaign over a year ago now because we talk a lot and think about the benefits of this technology, but we sit in the place to provide the understanding of why this technology will be beneficial. why lives will be saved and what are the uses that members of the public will find extraordinarily helpful in their everyday lives. back in 2017, we actually started putting members of the public in phoenix in our cars in the early rider program. what we learned immediately is that they use cases that they were most excited about were use cases we would all be excited about. getting from point a to point b.
taking your kids to soccer practice, commuting to work. having a family that wants consciously to have only one car for whatever reason, even if it is financial. but, also needs to meet these transportation demands. we have had a lot of feedback about these applications. moving into december of last year, we took the next step on our journey and launched our commercial service in phoenix. now, we have members of the public in the cars. they are going from point a to point b, and we are continuing with our early rider program to learn about the transportation needs in the phoenix community, which we think will be applicable more generally. caroline: as a member of the press, we love to send civilized -- to sensationalize the competition between you and uber. tekedra: we are happy to work with others. we think it is important. one of the reasons at this point
we have not seen a lot of companies and industry come together to educate holistically is that technology is different. waymo was founded as a moonshot as a google self driving car project in 2009. we are a company that is only doing this. the only hard issue we are focused on tackling is can this technology be deployed to make our roads safer? for us, we feel that the safety is urgent. so, we moved forward with the public education campaign. we partnered with mothers against drunk driving and the national safety council foundation for blind children. we think it is important to partner with others in the ecosystem who have a natural alliance, because their mission and our mission are the same. we believe that over time, as others and industry advance the technology, they too are going to find as they enter markets, they will need to do this
education and we are excited to partner with them on that as well. caroline: i wish we had more time.w waymo cheap external officer, thank you for joining us. your expertise on all areas. finally, spacex's dragon returned to earth friday after a debut test flight to the international space station. it splashed down about 250 miles east of kennedy space center in florida. 330 pounds of supplies to return home. the flight is a milestone for spacex and nasa, as they attempt to end u.s. dependence on russia for shuttles to the space station. that does it for this edition of bloomberg technology. bloomberg technology is live streaming on twitter. check us out @technology. follow tictoc on twitter. we want to give a shout out to international women's day today. we will be wearing our pins that highlight the still 202 years to
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♪ david: you wanted to go into technology banking. robert: like all things, in the land of the blind, the one-eyed man is king. david: were there a lot of african-americans in the technology area at that time? robert: very few. very few. david: what propelled you to say i am going to give this all up and go start my own company? robert: very few software companies were actually efficiently run. we took these kernels of best practices. david: you became very involved in philanthropy. robert: philanthropic endeavors were a part of my family and my family dynamic. one thing we have to do is ensure that society is a just society. >> would you fix your tie,