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tv   Bloomberg Technology  Bloomberg  October 7, 2019 11:00pm-12:00am EDT

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>> i'm taylor riggs in san francisco. this is bloomberg technology. coming up in the next hour embarrassing yourself. mashioshi san says he's embarrassed by his record. plus, competition heats up in online food ordering. i get the scoop with the ordering platform for the restaurant industry. and no longer papal.
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papal confirms that it's bailing on its crypto currency program. and why analysts think that's a wise move. but first to our top story. lofty investment goals thanks to mashayoshi's san. he tells any kay business "the results still have a long way to go, and ma makes me embarrassed and impatient. er used to envy the markets in america." there's no excuse for entrepreneurs in japan, myself included. joining me is sarah mcbride. what was your key take away from this interview? sarah: it turns out that msasyoshi was asked more broadly about the japanese environment, and so you can interpret his results to be more broadly, why
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aren't there more entrepreneurs in japan? why isn't the start-up scene as vibrant as some of the places he mentioned southeast asia. there are a number of unicorns out of places like singapore and it's just hard to see anything similar in japan. so in that context, i think you can't say, oh, he was just upset at himself over the vision or something narrow like that. taylor: remind us again about some of the big successes in alibaba and some of the more recent flops like in yuber and wi works. sarah: right if you look over his whole career he was almost broke at the first dot com bubble. he made many, many other investments such as flopped and one that pulled him through and gave him the foundation to do everything he's done since. so he likes that.
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since then, he's had some other good investments. even at the vision fund which is easy to forget when you just wework. ut they had a very good exit in garden health which i appealed. they sold flip cards to wal-mart, which again, gave them a very good return. the problem is since then there's been a lot of bad news. taylor: in that article, did we learn anything new about yuber and weworks and his thoughts on the two? sarah: yeah, he's zintly a long-term thinker. e said in 10 years yuber and weworks will be great companies. they're very profitable. he continues to think on a very long-term basis. he's famous for giving a presentation that was titled "the 30-year plan."
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this was in 2010. and he ended up talking about a 300-year plan some of he has a longer threshold than the rest of us. taylor: i wonder if the markets are misinterpreting him at the moment. he talks about a 300-year plan. and you and i for example look at uber and weworks and analyze it in the last six months. are we missing his 30-year plan? sarah: yeah, maybe we are. say he's retiring right now. you don't have the 10 years or the 30 years to wait for the company to turn a profit. you might need to cash out some of your retirement savings. so would be great if everybody were aligned in terms of investment threshold, but for a lot of people that's just not possible to think that far out. taylor: you talked about lot of mashayoshi son.
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japan, india in and singapore, are they too concerned about that ride sharing space? sarah: yeah, think they's a valid concern that that's their whole strategy. they like to make big bets on certain sectors. so if they invest, say, in one ride-sharing company or one real estate company, they like to build a little constellation around that and try to achieve it around companies which is great when it works and if it doesn't we're seeing what we're seeing right now. i should add that for the vision und in particular, it was last valued by soft bank at $82 billion. so it will be really interesting to see where it's valued for september 30th and it only
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includes investments that it currently has. taylor: i want to finish on another quote they got that article which masayoshi son said he's sharing a vision of the world that changes a.i. do we expect those portfolios that are driven by a.i.? sarah: yes, but almost every company is driven by a.i. now. so no matter what you invest in, you can make an argument that it fits in that a.i. mandate. he's done a lot of thinking about how a.i. can improve the human condition overall, not just technology, but how it has impact for human despair and sorrow and loneliness. he has these he has these high
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goals. taylor: how has it changed? sarah: well, i think there's more of an emphasis on global governance. he did tell his portfolio entrepreneurs they have to know their own limit. so by that they have to interpret it to mean, know your corporate governance, be aware of that. taylor: sarah mcbride, thank you. in india, e-commerce is catching on in smaller towns. amazon and wal-mart recorded revenue for their sales festival. the american rivals have been dueling in india since wal-mart paid $16 billion for company of flip car last year. their latest sales promotion ran on the same days and concluded over the weekend. nd coming up, packing an election. microsoft talks about iran for trying to hack a company. we look how the 2020 candidates are in cyberspace. and if you like bloomberg news, check us out on bloomberg.com
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and on the u.s. on sirius x.m. this is bloomberg.
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♪ >> a group of hackers linked to iranian government are being accused of trying to hack a hust presidential campaign. microsoft says a group tried to infiltrate a campaign and journalists. joining me to discuss in washington bloomberg's alyssa sabania and john holt quist he's the director of intelligence for
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spirae. what are the specifics that we know about this case as it lates to microsoft and fosforous? > microsoft told us a group of iranian-backed hackers tried to penetrate accounts. our of them were penetrated. taylor: and john, when you take a look at the specific hacks, what does it teal you that cyber security is clearly the next frontier when it comes to meddling in u.s. elections? >> well, campaigns are on the front lines of national security. they're trying to figure out what the future of american policy as it pertains to them is. and campaigns are a good place to look.
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talk -- taylor: talk to me about the specific tactics? >> they use fairly rudimentary tactics. however, they were very much after personal information which shows according to microsoft a willingness to be very persistent and engage persistently to hack these kinds of accounts. this suggests that 2020 can look more like 2016 when russia managed to do cyber operations against members in the u.s. taylor: john, do you agree that hese are rudimentary hacks but it could look similar to the way the 2016 meddling looked? john: well, campaigns have always been targeted for cyber espionage. not just the iranians, the russians obviously. and the north korean have done this as well. the real question is whether or not they're going to carry out
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the hack and leak the more aggressive operations that we saw in 2016 which really the more disconcerting. taylor: and john, do you see that? john: well, we haven't really seen that yet. the iranians are trying to answer serious questions about what -- how the u.s. is posturing ourselves in the gulf. they have a very uncertain future with regards to sanctions, with regards to the nuclear agreement, and their first use of this kind of capability is going to be to answer questions. it's very possible that they could target these people quietly just to gather information. taylor: and john, are you able to say if you have been tracking foss forous or if this is one group that you're following that could be a potential threat? john: we've been tracking them who we call apt-35 for five
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years now. we found them targeting the defense industrial base of the united states as well as iran hawks -- people who are in john bolton's circle, for instance, pro israel lobby and a few other targets carrying out a real elaborate social engineering scheme through social media. they have a lot of capabilities. even though their attacks seem rudimentary, they make up for it with a lot of gumption. taylor: lisa, what do your experts tell you? it's been rudimentary skills. but it's been gumption. do your experts all agree that this is sort of the next frontier as we approach 2020? lisa: as we approach 2020, we've heard a variety of warnings from the government and the intelligence community saying returningn states are
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ith new tactics. all signs point to a major concern within the u.s. government and within the campaigns that cyber security is a clear issue and could be used to attack the 2020 election. so there's a lot of emphasis in preparing for this threat and trying to make sure that 2020 does not look like 2016 did. taylor: john, did you sit back and looked a the election cycle, did you see this criminal start to heat up in the sumer? does i start now and get hot until the election 2020? what does that cycle look like? john: it could begin as early as now. i think these actors are already looking to gain access where possible. even if we don't necessarily know what campaigns will shake out in the end. as we get closer though, we're likely to -- if we are going to
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see these more aggressive hack and link operations, they're going to come much laettner the game where it will be much harder for us to react to them. taylor: and john, you mentioned a few culprits, iran, russia, north korea. who are some of the big players that you have your eye on? >> iran, north korea and russia are definitely big players. in addition to sort of the hacking activity, we're watching the information operation space that trolling on social networks. it's not just russia anymore. iran and china are also doing it as well. all four countries are very aggressive and familiar with this capability and could be players. taylor: john, is there anything consumers can do on their end or someone who is in the presidential campaign to do? what are we supposed to do besides rely on cyber security
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software? john: well, there are some extra steps you can take. probably the best one to use two-factor technology not just relying on a single pass word. pass words can be very difficult to memorize. that leads to a lot of security failures. a password manager can help out. if you don't expect to have some sort of physical threat, writing the password down might be safer than trying to memorize or use the same password again and again. so there are some very clear steps that we could take. taylor: i'm the biggest culprit of that, john. john hult quist, thank you very much for joining me. and the president's administration put companies on a blacklist. it includes two surveillance units are accused of being plicated in human rights
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violations. and coming up, apple's got a ton of it. will it be enough to leave netflix behind in the streaming wars? that's next. check us out at technology featuring all of our breaking news on tick tack on twitter. this is bloomberg.
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♪ raised price ts targets. r.v.c. raised to 2.17. both cited positive trends in gaming and data centers. plus mild direct club is getting
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rosy reviews from analysts despite the worst mega i performance since 2007. wal-mart is enthusiastic for the campaign. small directive received a unanimous equivalent rating. apple shares are trading up on monday. this is after they raise price targets on the iphone maker. nimura solid demand upped the 185. target to 205 from speaking of am what does a campaign with $200 billion in cash do? maybe spend it on content for the streaming service. while the company has not disclosed how much it has been on apple tv plus it could be in a position that current streaming surface netflix might describe as envy yable. joining me to discuss from stamford, connecticut, d.a. davidson, tom forte. he has a bi rating on apple. as you analyze the streaming
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service, do you expect appear to outspend its competitors? tom: so i think apple has the potential to outspend as you pointed out, they have a massive treasure chest. but the way we've been talking at it is the speculation is they're spending $6 billion up from the original expectation of a billion. and for apple that kind of puts premium content spending as more of a senior hobby and not really a job yet for the company. so i do think they have the potential to spend a lot more but so far they haven't really shown that. taylor: and put that $6 billion into perspective. what are some of the other competitors follow spending and apple is really spending $6 billion? tom: so by way of comparison, netflix the market leader is in range. billion-plus it's a significant figure but it's lower than what netflix is spending. and they have the potential to spend a lot more.
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but so far they haven't shown the pro pen si to do so. taylor: i want to show a chart to our bloomberg audience. and basically we're looking at net cash. which is cash of $200 billion on the balance sheet minus debt of $108 billion. so you're looking at net cash of more than $100 billion. would you argue that apple's balance sheet is in the best shape to be spending this cash? tom: so the answer is absolutely. not that long ago, we used to joke that it was a great time to be a b-list actor with all these streaming video services that were coming online. the difference with apple involved is now it's time -- your time to be an a-list actor. if you think of jennifer aniston and sick of the other a-list talent they're employing. oprah winfrey. so apple has the checkbook to write some massive checks if it wants to pursue that opportunity
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even more so. taylor: as we take a look at balance sheet dynamics you look at $1 billion in cash and then you a $65 billion in cash flow. we've heard next neth flicks of negative cash flow and burning the money. how does free cash flow factor into your analysis here? tom: basically the free cash flow that apple generates not that long ago when netflix was a smaller market cap, in a good quarter apple could have bought netflix. so the beauty of apple's business motto is primarily focusing on the high margin products within a category. they think of them selling the most profitable smart phones generates tremendous free cash flow and that gives appear allot of dry powder which they could use to go after premium content even more significantly? taylor: tom, i remember apple
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got a little bit of pushback from investors from people down the street saying you're hording your cash. do a buy back. and apple stood its ground and said we're going to keep our cash. are we sort of laughing now? has apple rightfully so built up this cash for a rainey day? tom: the good news is that apple does return a large amount of cash flow via buybacks and dividends. but more importantly, if you step back, what's most important to am right now is diverse fighting a way from its over dependence being the smartphone which is 60% of their sales in the last 50 years. if you look at their efforts in proprietary and payments and health care, then that large cash balance certainly gives the company a lot of money to invest in things that aren't directly related to smart phones, which is really good news for apple and for apple share howleders
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right now. taylor: tom, we have another chart i'm showing, apple's reliance on that. this fits into that broader narrative as you've been talking about that am is a services company. it's trying to transition away from that iphone. how do you see apple tv play into the broader narrative that is really the future of appear? where does it fit into their strategy? tom: definitely when i think of their preannouncement which is a huge shock last year on weaker than expected iphone sales in the december quarter, i think it reset the bar. to the company's credit it's been able to change the narrative and investors are soaking up this narrative and reacting to it favorably. it's the exen's effort to diverse -- company's effort to diverse fi away from the smartphone. proprietary content is part of that along with financial
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services. you think of apple payments and health care -- >> i have to leif it there, tom. that's tom forte. this is bloomberg technology. og from the couldn't be prouders
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taylor: this is "bloomberg technology." i'm taylor riggs in san francisco. google is ramping up its restaurant industry footprint. the tech giant announced it will be partnering with olo, the leading digital food order platform. this will enable customers to order directly from over 300 restaurant brands across google search, maps and the google assistant. joining me to discuss is olo ceo noah glass. from a financial perspective, walk me through the partnership between olo and google. noah: thank you for having me.
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the relationship is about enabling our restaurant brands to be found by consumers when they're looking for restaurants on google. consumers naturally do that today. now they will be able to find those restaurants, order directly from the google platform, and then send that order directly through our platform into the restaurant's point of sale. i cannot speak to the way google's financial model works. our financial model is to be a subscription platform, with transaction fees on top of the platform for increased order volume. taylor: do you share profits with google per click, when i click on the ad, your site, or when the delivery is confirmed? noah: it is coming from the context of consumers today ordering through different platforms like third-party restaurant delivery marketplaces. when they order through those platforms, the restaurants pay something between 20% and 30% commission. this gives restaurants the ability to take orders directly
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from google. we are just charging the restaurant a flat fee per month and a fee per transaction that pales in comparison with a third-party restaurant delivery marketplaces. taylor: talk to me about the restaurant side. why would they want to be on your site? noah: restaurants are using olo as their digital ordering platform. 300 brands, 70,000 restaurants across the u.s. and canada. restaurants are looking to olo as their partner to help drive direct traffic into the restaurants. this is around developing a digital relationship with those consumers. also, listing their menus on popular third-party platforms in a way that keeps the restaurant in control and enables all the orders to originate from outside the restaurant and into the point-of-sale system at the restaurant. taylor: are restaurants playing the volume game here? noah: yeah, this is an amazingly
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seismic shift that is happening in the restaurant industry. we are going to a place where over half of the overall sales in an $800 billion industry are taking place through consumers that are looking to get their food and consumed off premise. they are moving towards half of that coming from digital channels. the restaurant industry has never seen a shift like that and we are about helping our restaurants be the great beneficiaries and having orders coming directly from their customers. taylor: i hear you on the seismic shift, but it is also an an industry that is becoming increasingly competitive. delivery.com, uber eats, you name it. all these online delivery programs. how do you stand out? noah: we are not a consumer facing brand. we are a software platform that restaurant brands used to build their own apps and websites. a lot of the companies that are consumer brands are partnering
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with olo, using our api that syndicates the menu content to the third-party sites and have those orders come through and going to the restaurant's point of sale. keeping things simple at the restaurant. we are the partner the restaurant selects as their digital ordering platform that they are building on top of and enabling them to keep things simple. taylor: it is also a competitive space when we look from google's perspective. a lot of other mapping services, search engines, voice assistant programs. why did you go with google? noah: there is nothing about our relationship with google that is exclusive. this is part of our rails platform, getting a restaurant's menus into every third-party site they would want, where they would want consumers to find them. we did a similar deal with doordash and postmates and
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caviar and waiter, most recently uber eats, and now this announcement with google. enabling restaurants to go where google is and tap into the on-demand universe of customers. taylor: you are recently quoted talking about how this keeps us within google's framework and not taking me to a restaurant site or third-party delivery site. why would the restaurant want that? noah: sending the customer off of a search on to a third-party site, even the restaurant's own site creates friction where a customer might have to create a new account. it is great of a consumer can stay within the google framework, have their credit card details already in as part of google pay which is part of the capability of google food ordering. the restaurant still gets to take that customer's payments on their own merchant account. they get the customer's information. it is really about making sure
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the consumer starts their order and converts their order within this platform. taylor: there has been some slowing, growing criticism of google that they are keeping all of their traffic on their website and not letting -- sending it downstream to other parts of the internet. as you look generally, does that criticism concern you? noah: it does not stand up in this case. in this case, google is uniquely sharing data with the restaurant, processing the transaction on their merchant account. that is instead of the order coming through a third-party marketplace where the transaction's process is not on the restaurant's merchant account and they don't get that same data. when restaurants look at what google is offering and the partnership, they are really happy about this as an opportunity. since we have announced this news, all of our restaurant customers contacting us and telling us we are really excited about this. taylor: ok, when was the last time you used it and where did
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you order? noah: one great place to use it is at portillo's hotdogs out of chicago. you could use it at checkers and rally's which is all around the country. two great brands that were the first to jump on board who said we want to get our menu in front of consumers and a great place to do that is the google platform. taylor: i will be in chicago this weekend. perhaps i will check it out. olo ceo noah glass, thank you for joining me. the supreme court has turned away an appeal by amazon that will allow hourly workers at its nevada warehouses to continue with claims for compensation. the workers say they are owed money for time they spent and required security searches after their shifts. coming up, facebook's libra continues to face hurdles over regulation. now, it is finding itself in a tough position with partnerships. we discuss why next. this is bloomberg. ♪
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taylor: facebook skeptics now have derivatives to battle whether libra will meet its target launch date. coinflex, the crypto futures exchange, is offering derivatives that payout based on the likelihood libra will be operational by the end of 2020. the initial price equates to a 30% chance of the cryptocurrency meeting that timeline. the ceo spoke with bloomberg earlier. take a listen. mark: we are really excited about this futures contract because it gives the market a way to really price the odds of this event occurring. it's obviously to physically deliver libra, and in the case of nondelivery by facebook, it
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settles at zero so it gives the market a way to say it is likely, unlikely. respond to news events and give clarity to facebook's and libra's partners. >> why so pessimistic? why only get 30% chance for december 2020? mark: ultimately, we will let the market decide on this one. that is the opening price, but from there on after, it is determined by anyone who wants to make the market. >> is this garnering a lot of attention for you? are you going to get high volume when the contracts open? mark: no, we don't expect very high volumes from these contracts. we do however expect them to be something people are fascinated by trading something that ends up trading a lot in terms of number of users. it brings interest in the exchange and provides a signal to the market of where libra
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will actually end up being. >> we have a pretty active betting market in this country. why is it better to use your products or to walk into a betting office and i would like to place a bet for this particular outcome? they specialize making markets in all kinds of stuff. why do you need to come out with this product at this point? mark: coinflex is a physically delivered futures exchange. our main products are futures on bitcoin that are physically delivered. and, if you want a physically delivered libra at the time of expiry, this is the place for you. if you want to make a sports bet or something like that, and if libra gets traded on those platforms, that is a great place to do that. we are trying to offer futures on libra and that is when people come to us for. >> it is unlikely william hills will pay out in libra if it actually happens. let me ask you the question of
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the day that we are asking everybody on bloomberg which is what will it take for bitcoin to become digital gold? i know mati greenspan points out a lot of people think it is digital gold, but what do you think it will take before bitcoin throws off the shackles of its incredible volatility and becomes something that is more investable? mark: i think it is ultimately usage. a lot of people say institutional adoption is where this thing needs to go, but institutions don't just buy something because it exists. they buy something because it is valuable and there are fundamentals involved. i think bitcoin and all cryptocurrencies need to be pushing for more adoption, more usage day-to-day in transactions or settlements or any type of transactional capacity. if it is supposed to be digital gold, but it needs to be digital.
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that is a big part of a lot of these things people are working on when it comes to crypto. we're a futures exchange because we want people to use crypto without the volatility. >> what is the link between your product around libra -- you do a lot of business with bitcoin. what is the link between the two? mark: 99% of our volume is in btc. $500 million a day of bitcoin futures. libra is going to be, we expect, a lot more volatile. this is a less liquid, much more volatile asset. sometimes people want to trade higher liquid, lower volatility assets like bitcoin. but, some users want the thrill of something -- >> bitcoin is pretty volatile itself. mark: well, from a traditional market standpoint, you are absolutely correct, but in crypto, bitcoin is the big daddy. taylor: that was mark lamb.
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i want to bring in kurt wagner to discuss more on facebook's libra. first, give me your big takeaway from that interview. kurt: more volatile than bitcoin is the exact opposite of what facebook has been pitching and preaching, which is that libra will be very steady, it will be backed by the dollar and other currencies. and it is not going to be, you are not betting on libra. it is supposed to be something you can rely on that you can spend much like you would a dollar. the fact he thinks it is going to be very volatile is definitely counter to what we are hearing. taylor: any reaction from the market or facebook on this new derivative product? you could bet against or make a market bet on the timing when libra will be launched. kurt: it is not great optics. if you are facebook or any of these partners, here you are working to get something to market. meanwhile, you have this storyline and this company that is actually taking bets that you
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are going to fail, essentially, not hold up your end of the bargain, your promise it will come in 2020. that's got to feel frustrating. i think there is a realistic chance libra does not come in 2020. we have seen so many regulatory obstacles show up that i don't think anybody necessarily anticipated six month ago. the idea that people are potentially making money on the fact you are struggling, it does not look great. taylor: paypal has confirmed it is pulling out. what is your take from that? kurt: also not good. it is one partner of many, so i will say as far as we know, paypal is the only one of the original 28 libra association members that are leaving. paypal was one of the most well-known and they are a payments company. they understand a little bit about what facebook and the rest of the crew is getting into. they understand the regulatory environment. they understand how products like this exist and work.
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for someone like that to say, hey, we see too many regulatory hurdles, this is not where we want to spend our time and energy, that is not a great sign for the group. taylor: analysts who cover paypal say ditching libra makes sense, the political attention had really hurt the opportunity. that was according to morgan stanley. anytime an analyst or group comes out and says good you didn't make that move, what pressure does that put on visa, mastercard, the other 28 members debating whether to go in or out? kurt: it puts more pressure on them than facebook. facebook is one of those companies like alphabet or apple that is so big, it can withstand a lot of regulatory pressures and obstacles that other companies can't. facebook prints money from its advertising business. it does not need libra. libra is a side project. for facebook, this is a worthy, necessary cause.
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for a lot of these other partners that may don't have the stability facebook has from a business standpoint -- they are not necessarily being drug through the mud like facebook -- this is probably shocking to them to deal with this. facebook is so unique. where they say let's push forward. not everyone can necessarily go in that same direction. taylor: what next? kurt: next is the charter. they said we have to sign this charter and get these, originally 28, now 27 members to sign. once that happens and there is an actual document, more legitimate commitment from all these members that they want to see this through. and facebook has said there are a lot of other partners that want to sign up for this. you get those 27 on board, you start adding more people, and you look up in a month or two, who is in, who is out and how can we move forward? taylor: kurt wagner, thank you for joining me.
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still ahead, the e-scooter market drives ahead. our conversation with the ceo of a european scooter start-up that is challenging the u.s. unicorns. this is bloomberg. ♪
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taylor: e-scooters are a focus on a major worldwide investment with the biggest u.s. players, bird and lime, valued at $2 billion each. tier mobility is one of the biggest e-scooter companies and a primary competitor to those u.s. unicorns. it has raised $60 million in financing in a round led partly by one of the eagles behind softbank's vision fund. the ceo spoke to bloomberg on monday. lawrence: we are super happy we have them on our side. i think we have a big mission
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here. we want to change for good and that means we need to have strong investments with strong convictions. >> e-scooters in germany have only been legal since the summer of this year. how has that changed the market? lawrence: germany turned out to be the most exciting market in terms of digitization, acceptance by the customers. we are partnering very closely with the cities. we have connections with public transport and germany has the biggest market for transportation. it is a key market. >> what is your biggest concern? in finding a solution with some of the cities and where you leave the scooters? making the scooters? lawrence: my biggest concern is our current traffic situation. if you are in new york, berlin, it is a mess and we have to change something. now it is the right time in
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history to check the current status and give customers better access to mobility. i think if you ask about my personal concern, i think we are going to a situation where we have to rethink cities. cities are not made for cars, therefore we have to find away with the regulatories that we will have scooters in the city for the perfect situation. >> what does it mean for regulators? how are they adapting to the huge number of e-scooters around? it could be dangerous with cars. lawrence: currently, the city is designed for cars. as cars are not the right anymore, we have to think about how we will transport ourselves in the cities. this gives users first scooters a better chance and actually a better structure to go through the cities.
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we actually have to partner with the city to make sure we have enough space for those vehicles and it is also a lot safer than before. >> people worry that the buses cannot get through because there is too much traffic. but you look at your competitors in the u.s. that are so much bigger and expanding in europe, do you have any intention to expand in north america? lawrence: i think, as i said, germany is the biggest market for transportation in europe. europe has been the most -- market. europe is our complete focus now. we are going to win germany, we are going to win europe and then we will see. it is important that we remained focus on europe. >> do you think the industry has to consolidate because there are so many active companies? lawrence: that is always the question about making the cost structure more efficient and trying to consolidate. we are in a very early point of
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time. our company is around 12 months old. we are just at the beginning of the disruption. there will be a point in time where it will make sense. let's see. >> what comes after e-scooters? not sure if it is a small electric vehicle. is there something that has been untapped? lawrence: we have a clear path to create a new vehicle. we are not far away from that. it will be a vehicle that is suited for the cities that you can drive easily, also the rain and winter season. this is something we are working on. we will increase our fleet of new vehicles. we are not an e-scooter company, we are a micro-mobility service provider. we want to give customers different vehicle so you can transport yourself. >> how important is it to be big as soon as possible to get market share or otherwise the u.s. will eat your lunch?
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lawrence: you need enough access to capital. but if you compare us to the american players, we raised about $30 million in our first round and reached 10 million riders faster than anyone else in the world. it is not just about collecting money, it is very much about how you invest your capital and how efficient you are. i think this is something that sees us as the most capital efficient company. taylor: that was the cofounder and ceo of tier mobility. that does it for this edition of "bloomberg technology." "bloomberg technology" is livestreaming on twitter. check us out, @technology. follow our global breaking news network, tictoc, on twitter. this is bloomberg. ♪ everyone uses their phone differently.
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markets: middle east." manus: the trump administration blacklists chinese companies accusing them of human rights violations. negotiations prepared for high-level talks. yousef: a warning that the mobile outlook is deteriorating. reigns asfusion president trump warns he will obliterate the turkish economy. oversteps an unspec

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