Skip to main content

tv   Bloomberg Technology  Bloomberg  November 20, 2019 11:00pm-12:00am EST

11:00 pm
chang. in for emily this is bloomberg technology. coming up, president trump visits the apple texas factory when the white house decides whether or not to exempt apple goods from the tariffs. hackers strike the new disney streaming service. we will have details.
11:01 pm
coming clean. they tech is spending some tall tales. google toacebook and stop using lawyer speak when it comes to tracking data. to our top story, we are looking at disney cost new problem. disney's new problem. usernames and passwords have third parties. this case as they have not been hacked. i want to bring in kissed all mary. palmieri. -- of the an issue issue of hackers? >> it is a big problem for all companies. this is part of the global push. . they want to add 90 million customers for disney plus. they are already well on their way.
11:02 pm
10 million sign-ups in one day alone last week. they will have to learn how to manage this. >> if disney says they were not hacked, what happened with the passwords? >> peoples passwords and usernames were out there and hackers took to those -- those and tried to resell those services. uses a two phase identification process. it will send you any amounts of the original user saying is this authorized? when they see something suspicious, they are letting customers know. they are trying to stay proactive. >> as disney is tried to become more of a tech company, do they have the backend infrastructure to support that endeavor? >> right now, the answer has been maybe.
11:03 pm
-- huge this usual on launch and there were customer complaints. customers were having trouble watching the videos. disney admitted there was an issue with their software. they tested the software in the past and it worked but they were not ready at the scale that 10 million customers presented. there were a lot of customers having problems signing up. disney said there was not so much their issue. they had forgotten the password. were were customers already a subscriber to hulu or espn plus that wanted to bundle in disney plus. it was just a complex thing to get all those people on board. >> thank you for joining. netgear posted its analyst today at the nasdaq on wednesday. among the products being highlighted is this wi-fi mesh
11:04 pm
system and a digital canvas. it functions as a wi-fi in hazard. the company touted a healthy appetite for its subscript and service. the ceo briefed me on it. subscriptions a service on top of the hardware. once you buy the hardware, you can choose from a menu of to the hardware. the most popular services that people subscribe to our the cybersecurity protection, the andt parental control extended warranty. those are the top three. >> i want to talk about some of the products you have come up with. you mentioned the wi-fi six. .lso, the mural canvas 2
11:05 pm
it looks like an art painting. how did you come up with that? >> the electronic canvas mural .s taking shape we would like it to be a streaming service of culture. we started targeting the art lovers. we have artworks from around the world from the museum and certain artists that streamed to the canvas for the art lovers. we recently expanded its a popular cultures. we added content a few weeks ago of game of thrones. today, we are airing the content from marvel. and the movies series. we would continue to expand content to address more and more audiences. we believe there is a tremendous appeal to it. found a last year we
11:06 pm
lot of professional and semi professional photographers to showcase their work. we think this would have a lot of legs to expand the reach. tohow did you find people participate in this object with you? >> we have a specific team. content creators in new york city that would contact all of the content providers with the museums and the artist. this reaches out to the studios and movie studios. we would continue to expand that. on the other hand, we have been showcasing our electronic canvas theigh-end stores such as beta stores and equipment. widening, wece is
11:07 pm
believe we will expand our distribution. >> we can talk about technology without bringing up the u.s. china trade fight. how has that affected your production? have you moved any of your manufacturing out of china because of the trade fight? >> certainly, we are under no other option but to move the for u.s. bound products out of china. we are about 90% there. by early next year, all of the production of the products destined for the u.s. would be produced outside of china. primarily in vietnam, indonesia and highland. andng up, after whole foods cashierless convenience stores, amazon is expanding its go technology to compete in physical retail.
11:08 pm
if you like bloomberg news, check us out on the radio. you can listen on the bloomberg app, and in the u.s. on sirius xm. this is bloomberg. ♪
11:09 pm
11:10 pm
>> paypal has agreed to buy honeyscience. $4 billion. this will be paypal's first major acquisition this year. honey is known as a browser tool that helps users find savings as they shop online. million active users. honey founders will continue to run the business. paypal shares in after-hours trading. amazon is serious in competing the $900illion --
11:11 pm
billion american groceries industry. extension-- amazon go includes the possibility of licensing the technology to other retailers as well. this is matt day in seattle to discuss. what do we know about the go technology? matt: i was working on go for a long time. -- they were working on go for a long time. they opened their first store in seattle. they have since rolled out 21 convenient stores where you can go in, by what you want and go. margins on a the corner store is not great. if you're putting all of these tracking tax in the ceiling and cameras, that is going to weigh on it. marginsexpansion seems to be tt step for them. >> how does amazon respond to
11:12 pm
the investor concern? >> they have not given a lot of detail on their road go map. they have only recently begun to let us in under the hood. they have not commented for our story or confront any of their plans. you talked about 21 different locations so far. any plans to make this a national rollout with the cashier this -- less stores? >> it is hard to know what that a might be. we know they plan to open supermarket sized the saudis. we heard the tech teams have been instructed to support -- supermarket sized stores. we heard the tech teams have been instructed to support these. they don't want to spend a lot
11:13 pm
of time working with least retail space. >> arguably, the bigger story that caught my eye was looking at licensing out the technology to other retailers. who in your mind might be interested in this technology? >> if you talk to the competitors who are working on amazon go, their answer is everybody. everybody is looking at this technology and looking at whether removing the cashier frustration experience might be a good fit for their industry. amazon reported that amazon had been in talks with the regal movie theater chain and sports stadiums on potentially implementing a solution for them. these companies have not confirmed that. we know that they are planning to license this. >> as a consumer, i have to ask how effective is the technology
11:14 pm
at preventing basic theft? >> that is a good question. they have not commented on the theft stats. a journalist ended up accidentally stealing something and it was in track. amazon said they would forgive it. -- was not track. amazon -- was not tracked. amazon said they would forgive it. industry -- you get excited when you see this. just to play devil's advocate, have they responded to any of the concerns about cashier's who may be won't have jobs? we remember in high school or college, that was our first job work first job workers to way to get into the workforce. if those jobs no longer exist, how has amazon responded to those criticisms? >> they are on the labor angle. amazon has pointed out that the
11:15 pm
stores are not totally unmanned. that wee made the case don't think this is a way to cut staffers right now. in the long term, i think it remains to be seen, cashiers are the second most common job titles in the u.s.. there is a lot of concern. we saw some criticism from a big grocery union. >> matt day, thank you for joining us on all things amazon. still ahead, regulation should be a level playing field across different sectors and not just banks and big tech. that is next. this is bloomberg. ♪
11:16 pm
11:17 pm
at this bank has
11:18 pm
said that there has been discrepancy between regulatory restrictions for big banks and big tech. she sat down with eric on tuesday to discuss her views on regulating and partnering the tech companies. >> what is a bank? does a bank just take deposits and make loans? but we have always -- our , our strategy has been to be a responsible bank and grow loyal customers. you will have one bank in your head. even know you might have five accounts. am i correct? >> that is true. >> you are like 99% of americans and most people around the planet. for that to be the case, i need to know you. my question to you is why should data be regulated?
11:19 pm
in a different way? in a different way? whether you are called this or something else? you called to ask me to share my data that vice versa, also from other players so i can give you a loan at 6% instead of 7%. that is what i am saying. we need a fair playing field. this is not just about banks and payment companies, it is about hotel companies. that we needssue to sort out. >> some of the biggest banks, j.p. morgan, goldman sachs and citigroup have started forming ships with tech companies to provide financial services. >> we are 100% in favor of innovation. we have partnered with many american companies. what we are doing is we want to take these companies and services and when we don't approve alone, we pass it onto cabbage. it is at the base of our one pay
11:20 pm
affect blockchain. this is the point. we need everybody else to be open. my question to you is what is a critical infrastructure in the digital age? we stood think that this was critical infrastructure. >> you can make that argument. >> do you know how many people have a digital wallet in the world today? more than 2 billion. when you have a digital while, who should be part of that arrangement? it should be whoever is issuing the car. these are the things that we have to make sure that we have clarity on. >> online brokerage robin hood is offering stock trading outside the u.s. for the first time. the commission free financial trading company is launching in the u.k. in the first quarter of next year. the cofounder and ceo spoke about his ambitions for robin
11:21 pm
hood with bloomberg. take a listen. excited about it. it is our first live national the u.s..side of an important market as weak try to execute our mission of the market has our financial system. >> talk to me a little bit about white the u.k. -- why the uk? why come here first? >> a couple of reasons. i would say the market has discerning consumers that are sophisticated and have a long history of having access to financial tools. this is a culture more of savings and investing. we could make the barriers to entry lower.
11:22 pm
a less wealthy audience as well. similarly to the u.s.. secondly, we have done a lot of customer research, talking directly to customers on the ground, in the u.k. along with many other places. we have a sense that there is a ton of demand for the product. that somewhat proved out today with our wait list launch. and initialon acceptance and excitement has exceeded our expectations. >> that was a bombshell when charles schwab went c3. it seemed the only be a matter of time before these brokerages went c3. >> the way we think about it is our mission is to democratize the financial system. for us to his acute on that, it is not enough for us to offer commission free investing or the
11:23 pm
lowest-cost, highest value services to only our customers. it is imperative that we force the industry to change and adopt our pricing and model so that every customer of any service has the best possible pricing. i think it is a welcome change. it is great for customers. i think there is a lot to be done. >> what is next in the globalization of the industry? in do you stay afloat keeping the customers you have and gaining new ones? >> we look at our mission as expanding our footprint in two dimensions. one is more products to our existing customers. expanding from investing into multiple assets, multiple platforms and then going into any financial service customers might need. in the u.s., we launched our cash management program.
11:24 pm
allowing customers to really high-quality spending tools and paying them interest on their on invested cash. u.k. andnding into the that being a part of our overall global expansion to make high-quality awesome tools, delightful tools available to customers worldwide. >> that was the robin hood cofounder and ceo. this week, demolition on the future tsx broadway building in times square begins. the $2.5 billion project is led by this company. the chairman and ceo, david levinson tells bloomberg they content andve g record speeds. is discussions of five g in times square. this will be one of the most robust areas of five g. this platform we have right here
11:25 pm
, some of our neighbors will be participating in that 5g experience. when all of that happens, it will be happening here at the grandest scale in the world. >> will this be happening around 20 or 20 going on -- 2020 or 2021? >> one thing i was reading is that it is not just the technology question. there has been a really robust global conversation about the competitiveness of u.s. for broadcom. that is a real estate problem because you need self power. talk to me about what that is like when you get into the zoning aspects of it and the local politics of getting something like that accomplished and done so that 5g can be here and allow the effects to be what you envision them to be?
11:26 pm
>> the discussion is going on. i want to be really careful about that. i can tie your that the community, the authority, the times square alliance, our neighbors, there are preparing for that. this building is essentially an antenna to broadcast and receive information. wi-fi capabilities throughout times square will be unmatched. i think it is all in the planning, the discussions. it is with us and our neighbors in the times square alliance as well. that was david levinson. tim cook, trump meets in austin, texas for a tour of the apple factory. the topic of conversation is tariffs. we will have the details next. this is bloomberg. ♪
11:27 pm
11:28 pm
11:29 pm
when you rest on a leesa hybrid mattress, bedtime is no longer simply the time you go to sleep. it's time to switch off and catch up. enjoy me time, and we time. 40 winks or 8 hours solid. the leesa hybrid mattress combines two technologies to give you deeper rest and rejuvenation. 1,000 pocket springs provide edge to edge support, responsiveness and comfort, while premium foams relieve pressure. keep you comfortably cool and limit motion transfer. leesa's hybrid mattress is not only recommended by experts, experts choose to sleep on it too. try it yourself in any west elm store. or order online and we'll ship it to your door so you can try it risk free. the leesa hybrid is american made. built to last. and, because everyone needs a place to rest, we donate tens of thousands of mattresses to those
11:30 pm
in need. experience the leesa hybrid mattress. right now, it's on sale. order today. go to taylor: this is "bloomberg technology." i'm tailoring in san francisco. on wednesday, donald trump's effort to tout economic growth clashed with his tariff war. visited an apple factory in austin, texas, where discuss keephim to an eye phones free from tariffs. i want to bring in "bloomberg technology"'s mark gurman. give me your thoughts on how the meeting went between tim cook and president trump. mark: i just watched it. tim cook was there with trump. ivanka trump was there.
11:31 pm
as well as executives from flex, the facility where the computer is being built. tim cook basically walked trump around the facility, talked about the components that go into the mac pro and how its final assembly is in austin, texas, while the components are built in china, they are imported from texas. the big news moment that happened is when bloomberg asked president trump if this is going to lead to some sort of exemption on overall china tariffs for apple, and trump said that is something that his administration is looking at. you saw aftermarket stock moves of 0.6%, which is significant for a company with a market cap of over $1 trillion. if trump would've put in some sort of waiver for apple, that would be extraordinarily significant because december 15, that is when tariffs were going to kick in for the first time on the iphone, with degenerates
11:32 pm
-- generates around two thirds of apple's revenue. taylor: we know tim cook was meeting with him to talk about keeping mac and iphone off the tariff list. >> the problem you have is you have samsung -- it's a great company, but it is a competitor for apple, and it's not fair because we made a great deal with south korea, but we have to treat apple on a somewhat similar basis as we treat samsung. taylor: we have a trade deal with south korea so we have to treat apple similar to samsung. explain. mark: what the president is trying to point out is apple produces the majority of its products in china but is an american company. as an american company, they are impacted by those tariffs because the products are built in china and exported to the united states. the difference is south korea is a huge competitor of apple and
11:33 pm
it is a company not based in america and they produce the majority of their devices outside of china. the point is apple, an american company, is getting taxed a high percentage on its products, whereas samsung, apple's biggest competitor, is a korean company are not getting taxed. he's pointing out that is not fair. he is saying if there were to be a waiver, that is because of the unfair standpoint. taylor: did any of this meeting today at the factory change the outline for the december tariffs and the impact on apple? mark: what we have seen is that tim cook has been extraordinarily influential in
11:34 pm
donald trump's decisions around tariffs. you've seen apple get waivers in the past. by the same token, apple has not gotten waivers on the apple watch and air pods. this was nothing new for apple. this was not their first computer made in austin, texas. this is not a new facility. there's really nothing new going on except apple's pr marketing presentation around it and it's clear this is simply an appeal to the trump administration to work with them in order to avoid tariffs, right? tim cook is doing what he needs to do as a businessman, putting his politics aside to get done what he needs done. trump travels to california to make this happen, could have some influence. it's possible there is a trade deal done even before december 15, so i think one way or another, apple is optimistic this will get done. taylor: like you said, sort of a press day, win-win for both. trump can claim manufacturing is coming back to maeri -- america.
11:35 pm
tim cook can talk about he is bringing manufacturing back. does it really move the needle when you think about all the apple products and what actually is made in austin, texas, what is made in the u.s.? mark: that is a good question. the mac pro is really the only apple device made outside of asia in the united states, but it is actually apple's lowest selling product, right? this is the most expensive device, the highest end device they sell, and they are really not selling a lot of these. you're talking about iphone, tens of millions, hundreds of millions of units per year. this is not a big deal in terms of apple's overall product line. an under-1 million a year product. this is more pr than anything. taylor: thank you, mark. coming up, we will hear from a senator on how he plans to make sure companies like facebook and google respect your privacy. that's next. this is bloomberg. ♪
11:36 pm
11:37 pm
11:38 pm
taylor: he may be the junior senator from missouri, but he's making a name for himself by being one of the senate's most outspoken critics of tech. he has introduced bills to make tech more transparent on data tracking as well as trying to ensure u.s. consumers' data is
11:39 pm
not being stored overseas -- trying to assure u.s. consumers. >> facebook has said or users that they can turn off location tracking. as it turns out, you cannot. even if you say you don't to be tracked by facebook, facebook on your phone continues to scan all of the wi-fi in your area. it continues to use your cellular location, and it continues to transmit that information to facebook, so this is another misrepresentation, frankly, and i would like to know why is it facebook is telling its users they can stop tracking when they cannot. google does the same thing, by the way, and i think it's one more instance of big tech companies not being honest with us about the data they are collecting. >> you think they are purposely misleading users? >> i don't know how to read it any other way. you read the post facebook put up for all its users saying you can stop facebook from learning your precise occasion, a very
11:40 pm
lawyerly phrase it turns out. the normal consumer would never imagine that facebook is actually still tracking them, still tracking wi-fi, still using cellular data, the cellular network to pinpoint their location. i think it's very misleading. taylor: what would you like to hear back in response from facebook? senator hawley: i would like to hear the facts, the difference between what they've told consumers and what they are actually doing. i would like to hear them come clean, be honest. this gets to why we need to pass legislation. congress needs to pass legislation that gives every single american the right to opt out of being tracked, period. no backdoors, no workarounds. every american should say i don't want to be tracked. taylor: are you also planning to write a letter to apple and
11:41 pm
google, given that it runs on apple's ios system and google's android system? senator hawley: google testified that customers can turn off location tracking and that is not true. google is constantly searching wi-fi networks even if location tracking is off and it transmits the information to google. as i say, tech companies are all doing the same thing and it is misrepresenting their positions to consumers while they collect this information. they need to stop. taylor: to be fair, we have heard a lot about data privacy. we have seen a few existing privacy legislation come out. they have not gone anywhere. why do you think your work has a chance to go somewhere? senator hawley: for one thing, it is bipartisan. the do not track bill is a
11:42 pm
really significant move for consumers. it gives consumers the opportunity to say they do not want anyone to scoop up information about them. it would give every american the right to that. it is sponsored by senator feinstein from california, senator warner from virginia. we have broad bipartisan support. it is a common sense measure and something consumers deserve to have. taylor: i want to fold your concerns about data privacy into big tech and antitrust and the doj has hinted at the fact that those two are a same issue. is this the concern about data privacy or do you have antitrust concerns? senator hawley: one of the reasons data privacy concerns are so pressing is these companies are monopoly size. there are not really viable competitors to facebook or google, and that is a big problem, so i am concerned about their anticompetitive conduct.
11:43 pm
i am concerned that is making privacy issues worse. taylor: i think critics, to be fair, would say the competitors are in china and china tech is massive. if we break up u.s. tech, how do we take on china? senator hawley: i don't understand why getting more competition would hurt our standing vis-à-vis chinese competitors, but i have introduced legislation that would top -- stop chinese companies from entering the market if they are going to abuse data collection. i have a bill that would stop companies like tiktok, a chinese owned company, from collecting data and sharing it with the beijing government. that is also a major privacy concern. we can address the threat from china and the background threat, which is beijing getting our information, while also asking american companies to actually compete, actually innovate, and actually be honest with consumers.
11:44 pm
taylor: i am going to take the bait. let's talk about tiktok and apple. i want to know more aobut your -- about your solution. we cannot keep apple out of china and cannot really keep tiktok out of the u.s. senator hawley: it's important we stop tiktok from transferring any data to china and to the beijing government. any time a chinese company wants to acquire an american company that is a data company, the state department should sign off on that beforehand. there should be preclearance requirements. when it comes to apple or any similar company, they should not storing data and encryption keys in china. it is too much of a security risk. taylor: tiktok should be in your opinion?
11:45 pm
senator hawley: it already is is my understanding, but it should have been sooner. none of the companies in concern should be able to buy an american company preclearance. taylor: what does a realistic tech bill look like that has a chance of getting past? senator hawley: i think we can start with do not track. it has broad bipartisan support and addresses privacy issues. it also is pro-competition because they do not track competition goes to the business model of google and facebook and also twitter, for that matter. i would start there. i have said over and over that i do not think the goal of comprehensive privacy legislation, whatever that might look like, i don't think we ought to let that stand in the way of taking steps right now that would be good for consumers. i would start with do not track, and i would start with protections for children.
11:46 pm
i think big tech should not be able to direct ads to kids, should not be able to track kids, and every parent ought to have the right to have their children's data deleted. taylor: around this issue and arguably all legislation on big tech, europe and the european union has been much more strict than the u.s. why have they been able to pass legislation and we have not? senator hawley: i think big tech has been able to purchase a lot of friends here in the capital. purchased a lot of friends here in capital. give facebook and google credit, they know how to play the game, but the truth is consumers are inpatient. parents are impatient. they are fed up with their kids being tracked online. consumers are fed up with being tracked online and having no way to opt out of it, and i think the american people will demand action by congress, and that's why this body needs to act. taylor: i want to address
11:47 pm
another bill you have been talking about called ending support for internet censorship act, which is intended to address claims of anti-conservative bias within big tech. the heritage foundation came out and said if the bill is enacted, it regulates online content, but it does risk eroding a lot of this free speech. how do you respond to the heritage foundation? senator hawley: first of all, i would say this is a pro free speech measure. we need more free speech. we need less regulation. we need less monitoring. my concern is because facebook and google are monopoly-sized companies, when they decide they are going to discriminate on the basis of political views against conservatives, against pro-life voices, against pro-religious freedom voices, that means those folks are effectively shut out of the digital marketplace. that just should not be the case. all these companies say they do not make content moderation decisions on the basis of political viewpoint. my legislation just holds them to that. it says you should submit
11:48 pm
yourself to an audit every year to make sure that is accurate, and if it's not, they should not be able to keep their special protections under section 230. taylor: should political ads be fact checked? senator hawley: i leave that to the particular services, if it's facebook or google, whoever is doing those. we do not typically do that in the context of tv broadcasters, but there is a backstop, which is if an ad is so factually misrepresenting positions so dramatically that it becomes a form of libel, you can sue and that has worked pretty well i think in the broadcast setting. taylor: that was senator josh hawley of missouri. coming up, investing with kindred spirit. to helps got a partner bring funding to a generation of new startups. we will have the details. this is bloomberg. ♪
11:49 pm
11:50 pm
11:51 pm
taylor: kindred ventures is entering a new phase of its and vence meant -- its investment strategy. it is launching a new fund to work with founders to work with startups. previous investors come companies like uber, coinbase, and virgin hyperloop one. joining us now, the man himself. talk to me about this new bigger fund, how it compares to the earlier version. >> sure. kindred ventures, i started the company in 2014 in san francisco. it was really a small seed angel fund with just me and some personal capital. over the years, i have gotten lucky backing some amazing founders solving some really big problems.
11:52 pm
transportation logistics, cryptocurrency, decentralized systems. even sort of looking at marketplaces like postmates and poshmark and styleseat. it has been a really great ride. one thing i realized -- there is always great seed stage founders looking to bring capital into speed up their journey. there's also another situation where we saw -- and my partner, who was at a prior venture fund before saw this as a seed investor himself -- was that there are a lot of problems out there that are important to solve out in the world and we don't want to wait for startups to exist so that we can back them. we want to use some of our operational and founding background and ask how we can assemble a talented, dedicated team to go after that. that is what we are doing. taylor: you say you are vertical agnostic, but where are you going to be focusing? >> we are theme agnostic, but if
11:53 pm
i could pick themes, the importance of the problems out there rests in the software and data network that runs our daily lives. what is the transportation logistics, food, health and wellness sort of supply chain and network that is happening around the world? that can vary between developing countries and developed countries, and thinking about cities. what is happening in cities? youth think about education and work within that. i know that's a broad set of categories, but we like to think about it as where are the problems for people in society today as opposed to looking at specific types of technologies looking for a purpose. taylor: you have mentioned transportation a few times. of course, we all know your early involvement in uber. what do you make of it excelling? >> there has been a lot of talk about that type of stuff, and the company is obviously under a fair amount of scrutiny just because of the rise and the
11:54 pm
amount of sort of integration it is into everyone's lives. the founders and executives and previous shareholders, early shareholders in any public company find diversification -- they are always selling a certain percentage of their holdings after lockup. if you look at any public company, especially tech companies where there is a large shareholder, set up shareholders in the beginning for venture capitalists as well as founders, you will see this often. taylor: you think most of this is an liquidity play, not a deeper issue going on inside of the company and i need to get out sort of play? >> no, i think this is a typical thing for large early shareholders. taylor: you also mention postmates, which is one of your companies. one of its competitors, doordash, said yesterday it was laying a private listing. why not just direct list?
11:55 pm
why not raise more money and do it? >> i think private equity markets have made their bets and venture and you are seeing a lot of movement from other asset classes into early stage, mid-stage growth as well as mezzanine pre-ipo financing. i think a lot of these companies have saturated the market at this point, and i think the right thing in the current ipo climate might be to look at if you are profitable or you have enough cash on your balance sheet, why not do a direct listing? i think that in certain cases makes a ton of sense. they direct listing -- a is a -- a direct listing is a better route if you do not need to raise a ton of cash at the actual offering date. taylor: you mentioned profitability. i have to ask -- is that even anything on your radar, or you really don't care given how early in investor you are and you are ok 5, 10 years out? >> i compare it to being in the deep ocean versus the turbulent surface of the scene.
11:56 pm
we are investing so early in a company's lifetime that we are really at the cusp of where technology is applied to create an interesting offering for customers and participants. we are not looking at profitability at seed stage. we are looking at can you find product market fit with your particular concept? taylor: give me your thoughts on wework. have a structurally changed this market environment? >> i think if you ask people that live and work for wework or have their company there or work out of a wework facility, they will tell you it is great. from an investor perspective, valuations mean everything in the private market. decides if people think you are a great company or failure. i think the product is still very good. i think there is a fair amount of financial fitness that needs to go into the business model. taylor: wonderful.
11:57 pm
thank you for joining us. that does it for this edition of "bloomberg technology." "bloomberg technology" is livestreaming on twitter. check us out @technology. this is bloomberg. ♪
11:58 pm
11:59 pm
12:00 am
>> the following is a paid program. >> the following is a paid presentation brought to you by rare collectibles tv. >> the california gold rush is considered to be one of the most powerful events. during its first 100 years and it has certainly had a long lasting impression. the people of california soon needed a way to standardize the value of the new gold, so they set


info Stream Only

Uploaded by TV Archive on