facebook's crypto play. the tech giant unveils a new cryptocurrency called libra that they hope will be used as widely as the dollar. skeptics are speaking out. jinpingt trump and xi will meet at the g20 to relaunch trade talks, triggering a rally in the market. amazon and netflix targeted in a campaign from a large group of investors: for transparency in environmental impact -- investors calling for transparency in environmental impact. facebook is launching a cryptocurrency called libra. they want you to think of it like the u.s. dollar but when you can use globally. it is backed by government supported currencies. it is the culmination of a year-long effort as facebook seeks to spur growth on various platforms. uber, visa,ipe, mastercard or among almost 30 companies supporting the project. will this make it to the mainstream or will it be another overhyped facebook product that doesn't take off? tweeted,herrod brown "facebook is already too big and too powerful and uses data to exploit privacy. we cannot

itself facebook coin will be pegged to a basket of global currencies like the dollar or the euro to shield it from the wild fluctuation that has plagued bitcoin and scared off many average investors and potential users will it catch on facebook bets the state of the social network alone with 2400000000 monthly users will forge a new huge marketplace for streamlined purchases and exchanges facebook c.e.o. mark zuckerberg already had this to say about the project which was officially announced on tuesday i believe that it should be as easy to send money to someone as it is to send a photo. so we're already touching this in india we've got a 1000000 people it's been used a lot in the feedback so far is great and we're already working on rolling this out in a number of other countries later this year facebook also says liberal will help to bridge the so-called banking gap giving the 1700000000 people around the world who do not have a bank account secure and stable eternity of to cash and it's high time and especially interesting across africa where in many countries mobile usage is wid

facebook. and i'm not sure it solves the problems that people are articulating. if facebook gets broken up into baby bells, into instagram and whatsapp and facebook, you still have multiple internet hangouts with more than one billion users a piece that are still going to have to make these difficult content decisions. i'm not sure it gets much easier dealing with individual companies with a billion plus users as opposed to one company with multiple products. that have a billion plus users. emily: bloomberg's kurt wagner and shira ovide. coming up, it was one of the biggest u.s. tech ipos ever and now hong kong is getting a second chance to land alibaba's second listing. we will hear from hong kong exchange chief executive charles li. and bloomberg tech is livestreaming on twitter. you can check us out at technology, and be sure to follow our global breaking news network tictoc on twitter. this is bloomberg. ♪ ♪ emily: welcome back to "best of bloomberg technology." i'm emily chang. alibaba

emily: how comfortable is facebook and facebook insiders with this formula? this proposed formula. kurt: i think they want this. mark zuckerberg does not want to be the one at the top of this foodchain saying, this is taken down, this stays up, ultimately that is my call. i don't think he wants the responsibility. we know he doesn't want that responsibility because he has said so repeatedly. i think they see this as a very clean option for solving those problems that no longer puts it at their feet. emily: when might this be put together? kurt: the goal is, by the end of the year, the first version of the board. theoretically if it works, we may still be talking about it decades from now. emily: we will see. thank you both. coming up, spotify downgraded to underperform. we will speak to an analyst who says the music streaming company could have issues down the road to profits. that is next. -- iserg tech's wives live streaming on twitter. check us out on twitter @technology. this is bloomberg. ♪ ulta: sally beauty and beauty extended losses after amazon announced it launched a be

it's rolled into the big blue app. >> facebook is the future of facebook facebook proper is kind of plateauing in some ways, they see tons and tons of growth in instagram. they're the most strategic investment they've ever made there's a ton of value in that thing. someone else would happily find that value. >> code is always about what's next this year mobility got a nice position in the spotlight. we had a little fun at the mobility lot at code yesterday you got to watch this. >> ready, one, two, three. >> chase >> whoa, whoa. this is reg. >> i'm giving it all she's got. >> come on, you wimps. >> kara's got such low resistance >> oh, john. slow i'm like dan caa, they're like, i don't even know what.ica, the don't even know what they snooze, they lose >> okay, lead foot so maybe this is not the fastest. are you going to buy me one? >> ahh, there we go. >> 105 degrees yesterday >> is that what made you so slow >> lightning the queen >> what's the deal, guys >> we didn't show the other video where we were on the three-wheeled. i beat you on that one >> yes, you did. you cheated, probably. >> sc

this was the beginning of google and less than a decade later facebook they would make a new promise to humanity what i think so interesting about google and facebook is they were founded at american universities stanford university you had 2 students larry page and sergey brin decide they wanted to create the ultimate search engine for the internet across the country you had in the case of facebook mark zuckerberg who was a student at harvard decided he wanted to create a social media platform basically to meet girls and to make friends and hence we got facebook you never think that you could build this company or anything like that right because i did it just. building stuff because we thought it was cool it was all about thomas it was all about the shine. the future was all about the free flow of information but there was also a certain idealism behind it i think that a company like google we have the potential to make very big differences and big positive differences in the world and i think we also have an obligation as a consequence of facebook and google started with a great i

facebook also says liberal will help to bridge the so-called banking gap giving the 1700000000 people around the world who do not have a bank account secure and stable eternity of to cash and it's high time and especially interesting across africa where in many countries mobile usage is widespread but bank accounts remain a luxury while in the western world nearly everyone has a bank account in chad for example only 12.4 percent of the population have access to one that is a similar picture in cameroon. gerri it's only 6.7 percent at the bottom of the personal banking spectrum in the central african republic only a little over 3 percent of the population and send and receive money via a bag sold facebook facebook's new currency make a difference here's a question i would like to ask you did have 100 she's with the africa association of german business and joins me in the studio now judith facebook's new cryptocurrency promises to help close the so-called banking gap will it. good question if i know for sure i've been on the other side of that of the ocean i would things that it can ve

is doing this facebook is actually a much bigger part. because facebook is going once to be the method by which people identify what's good and phases on the last train to the last paragraph the last page which is actually going to be digital identity globally that's what facebook actually used to do this it wants to be the way that you know their customers well and that's really important as well i don't know exactly so it's really important because somewhere between 10 and 20 percent of the world has been stolen it's been hidden in bank accounts by people who still know that you know dictate who wants a credit to have stolen it from their citizens and put it away in offshore bank accounts now i think that's a crime and i think be great if there's a way to prevent that so i can see the benefit but one has to say facebook is really going to insert itself into this and i think it's disingenuous free to say facebook is just one of many facebook wants to be absolutely central maybe maybe maybe not but charles brings up another really really

yeah exactly i think you know facebook's problems with that data privacy and protection of their. customer information has been very public with a lot of exposure on this i think facebook has had an opportunity to lead the space to be ones that are out really championing privacy and customer protection but you know they haven't really taken the mantle and now with with the they're for it into crypto currency you know the underlying. incentive here is it's hard to. yes they will have a lot more information and now additional information as well on your spending habits through the marketplace media and you know to add on to the whole what's app discussion yes once have disconnect many many millions of users and it could be seen as a benefit in terms of connecting a lot of unbanked people that have mobile phones all across the world that can send and receive now currency through their through the application so that is a benefit you know that is a use case that will benefit the general ecosystem but i'd like to say the thing with this this whole for it coming you know facebook coming

do facebook and crypto finance go together this illusional media company is expected to present its news cryptocurrency today giving traditional payment systems a run for their money. also on the show a major roadblock to a german scheme to charge a motorway users as an e.u. court says no go. also on the show american firms object over the latest round of import tariffs grandon chinese goods will tell you what they're saying. this is p.w. business i'm to now the law and in berlin welcome now can facebook take cryptocurrency mainstream the world's largest social network is reportedly unveiling the digital coin it plans to roll out next year proponents say it could revolutionize digital payment systems under a single streamlined currency the project is called libra according to media reports over a dozen global firms will invest in and govern the currency like master card bought a phone and mover this group will supposedly wall off control of the currency from facebook itself the coin will be pegged to a basket of global currencies like the dollar and the euro to protect it from the fluctu

this is the only business imes an album by law and in berlin welcome can facebook take cryptocurrency mainstream the world's largest social network is reportedly unveiling the digital coin appliance rollout next year proponent save it could revolutionize digital payments under a single streamlined currency the project is called libra according to media reports over a dozen global firms will invest in and govern the currency like master card bought a phone and hoover the group will supposedly wall off control of the currency from facebook itself the coin will be pegged to a basket of global currencies like the dollar and the euro to shed it shield it story from the fluctuation that has hit big quite well a couch on facebook bets the scale of the social network and its services with. 2.4000000000 monthly users will forge a new marketplace for streamline purchases and exchanges now that's a lot of big claims there but is it a good idea to trust facebook with their finances so let's go over to the big table now to talk to tom michelle and the head of marketing at lisk good to have you wit

, one of the original pioneers of the delete facebook movement. i have to imagine you're not a surprise of this move, although maybe you'll surprise me >> you know, it could turn out to be a good thing it's the first time facebook has said, hey, you know, what we want to do in the future is make money by offering goods skpand services to our users instead of to third parties that's always been the problem with facebook and google if they're beholden primarily to advertisers, they gradually optimize themselves to be these manipulation engines for the whole world. and that makes the whole world kind of nutty. it makes politics nutty, it makes people kind of nutty and if what they're doing is financial services for you, you're the customer, you're the party we have to please, that might turn out to be a good thing. you know, i always want to be the optimist so that's the way i can surprise you. >> so, you think it's a more direct revenue stream, relative to the end consumer than, say, their current newsfeed business. >> yeah, now, on the other hand,

at an east coast facebook how does it work how could we how could it work to break up facebook kendall well i think biz mystique correctly identify the sharing point which is future acquisitions instagram what's up there they're all now sort of gobbled up by facebook so that's part of the process it's not breaking the law but it's certainly slowing them down and as we saw with with a t.n.t. the conclusion of those process is they did create different territories and it may be that that's less feasible here but on the other hand that's got to be one of the things that's on the agenda for consideration i think one of the things that will will have to tell and i'm talking about is is open source is somehow individuals owning their own social networks or whether it's facebook or instagram or something else that anyone can come into the marketplace and still own their own connections to their friends and i think it's the the monopoly on holding that data that really keeps facebook in a position where no one can compete against them but kendall misty thank you so much for your time today. th

those complaints to facebook what seemed to me the root of this issue is the facebook does not seem to be taking this seriously enough they have a. very small number of 1000 moderators weed out scenes of retraining without appropriate supervision without carrying photo will be we don't carry. this is. called large. well because ultimately people use strays absolutely horrified to read about the way those small directors of the treat they face. yeah i mean facebook we are you know we have to mention that for a facebook expose a person has talked about this they've said there will be inevitably be employee challenges or dissatisfaction the call our commitment to this work on our partners employees into question when the circumstances warrant action on the part of management we make sure it happens and you know facebook they've said that they've taken steps to improve its practices on the back of multiple scandals that they've had obviously this incident doesn't prove that those changes have made much of a difference in certain areas certainly no in tampa florida what more more do they ne

that there will not be some regulatory scrutiny on facebook so that is one of the big ifs and then facebook itself is saying that what we've seen right now is libra it's a prototype so far so let's see how this whole old thing will work in the next couple of months to come so you know the excitement 1st and the details come later now you stay with us while we look at another market story u.s. president donald trump criticizing mario draghi on twitter after the european central bank chief hinted at future interest rate cuts to lift flagging growth a trump said drug he was trying to lower the value of the euro in a bid to boost european markets investors saw his tweets as evidence that the u.s. self will soon cut interest rates markets were also we when we did we would meet chinese premier she jean king at the g. 20 this month for trade talks. the dow moving up and down on trump tweets what's really driving us markets right now you're well short with a huge shimmin pick the s. and p. 500 now is shy only one percent of the new record lows and i would say both actually made a difference so we h

facebook. i think the market has discounted that. we shouldn't assume that is all there is on that case area on google, we are earlier in the process. the situation is very clear cut in two different ways. google's monopoly in search, advertising, and on android are so powerful and so obvious that it is really impossible for me to imagine the department of justice won't initiate some kind of investigation. we have to see where that leads. emily: let's stick with facebook. what do you think would move the needle? obviously cofounder chris hughes one of the earliest employees at facebook has argued for breaking up facebook. sheryl sandberg has impart responded saying china isn't going to break up its big tech companies. we heard the same argument to cnn, bigger can be better and more successful. roger: it is pretty obvious that bigger has been fantastic for shareholders. in terms of broad competitiveness and especially innovation, big has been a disaster. the silicon valley entrepreneurial commun

is doing this facebook is actually a much bigger part. because facebook is going once to be the method by which people identify what's good and phases on the last train to the last paragraph the last page which is actually going to be digital identity globally that's what facebook actually used to do this it wants to be the way that you know their customers well and that's really important as well i only said that piece is really important because somewhere between 10 and 20 percent of the world has been stolen it's been hidden in bank accounts by people who still know that you know dictate who want to crack to have stolen it from their citizens and put it away in offshore bank accounts now i think that's a crime and i think be great if there's a way to prevent that so i can see the benefit but one has to say facebook is really going to insert itself into this and i think it's disingenuous free to say facebook is just one of many facebook wants to be absolutely central maybe maybe maybe not but charles brings up another really really real

emily: so, kurt, how comfortable is facebook and facebook insiders with this formula? proposed formula. kurt: i think they are very comfortable. they want this. they want this. mark zuckerberg does not want to be the one at the top of this foodchain saying, this is taken down, this stays up, ultimately that is my call. i don't think he wants that responsibility. actually, we know he doesn't because he has said so repeatedly. so i think they see this as a very clean option for solving those problems that no longer puts it at their feet. emily: bloomberg's shira ovide and kurt wagner there. speaking of facebook, on wednesday, mark zuckerberg spoke ceo spoke at the aspen , ideas festival in colorado. he talked about election interference on social media and how the company has spent billions of dollars on security. he also talked about how facebook made a mistake in how they handled the infamous altered video of u.s. house speaker nancy pelosi. take a listen. >> it took a while for our systems to flag that and fact checkers to rate it as false. once the fact checkers saw

original idea but it's certainly they have the platform to make it work and rocky facebook is already in talks apparently with the c.r.t.c. to launch this digital currency as early as 2020 now this looks like a bit of a gimmick to boost sales of facebook marketplace right this is supposed to integrate with their marketplace and make it easier for people to host and storage will currencies and make payments on the facebook platform they want to make the sale process obviously as frictionless as possible so users won't even have to leave but you can go to pay pal if they want to purchase something isn't it concerning that facebook which has proven itself to be unworthy with personal data to say the least will now be storing your money banking information and spending habits. yeah exactly i think you know facebook's problems with that data privacy and protection of their customer information has been very public with a lot of exposure on this i think facebook has had an opportunity to leave the space to be ones that are out really championing privacy and customer protection but you know

o's weren't allowed to advertise on facebook and so the idea was well facebook is protecting from scammers and all that well ok if you want to ban the i.c. it was because you claim that they're all scams why did you stop people from even learning about crypto currencies they banned everything and then turn around and loosen those controls about the time that they said oh by the way we're going to issue our own crypto currency and so here's the problem with that of course antitrust laws and even just going back into the 1950 s. laws have been passed that essentially say you cannot block advertisements that are competitive to you facebook was doing exactly that only at least i think the argument could be made for that they were protecting themselves against mass adoption of these other kryptos while they themselves were designing them planning to release their own crypto. now moving on to apple of they kind of did the same thing they said that they are now going to be released saying that i os 13 software which will feature a cryptographic developer's tool and this is also interesting becaus

in facebook as -- can't be used in facebook ads targeting. they need something like that, but how confident can we be? how much can we trust facebook in the execution? julie: they know going into it that they have to make sure that there is a separate entity for consumers to make sure that this is something that you will not be using my data to target me. they have to be careful and make sure they talk with regulators. there is nothing that happens that, the second they lose this trust and that is proven wrong, there's so little incentive for someone to come on and use this. facebook has tried payments and other things before and it never taken off so this is like one last big shot to make it work. if you lose consumer trust in finance, that is big to come back from. emily: i'm sure will be covering it. julie, kurt, and sonny, thank you all. dish network is in talks to pay $6 billion for assets that t-mobile and sprint are unloading. dish had been on a short list of bidders favored by the justice department. t-mobile and sprint have already p

be huge they got a guy from paypal running it >> josh, facebook. >> i have no position in facebook >> you still prefer google over facebook >> yeah, i do. >> why >> they both sell at the sam valuation. i think facebook has more to lose in the upcoming political battles and even the conservatives aren't happy facebook is now universally hated by both sides which is interesting. you almost never see that. the conservatives say they are been sensors and the democrats s say facebook through the election allowing all this propaganda to spread they all agree it should be broken up and should have a common owner now you will tempt fate by saying we have sddesigns by takn over the global business i think this will be the political football in a way that will leave google out of it. it will be so forcefully directed at facebook that's not a comment on what the company's earnings power is. i'm talking about where i see the constraint on the multiple i don't see people paying up fo this stock unless there's a meaningful upswing in advertising and revenue. i think facebook does well but it's goi

facebook finally unveiled its crypto currency so could libra transform traditional payment systems and will governments seek to regulated. also on the show all eyes are on istanbul ahead of sunday's mejor alexion voters punish the ruling party for turkey's economic woes. real estate costs are skyrocketing in berlin driving the german capital to consider an unusual solution. and unlocking the hidden beauty of sales we'll share some surprising uses for europe's slimy of cash problems. welcome to your business i'm stephen beers in berlin it's good to have you with us can facebook take cryptocurrency mainstream the world's largest social network unveiled the digital coin it plans to roll out next year a libra is its name and proponents say it might just revolutionize digital payments under a single streamlined currency now over a dozen global firms will invest in and govern the currency including master card vodafone and as group will supposedly wall off control of the currency from facebook itself the new coin will be pegged to a basket of global currencies such as the dollar and the euro

i think "break up facebook" has become the sort of catch-all solution to this problem of facebook, to any problem of facebook, and i'm not sure it solves the problems people are articulating. so, if facebook it's broken up -- gets broken up into baby bells, into instagram, whatsapp, facebook, you still have multiple internet hangouts with over one billion users apiece that still have to make these difficult content decisions. and i'm not sure it gets much easier dealing with individual companies with one billion-plus users as opposed to one company with multiple products that have a billion-plus users. emily: bloombergs kurt wagoner and shira ovide. coming up, one of the biggest ipo's ever and hong kong is getting a chance to land alibaba's listing. we are livestreaming on twitter, check us out and follow our global breaking news network. this is mover. -- this is bloomberg. ♪ ♪ "best oflcome back to bloomberg technology." alibaba is said to be continuing a $20 billion share sale in hong kong, following the record-breaking ipo in new york in 2014. chinese companies are grappling w

and i think facebook can probably provide that but facebook is not the only one doing that it's a bit of a bustard isn't it between the free ranging wild up and down that bitcoin provides and it's been a bit of both normal currency and. it's trying to bring traditional currencies into digital markets and one of the one of the issues i see here is that facebook with the global power and lots of uses a whole probably uses corporate currency has a potential to seriously undermine the national currencies especially smaller ones and kind of start to make the rules when it comes to the next question does it really i mean the sheer power that facebook has with these 2400000000 monthly uses is that you really reckon it could be become dangerous to the dollar for example not dangerous necessarily but they can become an influential player because they are one of their business model for libor as actually they want to hold a bit of currencies and also invest money in traditional markets to and mostly make money on the percentage that they make so they will have a good amount of euros or dollars

newsweek among many covering a study of facebook. it says scientists can diagnose some health conditions based on status updates. and the times has another popular story of the day. we've all had our hearts melted by puppy dog eyes but research shows it's an evolutionary trick developed over thousands of years, just to manipulate our emotions. it works every time. he melts my heart, my dog. with me is jane foley who's senior foreign exchange strategist at rabobank. if we start with the new york times, it is unpacking in detail the tensions that are escalating it would seem by the day between the united states and iran. and threats and counter threats. now 1000 troops more being deployed to the area. it's a real concern, isn't it?

representatives from google and facebook and twitter testifying as u.s. officials are gearing up to prepare an antitrust probe of alp alphabet joining us to discuss is victor anthony and kevin rippy, co-head of internet research at evercore isi. just let's start here. handicap this. we're all having this conversation every single day. gibber jabber, about what's going to happen to alphabet or any of these companies are they going to get broken up? realistically, do you think this is really going to happen in any kind of time frame >> i'd put it at low that real impactful legislation is rolled out. the political will to actually move forward with something like a breakup of the big tech companies just really isn't there. that's a multiyear process whoever would start such an investigation or process wouldn't be able to finish it. so that's really where the rubber would hit the road and you probably don't have the political will >> what about financial will i bring that up because there's been research coming out and notes, arguments coming out as of late t

explain exactly what libra is and what facebook is trying to do. >> libra, as facebook describes it, is a currency -- a cryptocurrency. when you talk about that, you think of something like bitcoin. but this would actually have reserves, so they call it sort of a stable coin. it is backed by actual money that is various international currencies and also government securities. so that should prevent volatility from the unit of exchange, libra going up or down very much. it will fluctuate a little, but not in the ways we think of when we think of bitcoin. so according to facebook, that is the way this can be used to purchase goods on the facebook app or any other app or website that offers payment in libra. it is a way to transfer money to other people in the facebook app. we have over 2 billion people that use facebook. it is a way to transfer something of value between those users. because it is backed by international currencies and can be used across borders, it is really supplanting theeed to change money fromon't have to go dollars to euros, necessarily, you can just pay in libra

coming up, facebook under scrutiny again. ceo mark zuckerberg may have been aware of problematic privacy practices. plus, crowd strike makes its public debut but falls -- shares fall. we would hear from the firm's ceo. cappinga's unicorn global lenders but in the midst of a u.s. trade war, is it a risk to investors? first, our top story. facebook shares hit earlier after the wall street journal reported mark zuckerberg knew about the social network's problematic privacy practices. facebook uncovered emails and was in the process of responding to a federal privacy investigation, raising concerns that they would be harmful to the company if they became public. the journal says that is part of the reason why the company salt a quick settlement. we are joined here in san francisco. the nuts and bolts here. what is the journal saying that facebook uncovered? >> they are referring to an email exchange. they have not seen the males and we certainly haven't. we don't know where they got them. thisently there was exchange in 2012, aro

facebook. and i'm not sure it solves the problems that people are articulating. if facebook gets broken up into baby bells, into instagram and whatsapp and facebook, you still have multiple internet hangouts with more than one billion users apiece that are still going to have to make these difficult content decisions. i'm not sure it gets much easier dealing with individual companies with a billion plus users as opposed to one company with multiple products. emily: bloomberg's kurt wagner and shira ovide. coming up, it was one of the biggest u.s. tech ipos ever and now hong kong is getting a second chance to land alibaba's second listing. we will hear from hong kong exchange chief executive charles li. and bloomberg tech is livestreaming on twitter. you can check us out, and be sure to follow our global breaking news network tictoc on twitter. this is bloomberg. ♪ ♪ emily: welcome back to "best of bloomberg technology." i'm emily chang. alibaba is said to be continuing a $20 billion share s

to a facebook user. i think the idea of bringing in outside partners, big financial institutions, shows that facebook's ambitions are well beyond the social network. they see this as being a cryptocurrency that people are using out in the real world. caroline: reports that you burn are involved and going to be supporting this as well. the businessd in model angle of this. is this about helping the young banks get online or is it more soe trying to copy wechat you are more integrated into the platform? >> i think facebook would certainly love to be the company that finally brings billions of people who don't have a bank onto the financial system. to kind of serve a public good in that way. from a business standpoint, facebook does not make money through payments right now. there's some belief that if people are spending or exchanging money through facebook services, it makes facebook a more valuable place for advertisers to go. if i'm constantly sending money through messenger or whatsapp, i become a very

. -- say they trust facebook with this information. emily: you wonder, given the firestorm facebook has been involved in the past few years, if they were prepared for this pushback. great counter narrative, democratize currency, and very quickly it went south. >> well, it is a grand vision, right? there is some confusion she even cleared up on stage. this is not something that launched, right? this is a plan. facebook yesterday said, here is what we want this to look like, not here is what it is. with a lot of plans, there is a aand vision, and there is best case scenario. suddenly, the fees that come with sending money to family and friends overseas disappear and you can send it over night. that is not going to happen at least right away. emily: what are your sources telling you? not going to scare them away. i think they were pretty prepared for this. in fact, it would have been pretty naive of them to launch this and think known was going to ask these types of questions. i don't think this is going to slow down their process, at lea

facebook planned to have over 100 developers on board by launch facebook plans to profit from libra. it is creating a new subsidiary called calib bra, a digital wallet that will be a stand-alone app. it will allow anyone to store money for free and to send and receive libra standly around the world without fees facebook could add loans which it could profit from david marcus tells me the digital wallet will be secure and separate from the rest of facebook so financial data and ad targeting are not combined facebook's larger goal is to get people to spend more time on its various platforms and to easily make purchases from the 90 million businesses that operate on facebook's platforms. facebook says it is working with regulators and it expects the app to be improved we will have a first on cnbc interview with calibra chief david marcus at 7:15 a.m. eastern. back to you. >> i have a lot of questions here is this going to be pegged one to one then to the u.s. dollar it will not be pegged one to one to the u.s. dollar, but because it will be backed by reserve, backed by euros, but dollar

facebook most of all. we have seen this from nancy pelosi, from donald trump, who has said we may need to take a look at the monopoly power of some of these big tech companies and also he said that facebook and google and other tech companies suppress conservative voices. there has not been evidence of that, but you see on the left and the right side of the political spectrum that facebook is not popular. emily: so, tom, what is next? tom: well we are waiting to see , what the settlement is going to be, what kind of fine is going to come down. we're also looking at what this division of big tech between the doj and the ftc -- what does that hold for us? doj, it seems like it is gearing up for some kind of probe of google. doj will have oversight on apple. ftc has got amazon and facebook. so lots of potential for headline risk to these companies in the months and weeks ahead. emily: ok, we are keeping a watch on the very latest. tom giles, thank you. meantime, on spacex launched the wednesday, radar constel

is it all facebook? >> think part of it is definitely facebook's libra announcement. it coin was rising before the announcement. there are a lot of reasons for that fundamentally and also sentiment. heartdefinitely had a big in education, media, civilian users on facebook having an on-ramp to learning about crypto. that is a big part of it. how often can it help or bring the industry into the mainstream? >> i think what they announced was a centralized version of a stable coin and is backed by a basket of government bonds and currencies. it is really more of a payment mechanism to compete with paypal to wen my or similar chat. the purists will say it's not really a cryptocurrency, so to speak because it is not decentralized and has other characteristics, not crypto characteristics. i think it will raise awareness. i consider libra the aol moment. if you think back to when we all on boarded onto the internet and we were in aol chat rooms wondering what else we can do on the internet, i think this is that moment and it is a watershed moment. >> the house financial servi

let's bring you more now on one of the key stories today on facebook because the senior facebook executive and former liberty prime minister nick clegg says he wants to create a new oversight board for the company with the power to create independent rulings over whether questionable content should be removed. he was speaking to bbc head ofa removed. he was speaking to bbc head of a major speech in germany this evening and said facebook should play at your role in advocating rather than shunning legislation. in westminster studio as damian collins, chair of the digital culture media and sport committee who led an enquiry into facebook earlier this year. they called for compulsory code of ethics to be imposed on social media companies. thank you forjoining us. do you think the suggestion goes far enough? no. i welcome think the suggestion goes far enough? no. iwelcome any think the suggestion goes far enough? no. i welcome any move facebook make to bring more scrutiny into their practices but this has to be done by an outside body independent of facebook and with the legal powers to launch