Ton begins trading and we speak with the ceo. Ebays ceo steps down from his role. Who will help invigorate the floundering company . We begin with what was a historic week in washington. On tuesday, nancy pelosi formally opened an impeachment inquiry on President Trump. The investigation focuses on a phone call President Trump had with the president of ukraine and whether he betrayed the nations security is seeking to by seeking to enlist a foreign power to tarnish a rival for his own political gain. In this case, the son of former Vice President joe biden. While not tech related per se, an Interesting Company did show up in the partial transcript of the call. That company, crowd strike. I spoke with the ceo about the mention of his company in that president ial phone call. The only reaction i have is that in 2016, we actually performed this investigation. We worked closely with the fbi and turned over all the forensic data, and we stand by the conclusions we have and they were backed up by the intelligence community. I think a lot of what we have done has already been said, and after that, you know, i do not understand where we are with things. Taylor fold this forward, then, into broader comments about where you think your company fits into general election security. We are approaching 2020. George election security, i think, is an important topic. If we think about how electronically connected we are with Voting Machines and we are past the hanging chads of yesteryear, i hope, but when we so when we think about the ability to protect those systems, it is incredibly important for our democracy as well as the integrity of the election itself, so its a big topic. Taylor what is your role in working with, lets say, federal agencies like the fbi, or with the dnc or the rnc . Where do you see yourself playing a role . We are certainly not partisan, so we help all sides of the aisle and work closely with a lot of state, local, and federal Government Agencies to make sure they have the best security in place going forward. Taylor i could do Financial Analysis all day long, so lets dig into some of the earnings and what we can expect from you. Lets go through the income statement. Talk to me about topline growth. Im looking here, really solid, triple digits. Expected to slow maybe a little bit in the coming years. Where do you see sources of future growth . One of the things when you look at crowdstrike is its ability to cross sell modules. That is a key element of our success. When we started the company, we looked at Companies Like salesforce and thought there should be a pillar of Cloud Computing for cybersecurity. The security cloud had not been done before. Part of our success is being able to collect data, security telemetry at scale and be able to create new modules and be able to cross sell that into our Customer Base. If you look into our most recent earnings report, about 50 of our customers have four or more of these modules. We have 10 of them today. That has worked out in our favor in terms of being able to go back to our Customer Base in addition to getting new customers. Taylor has this shift to the cloud provided a lot of future opportunities . Absolutely. I think thats one of the areas where we have seen a model we have created as a true native architecture be embraced. Its one of the reasons we have been so successful. In 2011, end Point Security delivered from the cloud was so popular. It is not just about endpoints and laptops and servers. It is really about protecting workloads, and those could be on premise or in a cloud like amazon or the google cloud, and that is really important. You have to be able to protect these wherever they are at. Taylor when we look at the bottom line, not profitable yet, but losses are slowing. What is the pressure to be profitable . The way we look at it is first, what are the Unit Economics . We have really good Unit Economics, and as some of the legacy i call them fossilized vendors get acquired, change their business model, try to move to the cloud, which is difficult for them to do, we think it is a great opportunity to go out and get new customers. We added 730 net new customers last quarter, which is over double from the year before. As long as we continue to increase the rate of adoption of our technology, we will continue to invest there, but the amount of money we spend on sales and marketing from a unit Economic Perspective is right where we want it to be. In fact, it is on the upward end up being very efficient. If you look across the companies in general. Taylor there has been a lot of market consolidation. Does consolidation help or hurt you . I think it is a net positive for us and a Natural Evolution of this market. If you look at what happened in salesforce automation, the natural comment around that is the fact that it was hard to shift from a perpetual model of legacy architecture into something that is cloudbased and truly subscriptionbased. A lot of the companies you talked about were having a hard time making the transition in the cloud architecture as well as their overall revenue model and had these mixed subscription models, which is very difficult. Taylor you ipoed in june. It has been a tough year for some companies that maybe are not profitable, valuations still too high. Any advice you can give on how to ride the wave . First, you have to start with a Great Company. I think the elements of a Great Company to ride that wave is that they have something to do with the cloud. They have a subscription revenue model. They have higher retention rates with a continue adding new modules or bits. And i think those are elements that make you successful. I think the market is smart enough to figure out what companies have great earnings potential in the future, and those are the requisite characteristics we have seen, and we are fortunate enough to fall into that category. Taylor that was crowd strike ceo george kurtz. Coming up, a tough ride for peloton. They open on the nasdaq nearly 7 below the ipo price. We hear from the ceo. And if you like bloomberg news, check us out on the radio. You can listen on the bloomberg app, bloomberg. Com and in the u. S. On sirius xm. This is bloomberg. Taylor tech ipos were in the news this week. Peloton debuted at nasdaq, dropping nearly 7 after raising 1. 6 billion. 1. 1 6 billion. 6 billion dollars. Bloombergs jason kelly sat down with ceo john foley shortly after its debut. We are playing the long game. We see this as literally building millions and millions of subscribers around the globe in the coming years. Now we have the money to do that. We are fully funded after todays primary, so we are feeling confident. When you think about the last couple of days and weeks, you mentioned the market. I mean, we work is on everybodys mind. It is a tricky ipo market, to say the least. Do you have a sense of where the miscalculation was . If there was one . I tell you, jason, this is my eighth fundraiser for peloton. It has always been this funny thing where people either see it or they dont. There are believers and nonbelievers. Those who believe, who have invested in peloton, they have been very, very happy, and they and we will continue to delight the Capital Partners who invest in us. You mention fully funded. What will you do with that money . What does expansion look like . We are building a 50 million streaming Television Studio in new york city, another in london, where we will hire Foreign Language instructors to stream to our german market, which we open in 60 days. We are investing in new content, new verticals, the treadmill market, u. K. , germany. We are in investment mode. Someone earlier today was saying you are losing money. It is semantics, we are investing money and feel good about what we are doing. How do you feel about the Consumer Market . You sell a very highend product. There is some volatility we are expensing. Experiencing. What do you hear back from your customers, and more importantly, your potential customers about their willingness to write a big check or charge something pretty big on the credit card . One of the most important things we think about at peloton is affordability. If you have a bike and you and your partner ride it, it is insane value visavis anything else. Interestingly, you wrote the book on fitness, so you know this, but fitness has been a recessionproof category for the last 15 years. More dollars went into fitness in 2008 and 2009, so there has been secular growth for the last 15 years and if we crate the create the best value in fitness, on average, our bikes are ridden 12 to 14 times a month, divided by 39, a couple of dollars for a workout, it is obviously orders of magnitude better than going to the boutique fitness world, and we will show over time it is better value than going to the gym. You have described the company in the s1 and the roadshow as all sorts of things, a technology company, media company, it obviously does a lot more. Where will you be primarily spending money . Is this a content push coming . I would say that at our core, we cannot Hire Software engineers fast enough. We are a software company, tech company at our core. We had to learn our way into media, now we have 13 Emmy Awardwinning producers. We just hired this fantastic new content operator. Officer. She will build one of the most special media divisions in any category. But to your question, the investment will go into technology. We will open retail stores, logistics, more markets, but certainly, Software Engineering is at our core. Taylor that was the peloton ceo john foley. With bloombergs jason kelly. This week brought pretty of turbulence to wework. Cofounder adam neumann stepped down from his role on tuesday to salvage the planned ipo. The copresident and chief Financial Officer and sebastian cunningham, the vicechairman, were named coceos. I discussed the shakeup. I think the writing was on the wall. This is where the momentum was. My reaction is to think of this in three chapters. There is the past and things that were very good and things around the leadership that were not good. The leadership had a lot of the power that built the company. Then there is the present and i have to applaud everybody involved in how smooth this is going. It was just a few weeks ago this started and they already have some replacements, temporary or permanent. Adam, the way he stepped aside, was respectable. So i credit the company for that. It is different from movers ubers. It took a lot of time for leadership to change. Then there is the question about the future. To circle back and talk about the timing, i think it is unlikely that anything happens in that october frame. Equity investors want the Senior Management to have a handle on the business and that simply takes time. If i was going to guess, it would probably be early next year they want to maximize the valuation. They could do something more quickly, but Equity Investors would factor that in with an even lower valuation. All in, good move but we are still a ways away from an idea an ipo. Taylor i could arguably give you a victory lap. You and i spoke after you wrote a smart but scathing report about their financials. What changed for you today . What we found ourselves saying about the situation is that wework suffered from things that are not good news from a company. First is significant losses, the second is opacity making it difficult to analyze. The third is arrogance. There are a lot of things to put in the bucket of arrogance, the 20 votes per share, the related transactions, a number of things. The only thing that changed today is possibly the third bucket, arrogance. But losses and opacity remain. And having watch this play out over the last couple of weeks, among our customer group, a month ago i was not hearing anyone saying adam is the problem. Even a week ago, i was not hearing that. So this is a new solution but im not sure it addresses some of the problems people have had most significantly about handing over three or 4 billion to this company. Taylor gene, i fully back in fold you back in as an analyst. A Corporate Governance change does not change the top or bottom line fundamentals. Is that still the biggest concern . No, and i know that is not consensus thinking. This business is a concern if investors dont know that. They understand this Business Needs a bunch of cash. The leadership is really critical here. It sets the tone. Think about all the leaders of these tech companies. It is almost like the performance is embodied in of embodied in the leader. I think it is critical. I dont think the cash burn is the critical issue for investors, i think they understand that. If you want to think about upsides to the story longerterm, how they spend money will be important and how they scale the business. But this is a little more meaningful. If they can really change some of the. That. And when i talk about the change at the top, that is a really hard thing to do. To change the culture of the business to be more judicious. That is why i think it will take longer to get public. There will be some teething and departures around this before they are responsible. Taylor gene, talk to me about the big risk of removing that visionary leader. We talked about elon musk, who is associated with tesla. Mark zuckerberg is associated with facebook. You talk about uber and their leadership changes. What is the risk you move remove neumann and the risk of goes with it . The vision goes with it . It is probably the biggest risk. Thats the catch22, there needed to be change. But to answer if it is a material risk, culture is critical. As an equity analyst, i always focus on balance sheets. As a private investor and venture capitalist, i realize with public companies, culture is absolutely critical and cannot be overstated enough. If i had the hefty responsibility of stepping in and in some capacity, that would be my number one concern, not to lose the vision. Taylor coming up, amazon focuses on Alexa Privacy as it unveils new gadgets in seattle. We have the details of their newest product lineup next. This is bloomberg. Taylor on wednesday, amazon introduced to the echo studio, a high and speaker to rival the apple home pod and googles home of max. It looks similar to the home pod, making it noticeably larger than any existing echo. It costs 199 and is available for preorder. I caught up with the Vice President of devices and services to ask about the changes. We have taken a different take on how audio is developed. We have five speakers built in that gives a sense of music surrounding you kind of how the artist wants the music to be portrayed, and we think that is an industry first, and we are looking forward to seeing how customers like it. Taylor you are taking on big rivals. Sonos, apple, google. Are you happy with your penetration rate . David we think this isnt a winnertakeall game, first of all. You mentioned one of those companies who is a great partner of ours in sonos. They are great partners. We think customers want selection. That has always been the case with amazon. We offer lots of selection and choice. We want to get that same choice, whether it is sonos or our products, and we are looking forward to seeing what customers think and whether they like it. Taylor the pricing is interesting to me. 199 versus the homepod at 299. It feels like everyone is really trying to be competitive here on pricing. Are you worried that it is a race to zero . Dave i dont think so. We try to price our products with as much value as we possibly can. We have always had the philosophy to price our products since the first day with kindle as to price our products in a way that we want to make money as amazon in the device and Services Business and customers use the products, not when they buy them. If we give them good value and the service behind it is really compelling to the customer, they will use it for years and years. We think the price points we are at now are great. Taylor i was chuckling a little bit when the headline cross that said alexa will now tell when im frustrated with her. How will she be able to tell that, and then what does she do . Dave we built a pretty deep machinelearning model to be able to recognize when customers are frustrated, and it is important to realize we are not checking whether you are frustrated with the world around you or detecting that or somebody in your family. We are only detecting when you are frustrated with alexa herself. And when that happens, we want to try to teach alexa to autocorrect herself. The example i showed was a music example. I asked to play one track. She misunderstood. I got frustrated. She corrected herself. We think it will be valuable on the path as these digital systems, alexa specifically, become more conversational over time. Taylor when it comes to privacy controls, what new privacy controls have you added with these devices . Dave we did a lot on privacy today. We added new utterances that allow you to ask alexa, tell me what you heard, so she can clarify that. You can ask alexa in coming months, tell me why did you do that, so if she does something that you did not think was right, you can understand the context of that. And we added a new feature at our privacy hub that gives customers the ability to autodelete their voice utterances on a rolling window. A rolling three and 18 month window. We think customers will like that as well. Taylor in between that rolling three or 18month window, confirm for me if there is audio listening, transcribing, recording before i delete those. Dave we have a different setting, and i think we are first in the industry to allow customers to opt out of human beings annotating any voice recording that we might have. You can also turn that off if you want, but some of the personalization of the service and some of the capabilities of the service will get worse if you do that, but if a customer wants to, we want to give them that option. And we have also had, from the very beginning, the ability for customers to delete any single utterance, any group of utterances, or all utterances with the click of a button, and those are in the Alexa Privacy hub. The key for us is to give customers lots of options, and they can balance the level of personalization with the level of privacy they want. Taylor why is it opt out instead of opt in . Dave like i said, a lot of the capabilities we get from those voice recordings makes the service more important. Let me give you one example. We Just Launched hindi in india last week, or maybe two weeks ago. We know that in the first three months, as long as we have enough data, that the service is going to get Something Like 33 better, more accurate on behalf of hindispeaking customers. If we did not have that capability, we did not have those voice recordings, we could not make those improvements. The state of the art of the science would not allow us to do that. We hope customers will come with us on that journey and be able to have us do that to improve the service. If they dont want, they can opt out and delete their utterances, and everything will be fine. Taylor coming up, you day is ebay is just one of the companies to see its ceo step down this week. What changes are in store for the company after the departure. And Bloomberg Technology is livestreaming on twitter. Check us out technology and follow our global breaking news network on twitter. This is bloomberg. Here, it all starts with a simple. Hello hi how can i help . A data plan for everyone. Everyone . Everyone. Lets send to everyone [ camera clicking ] wifi up there . Ahhh. Sure, why not . Howd he get out . a camera might figure it out. That was easy glad i could help. At xfinity, were here to make life simple. Easy. Awesome. So come ask, shop, discover at your xfinity store today. Taylor welcome back to the best of Bloomberg Technology. I am taylor riggs. It was announced tuesday the ceo of ebay with stepping down on the company was operating a review. They have been under pressure from an activist who is pushing the company to spin off some of its businesses, including stub hub. The chief Financial Officer has been appointed interim ceo. I spoke with spencer about the move. Spencer parts of performance and holding the company together, not selling pieces that activist investors want sold, this is bringing ebay closer to the scrap heap. Its like the breakup part two. Its a similar situation that ebay faced about five years ago when carl icahn was pressuring the zen ceo to break up paypal. Then ceo to break up paypal. Now we have a promising upandcoming company that they want to spin off like they did with paypal. Its just a breakup lets left of whats left over. Taylor what are the activists pushing for in terms of breaking up the company . How can they unlock value . Spencer theyve have had pressure to sell stub hub and other businesses, a local marketplace like craigslist or the startup. They want to break up the pieces and when there has been resistance to that, there could be synergies. Stub hub, we sell Sports Memorabilia and band memorabilia and if someone is getting a concert ticket or a sporting event ticket on ebay, it will spill over and buy the tshirt. This never really materialized. Its been the same story since the paypal split. There hasnt been much growth. Amazon is leaving it further and further in the dust. Taylor what can the interim ceo do that the previous didnt . Spencer its hard to find a bigger champion for ebay. Matter champion for ebay. He believed in the company and was enthusiastic. He took efforts to rebrand it, shed its image as this online garage sale and reestablish it is the place to go to buy new things. None of it caught on. Inertia set in. It looks like hes just a placeholder until they find someone else. Thats going to be more telling, when they find a new ceo for the company. Does it look like they are picking up financial architect , which seems most likely. Going to be looking for somebody who reenergize is ebay, that was a plan that never really went anywhere. Taylor how can they compete with amazon . Spencer not that greatly. They try to distinguish themselves. They would joke that we are not the place to go if you want a roll of paper towels in an hour. Amazon has the commodity play. Ebay is more the place for enthusiasts. Like if you are a car buff you go to ebay to find hardtofind car parts. If youre into videogame accessories, you might find difficult to find items. They try to differentiate themselves that way. In terms of delivery, you could be talking days or weeks to get things delivered. Those are difficult hurdles for shoppers to get over. If you are used to getting things in two days or less and now you have to get in a week, thats a long time. Taylor that was spencer from bloomberg technologies. Tuesday marked at change at the top of juul labs. The ecigarette Company Faces public backlash from vaping. The Company Announced the chief executive officer will be stepping down. A former executive will take over. They were entering merger talks with a tobacco giant bloomberg. Merger talks with a tobacco giant bloomberg. It we have all the details. Its the week for ceos stepping down. Juul had a lot of regulatory hurdles that investors thought the previous ceo did not handle properly. This is quite a fall from grace. The company had been valued at 40 billion. Theres no saying where the evaluation is now. Whole countries are banning vaping products. Taylor you have another executive taking over, one of the plans for this ceo . He is a safe hand to oversee the transformation. He had been at all tria for many years. He had overseen some of the regulatory approvals. Its the product that Philip Morris international is now rolling out in the u. S. That is a safer product, at least in the eye of these companies. He has that strength in washington to deal with these regulatory issues. It remains to be seen what changes he can make quickly. Taylor i am glad you brought up phillip morris, because they announced they were ending the relationship with altria. Am i correct in saying the merger is off and the ceo is stepping down, that i am tying those together . It is no coincidence, and the sources i spoke to today would agree that while these are companies that are maybe destined to be together, now is not the time, because of all these negative headlines and regulatory headwinds around juul. When altria invested, they did not think it would it so bad. Nine deaths connected to this and federal investigations. It is not a time to announce a 200 billion merger with so much uncertainty. Taylor Philip Morrison announced today they will work on getting there product in the u. S. Is there any sense of extra competition that creates for juul . It has been around for a while in development and was supposed to be the hot new thing until vaping came around with juul. These companies seem excited to roll it out. Atlanta, they are testing it there. But i have not spoken with anyone who has used it, and i am curious what people will be smoking exactly, because it is heating the tobacco. Its supposed to be a milder inhale. We will see how audiences and customers react to it. Taylor coming up, more disruption as the coceo calls for more progressive minded solutions to Climate Change using technology. Dropbox is dropping details of its revamped services. We will hear from the ceo next. This is bloomberg. You have to have both regular connectivity in all parts of society. In australia, we have a lot of examples. More people sleep per capital under solar panels in australia than anywhere else. Thats a movement that can be made. You understand this. When it comes to batteries, we have more batteries in australia. That anyplace else in the world. The rest of the world put together, more residential areas. Batteries. We have engaged population that understands the issues. Weve got to get that aligned with policy. The government needs to do more to position the country and the business sector for this sort of wave of technology that will comment disrupt. Not just tech and retail, in every industry eventually. Are they doing enough . We are working with the government on this area, trying to push forward. We are centering on technology. We have encryption and other things. We still need to be moving that stuff forward. We need to have a viable Tech Industry and tech enabled industries in australia. We are 1 of the worlds gdp. If we are not 1 of the technology production, we are going to be in trouble as an economy. As the economy moves toward technology, its only getting bigger. We have to be producing some technology in australia. It does not have to be all of it. We have to produce 1 of the technology, we need to keep moving the economy forward. Thats education, immigration, sensible policies. Immigration is a huge part that allows some countries to be more successful than others. This will go with a feel the where they feel the best opportunities are. What does australia have to do to attract the workforce that it can be at that 1 level for producing tech gdp. We are doing a relatively good job recently. It is in a pretty good spot. It could always be better. The last couple of years, its in a really good spot. Most of the policies are around you must invest in education. The way we think about it, we need to invest in talent coming up from the bottom. High school and tertiary education, we need lots of graduates. We have lots of talent, we dont have lots of experience. We dont have a lot of people in australia with 10 years worth of technology experience. We have to import those. When we import an area, the part we import are helping the other part. Thats how we grow the economy. Hopefully that talent stays in australia. Its a great place to live. There are a lot of jobs. The economy is doing pretty well for the last three decades. We are hopeful we can get that talented individual into the country that will want to stay longterm and contribute to the economy. Taylor that was mike speaking with ed hammond. Coming up dropbox is dropping , details on its new services. We will hear from the ceo next. This is bloomberg. Taylor dropbox is going way beyond filesharing. The san franciscobased Company Announced new services wednesday, including a new desktop app that functions as a digital hub to let workers collaborate on projects with their colleagues. We found out all about dropbox spaces. its one of the biggest changes weve ever made. Its our first step toward the smart workspace, a kolmar and almer, and more focused working environment. It changes this from being a folder full of isles to an Intelligent Team workspace for all of your cloud content. Dropbox is becoming this new app that brings these other apps together. It cuts down on the noise and almer. It smarter and combe taylor how are you building on current customers . Drew we have built our entire business on collaborating on files, but with the smart workspace, we are going beyond that on a bunch of dimensions. First is supporting every kind of cloud content. You can still have your powerpoint in dropbox, you can use others in one place. Second is it is a much more engaging experience. In addition to the content, you can see all the conversations around it and the context around it, and you can send someone a slack message from dropbox or see your calendar or start a zoom meeting. We found users struggling to piece all this together. They are having to switch between a bunch of different apps. We see an opportunity to organize your working life across all these different tools while still maintaining a choice to use what you want to use. Taylor talk to me about Topline Revenue growth. When we dig into your financials, very strong doubledigit topline growth. Some analysts, though, at least on the average consensus on the bloomberg terminal, say it looks like it could slow to the midteens. What are you doing to maintain that Topline Revenue growth . Drew first, we start with a huge opportunity. In many ways, dropbox spaces expands on our opportunities because Many Companies or many teams need to collaborate on files, but every team needs to collaborate around content, so we start with solving a problem that every person in every company has, and with the new dropbox and with spaces, we are evolving the experience. Now we have a new generation of our product that does a lot more for our users than we have in the past, and now our focus is getting in into peoples hands. Taylor analysts are starting to forecast what could be your for our users than we have in first annual profit in 2019. Are you on track to reach those goals . Drew it is a testament we have a really efficient and scalable business. Balancing growth and profitability has always been important to us, and we have in many ways applied the consumer and our playbook to business software, so we have this really efficient selfserve motion where people spread the product for free, and that is how we have been able to grow the business, and it has worked really well. Taylor theres been a lot of scrutiny recently on unprofitable companies. Youve been public for about 18 months or so. What has been the biggest challenge . Drew it has been pretty straightforward for us. In many ways, we lay the tracks for being a Public Company years before we ever filed for an ipo. The biggest challenge is actually something that i think is healthy for us, which is its like being drafted into the majors. Theres a big scoreboard. Weve got to perform. It creates a big sense of urgency. On the one hand, there might be parts of that which are challenging, but i think in a lot of ways, it builds a healthy discipline into what you do, creates a lot of urgency. Taylor one of their partners made their own announcement this week. The video sharing company unveiled a tool that lets businesses and agencies find and hire worldclass video professionals to create content. We sat down with the vimeo ceo. This isnt a new offering. Its another way for us to lower the barriers for businesses and make it easier. We dont think of ourselves as a marketplace business. We are a software business. We have a wonderful community, this Creative Community on scale. The way we can leverage it and add more value, its a differentiator. You cant access it for free. You said youre not going to be taking a cut. How do you monetize this . This is not really a separate revenue line for us. We are increasing engagement and retention on the platform. We are looking into building value with our customers. The vast majority is annual subscription plans. This is about the more people that are coming to the platform to make video, the more value they are finding. Thats good for our revenue line. It gives more power to the businesses were using the site to access content. They can say this is the kind of video we want or the commission we want to put out there. They are wellequipped to provide this. What we see is if you are a business or agency or entrepreneur startup, you need to make more video every day. You are making video for social media, your audience expects higher quality. The barriers, the demand is there. Its hard to figure out who you can work with. In many cases, businesses are not thinking about video. They are thinking about growing their business. This is really about lowering the barriers. What we found is there is high demand for this from both sides of the community. Its impossible to not talk about a standalone Public Company. Vimeo is one of the companies has its own results broken out. Talk to us about the path to an ipo. And where you are headed on that. I see us, ipo is in a business strategy. Its a fundraising vehicle. Right now, we have the wellfunded shareholder. Our focus is not about ipo. Its about capitalizing on this massive market, 20 billion market for serving the people. We are investing in content like others, we are investing in the creators. Taylor that was added with the ed hammond with the vimeo ceo. That doesnt for this edition of does it for this edition of the best of Bloomberg Technology. We bring you the best throughout the week. Tune in each day at 5 00 in new york. Bloomberg technology is livestreaming on twitter. Check us out. Follow our global breaking news network on twitter. This is bloomberg. Devices are like doorways that could allow hackers into your home. And like all doors, theyre safer when locked. Thats why you need xfinity xfi. With the xfi gateway, devices connected to your homes wifi are protected. Which helps keep people outside from accessing your passwords, credit cards and cameras. And people inside from accidentally visiting sites that arent secure. And if someone trys well let you know. Xfi advanced security. If its connected, its protected. Call, click, or visit a store today. Carol welcome to bloomberg businessweek. I am carol massar inside bloomberg headquarters in new york. This week, political troubles on both sides of the atlantic. A formal impeachment inquiry is opened on President Trump. Therefore today, i am announcing the house of representatives moving forward with an official impeachment inquiry. Plus, a defiant Boris Johnson dragged back to parliament to explain why he broke the law