Paypal confirms it is bailing us commitment to Facebook Cryptocurrency project. Why analysts think that is a wise move. But first, to our top story. Loftyank set some investment goals. So far returns have not lived up to expectations. Have a long still way to go and that makes me embarrassed and impatient. I used to envy the skill of the markets in the u. S. And china. He goes on. There is just no excuse for entrepreneurs in japan, myself included. Joining me to discuss is sarah mcbride. What was your Key Takeaways from this interview . Sarah it turns out that masa yoshi son was being asked about the Japanese Environment and so, you can interpret his results to be more broadly, why arent there more entrepreneurs in japan . He specifically mentions southeast asia. There are number of unicorns out of places like singapore. Its hard to see anything similar in japan. In that context, i think you cant say he was upset at himself over the vision plan or something narrow like that. Taylor remind us again about some of the big successes in alibaba and some of the more recent stocks. Sarah right. So, if you look over his whole career, he was almost broke at the time of the first dot com bubble, but he had one good investment in alibaba. He made many other investments that just flopped. And one that pulled him through and gave him the foundation to do everything hes done since. So, he likes big bets. Since then, hes had some other good investments, even at the vision fund, which is easy to forget when you just think about a very but they had good exit in garden the health which gave a nice return. They sold flip card to walmart which again gave them very good returns. The problem is since then there has been a lot of bad news. ] in taylor in that article did we learn anything new about we work and uber . Sarah he is consistently a longterm thinker. He said in 10 years uber and wework will be very profitable. They are great companies. Hes just continue to think on a very longterm basis. Hes famous for giving a presentation that was titled the 30 year plan in 2010. He ended up talking about a 300 year plan. He is a longer threshold than the rest of us. Taylor and part of that longer threshold i wonder is the markets are just misinterpreting him at this moment. Because he talks about his 30 year plan, a 300 year and plan. Are we sort of missing his Broader Vision that is a 430 y ear plan . Sarah maybe we are. But say you are retiring right now, you do not have the 10 years or the 30 years to wait for the company to turn a profit. You might need to cash out some of your retirement savings. It would be great if everybody were aligned in terms of investment threshold but for a lot of people that is just not possible to think that far out. Taylor when you talked a lot about uber. The vision fund. As we think about the rest of that portfolio, sometimes it seems relatively concentrated. , was looking in china, india singapore. Are there concerns it might be too concentrated in that ride sharing space . When there concerns about u ber, ber, it trickles into concerns about other Ridesharing Companys. Sarah yeah. But that is their hold strategy. They like to make it bets on certain sectors. Ef they invest in on Ridesharing Company or run real estate company, they like to build a constellation around that and try to achieve synergies among those come on panies, which is great when it works and if it does not we see what we are seeing right now. The visiond for fund in particular it was last valued by softbank june 30 at 82 billion. Reallywill be interesting to see where it is value for september 30. Only includes investment it currently has, not exiting investments. Taylor i want to finish on another quote i got from that article. He says his goal is to invest in companies that share his vision of the world that seemed changed by a. I. Do we expect more and more of those portfolios to be companies driven by a. I. . Sarah yes. But, also, almost every company is more driven by a. I. Now. So, no matter what you invest in, you can make an argument it fits in that a. I. Mandate. Hes done a lot of thinking about how a. I. Can improve the human condition overall, not just technology, how it has impact for human despair and sorrow and loneliness. He has these highminded goals. Taylor how has his stance changed, i wonder if they learned everything from we anything from we work, his stand on Corporate Governance . Sarah i think there is more in of an abyss of his this on Corporate Governance more of an emphasis on Corporate Governance. They have to know their own limits. By that you can interpret it to mean know your Corporate Governance, be aware of that. Taylor sarah mcbride, thank you. Isindia, ecommerce catching on. Amazon and walmart reported record revenue for their sixday indian sales festival. The american rivals have been dueling in india since walmart lady sitting billion dollars paid 16 for control of flip cart. Their specials concluded over the weekend. Coming up, hacking an election. Microsoft calls up iran for trying to hack a president ial campaign. We look how safe 2020 candidates are in cyberspace. If you like bloomberg news, you can listen on blumeoomberg. Com. And in the u. S. On sirius xm. This is bloomberg. Taylor a group of hackers linked to the iranian government are being accused of trying to have the u. S. President ial campaign. Phosphorusnown as foste tried to hack former u. S. Officials and journalists are join ming me to talk in washington. Let me start with you. What are the specifics we know about this case as a relates to microsoft and phosphorus . Microsoft told us in august and september a group of iranian government backed hackers try to infiltrate hundreds of accounts. Successfullyr were penetrated with the do not include the one president ial campaign they noted was targeted by the iranian government linked hackers. Taylor john, when you take a look at the specific hack, what does it tell you that cybersecurity clearly is the next frontier as it comes to meddling in u. S. Elections . Well, campaigns are undoubtedly on the front lines of national security. There is a place where policy begins. Trying tons now are figure out what the future of american policy as pertains to them is an campaigns is a good place to look. Taylor talk to me about the specific tactics used in this case. According to microsoft they used fairly rudimentary tactics. However, they were very much after personal information, which shows, according to microsoft, a willingness to be very persistent and engage persistently as they seek to a hack these accounts. This suggest that perhaps 2020 can look more like 2016 when russia managed to do Cyber Operations against members in the u. S. Taylor john, do you agree that these are rudimentary attacks, but it is the persistence that could look similar to the way the 2016 meddling looked . John well, campaigns have always been targets for cyber espionage. Not just for the iranian. The russians obviously and the north koreans have done this as well. The real question is whether or not they will carry out the hack and leak, the more aggressive operations we saw in 2016, which are really the more disconcerting. Taylor john, do you see that . John well, we havent really seen it yet. Like i said earlier, the iranian s are trying to answer serious questions about how the u. S. Is posturing ourselves in the gulf. Uncertaina very future with regards to sanctions, with regards to the nuclear agreement. Their first use of this capability is going to be to answer questions. So, its very possible that they could target these people quietly just to gather information. Taylor john, are you able to say if you have been tracking phosphorus or one group that you have been following the you have known could be a potential threat . John we have been tracking phosphorus, who we call apf35 for five years now. We first found them targeting defenseindustrial base in the United States as well as iran hawks, people in john boltons circle, for instance. Proisrael lobby and a few other targets. Lly elaboratea rea social engineering scheme through social media. They have a lot of different capabilities. And even though sometimes their attacks may seem rudimentary, they make up for it with a lot of gumption. Taylor alyza, what do your experts tell you . As you have been reporting, it has been rudimentary skills. Thisur experts all agree is sort of the next frontier as we approach 2020 . Alyza as we approach 2020 we have heard a variety of warnings from the government and the Intelligence Community saying that nationstates ranging from russia to china to iran will return with new tactics. Some have said that russia, china and iran are already trying to influence the information space, which is the other side of this equation. A majorsigns point to concern within the u. S. Government and within the campaigns that Cyber Security is a clear issue and could be used to attack the 2020 election. Theres a lot of emphasis on preparing for this threat and trying to make sure that 2020 does that look like 2016 did. Taylor john, as you sit back and take a whole look at the election cycle, do you see this criminal activity started heat up in the summer . Does it start now and get hot till the election 2020 . What does that cycle look like . Asn it can begin as early now. These actors are probably already looking to gain access where possible. Even if we do not necessarily know what campaigns will shake out in the end. As we get closer, though, we are likely to see, if we are going to see these more aggressive hack and leak operations, they will come much later in the game or where its much harder for us to react to them. Taylor john, you have mentioned a few culprits. Iran, russia, north korea. Who are some of the big players you have your eye on . John iran, north korea and russia are definitely big players. In addition to sort of a hacking activity, we are watching the Information Operations base, the trolling on social networks. Its not just russia anymore. Iran and china are also doing it as well. All four countries are very aggressive and familiar with this capability and could be players. Taylor john, is there anything that consumers can do on our end or someone whos in the president ial campaign to do . What are we supposed to do besides relied on Cybersecurity Software . John well, there are some extra steps you can take. Probably the best one would be to use two factor technology. Not just relying on a single password. Passwords can be very difficult to memorize. That leads to a lot of security failures. A password manager can help out. If you do not expect to have some sort of physical threat, writing a password down my be safer than trying to use the same password again and again. So there are some very clear steps we can take. Taylor i am the biggest culprit of that that. That was bloombergs reporter fireeye. Resented above the Trump Administration continues to move against china, placing eight Tech Companies on the u. S. Blacklist monday. Twocompanies that include surveillance units are accused of being implicated in Human Rights Violations against muslim minorities in the far western province. And coming up, cash for content. Apple has got a ton of it. Will it be enough to leave netflix behind in the streaming wars . And bloomberg technology, streaming on twitter. Check us out technology. At tic toc on twitter. This is bloomberg. Chipmakers rallied on monday after analysts raise price targets. Cited positive trends in gaming and data centers. Smile direct club is getting rosy reviews from analysts, ipoite the worst mega performances 2007, wall street analysts are enthusiastic for the company. Smile direct has received unanimous buy equivalent ratings. And apple sharess are trading up on monday after raising recent price targets on the iphone maker. Nomura, demands for the iphone up the price target to 205 from 185. And, speaking of apple, what does a company with 200 billion in cash do . Spend it on content. While the company has not disclosed how much it has spent on apple tv plus, it could be in position that current streaming Service Netflix might describe as enviable. Join me to discuss from stamford, connecticut a Senior Research analyst. Tom, who currently has a buy rating on apple. Broadly here, as you analyze the streaming service, do you expect apple to outspend its competitors . Tom i definitely apple has the potential to outspend. They have a Massive Treasure trust, but the way that we have been talking about it is the speculation is they are spending 6 billion up from the original expectation of 1 billion. Putspple, that kind of premium content spending as more of a serious hobby and not really a job for the company. I do think they have the potential to spend a lot more but so far they have not shown that. Taylor put that 6 billion into perspective. What are some of the other competitors that you follow spending, if apple is spending 6 billion. Tom by way of comparison, netflix, is in the 10 billion plus range. So, 6 billion versus 10 billion is a significant figure, but still lower than what netflix is spending. Again, they have the potential to spend a lot more but so far they havent shown a propensity to do so. Taylor i want to show a chart to our audience in my terminal and we are looking at net cash. 200 billion on the balance 108 minues debot of billion. Net cash of more than 100 billion. Would you argue that apples Balance Sheet is in the best shape to spend this cash . Tom the answer is absolutely. Not that long ago we used to joke it was a great time to the a blist actor with all of the streaming Video Services coming online. The difference with apple involved is now it is time a good time to be an alist after. If you think of jennifer aniston. Oprah winfrey, steven spielberg. Apples early has the checkbook ifwrite some massive checks it wants to pursue that opportunity even more so. Taylor then, tom, as we take a look at Balance Sheet dynamics, you look at 200 billion in cash and lisicki 5 billion Free Cash Flow. 20 billion in Free Cash Flow. How does that factor into your analysis here . Tom so, basically the Free Cash Flow that apple generates not that long ago, when netflix was a smaller market cap, in a good quarter apple couldve bought netflix. The beauty of apples Business Model as primarily focusing on the high margin products within themegory, you thinkg of of selling the most profitable smartphones as an example, generatepple to Free Cash Flow and coupled with their Balance Sheet gives them a lot of dry powder that they could use to go after premium content more suited to get me. Taylor tom, i remember apple had gotten a little bit of pushback from investors, from people on the street who are saying youre hoarding cash. Spend it. Do a buy back. Do a dividend. Ground. Ood its has apple now built up this cash hoarde for this rainy day . Tom the good news is that apple does return a large amount of cash flow to shareholders via buyback and dividends. If you step back, what is most important to apple right now is diversifying the way from its overdependence on one product being the smartphone, north of six he percent of their sales in the last fiscal year. If you look at their efforts and not only proprietary content but also payments and health care, then that large cash balance gives the company a lot of money to invest in things that arent directly related to smartphones, which is really good news for apple and for apple shareholders right now. Taylor and, tom, we have another chart here of them showing apples reliance on that iphone, and of course, as they raise the prices on those iphones, europe started to seen a flip. That broaderto narrative, that apple is a Services Company is trying to transition away from that iphone. How do you see Apple Tv Play into the broader narrative that is the future of apple . Where does it fit into their strategy . Tom so, definitely when i think about their a huge than, last year, on weaker expected iphone sales in december, what they did is reset the bar. To the companys credit, he has been able to change the narrative and investors are soaking up this narrative and reacting favorably. The companys efforts to diversify away from their overdependence on the smartphone. Proprietary content is definitely part of that along with Financial Services you think of apple payments, but the apple credit card. Then all of the things they are doing and health good. So, i look at proprietary content as one leg in a stool. Taylor so sorry to cut you off. This is bloomberg technology. From the couldnt be prouders to the wait did we just winners. Everyone uses their phone differently. Thats why Xfinity Mobile lets you design your own data. Now you can share it between lines. Mix with unlimited, and switch it up at anytime so you only pay for what you need. Its a different kind of Wireless Network designed to save you money. Save up to 400 a year on your wireless bill. Plus get 250 back when you buy an eligible phone. Call, click, or visit a store today. This is bloomberg technology. Im taylor riggs. Google is ramping up its Restaurant Industry footprint. The tech giant announced it will be partnering with olo, the leading digital food order platform. This will enable customers to order directly from over 300 Restaurant Brands across google search, maps and the google assistant. Joining me to discuss is olo ceo noah glass. From a financial perspective, walk me through the partnership between olo and google. Noah thank you for having me. The relationship is about enabling our Restaurant Brands to be found i consumers when theyre looking for restaurants on google. Consumers naturally do that today. Now they will be able to find those restaurants, order directly from the google platform, and then send that order directly through our platform into the restaurants point of sale. I cannot speak to the way googles Financial Model works. Our Financial Model is to be a subscription platform, with transaction fees on top of the platform for increased order volume. Taylor do you share profits with google per click, when i click on the ad, your site, or when the delivery is confirmed . Noah it is coming from the context of consumers today ordering through different platforms like thirdparty Restaurant Delivery marketplaces. When they order through those platforms, the restaurants pay something between 20 and 30 commission. This gives restaurants the ability to take orders directly from google. We are just charging the restaurant a flat fee per month and a fee per transaction that pales in comparison with a thirdparty Restaurant Delivery marketplaces. Taylor talk to me about the restaurant side. Why would they want to be on your site . Noah restaurants are using olo as their digital ordering platform. 300 brands, 70,000 restaurants across the u. S. And canada. Restaurants are looking to olo as their partner to help drive direct traffic into the restaurants. This is around developing a digital relationship with those consumers. Also, listing their menus on popular thirdparty platforms in a way that keeps the restaurant in control and enables all the orders to originate from outside the restaurant and into the pointofsale system at the restaurant. Taylor are restaurants playing the volume game here . Noah yeah, this is an amazingly Seismic Shift that is happening in the Restaurant Industry. We are going to a place where over half of the overall sales in an 800 billion dollar industry are taking place through consumers that are looking to get their food and consumed off premise. They are moving towards half of that coming from digital channels. The Restaurant Industry has never seen a shift like that and we are about helping our restaurants be the great bee beneficiaries and having orders coming directly from their customers. Taylor i hear you on the Seismic Shift, but it is also in ministry that is becoming increasingly competitive. Delivery. Com, uber eats, you name it. All these online delivery programs. How do you stand out . Noah we are not a consumer facing brand. We are a Software Platform that Restaurant Brands used to build their own apps and websites. A lot of the companies that are Consumer Brands are partnering our api thatng syndicates the menu content to the thirdparty sites and have those orders come through and going to the restaurants point of sale. Keeping things simple at the restaurant. We are the partner the restaurant selects as their digital ordering platform that they are building on top of and enabling them to keep things simple. Taylor it is also a competitive space when we look from googles perspective. A lot of other mapping services, search engines, Voice Assistant programs. Why did you go with google . Noah there is nothing about our relationship with google that is exclusive. This is part of our rails platform, getting a restaurants menus into every thirdparty site they would want, where they would want consumers to find them. We did a similar deal with door and postmates and caviar and waiter, most recently uber eats, and now this announcement with google. Enabling restaurants to go where google is and tap into the ondemand universe of customers. Taylor you are recently quoted talking about how this keeps us within googles framework and not taking me to a restaurant site or thirdparty delivery site. Lot with the restaurant want that . Noah sending the customer off of a search on to a thirdparty site, even the restaurants own site creates friction where a customer might have to create a new account. It is great of a consumer can stay within the google framework, have their credit card details already in as part of google pay which is part of the capability of google food ordering. The restaurant still gets to take that customers payments on their own merchant account. They get the customers information. Sure really about making the consumer starts their order and converts their order within this platform. Taylor there has been some slowing, growing criticism of google that they are keeping all of their traffic on their website and not letting sending it downstream to other parts of the internet. As you look generally, does that criticism concern you . Noah it does not stand up in this case. In this case, google is uniquely sharing data with the restaurant, processing the transaction on their merchant account. That is instead of the order coming through a thirdparty marketplace where the transactions process is not on the restaurants merchant account and they dont get that same data. When restaurants look at what google is offering and the partnership, they are really happy about this as an opportunity. Since we have announced this news, all of our restaurant customers contacting us and telling us we are really excited about this. Taylor ok, when was the last time you used it and where did you order . Noah one great place to use it is at portillos hotdogs out of chicago. You could use it at checkers and rallies which is all around the country. Two great brands that were the first to jump on board who said we want to get our menu in front of consumers and a great place to do that is the glue google platform. Taylor i will be in chicago this weekend. Perhaps i will check it out. Noah glass, thank you for joining me. The Supreme Court has turned away an appeal by amazon that will allow hourly workers at its nevada warehouse is to continue with claims for compensation. The workers say they are owed money for time they spent and required security searches after their shifts. Coming up, Facebooks Libra continues to face hurdles overregulation. Now it is finding itself in a tough position with partnerships. We discusse why next. This is bloomberg. Skeptics nowook have derivatives to battle whether libra will meet its target launch date. The Crypto Futures Exchange is offering derivatives that payout based on the likelihood libra will be operational by the end of 2020. The initial price equates to a 30 chance of the cryptocurrency meeting that timeline. The ceo spoke with bloomberg earlier. Take a listen. We are really excited about this futures contract because it gives the market a way to really price the odds of this event occurring. Its obviously a physically deliver libra, and in the case of nondelivery by facebook, it settles at zero so it gives the market a way to say it is likely, unlikely. Respond to news events and give clarity to facebooks and libras partners. Why so pessimistic . Why only get 30 chance for december 2020 . Mark ultimately, we will let the market decide on this one. That is the opening price, but from there on after, it is determined by anyone who wants to make the market. This garnering a lot of attention for you . Are you going to get high volume when the contracts open . Mark no, we dont expect very high volumes from these contracts. We do however expect them to be something people are fascinated by trading something that ends up trading a lot in terms of number of users. It brings interest in the exchange and provides a signal to the market of where libra will actually end up being. We have a pretty active betting market in this country. Why is it better to use your products or to walk into a betting office and i would like to place a bet for this particular outcome . They specialize making markets in all kinds of stuff. Why do you need to come out with this product at this point . Mark coinflex is a physically delivered Futures Exchange. Our main products are futures on bitcoin that are physically delivered. And, if you want a physically delivered libra at the time of expiry, this is the place for you. If you want to make a sports bet or Something Like that, and if libra gets traded on those platforms, that is a great place to do that. We are trying to offer futures on libra and that is when people come to us for. It is unlikely William Hills will pay out and libra if it actually happens. Let me ask you the question of the day that we are asking everybody on bloomberg which is what will it take for bitcoin to become digital gold . I know Nettie Greenspan points out a lot of people think it is digital gold, but what do you think it will take before bitcoin throws off the shackles of its incredible volatility and become something that is more investable . Mark i think it is ultimately usage. A lot of people say institutional adoption is where this thing needs to go, but institutions dont just buy something because it exists. They buy something because it is valuable and there are fundamentals involved. I think bitcoin and all cryptocurrencies need to be pushing for more adoption, more usage daytoday in transactions or settlements or any type of transactional capacity. If it is supposed to be digital gold, but it needs to be digital. That is a big part of a lot of these things people are working on when it comes to crypto. They Futures Exchange because we want people to use crypto without the volatility. What is the link between your product around libra you do a lot of business with bitcoin. What is the link between the two . Mark 99 of our volume is in btc. 500 million a day of bitcoin futures. Expect, going to be, we a lot more volatile. This is a less liquid, much more volatile asset. Sometimes people want to trade higher liquid, lower volatility assets like bitcoin. But, some users want the thrill of something bitcoin is pretty volatile itself. Mark well, from a Traditional Market standpoint, you are absolutely correct, but encrypt crypto, bitcoin is the big daddy. Taylor that was mark lamb. I want to bring in kurt wagoner to discuss more on Facebooks Libra. First, give me your big take away from that interview. Kurt more volatile than bitcoin is the exact opposite of what facebook has been pitching and preaching, which is that libra will be very steady, it will be backed by the dollar and other currencies. And it is not going to be, you are not betting on libra. It is supposed to be something you can rely on that you can spend much like you would a dollar. The fact he thinks it is going to be very volatile is definitely counter to what we are hearing. Taylor any reaction from the market or facebook on this new derivative product . You could bet against or make a market bet on the timing when libra will be launched. Kurt it is not great optics. If you are facebook or any of these partners, here you are working to get something to market. Meanwhile, you have this storyline and this company that is actually taking bets that you are going to fail, essentially, not hold up your end of the bargain, your promise it will come in 2020. Thats got to feel frustrating. I think there is a realistic chance libra does not come in 2020. We have seen so many regulatory obstacles show up that i dont think anybody necessarily anticipated six month ago. The idea that people are potentially making money on the fact you are struggling, it does not look great. Taylor paypal has confirmed it is pulling out. What is your take from that . Kurt also not good. It is one partner of many, so i will say as far as we know, paypal is the only one of the original 28 Libra Association members that are leaving. Paypal was one of the most wellknown and they are a payments company. They understand a little bit about what facebook and the rest of the crew is getting into. They understand the regulatory environment. They understand how products like this exist and work. For someone like that to say, hey, we see too many regulatory hurdles, this is not where we want to spend our time and energy, that is not a great sign for the group. Taylor analysts who cover paypal say pitching libra makes sense, the political attention had really hurt the opportunity. That was according to morgan stanley. Anytime an analyst or group comes out and says good you didnt make that move, what pressure does that put on visa, mastercard, the other 28 members debating whether to go in or out . Kurt it puts more pressure on them than facebook. Facebook is one of those Companies Like alphabet or apple that is so big, it can withstand a lot of regulatory pressures and obstacles that other companies cant. Facebook prints money from its advertising business. It does not need libra. Libra is a side project. For facebook, this is a worthy, necessary because. For a lot of these other partners that may dont have the stability facebook has from a business standpoint they are not necessarily being drug through the mud like facebook this is probably shocking to them to deal with this. Facebook is so unique. Where they say lets push forward. Not everyone can necessarily go in that same direction. Taylor what next . Kurt next is the charter. They said we have to sign this charter and, get this originally 28 now 27 members to sign. Once that happens and there is an actual document, more legitimate commitment from all these members that they want to see this through. And facebook has said there are a lot of other partners that want to sign up for this. You get those 27 on board, you start adding more people, and you look up in a month or two, who is in, who is out and how can we move forward . Taylor kurt wagner, thank you for joining me. Still ahead, the market drives ahead. Of conversation with the ceo a european scooter start up that is challenging the u. S. Unicorn. This is bloomberg. Taylor escooters are focused on a major Worldwide Investment with the biggest u. S. Players bird and lime, valued at 2 billion each. Tier mobility is one of the biggest escooter companies and a primary competitor to those u. S. Unicorns. It has raised 60 million in financing in a round led partly by one of the eagles behind softbanks vision fund. The ceo spoke to bloomberg on monday. We havee super happy them on our side. I think we have a big mission here. We want to change for good and that means we need to have strong investments with strong convictions. Escooters in germany have only been legal since the summer of this year. How has that changed the market . Lawrence germany turned out to be the most exciting market in terms of digitization, acceptance by the customers. We are partnering very closely with the cities. We have connections with public transport and germany has the biggest market for transportation. It is a key market. What is your biggest concern . In finding a solution with some of the cities and where you leave the scooters . Making the scooters . Lawrence my biggest concern is our current traffic situation. If you are in new york, berlin, it is a mess and we have to change something. Now it is the right time in history to check the current status and give customers better access to mobility. I think if you ask about my personal concern, i think we are going to a situation where we have to rethink cities. Cities are not made for cars, therefore we have to find away with the regulatorys that we will have scooters in the city for the perfect situation. What does it mean for regulators . How are they adapting to the huge number of escooters around . It could be dangerous with cars. Lawrence currently, the city is designed for cars. Not anymore, we have to think about how we will transport ourselves in the cities. Users first scooters a better chance and actually a better structure to go through the cities. We actually have to partner with the city to make sure we have enough space for those vehicles and it is also a lot safer than before. People worry that the buses cannot get through because there is too much traffic. But you look at your competitors in the u. S. That are so much bigger and expanding in europe, do you have any intention to expand in north america . Lawrence i think, as i said, germany is the biggest market for transportation in europe. Europe has been the most m r market. Europe is our complete focus now. We are going to win germany, we are going to win europe and then we will see. It is important that we remained focus on europe. Do you think the industry has to consolidate because there are so many active companies . Lawrence that is always the question about making the cost structure more efficient and trying to consolidate. We are in a very early point of time. Our company is just 12 months old. We are just at the beginning of the disruption. There will be a point in time where it will make sense. Lets see. What comes after escooters . Not sure if it is a small electric vehicle. Is there something that has been untapped . Lawrence we have a clear path to create a new vehicle. We are not far away from that. It will be a vehicle that is suited for the cities that you can drive easily, also the rain and winter season. This is something we are working on. We will increase our fleet of new vehicles. We are not an escooter company, we are a micro Mobility Service provider. We want to give customers different vehicle so you can transport yourself. How important is it to be big as soon as possible to get market share or otherwise the u. S. Will eat your lunch . Need enough access to capital. But if you compare us to the american players, we raised about 30 million in our first round and reached 10 million riders faster than anyone else in the world. It is not just about collecting money, it is very much about how you invest your capital and how efficient you are. Thatnk this is something sees us as the most capital efficient company. Taylor that was the cofounder of tier mobility. That does it for this edition of bloomberg technology. Bloomberg technology is livestreaming on twitter. Check us out. Follow our global breaking news network, tictoc, on twitter. This is bloomberg. Everyone uses their phone differently. Thats why Xfinity Mobile lets you design your own data. You can share 1, 3, or 10 gigs of data between lines, mix in lines of unlimited, and switch it up at any time. All with millions of secure wifi hotspots and the best lte everywhere else. Its a different kind of Wireless Network, designed to save you money. Switch and save up to 400 a year on your wireless bill. Plus, get 250 back when you buy an eligible phone. Thats simple. Easy. Awesome. Call, click, or visit a store today. Paul welcome to daybreak australia. Im paul allen. Shery im shery ahn. We are counting down to asias major market open. Here are the top stories we are covering. Washington confirms chinas top trade negotiator will be in town on thursday. The agenda will include tech transfer come intellectual property right. S. The white house backtracks on