What it is, and why it is wreaking so much havoc for social media companies. And it is halloween eve. Night. Iller, but triller we will have the executive chair of the social media platform sued by tiktok. Those stories in a moment. Also this hour, we will be speaking with the ceo of overstock. Com on supply Chain Technology ahead of the busy retail season going into the holidays. Later, i will have an interview with the ceo of blue apron, which reported results yesterday. Dropping, u. S. Stocks capping their biggest weekly route since march after tech earnings disappointed investors concerned the slowing economy will dampen assets. Lets get to Abigail Doolittle in new york. It was a crazy week just ahead of the election. Walk us through your roundup. Abigail yes, it was a crazy week, a wild week. Two down weeks. That is another piece of the story that the bears have been at it last part of this month. The nasdaq today not surprisingly with the text selling that you were alluding to really taking a beating, down 5. 5 on the week. The worst week since march. Lots of factors at hand. The big tech reports. Also uncertainty going into the election. The vix indicating it could be a contested election. Of course, the virus. Investors, they have pretty much every factor you could to deal with. Some longterm investors saying this is the wildest market they have ever seen. If we take a look at on the month before we dig into the tech earnings and the effect on the market today, the dow down 4. 6 , the worst month since march. That is the degree of selling on the Dow Jones Industrial in some of the cyclical sectors. Crude plunging down 12 , its worst month since march. The risk assets a lot not just in stocks but also commodities. That is a tell on the economy and at this point to the idea that folks are worried of the virus, resurgence, potential lockdowns that could come and hurt the economy. The vix, i was mentioning the spike in volatility. The nasdaq 100 vix back about 40. Investors bracing for more. One expert today telling me the vix is very much suggesting a contested election is ahead. Finally, not quite fitting this risk off puzzle, nothing at all, the 10 year yield back above its 200 and moving average for the first time 200 Day Moving Average for the first time in two years. Bonds are selling off. Risk assets and bonds selling off. October really a pretty wild month. Overall, seems to be a bit of a repricing of risk. The yield curve climbing. Emily lets talk about the big cap mega stocks. We saw alphabet rising today but facebook, amazon, and apple down despite positive results for all of them. Some negative signs from apple when it came to the iphone and china, but nothing to that that they said they would not turn around in the december quarter. Why did investors react negatively . Abigail brutal day for tech. We were talking about this yesterday after the earnings came out. This has gone too far, too fast. Investors want perfection. You can make the case they went way too much up after the june quarters. They were not as spectacular as reaction. Now you have good quarters with pickup here and there. Apple in particular, that is more than a hiccup in my mind. The fact that there iphone, their premier and primary product, missed estimates, fell 20 . China down. That is without the iphone 12. Lets see whether or not that happens in the Fourth Quarter. , some want to put money where their mouth is in there is no outlook. The fact that they are seeing the Fourth Quarter will be ok quarter and saying it will be ok. Twitter is a really big down one on you users being lower. Alphabet was the one bright spot , emily. Emily all right. We are going to hear from the twitter ceo later. Iphone,came to the the cfo told me the iphones were not in this Current Quarter so we will have to see if they can make good on their projections on the call that december will be better. Ok, Abigail Doolittle, thank you so much. Have a good weekend and get ready for a potentially wild one next week with election day. Getting back to tech, the Worlds Largest tech company is notching big corridors this week. Aided by the pandemic, which spurred demand for things like smart phones, and cloud computing. Up was the outlook for the year. We are joined by mark mahaney. A lotainty was a word of executives used on their collars yesterday. Does it concern you these companies are not giving forecasts or have sort of murky views of what is to come . Mark i think abigail set it up right. Some of these names, particularly in amazon, facebook, and twitter, expectations were superhigh going in. They needed to do everything right. We actually thought amazon and facebook did everything right, except theyre staying very aggressive in terms of investment. It was the operating income or profitability outlook for facebook and amazon that disappointed. Google or alphabet, expectations were super low. Easier for that stock to outperform. They did not put up fundamentally better results. Finally, twitter was just a different case. It is not just the mau shortfall. There is an ad product delay. A constant theme at this company, the inability to ship product on time. That is what got people to solutions about the stock that caused a very negative reaction. Emily what is your outlook postelection knowing that there could be civil, knowing there could be contested election, knowing that uncertainty is sort of the name of the game . Mark from a stock market perspective, i guess all investors hate to have uncertainty, but we will get certainty at some point. I dont know if it is days or weeks. I hope it is not for more than that, emily. But when that happens, you will get a valley in the market. My guess is it will be pretty substantial when you get that certainty. Either way in the election, the market just wants the certainty of it. I am not sure that a win from either side is dramatically different for tech stocks other tax rate issue between the two campaigns. One other thing to keep in mind as we come out of covid, we have structural winters here and we have known this for two quarters now. Companies like netflix and amazon and chopper fiber winners. Now the new news is some of the ad names as well as are winners. They are doing check mark recoveries, which means the growth rate is faster than precovid. A fundamental shift of ad dollars because of covid. There will be some fundamentally stronger stories in here that the markets will sell off these stocks, creating great buying opportunities. Emily how big is the Regulatory Risk all of these Companies Face . Antitrust issues and then twitter facing regulatory issues pertaining to section 230, along with facebook and google. How big of a risk is that . Mark it has become a bigger and bigger risk and it is unfortunate. The one thing that is clear is it has become a bipartisan issue. You had a democratic subcommittee House Judiciary Committee write a pretty scathing report about big tech. And then these hearings we just had earlier in the week on 230, you had some very strong conservative voices also just as critical. Big tech is being bashed by the left and right. I dont think it will lead to any forced sales breakup of these names. It will certainly limit and midscale acquisitions by these companies and you can see more aggressive Business Practices like those 30 distribution fees in the apple and google play stores. Those could get hemmed in a bit, which may not be a bad thing. It has become clear. This is a generational change, not a political change. Moreed leaders much concerned about big tech and that kind of power. Emily all right. A big test for some of these companies next week with election day. Mark mahaney, rbc capital managing director. Glad to have you and your insights on the show. Coming up, tiktok bites back. The social platform opens up a new lawsuit against a rival. The latest with an executive at triller, next. This is bloomberg. Tiktok and its permit company bytedance are suing rival video app triller. This comes in response to triller alleging bytedance has been using their technology to grow the popular social media platform over the years. Triller chief executive officer mike lu fired back against the suit, saying tiktok and its. Company by its parent been enriching themselves and their investors at trillers expense. Joining us now is bobby, exec of chair and coowner at triller. Thank you so much for joining us today on the show. You initially sued tiktok over a patent to create synchronized music videos. They are now assuming you. How is tiktok in your view stealing your technology . The pattern is very straightforward. To a dynamicng movement of a video and create a music video. One or more tracks, that is a patent we went out and did the heavy lifting to get approved. Experience isuser built around our technology. In fact, we do not even call them tiktok. Ok because theykp are pickpockets and stole the technology from us. We gave them ample time and access to respond to urban litigation. They said, ok, to respond to our litigation. Said ok and then sued. Emily can you tell us a little more about how triller acquired the patent at issue . We know you got it from a company. Tell us a little more about the history. Bobby well, so that patent was one of trillers initial patents started the whole company. It is the foundation of what triller was built on, and the people who built the patent are the cofounders and creators of triller. Patent. We bought the we had it for a long time. We built our whole business around it. These guys have continuously violated it and stole it, and now they are doing more weird stuff and lying further and changing, trying to shop for venues that benefit them. We dont know why their problem we dont know what the problem is or why they are changing the venue. We are planning to file a motion to move the case where it was filed initially. Emily how does triller differentiate itself from tiktoks platform . Bobby well, i were demographic is a little bit older. Our demographic is a little bit older. We are not stealing data. We are not controlled by the ccp. We have different marching orders. We do not have political agendas. We do not play in those arenas. At the end of the day, our app is a fun app for music , to showcase technology, and for people to share their expressions and voices without any other alter your motive. Ulterior motives. Emily you filed this patent in july and then in august we learned you want to buy tiktok, which for many folks kind of came out of nowhere. To be fair, triller is significantly smaller than tiktok. If they are stealing data, if they are pickpocketing other companies, why did you want to buy them . And how serious was that . Bobby yes, so we were approached by one of the consortiums that has an interest in tiktok. Some of them are american companies. Some of them are not. China is involved in this transaction. It is owned by a chinese national. We were approached by a consortium that said we are interested in buying the u. S. And some other territorial assets of this product but we do not have the expertise to dissect the code. We dont have the expertise to understand how to run this thing. Would you guys be interested in joining the consortium for a potential acquisition . We said sure. We are always interested in a conversation that makes sense. We feel like it has a big user base and the metadata is useful and we would be able to use our recommendation algorithms and our people to run it properly. That is where the conversation started. The conversation continued. I dont know. It is more by tiktok and bytedance. It is just a bizarre thing. We dont understand anything they do. Thinggal teams, the only they can think of is they are desperate and they see there is a lot of fear here. This is one of the best ways for them to really try to change the National Security threat and the fact that they are stealing American Technology into a different story. There is no other logical explanation. Emily we are still waiting for President Trumps attempts to ban tiktok to play out in court. Just in the last few minutes, reportedly, a judge has rejected the commerce departments order to handicap tiktoks technical abilities, which could have really hurt their ability to operate in the u. S. For the time being. But what would be the ideal situation in terms of this trump, china, tiktok situation and how it plays out for you . Bobby i think that is pretty obvious. You know, it is hard for us to answer that because we have such a bizarre path and vested interest in these people and this product. We are not seeing, use triller. Use an alternative. Just dont use tiktok. What they do has been bad. It has been bad for us politically. They get their orders from the ccp, which as you know has no interest in our american they are after global domination. They are capturing everyones information and sending it back. They are making a mockery of our court system. What else can they do to get kicked out of here . American companies cant operate in china. Our friends at hooper basically got arrested until they give the company over to the chinese government. How is google doing in china . How is facebook doing in china . It is abnormal the amount of things that bytedance and tiktok have gotten away with in this country. And we are still sitting here talking about what is going to happen next. We know what should happen next. Emily so this filing of tiktoks lawsuit against you, and i hear what you are saying, you have hundreds of millions of users around the world. You have been in talks about a potential merger that would lead to triller going public. This latest lawsuit from tiktok negatively impacted those plans . Bobby not at all. In fact, it has made our investors and people we have been discussing more comfortable in fact. Because this is a desperate attempt. This is like a fish on a boat trying to grab something. If they were serious in their defense about over claims, they would have responded to it in the proper venue. But this venue shopping and trying to get out of the texas courts, they are not really suing us. Our understanding is they are asking a court to step in in another district and say that our claims are invalid. It is just wasting time, wasting everybodys time and money. It is just what they do. It is what they have done to our country and what they are doing to our politics and now our court system. Emily all right. Certainly interesting to hear your perspective or side of the story. Bobby, triller coowner an executor chair, thank you so much for joining us. Coming up, Holiday Season is almost upon us. In a pandemic, it will be a big test for ecommerce giant, including overstock. Com. The ceo joins us next. This is bloomberg. Emily Home Furnishings company overstock. Com reported yesterday. Joining us now is overstock. Com ceo jonathan johnson. Thank you so much for joining us. Holiday season is upon us, and yet we are in the middle of a pandemic, which brings a host of logistics issues and more demand. How do you plan to navigate this time and beat the competition, amazon, walmart, target, giants . Jonathan we are going to continue offering great prices on the furniture we sell. We also have been working very closely with carriers, letting them know our forecasters, ups, fedex, and the like, making sure our products are delivered quickly and on time. I think that will be the real trick this Holiday Season for online, making sure their carriers, shippers are able to get product to their customers. Emily what is your outlook on demand . I know a lot of folks have been focusing on their homes right now because they are stuck at home. Does that continue . Jonathan it has continued for us. We still see robust demand for Home Furnishings. We think it will continue through the Holiday Season. We think this holiday is going to be a cozy time at home. People are not traveling. It is probably going to be smaller groups, tightknit families together. People want to focus on homes. They want their homes to look nice. We see demand continuing. Results were strong but the stock continues to slide. Why do you think that is . Jonathan figuring out the market is hard. Daystock market is day by of machines. Is to run theb business well, make sure we are growing and have sustainable, profitable market share growth. That is what we have done the last two quarters and continue to do. Over time, i think the market will recognize the great business we are building at overstock. Emily we were covering amazon results yesterday and a former executive told us that inside the company they talk about it don, because it is a pandemic and now Everyone Wants to be online. You talked about what you are doing with your carriers. Have you ramped up fulfillment as well to meet demand and keep the smooth . Jonathan we have over 4000 over 5000ith different Fulfillment Centers around the country. We are working with carriers and our forecasting Fulfillment Centers and warehouses. We opened a new Fulfillment Center of our own in Southern California to increase our footprint and get closer to the customer. Hipagedon i think will be real but those that had sustained growth like overstock are better prepared to meet it then those that have really spiked growth in the Fourth Quarter. We are ready for it. We think it is real. We tell customers to order earlier if by getting it by a certain date is important to you. Emily quickly, in 2021, when life returns to some sort of new normal, does the whole demand picture change . Jonathan i think so in the Home Furnishing business. , 19 of home 2019 furnishings were just online. That has been growing at about 1 to 3 per year. I think people during the pandemic have experienced purchasing home goods from home. Found out how easy it is. I think that is a paradigm shift and we will see greater and greater online penetration in this market, even when we get back to normal or out again. Emily jonathan johnson, ceo of overstock. Com. Fascinating story to tell. We will be watching you the Holiday Season. Thank you. Another Ecommerce Company ramping up to get ready for the Holiday Season. We will hear from the ceo of she is. On about how are you frustrated with your weight and health . Its time for aerotrainer, a more effective total body fitness solution. announcer aerotrainers ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time, all while maintaining safe, correct form and allows for over 20 exercises. Do the aerotrainer super crunch. The prestretch works your abs even harder, engaging the entire core. Then its the back extension, super rock, and lower back traction stretch to take the pressure off your spine and stretch muscles. 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As we have gone through the last several months, weve actually continued to see increased demand for meal kits and for Meal Solutions at home and it is getting interested going into the holidays as people are thinking about new ways to celebrate and not sure how it will look this year. More smaller gatherings. Sure we are make branching out to meet the different needs as we go into the colder months and continue to expand. So, as we started ramping up our capacity, at the same time, we were also ramping up product initiatives. Product initiatives at a lot of complexity because we want to make sure we are giving customers that will help them retain, stay, and acquire new customers as they see the new features we have in service. So, as we were doing that, we were doing this sidebyside to help build capacity while also building that variety and product innovations. Now that we are getting into q4, we are starting to ramp up even more so on the efficiency around those new products and innovation so we can continue to meet demand as we get into even further double digit growth in q4, and even higher doubledigit growth Going Forward from there in q1. We are seeing a lot of opportunity to ramp up and be able to make the best use of the people on our team to bring people more food during the Holiday Season and more different ways. Emily that said, shares have tumbled over the last couple of days. Why do you think that is . Linda i think theres obviously a significant amount of opportunity out there. Of course, we want to take advantage of it as quickly as we can. Morenk its really about the pace we can grab a hold of that demand and that is what everybody is looking to do as quickly as possible. Safety is our number one concern with our employees and customers. We want to always ramp up safely. The interesting thing as we look back over the history of blue apron, we were the first in the u. S. Our fulfillment was a lot more complex when it came to labor. It was more labor dependent. Over time, what we will be doing is continuing to find efficiencies that make is less labor dependent and able to expand at the same time. It is really about how fast we can make that expansion while still making sure we are putting in those product initiatives that really work for longterm, profitable, scalable growth. Emily we are seeing covid spike in different parts of the country. We are also heading into the winter months when many people are expecting to see a flare. How is that impacting your ability and your ability to deliver and keep your workers safe . Linda again, safety has always been our top priority. The advantage we have is given that we are a food facility, we have a lot of Safety Standards in place so we continue to make sure we are enhanced as far as our Safety Standards to keep ark employees and consumers safe. Those continue to accelerate but that is an area where we are a Certified Facility and have been for several years. Maintaining not that environment and continuing to enforce social distancing and Everything Else we do in the facilities already. As people are staying home more and more as it gets colder and harder to go out, Outdoor Dining becomes more of a challenge free to you layer what i was talking about earlier which is people want to celebrate holidays and they are trying to think of how to do that. Are we are looking at now all those Different Solutions including the thanksgiving box we just launched, including thanksgiving a la carte, and other solutions to let them have celebratory meals for social distancing or for other chances for the family to come together during the winter. That is actually we are balancing those two things. A lot of product initiatives to make sure we are following peoples needs and we have already seen significant improvement when it comes to to thees, when it comes chart, units per hour. And continue to symbol phi the structure of the Fulfillment Center for longterm growth. We see this demand going into next year and so we want to make sure we are continuously ramping up to get as much out of possible and serve our customers best. Boxy that thanksgiving sounds pretty attractive right now, working at schooling kids from home. I am sure other parents would agree. There are cities starting to open up Outdoor Dining, limited orange o indoor dining. How does that impact your demand . What is permanent new demand and what could go away as life returns to some sort of new normal . Linda the internal and external research both say the same thing that people will be cooking at home more, even as things start to open up. I also think particularly for blue apron, we are known for having meals that have unique layers of flavor, unique ingredients. Part of our specialty is we are introducing people to new ingredients and techniques. That messes very well with people who enjoy going to restaurants. We see very positively in association. Part of the reason we did a Chef Partnership is people who love blue apron really love those unique flavors we bring and the unique culinary experiences. We think theres lots of opportunity ahead and we definitely see demand continuing to a certain extent, even as heightened levels of what we assumed before because of the fact people see that connection between restaurant quality meals at home and also the opportunity to every once in a while dine out. For us, it is really about we dont want to take the stress off, we want to make sure you get fantastic food. Emily all right, blue apron president and ceo linda keselowski. Good to have you back on the show and good luck getting through the holidays, along with everybody else. Coming up, we take a look at that qanon conspiracy that has swept the nation. What is it and how did it come to be . That is next. This is bloomberg. Emily as the pandemic sweeps the globe and wildfires ravaged the west, the only thing that seems to spread faster are conspiracy theories. Awakening,the great and mass pedophilia rings some of the themes associated with has been known as qanon, a belief that has been piercing its way through politics since 2017. The idea has amassed a large following, ranging from politicians to celebrities, and believe theres a deep state working against donald trump. So what is being done about these groups and how are they impacting the election . I take a look. Just about one year after President Trumps 2016 victory, a hint was dropped on the pseudoanonymous discussion board known as 4chan, that Hillary Clintons arrest was imminent. Following this unfounded claim, more and more posts appeared by anonymous which continue to push cryptic content across the platform, ultimately promising to deliver the next big revelation that would bring down the democratic party. Since those posts, qanon has continued to evolve into a widespread belief that they are actors in the socalled deep state trying to take down President Trump. The president has repeatedly retweeted qanon supporters, but has denied knowing much about them. I dont know really anything about it other than they do supposedly like me. I just dont know about qa not. You do know. No i dont know. What i do hear about it is they are very strongly against pedophilia and i agree with that. Aily conspiracy theories, term that became common in the 19th century, have run rampant in the digital age. Lake fire meeting fuel. What is so bad about a theory . Facebook, twitter and youtube have banded together to limit qanon content and other baseless theories that could end up inciting realworld violence. In 2019, the fbi warned conspiracy theories by domestic extremists very likely will emerge and evolve in the modern Information Market place. Occasionally driving groups and individual extremists to carry out criminal or violent acts. Qanon is just one of the extreme ideologies that have driven some to take the belief a step further. This message on the trucks window reading release the oig report, a possible reference to the Hillary Clinton investigation. Prosecutors allege the train engineer admitted to police he intentionally derailed and crafted, saying he was suspicious. Believing and had an alternate purpose related to covid19 or a government takeover. Multiple casualties. Police asking people to stay away from this area. Emily in an effort to combat misinformation ahead of the election, Online Platforms continue to remove posts associated with qanon. When the lines are blurred between social media and news media, the question remains when is it moderation and when is it censorship . Emily still ahead, twitters thirdquarter earnings dashing optimism that the social network will benefit from live sports. My conversation with the cfo is coming up next. This is bloomberg. Emily before we get to twitter, i want to get back to qanon. I spoke with angelo, the president of media matters for abouta, about the group, what its impact on the 2020 will be. Take a listen. Are all believers in this idea that democrats and the media and parts of the government are all in cahoots to stop donald trump. The reason why they want to stop donald trump is they believe donald trump is the only person out there that is working to break up a secret child sex trafficking ring they think the media and democrats are running. Emily by identifying these congressional candidates, what is your call to action . Are you asking voters to not vote for them . Angelo ideally, i think you should incorporate that into your decision. It is important to keep in mind the fbi has determined qanon is a domestic terror threat, and for good reason. They have a track record of violence already. It is a cauldron of misinformation and deceit, and attacks against individuals. Lastly, this is the part that does not get talked about, but if you are a believer, part of the reason why you believe democrats and reporters are running child sex trafficking they are vegans or vampires. That says a lot about a potential elected official if they think that most members of the media are actually secretly demons that are out there trying to wreak havoc on our world. Emily President Trump has retweeted qanon content on multiple occasions, but continues to claim he has not heard of them. What is your take on that . Angelo the same thing we saw in 2016. In the lead up to the 2016 election, trump repeatedly retweeted the White Genocide hashtag, and prominent members of the White Genocide community, which is essentially a racist organization. Claim he didnt know anything about it. Constantly, they interpreted as a wink and a nod. That Community Group and not long after he was an after, we saw charlottesville. A similar pattern. Most of the retweets of qanon and promotion from trump has taken place since april. 250 happened in the last few months. Its obviously in intentional strategy. The same thing those candidates adherentecoming qanon to break through primaries and win them. You are seeing donald trump do it at a national level. He understands theres a lot of activity here, and so far, it has been true. Emily are you worried about qanon inciting violence on or after election day . What other clues you are seeing as to what activities or actions that might be planning . Angelo that threat is reduced, certainly because of some action by social media platforms over the last few weeks. It would have been better if they had taken this actions makes or seven months ago when other Companies Like apple and google play had taken them, but later late than never. The thing that concerns me theyre well organized and they believe in violence. They talk about this thing called the storm. The storm is coming. Its this moment that they believe that after the election, donald trump is going to crack down on all of these members of the media and prominent democrats who they think are running this child sex cabal. They will see any evidence, even a delay in the results, as assigned that the media and the democrats are trying to steal this election. As a result of that, they will take up action. The second thing you have seen is there have been at least over 1000 instances, most of those taking place in former communities that have camouflaged themselves for people to become poll wa tchers, to make sure that the votes are counted correctly. That is not a good sign for us. If you have people that are able to say i was a poll watchers and saw some local officials tipping the scales against donald trump, that can ferment and because the chaos that is likely to contribute to violence or the conditions that could be violent after the election. Emily what is your take on the action facebook, twitter, pastry on has taken . Some critics have said if you ban qanon on these platforms, they will just appear somewhere else. Or you might actually energize them even more. Angelo i think those critics are right and wrong at the same time. It really depends on when you do it. This another dimension to this which is if you do it before if you take the cancer out before it has a chance to spread, they can be effective. Once it spreads, sometimes what would work would not be in effective treatment. For example, the Qanon Community had a 24 growth rate over the summer on facebook. By contrast, news sites had a. 6. Right wing sites had 2. 5 growth rate. We know from facebooks own internal reporting at 60 to 70 of all new signups or subscriptions to groups on facebook comes from facebooks own recommendations. Qanon have this moment of explosive growth in large part due to these recommendations. If they had gotten rid of it before then, it would have been a smaller pool, much less politically relevant. Therefore likely to contribute to violence. I think it is important to keep in mind that when facebook limited their actions to only reducing violent qanon groups, that they deemed that to be an ineffective strategy, something critics like myself were even saying back then. We cannot do this half measure, it has to be all or nothing. What i would emphasize all they did was eliminate the infrastructure of qanon so they cannot scale or saturate organize as well. They did not ban all content. It is still a pretty big topic. By contrast, tiktok said no, no content at all. In the past few months before they made that ban, qanon content, video on tiktok had 488 million views in just a few months. Yeah, it does have an effect when ud platform. With like conversation angelo, president of media matters for america. Meantime, shares of twitter down over 20 of the close today on the back of disappointing user growth, adding only one million new users instead of the 8 million that analysts had expected. I spoke with twitter cfo ned siegel earlier about the quarter. President trump is a huge twitter user. I asked if there is concern if trump loses the election, growth could suffer even more. Ned this is a pretty unique Fourth Quarter in the midst of a pretty unique year. Theres a lot of activity happening now where we are on our sofas, not in stadiums. Onare watching shows streaming programs as opposed to linear tvp to that means for people and for advertisers, whether it is around politics, sports, entertainment or other things, they are finding a lot more about them on twitter than other places. We are working hard around the election to make sure leading up to, during and after, people can find the information they are looking for and still be a part of the conversation on twitter. When we sit in the u. S. , about 20 of the people, we see a lot of things through the lens of a u. S. President ial election. When you think about that in comparison to all the other things happening on twitter, there is so much more great stuff happening that we should be able to continue to drive growth from here. Emily ok, but the president uses the service multiple times a day. Hes got millions and millions of followers. Are you saying there is not really a trump bump . Ned there are lots of people who use twitter a lot. Conversations around the world series, the new season of the mental lori and, slack. Getting people to talk about working from home and donating money to charity for all the people who are doing that. All of these conversations are so important. Politics twitter is great, but Politics Twitter is just a small fraction of what happens on the service. So, we cant lose sight of all those other great things that are happening when you think about audience and engagement trends and how advertisers serve customers on twitter. Emily so, lets talk about the other things that are happening that you are working on behind the scenes. How soon could we see a new nonadvertising revenue product like subscriptions, for example . Ned we are working on not had revenue screens. This is the top priority. We know it is really important to help advertisers in many ways reach customers. First, we are working on app install ads. We will go all the way where you can buy things on twitter. We also want nonads revenue and we continue to work on subscription opportunities both for consumers and for businesses of all sizes. Nothing new to report today but that is work that continues for us you will see us testing on the service and i suspect well get a decent amount of attention. Youll hear more about them later. Emily your Ceo Jack Dorsey got the majority of the fire from the congress this week. Democrats are concerned about not enough moderation, republicans are concerned about anticonservative bias, especially Health Twitter handles the New York Post story. We know that jack often delegates the policy decisions and reportedly did so when the original policy decisions surrounding the New York Post story. Given how important internet speech is, that democracy is at stake, does twitter deserve aco who can devote fulltime attention . Ned we have jack and the rest of the companys appropriate attention on these really important issues. Policiesabout having that we can apply consistently and transparently all around the world regardless of where we are and who it is, who is tweeting them. As we do that, we have to be conscious that we have to be willing to adapt and learn in this very Dynamic World in which we live in. You mentioned the New York Post. It is a great example where we realize our policy against distributing hacked materials on the Service Needs to be updated. So when we updated that, that allow that article to be shared more broadly than the rules would have allowed previously. Segal. Twitter cfo ned have a wonderful weekend. Im emily chang. David hope springs eternal. As markets finally come to terms with the coronavirus that not only is not going away, but may get much worse. Welcome to bloomberg wall street week. Im david westin. This week, speaker of the house nancy pelosi. It is true we need the stimulus bill even more so. That will wear off and we will need another infusion. David special contributor Larry Summers of harvard. Michael wolff of activate. The unintended consequence to this is really damaging businesses that are upandcoming. David allianz. Neil ferguson of the hoover institution. And the ceo of ge