This is pushing back any initial shares until 2022. Forget facebook lite and what about Facebook Love . The company is working on a data service. Sources are saying that we could as much as 20 million for we work. A lot is riding on the success today. One company could get hit even harder. I am pleased to be joined here. This helps create the hyperfine board. Joanne has been covering the story for us. Lets get this all in context. Julian has been keeping abreast of the numbers. Why the lower evaluation . It could be as low as 20 . Round ipos have been increasingly common. Bit are projecting a little on we work. It is looking at the revenue and growth assumptions. To get perspective on ipos and how much this is being factored and, kathleen, your perspective on this sale, was 40 million layout of the League League . Of the most of the investors and analysts are looking at the buy side from we companies. We knew that 47 was a ridiculous number. It did not make any sense. When that round was done by softbank, it did not make any sense. We are seeing the company react to that with the range. Range maybe above if you group itidg iwg would be close to that. We look at we companies for the poster child 20 the disconnect for the disconnect between what companies are willing to pay for these companies. Thatand lyft have shown this can be very painful for investors. That will spill over into wew ork. Abby, from your perspective, people have been worrying about a particular ipo. Intertwined are the chief executives . It is a great question. My point of view, they are actually closely related topics. If you think about the disclosures that came out over the last few weeks wendy ipo was filed. There was quite a bit of news that he created around everything from the lack of diversity on the board to pretty excessive amounts of control that adam is keeping. Is it really a surprise that we are getting a lot of investor pushback . I have likened this change in the ipo strategy to investors speaking ahead of the offering. That is not a surprise in this environment. Caroline was there anything in the perspective that caught your attention . Was anything out of whack . That is not that surprising. Nor is the lack of diversity on board. That is right. I think the diversity issue took everyone by surprise. Most people would consider that pretty aggressive and cutting edge. To have no women and no diversity on this board, they have remedied it with having a woman post ipo. It feels like too little too late. The other thing that jumped out to me is the ceo Succession Plan or lack thereof. It is very clear and it stated in black and white that adam newman and family will control the ceo process all the way through. Criticaln absolute response. When the board has been stripped of that, it sends a lot of flags up for investors. Caroline would you think investors are basing the valuations on . It a techonsidering company or real estate right now . The company is trying to convince them of the Revenue Growth. It is tech company because of the Revenue Growth versus the real estate company. The metric we reported today was 28 Revenue Growth. Adam newman give them certainties that they would be able to achieve that. If analysts by his story, they will all be covering. Kathleen, you have been tracking sales of these types of businesses. David said you should only care about the Revenue Growth or at least prioritize that. Is this something that investors are getting their heads around . Are they willing to take the if the of this tomorrow revenue will drive profitability at some point . I think it is the rare company that can get away with that. We studied companies and the size of their losses leading up to the ipos, this is the second most moneylosing ipo in history. Lyft. Ird one is these companies dont perform well. This history is not a good one for investors. It is very difficult to understand how to value the company. It takes so long to figure out the business model. There are a few troubling trends and looking at the perspective. We are seeing some things like the contribution margin is weak. It has declined from what it has been historically. The average revenue is fairly flat. We like to see certain metrics that can show us this business can really scale to the point where we can get copied it in the profitability. We cant see that and we are having a hard time with unit economics, we will have to see a very low valuation. Crowdeek, we will see flare. The Public Market is getting to be pretty pricesensitive about these very high valuations in the private market and whether they translate at all to the Public Market. You would have thought it would have been a good time to be coming. Talk about a different ipo and pushing back a little bit. There have been talks to raise funding from private investors out of the United States. This could delay the ipo until 2022 or 2023. Maybe this is a good time to tap the markets. They have been talking to a range of overseas investors. This helped to delay it for two or three years. Softbank. Tioned do you know what path of this in any other way . It is a very secretive business. It has the government work. A lot of people maybe familiar with it. This technology has played in aiding immigration, separate at the border. They have another side of the business that provides data mining and analytics. The big challenge is that it has always been building for the longterm. It is 15 years old. That is more than two times the length that it normally takes for a company to go public. This company has had a very tightknit group of investors that have been extraordinarily patient in waiting for the big payoff. The challenge has been that they have not yet turned in annual profit. We have heard that one before. We will see how much longer they wait patiently. Caroline lets turn to another key story. The Trump Administration has unveiled a sweeping plan about the housing market. Release from government control. Coming up, why this company has gone free with its new speaker despite competition from apple and amazon. If you like us, check us out on the radio. This is bloomberg. Caroline this Smart Speaker maker unveiled three new products. Apple, as competitors amazon and google come under fire for listening to voice recordings. Today marks a new era for sonos. Sonos goes beyond the home. We have been known as the leading home audio solution. We take everything to the backyard and to the beach with our new product. We are extremely excited to usher in this new era. Why an outdoor speaker as the new product . Foras a request as our customers. Customers have been asking for an outdoor speaker and a portable speaker. It builds on a lot of our expertise around the home and it allows us to expand into these new spaces and learn a little bit more about bluetooth and battery life. It really builds on everything we have learned over the last 17 years. Emily why not headphones . There is opportunity longterm in all areas of audio outside the home. That is what moved signifies. That opportunity to go beyond the home. Productsnouncing new for the home. This helps extend our leaderships leadership in the home. Also, the next generation of connect. Those are actually strengthening and building on our momentum in the home. He think there is tons of opportunity outside of the home. The sonos one without a Voice Assistant goes against the trend. Do you think that they dont want that capability . Providewe want to do is freedom of choice. We think it is important to give customers the choice. We have heard from customers who are uncomfortable with microphones in their homes. As well we want to make sure we have an option for those that are comfortable with microphones. That is what we are. With amazonartnered. We are very open to all of the Voice Assistants out there today. We would welcome that. We have not seen apple putting siri and other products yet that we are open to putting siri in it when apple is ready. Emily do you have any concerns about partnering with the Big Companies . Patrick we have partnered with the Big Tech Companies were already decade now. Ofiously we have seen a lot Big Tech Companies jump into this space with competitive products and we have grown right through the new entrance entering our category. It is something that we have to navigate as we go through. I think if you look at both the timeframe of the 16 years of us as a company and as a Public Company, we can navigate some tricky waters at times. This is being able to build a solution. That is something that sounds great and provides an easy experience and also provides customers choice. That is something the Big Tech Companies offer. They can choose whatever streaming service or voiceovers that they want. Emily this is something that people have talked about for years. With apple struggling in the homes bigger space, the home pod is not what it would have wanted it to be. They want to be the best but theyre not dominating the market. Would you ever sell to a company like apple . Patrick i try to make sure that we are launching the best products possible for our customers. That is what im focused on. That is what we are doing with. Ove and court port we have had a your public doubts where we did exactly what we said we would from a model line perspective. We are feeling good as an independent Public Company that offers a lot of freedom of choice. Emily apple, amazon and google are all under fire for having humans listening to the conversation that customers are having with their Voice Assistant. How badly do you think these ped. Anies overstep patrick at the end of the day, every tech company has a responsibility to treat its customers information the right way. I think this has been an important lesson for companies. Whether you are acquiring it through voice or an email form, i think the duty as a tech company is to make sure that you are using the date of the right way and being transparent with customers about how you are using that data and who else might be accessing it. That is what we have tried to do in our privacy statement. Do ank the industry can better job of that and we are trying to lead the way. Caroline coming up, fingerprint features on smartphones. Apple could be playing catchup with other smartphone makers in a big way. Bloomberg is livestreaming on twitter. On our to follow up breaking news network on tictoc on twitter. This is bloomberg. Caroline the company by nokia brand has sold within 10 million handsets. Now it is redone for the phone. L in flip it costs less than 100. It secret weapon is still the videogame snake. Developing in screen they are print technology. The feature could be available in next years fun. Apple has had a fingerprint scanning. This would allow you to scan fingerprints on a large portion of the display. Discuss, why is it good to have it on the screen . It is good to have both types of biometric technologies. There are lots of prose to face eddie but there are times. Some of the features are more useful during certain times of the day. Such as if you just wake up and get out of bed, it is harder to enable face eddie and have that work with touch idea touch idea. Face id and have that work instead of touch id. Caroline are you insinuating that we are unrecognizable in the morning . Mark samsung has been doing to last doing this the several months. Apple was the first to take fingerprint scanning mainstream with the 2013 loss of the iphone five s. It was extremely impressive. When apple was getting rid of isch id for face id, that surprising because touch id was working so well. Caroline talking competition and a new generation, and android maker is also none other than samsung. We get the portable phone on sale. Mark yes, i dont have want to test this time around. Samsung is launching a full redesign on the sixth. We are told it will launch around the 27th of this month in the u. S. It is right on the back of the iphone launching. The benefit is hiding behind the iphone. If this thing is really working how it is supposed to work, they will also miss out on some of those marketing dollars because of all the eyes being on apple. Caroline there was an assessment of how it was not working as it should have been. Big will this be . Is it more of a flagship kind of product . Mark i was shocked that that got 10 million sales. I know it is cheap. I think samsung could so quite a bit of those fold phones. We love a bit of vintage. It was great to get your expertise on the latest gadgets. Caroline coming up, getting tough on big tech. Google, facebook and beyond. Taking aim at silicon valley. We will discuss next. Later, revving ai. Ai. These grabbing how these asian powerhouses are looking to get ai everywhere. This is bloomberg. At comcast, we didnt build the nations largest gigspeed network just to make businesses run faster. We built it to help them go beyond. Because beyond risk. Welcome to the neighborhood, guys. There is reward. Beyond work and life. Who else could he be . There is the moment. Beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. Take your business beyond. Caroline this is Bloomberg Technology. Now to the regulation of Big Tech Companies by the u. S. Government. Google agreed pay to settle claims the company violated childrens privacy laws. People will go to the u. S. The bulk of that will go to the u. S. Federal trade commission, but that ruling has not gone over smoothly with some u. S. Lawmakers area a congressman from rhode island blasted the agreement in a series of tweets saying, just a few weeks after the ftc gave facebook a sweetheart deal, they are giving google the same family and friends treatment. He added that knows ingle single executive is being held accountable and the settlement does nothing but add an incentive for google to break the law in the future. Joining us, a partner who specializes in antitrust matters. Great to have you with us, maureen. What do you make of the criticism first and foremost that the fine is not very much . The fine is only one part of the remedy in any of these cases the facebook case, the google case, and there are extensive provisions that require google to go above and beyond what the childrens privacy act requires. Now they are having to screen content and to go ahead and impose parental notification and consent provisions on that kind of content. I think that the fine is only one part of the equation. You really have to look at the conduct obligations that are being imposed going ahead. Caroline the u. S. Led the charge in the suspect. Do you think other geographies might look into the child part of the equation, if there are any other laws being broken or not abided by in quite the way they would like in other parts of the world . It is certainly possible. Each country might have a different approach to childrens privacy. The way congress struck the balance of the childrens Online Privacy protection act is to have parents make the decision if information about their children could be collected through online sites and services. In that way, what they are trying to balance is the incentive to create child directed content against the desire to make sure children are being protected, and that is the way we have struck the balance in the u. S. , through Congress Making big decisions. Caroline some lawmakers not always thrilled with policies enacted by the ftc, as we heard from svitolina. He mentioned the sweetheart deal for facebook. That sweetheart deal was a 5 billion fine, so a significant chunk of change, even though it pales in comparison of facebooks overall revenue. What do you make of that ruling when it comes to privacy and how it changes the mode of conduct and the way that Business Practices will on full for the business is Going Forward . The facebook order, the settlement is quite extensive, and it required facebook to create new types of oversight and monitoring and reporting, having obligations going up to the board level. It is quite extensive, and of course, a 5 billion fine dwarfs any other privacy find that has been imposed really anywhere, so i would not call it a sweetheart deal. The 5 billion fine dwarfs any other privacy fine that has been imposed. I think it sends a strong message. Caroline do you think Tech Companies are getting the message that rather than having to respond to regulations, they can in some part get ahead of the curve and ensure that they are abiding by the letter of the law and the general meaning of the law before they are hounded by you, for example . I think you are right about that. I think they are paying even more attention to some of these issues. A lot of the companies have paid close attention to some of these issues, but i think it has really become a board level issue in a lot of companies because theres not just the impact, you know, from an investigation and a fine, whatever the fine may be or what the obligations Going Forward are. There is also a reputational impact on these companies, so i think they care about that. I also think it highlights the fact that the privacy laws that we have in the u. S. The federal trade commission has done a good job with the law that has been given and congress did pass the childrens Online Privacy protection act, but i think it is highlighting the desire to have maybe an additional federal privacy law that would give Additional Guidance to consumers and enforcers and industry itself. Caroline do you think we are coming upon a time when more laws will be written . Can we get bipartisan approach to privacy, size of technology, how it affects competition . We are certainly seeing Senate Hearings going on, but do you think policy will be enacted . I think its possible we could get a privacy law on a bipartisan basis. It would have to be on a bipartisan basis to get one past passed, but i think there is a strong intere