less than what were expected. but there are more than 1.5 million more jobs than unemployed people. changing the job search. shelter from the trade storm. it is more sheltered from trade tensions than its u.s. or chinese competitors. .e see -- we hear from its ceo but first, our top story. microsoft is exposing a foreign power for trying to hack into a u.s. presidential campaign. the tech giant says computer hackers related to the iranian government tried to infiltrate a campaign account. foreign accounts were compromised by the group. to further discuss, am joined by bloomberg executive editor tom giles. does this show basically that we have not done enough to look at election hacking? be a big issue. election security and protection ininst foreign interference an election has been a big issue and it potentially will be an even bigger issue in 2020. all kinds of ways for foreign powers to get in and muck around with u.s. elections. we saw it here today with microsoft talking about the hacking possibility. we saw it in 2016 with russia. we are vulnerable there. voting isisms for another area and certainly misinformation and not to mention the president of the united states inviting foreign actors become an interfere at some level with the election. yes, we remain vulnerable. as far as hiking and cybersecurity in particular, it will definitely be an issue. rate to see microsoft staying on top of it and making us aware when they found out about it. how much more is out there and how many more foreign actors will try to use cyber insecurity to infiltrate? taylor: did microsoft do the right thing by coming out and getting ahead of it instead of trying to hide it like maybe what happened in the 2016 elections? tom: i think you are referring back to some of the social media companies that i don't think were aware of how their systems were being used. how sort of serious the threat was for misinformation in the 2016 election. , think they, as a general rule have become much more aware and they are trying to be much more proactive. microsoft is an interesting story. they really are trying to establish their bona fides when it comes to cyber security questions and this is them absolutely trying to get out beingsaying -- we are vigilant and keeping tabs on the system we have access to. taylor: does it show that cyberattacks is the next frontier for elections? tom: it is certainly one way that foreign powers can get in an interfere and try to sway the outcome to their advantage. i think russia was a great test case, "great" is not the best word. --was an exemplary of exemplar taylor:. what is the feeling with silicon valley? does it show there is more work to be done? tom: every time we talk to an executive, we ask, what keeps you up at night? the first, one of things they say is cybersecurity within their company or as far as their customers are concerned. supply chain is concerned. but have other concerns like cybersecurity is one of the main ones they are concerned about. technology'sberg tom giles, thank you for joining me. president trump is using social support his impeachment defense. his campaign has spent hundreds of thousands of dollars for ads on facebook and twitter. wendy fromlain is washington. talk to me about the d.c. angle. the ads on facebook and twitter takes you -- take you to a general election campaign and ad.an impeachment the ads say defend the against impeachment and if you click on that link, it takes you to his reelection campaign where you can donate to his reelection. the language is very much about defend america's greatness and things like that but it is definitely a reelection effort. taylor: since the impeachment started heating up, what do the numbers show us about how much money has been raised specifically through these online companies like facebook or twitter? raised $5 million so far since nancy pelosi announced there would be an impeachment inquiry. i believe he has raised $5 million in small dollar donations that have gone to his reelection campaign through these ads. spendingow is ad doing? wendy: i think they are using just about anything they can get their hands on. facebook, twitter, instagram, youtube -- they are going everywhere. it is a big effort. they raised also $7 million through super pac's with this effort so there will be a lot of money to throw around. taylor: i wonder how much more we have become since the 2016 elections simply around ad spending? wendy: as you were talking in the last segment with tom giles, we have learned you need to be careful about who the actors are and where they are coming from. i believe facebook and other companies have taken some steps to figure out if this is really president trump advertising and not someone from a foreign country. but that is still a concern and the campaigns themselves, i don't inc. have the greatest cybersecurity. they are still a little behind the curve on getting their systems up to snuff. taylor: thank you. that was bloomberg's wendy from d.c. we look at how technology is every sector.ly we get thoughts on that as well as how innovation is transforming the job seeking prospect with irina. if you like bloomberg news, check us out on bloomberg radio. this is bloomberg. ♪ 136or: the u.s. added thousand jobs in september. estimated economists but the trump administration painted any softness in the labor market has only temporary with no recession on the horizon. in athink the economy is turning zone. i think we have had a soft two quarters. think we are moving into a much stronger economic sector. taylor: the jobs picture is being painted as lessening. my next guest says that while tech is causing them all -- almost every industry to evolve, it does not mean that there are fewer jobs. with more, i welcome irina novoselsky, ceo of careerbui lder. be a: it continues to tough and tight economic environment. a limp -- unemployment rate is at 3.8%. job hopping is at its highest in decades. technology has to be the solution. it is really going to be the disruptor. it is what we have been focusing to helpreerbuilder candidates and recruiters meet. taylor: which tech jobs are most popular on careerbuilder right now? irina: software development. one of the things we talk a lot about is about 70% of jobs have a tech elegy component whether it is a customer service rep, sales director or manager, whether it is a direct technology component like a software engineer. how is turnover within the tech sector? we seereally high and that across all different verticals. one of the reasons is when you look at today's audience, the majority of the workforce, about two thirds are either millennial or gen z. the only solution for companies is to leverage tools like our ai connecting, matching, and search otherwise, it is nearly impossible to fill jobs that quickly. 50% of recruiters have jobs open for three months or more. taylor: how is wage growth within the tech sector? irina: within tech specifically, there is growth in pockets. the sector is broad. but there is the subsector of technology and the other careers. including the health sector. what clients and companies are looking to do is tapping into different subcategories where there is oversupply and going in to find candidates there. we are seeing the mission purpose benefit outliving the top three components of what candidates are looking for. it is no longer just salary as number one. jobs?: who is looking for when you say salaries are not number one -- irina: they are the largest population in the candidate marketplace but we are in an environment where we have five different generations in the workforce. it has never happened before. what we have spent a lot of time on is how do we level the playing field for companies and candidates? to postmaking it easier a job or build a resume online. ofare seeing that at the end 2017, about 30% or 40% of candidates were looking on their mobile device. today it is upwards of 80%. if an employer does not have an ability for a candidate to apply online, the are losing a lot of access to today's employee base. we have made it easier to build a resume with a few steps on their mobile apps. taylor: can companies find the right candidates with the right skills? irina: it is a great question. skills are becoming the predominate search criteria. it is no longer the stereotypical, have you done this job before or not? it is are the skills matching? this is where ai is coming into play. when you look underneath a scale , it becomes a great connection point for the overall job. it is looking at what an employee can do taste on their skills from a previous job rather than just what is written on their resume. taylor: your latest know talked about employers up scaling current employees instead of going external to find new employees. do companies need to do a better job of upscaling their current workforce? irina: definitely. one of the things that is not really talked about and you mentioned it earlier but there is more than 1.5 million job openings than there are people that take the jobs. we work with clients and the successful ones is -- are the ones that are leveraging their internal candidates. call that the silver stars. we have the ability to leverage ai and tell you where they are now two years later and what their skill set is today. looking at all channels on where you can acquire a candidate. new butys going to get how do you leverage your l.isting poo are you using ai to make sure your platform is using all of the data you have to further your business? irina: on the candidate side, i mentioned resumes are the major obstacles for candidates to apply and we have created a three-step mobile resume builder. you can type in your job title youit pre-populates what should have. it really makes it easy to create the resume on your mobile device. and on the employer side, we have done the same thing in bringing the ai to the fingerprints -- fingertips of recruiters. when you post a job, we can tell score it has two candidates. and what companies you are competing with. and how it candidate will view the job posting. how do we empower recruiters to be able to handle such a tough market? it is not volume. it is about quality and technology. driving that quality. taylor: thank you to irina novoselsky. mark zuckerberg is hiring. he is looking for a superstar analyst for a new venture. the global endowment styled the portfolio is looking to hire analysts with expertise in public equities, hedge funds, and real estate. that is according to the posting on linkedin. and coming up, it has been a tough year to go public. we discuss why cilic and alley inspect -- investors are taking matters into their own hands to redesign the whole process. that is next. and we are live streaming on twitter. check us out on technology and be sure to follow our global breaking news network on tictoc on twitter. this is bloomberg. ♪ taylor: the marketing war over streaming videos is heating up. disney is streaming advertising from netflix. spent 1.8 billion dollars on advertising last year and now it will be playing defense against new services from disney as well as those from comcast and at&t. may 19 has been the year of the tech ipo but not all of them have had hot starts. any have had crazy high valuations that end up dropping at the 11th hour of going public. it is such a trend that earlier this week, startups and investors held a closed-door to provide alternatives to initial public offerings and one alternative is direct listings. here to discuss is jeff thomas. let us talk about this. ipo --isstings versus this a structural shift going on in the market? >> companies go public because they need to raise capital, provide liquidity, have m and a currency -- m&a currency and promote their brand. you cannot raise capital with a direct listing but you will create liquidity for your shareholders. haver: i wonder, when we been talking about skyhigh valuations if it is good for your business when we start to shake out some of those skyhigh valuations and start to see companies coming back down to more normal levels. one structural change is the amount of capital in the private market and that has driven valuations of her private companies setting a new bar. that is one of the reasons we launched out five years ago to start providing liquidity for shareholders before companies go public. just this year alone, we have done more than $2 billion in transactions. people areot of saying that companies are private for too long. do you agree? >> companies have to figure out what is right for them. with valuations coming down and all of the volatility, has the pipeline for ipo's started to slow down? >> we still see a strong pipeline for q4. there are still a lot of companies that want to get out ahead of the election next year and so i think we will continue to see an active pipeline. taylor: do they expect more volatility after the elections? >> when we get into an election year, there is a lot of media focus and uncertainty and if there is one thing that markets do not like it is uncertainty. work has been in -- wework has been in the news. it has shifted to a corporate governance issue. we cannot talk about anyone that has become public but we have seen some phenomenal entries especially in the enterprise software space. companies with recurring revenue models, a defensible position. those that have gone public on nasdaq this year, they are up huge over their private market valuations and doing well for their public investors as well. like investorsds are doing a better job of differentiating. a great post put out by fred wilson and he talked about not only the revenue growth but the gross margin profile these companies half. if a company is going to be valued as a software company, they better have 70% or 80% gross margin. taylor: what about telethon o -- pelaton or a tech company? what is the margins do not add up? created a fitness revolution so it is a hard company to compare to anything else on the market. taylor: do you get more companies saying they are a tech company even if the underlying business does not quite make sense? >> everyone talks about growth. investors want to pay for growth but is it sustainable growth? that comes back to the question on gross margins. if you are growing but not making money, investors have to understand the timeline to profitability. taylor: let us talk about other companies that have gone public like uber. >> it is disrupting an industry along with lyft. they have revolutionized the transportation industry. they also raised a town of money in the private markets creating a lot of value for their private investors before they went public. if you look in the future, i don't think anyone can imagine getting around without them. taylor: talk about slack. company listed their shares on the national exchange rather than trying to raise capital. why did they do that? they had a lot of cash on the balance sheet. they felt they were in a strong cash flow position so they did not need to raise capital. it was more advantageous to have liquidity for all of their investors. taylor: what is your take away -- public markets are getting smarter than private markets? >> i think we will continue to see capital flow into the private markets until we see regulations that hamper the ability for companies to go public. that is why we are working closely on a number of regulatory reforms. there are companies of all sizes that can now do test the waters meetings. they can reevaluate the expectations for the investors. and s&p ahead of west coast markets. coming up, a failed ipo. we discuss the hits the company keeps facing along with all of the other tech stories out this week. this is bloomberg. ♪ >> this is "bloomberg technology ." one more jolt for wework. the new company leaders told staff job cuts are coming as early this month. it would include layoffs, including two attendees of a meeting. the company officially pressed pause on its ipo effort. here to discuss this and other top stories of the week, a publicist, and here in san francisco with me, alastair. are the layoffs enough? >> there is a big question mark in a lot of investors' minds about wework's business model in general. leasing contracts out on very short-term contracts, that makes the company exposed to an economic downturn. i think a total of 12,000. i imagine the goal is to make people relatively comfortable, getthe ipo done, and access to this underfunding contingent on the ipo. >> what do you make of the company looking to sell off some of its investment, selling off a private jet? is that another step in the right direction? >> i think it is this general reckoning in tech where the ethics question has to be asked. there is a great company -- if they are let go of this wework world, it is sad, because great ideas are living in that thing. for it to fall apart would be pretty bad. >> how is wework's balance sheet? i've heard they can hold off until fundraising until mid-2020. do you agree? >> the fact that it is a real estate company hides that it is not a technology company. if you try to say you are a tech company, but you are not, you will get bit. >> one thing that struck me looking at selling off some of the investments in wing, that seemed to align to their core strategy. are they doing the right job about discriminating what assets to sell off and keep? >> anytime a company has to announce it has to sell a bunch of things, it is never a good idea. you want to do that subtly. you want people who really want to buy those entities. it is true that the company is trying to focus on the core, short-term space rental company. it may not be a tech company, but it could be a real estate business that might work somewhere. >> what do you want to see next from wework? >> i would like for companies like wework to emerge to fill in the problem. eventually, higher education will fall apart and there is no place for young people to get started. wework was a good place for young people to get capital, give them space. if those places go away, it will be hard for the next generation to succeed. aboutant to talk to you facebook. there were leaked recordings that came out earlier about mark zuckerberg talking about an elizabeth warren presidency. in your mind, how much of a threat to facebook is an elizabeth warren presidency? john: facebook right now -- it is kind of like a casino for a motion, the fact that it can control how we feel. a research paper was released, where researchers discovered it is possible to change how you feel depending on what appears in your feed. the fact that this technology can be used to manipulate people is powerful. regardless of who the candidate will be, it has to reckon with ethical concerns. >> is there any sense of extra compliance costs from facebook's end to fight a potential antitrust deal? >> i think investors will discount that, even if facebook spends -- i am making this up -- spends $1 billion. i don't think investors will care. what they really want to know is what facebook does that makes so much money, which is targeted advertising with this amazingly powerful platform. will that remain? a warren presidency could be a threat to that. >> is there a case for facebook to be broken up on antitrust concerns? everyone wants to unravel the big tech companies. are they casinos that can control our emotions? if you look at it that way, there is a definite problem, and the problem has to get addressed somehow. is facebook the only problem? i don't think so. >> the other problem about facebook is libra. paypal announced they are backing out of the agreement. what does that mean for the future of the project? alistair: 28 original members -- butep calling them members, they were contractors who said they will take part later on. the first council meeting of this group gets going. i think people will be signing contracts. soon after that, they will hand over $10 million. paypal pulling out is a blow. we have not seen any of the 27 companies pull out, but we will have to see. new phonoft launched a e. for microsoft to be getting back into the smartphone business? >> the thing about devices today, you are not sure what they are. remember devices called fablets, a folding tablet? anything could be a phone, just attach headphones to your tablet, etc. it is good that microsoft is coming with something that is not just a phone, but another device you can carry with you. it is a new way to think about how you live with computing. a, andnk you, john maed bloomberg technology's alastair barr. coming up, brex wants to replace your bank account with brex cash. we talk to the ceo about how the syntax of any -- fintech company hopes to execute the program. this is bloomberg. ♪ >> in the world of cryptocurrency, paypal delivered a blow to facebook's libra group. facebook said friday afternoon it decided to forego participation in libra and focus on inventing its existing -- advancing its existing m ission. paypal was one of the original 238 members of the facebook-led initiative. several members are wavering whether to fully embrace the effort. no comment friday evening from facebook. announcedmpany brex its new product, brex cash. it allows customers to pay in one system, earn rewards and 1.6% interest. o,ining me is brex co-ce henrique dubugras. thank you for joining me. why do you think this is the right system, combining cash, credit, and savings in one? henrique: we tried to assault all of the financial problems of our customers. pay,tter how you want to you can do it in one single place. banks traditionally separate between checking and savings accounts, so you earn less on your interest as a whole. brex simplified it into an account that earns 1.6% yield. there is no competition of having one account that does not earn. it is 1.6% of the time. >> how are you making money? henrique: we invest the funds in money market funds, from which we gain a small fee from that. we believe by having the same account between card and cash, people spend more on our card. cash insured by the fdic? >> no, the cash is not insured by the fdic. we buy money market funds that consists basically of u.s. security,it is also covered by c insurance. >> there have been a lot of new entrants into the marketplace recently. i look at companies like square -- do you worried you are flooding the market with too much credit? henrique: most brex customers want our card, despite credit. men might get a loan from square, but they still need a card to use those funds. they still use an account like brex cash to pay their vendors and employees, etc. we think we are giving them access to spend their money instead of the credit itself. >> who is your target estimate? henrique: three main verticals -- venture backed startups, e-commerce companies, and life sciences companies. better when the fed is raising interest rates, or does your business model work better when the fed is cutting interest rates? henrique: it is a question we get all the time from investors. we do better when interest rates are lower. it reduces our cost. from a technology perspective, zero, every bank would be competing for customers. we believe that is our competitive advantage. ,> brex ceo, henrique dubugras thank you for joining me. the exemption that the renewable energy world was counting to skirt donald trump's tariffs on solar equipment is no more. the u.s. trade representative said friday it is eliminating an exception carved out four months whichr solar panels generate electricity on both sides. they will be subject to the onies trump imported equipment at 25%. i am joined by bloomberg's power and renewables and enter -- editor. how important was this exemption? >> for the global renewable energy business, it was hugely important. trumpuary of 2018, the administration came out with these tariffs against all solar equipment that comes into the united states. it is now 25%, and that is still huge. four months ago, the trump administration said they were willing to carve out this exemption to bifacial solar panels. these generate interest in the on both sides of the panel as opposed to just one. the solar industry said hey, we will take that, and started manufacturing bifacial solar panels to get around the 25% duties. unfortunately today, the trump administration is stripping away this exemption. the renewable energy industry is back where they started a year ago. >> why strip it? >> the trade representative put out a notice saying after they created this exemption four months ago, they looked at the impact on the industry, saw there were some manufacturers in the united states raising complaints about how this would affect their leg up in the domestic manufacturing business, and decided this exemption was not in the best interests of the u.s. >> who stands to lose? is it just bifacial solar panels or a bigger portion of the renewable energy sector? >> a bigger portion. some of the biggest manufacturers of solar women are based in korea, -- equipment are based in korea, china, and ship to the united states. you are talking about the utilities in the united states trying to develop huge solar farms here, and will have to buy this equipment at a higher price now. >> does anyone benefit? >> there are a few beneficiaries. they are the ones that have u.s. factories. after the trump administration imposed these tariffs, many companies came out with announcements saying we will build factories in the united states, we will make our solar panels here. those were the companies disappointed to see there was an exemption carved out that would have asian manufacturers supplying instead. those would be the beneficiaries. >> thank you for joining me. still ahead, fighting drones with drones. we hear from one longtime silicon valley main moving into the future of weapons. this is bloomberg. ♪ >> shifting to handset, hp say -- hpc is feeding across a diverse portfolio, including extended reality. the company recently appointed -- as ceo. earlier he spoke exclusively to bloomberg and why his company is more sheltered from the effects of trade tensions than u.s. or china competitors. >> we are a taiwanese company. our research and of element are in taiwan. we have our own manufacturing plant in taiwan. we are pretty indifferent from the chinese mainland supply chain. years, the pentagon and other u.s. agencies have been searching for a reliable way to combat drones posing a threat. it turns out the answer might be simple. bloomberg businessweek spoke to inventor palmer lucky about what his business is doing to rekindle the connection between the u.s. military and silicon valley. >> this is the interceptor. it is the creation of palmer lucky, who might be the world's most unlikely weapons mogul. he is the founder of a multibillion-dollar virtual-reality company. he is also a polarizing figure in silicon valley, known for his support of the trump administration, including immigration policies that opponents have branded as cruel and racist. >> i want to build a big company or the billions of dollars. i want to become one of the major defense contractors building technology for the united states government. i am proud to say that. i hope we get there. >> his previous company, the virtual headset maker oculus rift, lucky decided to build a device with low cost components and high tech software. just a monther, before the 2016 residential election, the daily beast reported he had given $10,000 to a group of trump supporters to fund boards featuring insulting messages about hillary clinton. >> lock her up! >> in 2017, facebook announced lucky was no longer an employee. >> i was fired. we can all be honest. >> became the rare h.r. decision to come into a congressional hearing. >> have you made hiring or firing positions based on political candidates? >> no. >> why was palmer lucky fired/ >> that seems like a personal matter. -- personnel matter. i can commit it was not because of a political view. using off-the-shelf components in an industry much more suited to his politics. over the course of a few months earlier this year, the company built a cheap version of its drone, started showing it to people at the pentagon. >> i think that is the way it is going. all of these systems -- people propose shooting drones out of the sky with a laser, a missile -- that is not a good way to take out 100 drones from different directions. the only thing that can take out a swarm of fast drones is a bigger swarm of faster drones. that is exactly what we are building. ♪ are someare -- here interceptors. this has an experimental parachute release mechanism. rather than falling to the ground, it can pop a parachute and fall safely. pops open. there is the parachute. i think that is why our customers like us so much. they are used to go into people -- here is this idea we have, we want you to pay us by the hour so we can research if it makes sense, then if it does, you will pay us by the hour until we make it. we got it done in a matter of weeks, and here it is. with also has contracts the u.s. customs and border protection agency to provide surveillance equipment to use at the border with mexico. companies,other tech such as google, microsoft, and commandeer have objected -- palantir has objected to similar work, leading to protests by employees. work is nots his partisan. >> people inflate border security with immigration policy. even if you want to totally open up immigration, you should still want to have strong border security. >> the company's surveillance technology consists of large towers with sensors and small surveillance drones that can be set up along the border and military bases to guard the border. >> this is one of our century towers. it is a totally autonomous independent security tower. by placing these towers every few miles, you can end up with a perfect picture of everything going on in a large area. it is easy for an operator to read. these are used now by the department of homeland security, along military bases, the military border. >> its future success lies on the military's concern that the u.s. could lose to china in artificial intelligence. >> our technology is far behind the consumer area. we are also far behind our adversaries in many places. people should be more worried than they are about falling behind. it has already happened. >> critics say technologists like lucky have an ethical duty to stay out of the weapons business, but they do not share those concerns. the company raised a $120 million investment round, valuing it at $1 billion. >> that does it for this edition of "bloomberg technology." logy and bet @techno sure to follow are breaking news network -- our breaking news network @tictoc on twitter. this is bloomberg. ♪ sometimes your small screen is your big screen. and with the xfinity stream app, which is free with your service, you can take a spin through on demand shows, or stream live tv. download your dvr'd shows and movies on the fly. even record from right where you are. keep what you watch with you. download the xfinity stream app today and get ready for xfinity stream tv week. watch shows like south park and the walking dead october 7th through 13th. david: so if you have a 5-4 perspective decision, does one of the justices go to another and say, why don't you change your mind? does that work very much? jus. ginsberg: there is no horse trading, as they call it. david: you have gotten attention for your exercise routine. jus. ginsberg: when it comes time to meet my trainer , i drop everything. david: many people think the court is very political. jus. ginsberg: people have that view because agreement is not interesting. disagreement is. >> would you fix your tie, please? david: people would not

Related Keywords

China , Mexico , Taiwan , United States , Russia , America , Chinese , Taiwanese , Bloomberg Businessweek , Fred Wilson , Libra Paypal , Bloomberg Taylor , Bloomberg Wendy , Tom Giles , Taylor Riggs , Jeff Thomas , Hillary Clinton ,