Twitter shut down 32,000 accounts tied to china, russia and turkey for manipulating the platform. This after joe biden called out facebook for failing to curb misinformation and not taking a stand on political speech, oed i many who watch the by many who watch the social network. The company spends a lot of time outlining Community Standards they are supposed to enforce against all users, and when one particular user comes along who happens to send his posts from 1600 pennsylvania avenue, theres a different standard. In a lot of ways, facebook is too big to fix right now. Facebook has 2. 5 billion users around the world constantly posting in more than 100 languages. That is a system too big to govern. You have one young white man who has one experience in this life who has the control of billions of people, what they see and view. It is wrong. I dont know if he is drunk with power or simply just in a bubble. Us is someone else who has an opinion, roger an author. Ive got to get your temperature. There has been so much happening day today about facebook in the last couple of weeks. Where are you right now on this . Roger i think what we are looking at right now is the recognition much more broadly among policymakers, users and journalists that the is this model of internet platforms, and im speaking about facebook and instagram but also youtube and twitter, that the Business Model is based on monopolizing our attention and the things they used to grab our attention provoke emotions. They use algorithms to amplify the most gauging content. Speechrns out to be hate and conspiracy theories, which are terrible for a site. What we are seeing now, and because of the confluence of the general election primary season, the pandemic, the economic collapse and now all of the protests going on, there is so much of that being magnified and exacerbated by facebook, youtube, instagram, twitter, that the whole country understands this is a serious issue and we have to get on it. Jumping ineen biden on this on facebook and President Trump taking a different tack with the executive order, facebook will be a big flashpoint in the u. S. Election. How do you expect this to play out . Roger emily, it is anybodys guess. Facebook has taken a major risk. They have altered their terms of service to protect the privileges of the president for advertising in his campaign. They used to have a rule that said you cannot lie in a political ad. President trump did some dishonest things that would have been illegal in any advertising context. Offers that said you must reply by midnight every day. Facebook changed its terms of service to make those kinds of ads ok. It has done a bunch of other things that made it clear they are lined up on team trump. If the election goes the other way, facebook will stand alone and having made that very visible move. If you are an investor, thats not the kind of risk you see in other platforms, even though they are doing most of the same kind of content. Emily do you believe they are taking this stand because they believe President Trump is going to be reelected . Roger i have no idea why they are doing it other than if you are an internet platform on the scale of youtube or facebook or instagram, you have to align with power. You can never get crosswise with the government in a country you operate. Governed by authoritarians like cambodia or brazil, they have to align with the authoritarian, meaning they use their technology to manipulate and control the population. That is the sort of thing that in the United StatesPresident Trump would like to do. Unlike the other platforms, they have done it in an undisguised way. I think that makes them vulnerable. Markets are fixated on power. Mark is fixated on power. I think he has a vision of the platform replacing government in many contexts. I think google has the same vision but they are more subtle. I think mark has put himself in a position where he is going to be the target of attention throughout this campaign. If President Trump wins, i dont know what loyalty he will show them. If he loses, i think the other side will rightly look at facebook as having not been an evenhanded player in the electoral process. Emily there is a lot to unpack their. There. If biden wins, where does that leave facebook . Roger i presume biden would treat them fairly. Presumably they would look at every platform and recognize that the Business Model of these platforms and the use of algorithms to amplify and engage contact is a source of harm. Look at so much information there has been around the pandemic. How is it that in the u. S. We cannot treat Public Health as something that is shared by all of us . How is it that masks and social distancing became part of the culture war . The answer is disinformation on facebook and instagram and youtube. Rise of theat the quarantine resistance movement, that was all organized and executed on social media platforms. The key point is i am a believer in free speech and i dont want to prevent people from sharing their personal ideas. I want what i want to prevent is the amplification of harmful ideas disproportionately by this platforms for their own profit. That is where the problem lies. I would let everybody speak, but this notion that they are going to take stuff that scares people , that makes them outraged, and give that a big juicing through algorithms, that is a harmful thing. I think for investors, we are in a very awkward place because the market right now is telling us everything is fine. President trump will be reelected, all of these left forms will sale through this. Sail through this. But this civil unrest is changing the culture and it may not be acceptable for corporations to do the kind of things that internet platform have taken for granted and made them so profitable. That day of reckoning, if it comes, is going to be very serious. How do you put a probability on that . We are still five months out from the election. Emily if you are in favor of freedom of speech, what should facebook have done with President Trumps post about looters should be shot . Twitter flagged the tweet for violating policies and hid it behind warning. What should facebook have done . Roger Something Like that. To be clear, twitter waited until now to do it for the first time. Im happy they did it and i think it was courageous. Trump has been so good for twitters business, that the notion that twitter would do anything to slow him down, that required courage. Remember, that was a Public Safety warning they put on the shooters and looters post because it was encouraging violence. That seems to me is not a freespeech issue, that is the equivalent of screaming fire in a crowded theater. These platforms, the issue is not that they let everything fly they actually make lots of editing choices. Facebook will allow a male nipple but not a female one. Theyre all kinds of things where they make arbitrary choices to control your life. Then they pretend in the political arena that they want to let everything go by. I am sitting there saying hang on Public Safety is different than politics. You should not let anyone, especially the president , encourage violence. With these platforms allowing that to happen, they are essentially inviting change in the most important law that protects them. I am a big fan of that law, i like having safe harbor. I think you want to encourage platforms to be thoughtful about protecting Public Safety and the people who are disadvantaged, but thats not what they have done. They have treated it as an excuse to do absolutely nothing and i think that is irresponsible. In an oped,lled National Legislation so that you could sue for harm from an internet platform. I know youve been talking to folks in washington about this. What is the reaction from lawmakers . Roger emily, as we both know, three months ago, section 230 was the third rail of technology policy. Everybody understands it is really good for the entrepreneurial stimulating of innovation. But the largest internet left forms are allowing awful things to happen and allowing their platforms to undermine Public Health, democracy, and competition. Most directis the and rapid way of changing things. What i want to do is very specifically change incentives. I dont want to penalize them, i just wanted to say listen, if you are above a certain scale and using algorithms to amplify speech if you are treating some forms of speech better than others simply because it is good under those circumstances, you are subject to litigation if someone is harmed. Section 230 would apply to anything you do that is not amplified and section 230 would still provide protection if you could make a good argument there was no harm, but you have to give citizens some path to recover damages when they get harmed. It is not like there are five people getting harmed, there are millions of people getting harmed. More than 2 Million People have covid in the u. S. , that is a number so out of proportion to every other country, and that is because of the disinformation about a pandemic that has caused our response to it to be horrific. I look at this and i go, the country is paralyzed because internet platforms give disproportionate political power to extreme voices. That is a Business Choice on their part and think about this its like the Chemical Companies in the 1950s. They were the internet stocks of the time. Super high margins and superhigh growth because they could pour waste products anywhere. Mercury into freshwater. There was no penalty. Eventually the country said we are going to make the people who cause harm pay the price. Thats all i want to do. I want to say you are too important to the economy to be able to destroy it. So we are going to make you be the way chemical needs are, pharmaceutical companies are, the Building Trades are. You have to act responsibly or pay the cost. Emily roger, what is your take on chris cox, one of mark zuckers Mark Zuckerbergs top lieutenants, who left , nowse of the platform coming back in the middle of this in his old role . Roger ims confused as anyone about this. I dont know criswell. Chris well. K know that he was the zuc whisper and heir apparent. He left over would appear to be a matter of principle. The treatment of subsidiaries they had acquired. None of that was resolved, right . All of it continued down the path that was the one he objected to, yet he is coming back and he rbc has full information on what is going on. I really do not understand this. I am wondering let me put it this way, i cannot think of a good explanation that makes me feel better about what is going on. There may be one, but i cant think of it. Chris is a very capable person but he is also somebody who has historically amplified and helped implement the messages Mark Zuckerberg has created to drive facebook forward. He has been able to translate the vision into progress. By, i think those are still his best skills, so i dont see him coming into reform the company or change the Business Model. It looks more like hes coming into double down on what they do read they do well. That saddens me. Facebook is a great product and people love to use it. It doesnt need to do all of this harm. You were one of the first people, perhaps the first person to warn that facebook could essentially undermine the president ial election in 2016, before it happened. How concerned are you that facebook and social networks will undermine the election that we are about to have . Roger the answer is i am terrified. I am terrified because the was, with primary almost no journalistic investigation, significantly affected by disinformation. We already know there will be a ton because theres a lot going on right now. The president and his administration are untroubled by that. From a regulatory point of view, there is no pressure on the platforms to clean that up from anybody who has the power to actually do something. It is all coming from moral authority, the opposition party, journalists, and people like me. If i am facebook and i have just brought back chris cox, the reality is if facebook wanted to change direction and reform its Business Model, chris is the guy to do that. But why wouldnt they have said that was what their plan was he came back . So i am really terrified. You know, my biggest thing is to try to inoculate everybody, to explain that november 3, you have to vote. Get an absentee ballot, no vote and be prepared to stand in line. Everyone has to participate. There will be a ton of disinformation to convince you not to vote pay no attention to it. This is the one where we all have to show up. If you are an american, you have to vote. Vote for whomever you choose, but this is the year everybody has to vote. Emily speaking of inoculation, i have been speaking a headline just crossed that brazil is now second in covid19 death after the u. S. , passing the u. K. This is a big question, but what do you think the mark is going to be of this pandemic on Silicon Valley . You have been here for decades. We have seen companies laying off large chunks of the workforce, we have seen work habits change possibly forever. What is the mark, the legacy of covid19 going to be on silica valley . Roger emily, one of the things we should really congratulate Silicon Valley on is having been early. I think nationwide if you want to pick which Group Recognized the importance of social distancing first, it was the employers of Silicon Valley who were there roughly a week before the bay area counties went into lockdown. Apple and google and facebook, they all sent their employees home at least a week before that. That was incredibly positive. I think the really big question is whether coming out of this, coming off of the election, there will be significant regulation of the dominant players on the internet. If there is, that will unleash a massive wave of innovation. The Business Model these guys have really makes it hard for any new startup to get past a certain stage. Every once in a while one will sneak through, but it doesnt happen nearly often enough. If there is regulation, that would be fantastic for the entrepreneurial economy. If trump wins and things go on as they are, i think Silicon Valley will have a serious problem. The irony of this is the Better Things are for the biggest market cap companies, the harder it will be for the valley, and vice versa. I dont think we know the answer to the question. Thats why november 3 is important, and whether you like it or not, politics will have a huge impact on the investment opportunities. I look at the challenges and say if we started to pursue the opportunities to empower people, that would be huge. Right now, the last 10 years, all of the Business Models are predatory. Im talking about whether it is uber and lyft being predatory toward employees, or the kind of things that happen at an airbnb or wework or spotify relative to musical artists. The culture was about exploiting weakness and information. But it doesnt have to be that way. Technology has the ability to empower everybody. Going through the moment we are going through here, i believe there will be massive, pent up demand for a different model for the technology business, and that would be the coolest thing ever. The pieces are there but they have never been applied to empowering technology. At least not since the days of steve jobs, and the last 10 or 12 years have been all about exploitation. Emily the question remains, how does Silicon Valley and Tech Companies use that power . Roger, i could listen to you talk for hours. Think you for taking the time with us. Roger please stay well, stay well and thank you for including me. Your audience is the most sophisticated out there. We appreciate the opportunity. Emily thank you, roger. You help us make a great. Thank you so much for stopping by. Coming up, we will be talking about the markets. Markets rebounding after the biggest dip in three months. The big risks remain. This is bloomberg. Ubs is launching a new report on tech trends after covid19. Joining us to discuss is laura kane of ubs wealth management. Joining us on the phone. The big question is, what trends stay, what trends go, and what is the new normal when it comes to tech when we come out of the pandemic . What is your take on where the chips fall . Laura thanks again for having me on. As we get past covid19, we believe we will see Technological Forces play an outsized role in shaping the future economic landscape. In a lot of ways, covid19 has served as an important catalyst and pushing us quicker toward the tech economy we expected. I would highlight three key changes we expect to see. Livingwe will see increasingly digital lifestyles. As weve seen during the pandemic, everything from working and learning to shopping and entertainment have shifted to the digital realm. We think that trend will stick with us. During social distancing measures, we saw mobile app usage rise somewhere on the order of 20 30 depending of what region of the world you are in. The second trend i would highlight is we expect to see labor market disruption as new technologies unfold. Roughly 10 15 of jobs might be lost because of technology, new jobs will be created. New jobs wont necessarily be acquired by those that lost their jobs due to technology. There will be a Skills Mismatch. We believe this will require advances in Online Learning to help bridge that gap in skills we will see in the future. The third area i would highlight is more localized production. For decades, we have talked about globalization. We will see a reversal of that trend. We are seeing that advances in automation and robotics hav