Biden. Last ditch support efforts for both candidates moving at breakneck speeds. And digital gold. Cryptocurrency on demand with rising prices for bitcoin. You can crypto a lot of things, but dont call it currency yet. Rising aftertocks resuscitated hopes for a spending package. The nasdaq had a modest game game. Abigail doolittle is in new york. Abigail another choppy day. We have not had one day this week when we have not had stocks up and down throughout the day. There has not been when they were that has been the case. We have seen a lot of intraday whipsaw. Investors are pretty nervous. Some uncertainty. The s p 500 is up after spending most of the day down. Up about 0. 3 . Two down Sectors Energy and tech. Not surprisingly, tech being weighed on by intel. The stock one of the only indexes on the date of fall. Day to fall. Data center sales missing down 10 year over year. The guidance tepid as well. At the end of the day, it was a choppy week. Investors dealing with lots of uncertainty. From a macro standpoint, one piece of the uncertainty rising yields. That has been pressuring stocks. First down week for many indexes in quite some time. Intel obviously, we saw shares dragged down. It was a down day for a lot of indexes. Is tech concerned . Abigail this week, it is a bit of a concern because we had the month of august, where you had many weeks we were up. We had that bullish month. September is the opposite. It is a concern that maybe we are getting into some sort of range. That will only happen if next week is also down. Lots of big earnings reports coming out in the coming week. Its really interesting, the split between some of those big names. Alphabet is when i have been following all week, higher after the landmark lawsuit. A bit of an overhang removed as investors deal with what they are dealing with. Facebook also having its best month or best week since the end of august, in sympathy perhaps with snap, optimism strong. On the other hand, apple and amazon also reporting this week. Amazon, as we have talked about a couple times, has started to trade poorly the first day of their tuesday prime event and into the earnings report. Sometimes, when you see a stock trade that way, from what should be a bullish event into the earnings report, it tells you someone somewhere knows something. Maybe there is going to be some sort of a hiccup there. Perhaps it is investors getting a little bit nervous. In any case, that diversion picture between those things really stands out. Overall, it was a down week. The faang index up. And the chip index down for the first time in six weeks. We have to see what next week brings. Reveille more choppy trading. The stocks index down. Stoxx index down. Emily they could be in for a ride next week, the big tech stocks. All of the Big Tech Companies reporting results. We will be all over that. Abigail doolittle, thank you as always. Have a wonderful weekend. Speaking of big tex season, earnings underway. Coming up next week, apple, facebook, amazon, alphabet, and twitter. Ivesng us to discuss, dan of wedbush securities. Always interested in your prediction ahead of a big week like this. What are you expecting . Dan it is a seminal week for tech stocks. In my opinion, fundamentally, i think you are going to see significant out performers. I view a rally going into yearend. Especially, you look at amazon and apple front and center. I think the trends we are seeing are being accelerated in the covid backdrop. Some people are saying it has disproportionately benefited tech stocks, 15 higher. So lets talk about the testimony first, because that is going to come earlier in the week. See capitol hill on issues surrounding section 230. You expecting much of an impact to the stock there . Dan i dont think it will necessarily impact the stock, but i do think it lays the ground for what we are going to see over the coming year on 230, and broader beltway versus big tech battles. I think 230 is really at the center of it on the social media side. Something to focus on is the tone and direction. But this is going to be a continued, protracted battle. If you think it maybe shows some tea leaves in terms of where this is heading, especially in the midst of what might be the most important tech earnings in the last six months. Lets talk about alphabet in particular on the back of big doj could be suing on antitrust concerns, the biggest in a century. Public concern is this for alphabet shareholders . Terms of the stock, investors view this as a contained risk, protracted over the coming years. I do believe a lot of it depends on if you start to see a blue wave, and what ultimately antitrust momentum looks like over the next year. I think it is alphabet and google right now, but it could be facebook and others right around the corner. As ank investors view it contained list. I do think as we get into the next 6, 12 months, it does start to become something the streets start to factor in from a risk profile, especially when it comes to alphabet. Emily speaking of risk, we are days away from the election. Some of these companies will report before the election. Do you see the administration, trump remaining in office, or a change in administration, meaning a big change for these companies . Or no . Dan i think lagarde list of who is sitting in 1600 pennsylvania avenue, we still think tech stocks are up 10 to 15 higher. I do believe on one hand a blue wave from an antitrust perspective could be viewed negative for big tech. On the other end, in terms of overall spending environments from consumer and stimulus, its something that could be a benefit. That is why to me, when it comes to tech, in some ways it was a safety blanket as far as faang during the storm. I think on the others, the economic rebound, could a lot of these tech names go higher . There is a scarcity of growth names. There is a lot of volatility. I think what we could see this week is it is really bold for technology. I think even when you look at apple going to what i believe is their strongest product cycle in the last decade, 5g. Emily lets talk about apple and amazon, heading into the Holiday Season. Its an unprecedented Holiday Season. Do you think we are going to see any surprises . Dan i think when it comes to amazon, potentially the 100 billion quarter, which is a key threshold, i think the big focus is going to be around the december quarter, in terms of what the potential looks like for them. Another thing is going to be the cloud. I look at this for microsoft as well. Cloud continues to be such a massive theme on the enterprise in terms of this shift. They are a core beneficiary, as well as azure. You look at enterprise and software as a broom at her to what we are seeing in terms of spending. Isn it comes to apple, there talk about early demand, iphone 12. This week, we believe units are 10 to 12 more than our expectation for weeks ago. Superk this speaks to a cycle for apple over the next six to nine months. To end onant facebook. The election, we have talked about it being facebooks biggest test perhaps ever. If it goes well, what does that mean for facebook . If it goes horribly and facebook ends up being partly to blame, what is the impact . It would be a major black eye for zuckerberg or facebook to have some other Silver Bullet come through on this election. To have the guard rails to try to make sure that does not happen. On the other end, if it goes smooth, i think it is important in terms of not just from apr perspective, but some of the heat they are getting within the beltway. This is really a fork in the road situation for facebook, going into the election. I think zuckerberg and everyone understands that. This is something where it is a time for them to shine, but it is also very important to make sure another black eye for them would be a very tough pill for investors to swallow. Emily all right, dan ives of wedbush. We will be following all of this next week and see if you are right. Thanks for joining us as always. Expensive the ceo of sify sent aen political email to his customers. Was it a good move . Emily anything less than a vote for joe biden is a vote against democracy. That is not a email from the biden campaign. It is from the ceo of expensify and went out today to 10 million customers, taking a highly politicized stand in a lastditch effort to sway votes in the upcoming election. Business and politics . The ceo of expensify, a Software Company known for travel expenses, david barrett, joins us now. They generally say dont is dont mix business and politics, so why take a stand so publicly, knowing that many of your customers probably dont agree . David i think actually most people do agree with the core message. Democracy is important. It is worth protecting. Voter suppression is a bad thing. I think the only disagreement is what to do about that. What i think the core of it is these are pretty straightforward statements that have pretty broad appeal. Few hourshas been a since you sent this out. What has been the reaction . Have you lost or gained any customers . David it is pretty early to say but i think it will be a mix of both. Going to say i believe in having clear values and standing up for those values. I think Going Forward if people realize that expensify has long been built on a platform of fairness, internal and external we dont just say it. We really believe it and will put our efforts behind it even when its controversial. Said, i understand there was pushback internally. You lost or gained any employees . Tell me about the conversations you have been having on the inside. David it can seem out of the blue, but this is not the first time we have taken a stance on a social issue. We launched a nonprofit earlier this year, and we have been reimbursing snap recipients for groceries but with their ebt cards. Bought with their ebt cards. We have been helping people to sort of weather the covid crisis for months now, helped thousands of families. We have already dipped our toes into trying to help in the real world. Likewise, the tragedy of george floyd, when blm exploded around the nation, our major office was involved. The heart of the blm office happened in her backyard, basically. We have been engaging behind the scenes with blm leaders and trying to figure out, how can we help . How can we elevate your voice . We have really been struck by the huge gap between how it is reported on the outside and what we see firsthand. We know the blm leaders in portland are incredibly against violence. When we came with this message, it was not like we never had experience dealing with complicated issues, or talking with customers about those issues. This is something near and dear to our hearts. We care about fairness. We care about democracy. We just feel that what is that saying . All people needs is for good people to stand aside. We just thought we should not stand aside. We need to talk about something that is important. Even if it is controversial, we should get the message out as much as we can. Emily but i understand there was some debate internally about whether or not this was a good idea. How did you navigate that . You are competing against giants like s. A. P. , and there is concern about putting your company at risk regardless of what you believe. David sure. Expensify is pretty diversified, people across the political spectrum, and we work hard to create an inclusive environment for everyone. But inclusive does not mean you only use the lowest common denominator. It does not mean you avoid or shy away from difficult conversations. That is just suppression of thought. We said, lets be inclusive of all of the ideas, even if some of them have disagreements. So we created a process internally. Expensify is a weird company and a number of ways. We do not have any internal reporting structure. No one reports to anyone else. Everyone is responsible to their own time and can decide how to spend it. If you are going to do something, you have to share what you are going to do. Room,ent into our slack the whats next room. In the whats next room, you post a problem you want to solve and how you want to solve it. I problem, democracy is unfolding before our very eyes and is going to devastate our business economy. We need to do what we can to to getge voting of biden trump out of office. Emily meantime, the election is one thing. Where we go over the next several years is another. Coinbase Ceo Brian Armstrong put out a memo saying the company would no longer take on political causes not directly tied to cryptocurrency. There are ceos lining up on either side of this debate. Are you concerned there is a growing divide in business between companies that care or say they care about social causes, and companies that dont . David a divide would imply that this is a competition. I think there are some companies willing to take a stand and some that are not. I think the idea that politics and business are not linked is kind of a fiction. Corporations are trying to get stuff done. I think the idea that a corporation, that a company cannot speak, is kind of nonsense. Either the company is comfortable with the status quo or they dont like the status quo and want to change it. I think companies are willing to stand up and speak the minds of their employees, speak the minds of the company, and say we want change as we care about this. Well youright, certainly took a stand today. The ceo of expensify, david barrett. Think you for joining us today and explaining your position. Coming up, while live in person rigeur have been de for art dealing, pandemic has sent auctions soaring. We are going to hear from artsy next. Emily as the pandemic has upended in person events, one of pariss biggest art week has gone online in an exclusive artsy, anp with online marketplace for fine art. Collectors can view the art fair using augmented reality on the from app, and by artwork over 200 galleries. Is now the time for the arts industry to really embrace it . Joining us is the chief revenue retail at artsy, in the transform series. Talk us about this le paris partnership. How does it compare to a normal event . Thanks for having me. In terms of the partnership, i will start with the two of us. Artsy is the leading online marketplace for buying and selling fine art. A newly formed art week in paris. As you noted, the Partnership Came about after the cancellation of the art world in general has been concerned that with the cancellation of fairs there is a potential void for gathering galleries and art businesses who rely on the international audience, foot traffic, and sales momentum a fair creates. So the french Gallery Association quickly responded after the cancellation with the formation of le paris. We at artsy immediately reached out to offer Online Support for this important moment. With our platform, we build a customized online experience surrounding the full programming of the art week in paris. We have content that ranges from interactive maps if you are fortunate enough to be able to make it in person, curated highlights in the store online. We have over 2300 artworks from over about 220 participating galleries. Of thisromoting all artwork to our nearly 2 million users. We are seeing we just marched this emily im curious, what kind of changes in demand have you seen since the pandemic . I wonder if this is an opportunity to reach more customers, though it is a nontraditional way. Dustyn absolutely. The pandemic has accelerated a trend that was already occurring in the art market, which is a shift toward online. Home is more important than ever. Art provides an important source of inspiration for people as they are working from home, spending more time at home. That has driven up demand for art and the desire to purchase that art online with these. In turn forced galleries to become digitally native virtually overnight. So massive acceleration of the trends slowly underway for years. What an Online Platform like artsy does emily do you think the shift to online selling and buying will live on postpandemic, in the new normal . Hasou think how we buy art fundamentally changed for good . Dustyn i do. Industries have made the shift online. My personal belief is it holds. It is an acceleration of a trend that was underway. People nowadays are stretched thin. They are busier than ever. Even if you have the budget to spend billions of dollars millions of dollars on art online, you dont necessarily have the time to travel around the world and go gallery to gallery in search of artworks that you love. And we have got younger generations of people that are buying cars online, buying homes online, buying diamonds online. They expect to be able to explore the world of art and purchase it online with ease. All right, well certainly fascinating to see how you and the industry have evolved. Andill continue to watch aris partnership as it plays out. Thank you so much for joining us. Coming up, from gaming to streaming, we get to the 2021 outlook for various tech and media sectors. What is best positioned out of the pandemic . That is next. [ sigh ] not gonna happen. Thats it. Im calling kohler about their walkin bath. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. The kohler walkin bath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. The bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. Kohler is an expert in bathing, so you can count on a deep soaking experience. Are you seeing this . The kohler walkin bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. Everything is installed in as little as a day by a kohlercertified installer. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkin bath provides independence with peace of mind. Ask about saving up to 1,500 on your installation. Virtual appointments now available. Emily this is bloomberg technology. Activates tech and media predictions are out, looking at the biggest trends through the new year from video streaming to gaming and add speed it takes a look at the media areas that have been hit hard by the pandemic and those that will stay on top. With us now is activate cofounder Michael Wolff about what to expect in 2021. Good to have you back on the show. Michael it is going to be an amazing year. Emily we are all online more. Im doing the show live from my basement. Much of this is a permanent shift in behavior . Michael a lot of it is. What has happened, people have gotten to be very comfortable with a lot of digital activity at home. You think about working from home, videoconferencing, telemedicine, exercise. We have seen most of these activities have doubled during this short period of time but theres a bunch of other stuff thats happened. Online grocery has advanced five years and five months. In five months. A lot of other activities. We have seen the average american has dramatically increased their time spent with technology and media. We think that will continue at that level. It will not go back down. This holidayll season be different than any other Holiday Season . Michael there are people who are wondering whats going to happen. We believe we are going to see a great deal more Holiday Shopping and its not just going to be from amazon and traditional ecommerce companies. What happened during this period is that the great majority, over 50 of consumers, have decided during this period of time that they are going to start shopping from another retailer. Most of them in addition to their core. I think the beneficiaries are going to be people like walmart, target, kroger. Others who really works in the picture. I think we are going to see a huge amount of business going their way. It is not just going to be one company. Of course, the marketplace, etsy and ebay, huge amount of shopping t here. Not just in the case of ebay or for things that are peer to peer, but a lot for largescale items like electronics. Clothing, which would have been bought somewhere else. In general, this is going to be different from anything else but its going to be the start of a trend. Its not going to go back to the way it once worked. Emily now, how we watch stuff is also changing. And it could have been a moment formuibi, the short mobile video content creation shot that just went under. Why didnt that succeed and what does it mean . Michael it didnt succeed for a number of reasons. If you look at most technology startups, we see people start to experiment. They change direction. Dogswant to see if the will eat the dog food. If somebody will really want to use it. Here we have a business well north of 1 billion went into building something for this giant crescendo launch. Because it was a new format, unproven in terms of Consumer Behavior there was video already for short format and that was called youtube or snap or instagram. Already, it was there. We believe it was poorly conceived from the beginning. It had nothing to do with the pandemic. It had to do with a bad idea going into it, way before it was even funded. Emily so, what about videogames . I know people in this household are playing video games more. Hate to admit. How do you see the videogame industry shifting as we go into next year . Michael overall, video gaming if you look at the business, we forecast it will end this year 145 billion globally. Its going to increase to almost 200 billion in the next four years. But, videos what is even more important is video is going to be the next technology paradise, similar to a lot of previous waves. Social, commerce, mobile apps, messaging. Gaming is going to fundamentally change the way people are interacting with each other. Some of these activities you would have done on the web, you now will do inside of gaming. Whether it is search, social, virtual theme parks, music. You look at the travis scott concert and marshmello and deadmau5 that took place on fortnite. There is Something Else that is big related to the big tech platform. All of them are trying to fill out their space in the gaming tech sector. He one that hast the most is microsoft. Emily microsoft has xbox. Always glad to hear your predictions, michael. We will see what happens in 2021. Michael wolf, thank you so much for stopping by. Coming up, a blow to the gig economy in california. We will look at why hundreds of millions of dollars are at stake for Companies Like lift and uber, next. This is bloomberg. 22, a ballotition measure in california that would save the gig economy hundreds of millions of dollars is up for a vote. It is even more important as an Appeals Court ruled today that Companies Like uber and lyft mustread their drivers as employees instead of independent contractors. For more is Lizette Chapman who covers uber for us. This is another blow. But does not look good for the ridehailing companies. What does this latest ruling actually mean for prop 22 and a. B. 5 . Lizette it really ratchets it up. This is the most expensive ballot measure in the history of the state. And what this court ruling does is it upholds a Lower Court Ruling from earlier this years they must comply with a. B. 5. This was kind of like their hail mary right before the prop 22 vote. Stillp 22 fails, there is the possibility lyft did tell bloomberg they are considering appealing into the california supreme court, but this is not going in the direction that Gig Companies wanted. Emily meantime, you had drivers suing uber overpressure that they say that uber is putting on them to take a stand on prop 22. Uber in a statement to us said this is an absurd lawsuit without merit, filed without regard for the facts. Their position is they cannot distract from the truth that a vast majority of drivers support prop 22. What do we know about Voter Sentiment right now on prop 22 . Are voters generally in favor or no . Lizette the latest poll we have been able to see is from the university of california berkeley and they found it was really and. Neck and neck. The margin of error did not exceed the difference between the yes and no. What we do know is how desperately and important this is to uber and lyft that have been sued for not implementing an earlier state law to make drivers employees. And how important it is for instacart, doordash and postmates, all who have contributed to the yes on 22 campaign for 189 million. Compared to the liberal groups that have cobbled together 16 million. It is quite a difference. It really speaks to how important it is for these companies to make sure their labor model is not upended. To your point, there was this extra lawsuit filed around what driversaid w political coercion in the workplace. What was happening was that huber was sending these inapp messages to drivers, saying to vote yes on 22. The way it was set up within the app, they had to confirm that before they were allowed to go through and accept a ride. Concern thatd some resulted in this lawsuit. There was a separate action as well emily interesting. Lizette there was a separate action with the no on 22 group. Pointing out that the yes group had used nonprofit status for all of their mailers, which they say unfairly put the public on the hook for an extra 1. 5 million. Theres a lot of backandforth. Theres a lot of intense lastminute lobbying. Pushing back and forth between these two groups. Emily certainly another big one on election day. Lizette chapman, thank you so much. Bitcoin the surge in past 13,000 for the First Time Since july of last year. This after paypal announcing it will allow customers to use cryptocurrency. The news sparking an exuberant response from cryptofinance and inching towards a wider acceptance by oldschool financial mainstays. I spoke to michael nova grass who runs galaxy digit al about what it means. Michael one of the reasons is it is hard to buy you cannot call jp morgan, but bank of america, e trade. Where most of the wealth is in america, 45 to 80yearolds, the baby boomers and the next generation, they are not used to or ong in on a square app a coinbase wallet they call their brokers. What i am seeing at a rapidly changing pace is more and more infrastructure being put in buy. To allow easier easyis a huge step on how it is for people to buy and sell crypto. We were going to see e trade come next, you are going to see the credit card companies, visa, mastercard and american express, they are going to i would bet within a year, author a platform where there are 30 million merchants can transact in crypto. Emily bloomberg is reporting that paypal is in talks to buy the Bitcoin Custodian bit go which is a company i know you are a big investor in. What is the latest on that . Michael i dont think they will tell me if thats happening. What i would tell you we have a banking business here at galaxy and you are seeing a complete uptick in inquiries about consolidation. , they think about paypal are a tech company, yet they pathos to dong in their bitcoin integration. Theres a lot of domain expertise and knowledge in the Crypto Community that has been built over the last seven to eight years that the legacy community, even the tech guys. There will be a war for talent, a war for companies building infrastructure. It is going to suck in talent. Really exciting time to be in the crypto space. Emily ok, lets talk about the state of broader mna and ipos in the crypto market. What are you expected to see whos going to be making big moves . Michael that are not that many giant players in the crypto space. Coinbase is a big player. A big valuation. Theyve got the most clients in the u. S. I wouldnt be surprised to see players like coinbase making moves. I think it is going to be outsiders. Credit card companies, other banks that are all going to be looking at can i get involved in and around the crypto space . You will see some internal consolidation but a lot of external buying. Ifis no longer a debate crypto is a thing, if bitcoin is an asset, if the blockchain will be part of the infrastructure. It is not if, it is when. So, every Single Company has to have a plan now. Emily now, ive got a quick question for you from a terminal user asking why do you think that going will keep going up with paypal in the market . Because the more bitcoin is used, the more paypal and others are natural sellers. Doesnt that mean the price could go lower rather than higher . Michael to be honest, i dont think bitcoin is going to be used as a transactional currency anytime in the next five years. Bitcoin is being used as a store of value. People are worried that the Central Banks around the world are debasing fiat currency. Even as we switch to a digital dollar, which is coming facebook has libra coming. Lots of stable coins are going to be issued in the United States and abroad. Dont forget, china is way ahead in issuing stable coins. It is a National Security threat if the u. S. Does not get a Digital Currency. We are going to get a Digital Currency but of the Central Banks keep printing more Digital Currency, you will see a debasement. Bitcoin as a digital gold is going to keep going higher. More and more people are going to want it and some portion of their portfolio. If it is easier to buy, the prices will go higher. Emily my conversation with mike novogratz, Galaxy Digital founder and ceo. Could it be a wakeup call for millions of users on social media . Part of her any of you with some of the Silicon Valley stars next. This is bloomberg. This is the bigger risk, if you look at what happened ibm went up and microsoft was close to 12 years. These things go quickly. Unless you just sell. Heres what happens internally. You miss innovation cycles because you are distracted and youre constrained in your innovation. Ceo explainingbm what google stands to lose in the antitrust action against. He is one of the guest on todays edition of wall street week with david westin tonight right after this show, 6 p. M. Eastern. The social dilemma is netflixs hit film which export the multifaceted impacts of smartphones and social media on society. The documentary seems to be an effort to send a wakeup call to netflixs audience around the world. It features some of Silicon Valleys veterans lie recently sat down with to talk about the glaring issues of social media and whether there are creators like Mark Zuckerberg, larry page and what the responsibility is. Understanding and absolutely not keeping up with the impact that technology is having on the world. Hink the best illustrated illustration of this is the election happens in 2016. Facebook through a number of factors tips the election. Month later, he is asked what do you think about that . He thinks it is preposterous. Two years later, he acknowledges the impact, acknowledges that facebook likely did tip the election and apologizes in front of congress. That is two years later. Emily what do you think about mark, the google founders who recently left the company . Are they bad guys . I think i agree with tim that they are negligent. I think even if they were as enlightened as they could be, when they speak, they sound like hostages trap in a hostage video. Nothing that a hostage is saying makes any sense until you see a person offstage holding a gun to their head which is their business model. Jack dorsey appears to be doing the best he can, but in a very complex, unfortunate circumstance. That is why we need a Global Cultural movement to address these problems because the state has the buy in the market. This film is exciting to me because it is the first time we have 190 countries in 30 languages all becoming awake to these problems at a massive scale. Valley,ere in silicon we often glorify the founders of these companies. As an outsider, how do you think we can hold them accountable . I think we have to have a big time structural intervention that will require regulation, repatriation of the trillions of dollars they have made off of making these problems, and putting them back into the system that can actually take care of our society. We cannot be so dependent on this sector or its leaders. Emily i am sure you are still friends with a lot of people that work at these companies. [laughter] but, how have your former colleagues reacted . Tim i dont think fundamentally anyone is a bad person who works there. I do believe they are negligent. I think they fundamentally believe that their platforms are doing that good in the world net good in the world. They look for the data that reinforces that. Emily you have had your a number of the folks interviewed in the film, most of them made a great deal of money from the companies they are now criticizing. They made plain money paid made enough money to buy a plane. When you have a g5 at your disposal, it is easy to sit there and criticize. I asked why not give a bulk away of your money to fight this damage . Tim, i am sure you made money in that decade. How do you reconcile that . Tim i think it is really fair criticism. I have not read the exact statement. Million plus into this issue. And weve given away millions of dollars to nonprofit organizations that are helping around this issue and our intention is to keep giving away a lot of money. A big chunk of the money that we made from these platforms. I think it is really fair criticism. Emily lets say Mark Zuckerberg wakes up tomorrow and says im done. Shuts down facebook, no more facebook. What happens . Is the world better or worse off . I think it would be perfectly fine for facebook to shut down. Im the on the facebook oversigt board. We are interested to see some important interventions happen quickly before democracy continues to collapse, as we pummeled towards the next president ial election in the United States. I think it is more complex than saying facebook should shut down, but there are many people that agree it probably should. If we stay on the current path, where there is no oversight, no regulation, no laws, no responsibility, we can be guaranteed this is just the tip of the iceberg. Emily so what should the laws be . What should the government do . If these companies are not going to change on their own, then should they be broken up . Should there be new laws . I look at the amount of Regulatory Reform that we need here as being unparalleled with the financial crisis. In the financial crisis, where you had thinner and thinner slices of junk bonds, high quality bonds leading to a fullscale house of cards collapsed, i think we have been selling thinner and thinner slices of junk attention assets, fake attention sold for fake clicks to fake users and fake reporting to advertisers. We have an entire democratic collapse sitting on top of the fact this has been a predatory economy that is based on highrisk activity. Recommending random things to users you dont know, dont speak the language to, leading to a genocide. I think leading to the scope of reform, we are not saying pass this or that law. We are saying how do you get something more like doddfrank, comprehensive reform. How do you have cover has a reform that enables competition, has more transparency, and accountability . Repatriating some of the money back into institutions that have fallen apart. And have that all add up to a system of technology that reports to the people as opposed to reporting to the board of directors, and have them work in the service of people. You can watch our full conversation on the latest episode of bloomberg studio 1. 0 zero debuting tonight 7 p. M. New york, 4 00 p. M. In san francisco. Have a wonderful weekend. So youre a small business, or a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. David will they or wont they . Stocks fluctuate with the changes of more stimulus, while the virus continues its relentless comeback. Welcome to bloomberg wall street week. Im david westin. This week, special contributor Larry Summers of harvard. Former fed chairman alan greenspan. Our we have to recognize entitlements. David roger ferguson. Former ibm ceo sam palmisano. Sam you miss innovation cycles because you are distracted. And youre constrained during innovation. David katie koch of goldman sachs