Transcripts For BLOOMBERG Bloomberg Technology 20240712 : co

Transcripts For BLOOMBERG Bloomberg Technology 20240712

Than 100 Million People cast their ballots early, which means incould see the is turnout the print see the biggest turnout in president ial election. But we are seeing attempts to undermine it. Tols and texts attempting discourage and intimidate voters today. How keytalk about social platforms like facebook, twitter, and youtube are looking andrevent disinformation postelection civil unrest. First, a check on the markets, where u. S. Stocks rallied for a second day. Investors have been incredibly anxious leading up to this moment. Just how anxious were they today . Abigail not so anxious today. At one point, the s p 500 index up 1. 2 . Thehe close, up about 1. 8 , best day in about a month. Around anxiousness, the vix below 35. Some are saying that it suggests that it means that there will not be decision soon, that that is no longer the case. That the volatility investors are telling us that we are more likely to know who will be the next president sooner rather than later. We had bonds selloff. Overall risk on appetite. As for the rhetoric around the possibility around a blue wave, indicators moving in that direction. Composition,sector over the last five days. Material and industrial sectors, both of those more cyclical, those have claimed. Those do favor former Vice President joe biden. Tech and discretionary half sold off. Sectors associated with President Trump. This move into the cyclicals, many are saying this favors a blue wave. Theet strategists to watch markets into the election. About toax companies expected to outperform. Former Vice President joe biden is expected to raise corporate taxes to 28 . The fact that you have the low tax companies, around eight possible blue wave. Have full on risk on appetite. Emily these results could be days, weeks, hours. Perhaps, no decision for an extended period of time. Number one thing that investors like is uncertainty. From that perspective, no decision would probably be a negative for stocks. On the other hand, if president does when, you could make the case, tactics might stay the same. You could see stocks continue to muddle along in the sideways range over the last 3. 5 months. If joe biden does when, it seems as if most experts think that will positive for stocks. That seems that a big stimulus deal will get done and worry about texas at some point in the future. The interesting thing about the range we are looking at, that is over the last three months. The s p 500ined, index gaining into the election, it typically means the incumbent wins. When it falls, it means the competitor wins. Possibly insign favor of President Trump the bottom line for the markets, they think this race is narrower than perhaps the polls are suggesting. Probably more uncertainty ahead. Emily abigail doolittle, thank you so much for that round up. Election night is here. The first polls closing in just under an hour. Despite the ongoing pandemic, to choose between President Trump and former Vice President joe biden. David westin is with us, hosting election coverage from bloomberg headquarters in new york starting at 7 00 p. M. By the end of the show, the first polls will be closing in indiana and kentucky. David it is good to be excited. Dont hold your breath. In all likelihood, we will have to wait a while for the reason you suggested. It looks like a lot more people showed up today. It will take a while to count votes in places like melania and north carolina. We will be looking early on, are there any implications, if georgia went for Vice President biden, that would be a surprise. In general, we have to be patient, wait for the votes to come in. It may not be tonight or tomorrow. We have done that before. It happened in 2000 after all. Emily talk to us about the process. Just because folks voted early, those early votes will not necessarily be counted first. David in pennsylvania, they could not start counting until today. The pennsylvania secretary of state said you probably will have to wait a few days to find out. Florida has been counting all along. They said, we should know it within a half an hour or an hour of wendy polls close. That is 8 00 p. M. Eastern time. Early on, you might getting false positive either for the democrats or republicans as certain votes come in and others catch up. The president , the former Vice President made some stops today. The president vowing to fight in pennsylvania over counting issues. Talk about what we are preparing for as the president attempts to mount a legal challenge to the results whenever we get them . David as you point out, pennsylvania is a big one. The Supreme Court, they denied a stay on that. That is a question of whether they can count votes that coming after november 3. There is a similar challenge in north carolina. What they are doing is segregating out those votes. In case a court later on says you cannot count them, then they wont count. In texas, drivethru voting, thus far they said you can count the drive through. There are votes that we are not sure if ultimately will be counted or not. Go back to 2000. I was there, i know what happened. It was five weeks before he finally knew who the president was. Media and trumps expert use of it has been a theme of the show for the past four years. Before the democratic nominee was even known, trump bought the masthead opening ad on the youtube homepage. Arguably, social media is now more important than ever. Willu think social media play a factor in this election . Uses it. , joe biden he does not personally tweet as proficiently as the president does. What is your take on that . David social media will play a big factor. The question is, what factor will it play . There is no doubt that the president is a master in social media and the way the is a master of reality tv programming. 2016, social media was a very big deal. Republican strategist this time say, in 2020, more effective has been messaging, getting groups together, sending messages to each other, Text Messages as well as emails. They think they are ahead of the democrats on that. The big issue is where the social media reports or miss reports what is going on. Some may use it to try to declare victory. As you know, the big social Media Companies taking big steps to try to curtail that. Emily facebook, twitter, youtube all taking steps in the event that happens. And your former life, you were antitrump lawyer. Antitrust lawyer. Given all the scrutiny on big if there is ae, changeover, given that the former Vice President is not really detailed his thoughts here. David we have not detailed at all what the former Vice President would do on antitrust. David cicilline has got that we want athat fundamental restructuring of big tex. Predict,e going to whether it is a democrat or republican who leads us forward, big tech is not off the hook. Of democratsndency to go after a behavioral remedy. The breakup of at t happened under a republican administration. Republicans tend not to like behavioral restrictions. They say, lets break it up and restructure the whole thing. Emily we will have to Bloomberg Technology have you back more often on have to have you back more often on Bloomberg Technology. Thank you. Two into our president ial election coverage that david will be hosting tonight at 7 00. Coming up, authorities are racing to make sure that americans can cast their ballots and know that they can count. We will hear from the former cia military analyst, in what could be at stake not just today but in the aftermath. Targeting calls are voters in flint, michigan, in an effort to mislead. We will hear from the Michigan Attorney general dana nessel. This is bloomberg. Bloomberg has learned that the fbi is investigating reports of misleading robo calls telling people to stay home because of long lines at the polls. Residents in michigan got calls saying they should vote on wednesday, that is tomorrow. The active Homeland Security secretary chad wolf says there is no indication that foreign actors have successfully meddled in this election. Joining us, former cia analyst. What do you make of these lastditch efforts to undermine the election . I think these efforts are unfortunate. You obviously dont want these to be happening during polling time. You want to look at voter interpretation. At foreignlook sources, and violent intimidation. Fortunately, here on the east coast, it is 5 00 p. M. Eastern, some incidents. Have not seen anything really at the polls, any violence, threats of violence, anything widescale. Given all the concerns going into today, i think on that front, we will be ok. Toneed to Pay Attention misinformation and violence. Until the election is final and confirmed. Emily my sources at some of these Tech Companies are telling me that they are mostly concerned about what is happening after the election, the possibility of civil unrest. What is the likelihood that we see violence or civil unrest in the streets . I think the likelihood is quite high if we are in some sort of protracted situation. I think you could see violence in all three scenarios, a Trump Victory come a biden victory, or protracted situation. You had testifying on both sides, extreme left and extreme right, both sides of the aisle, they have been tracking these groups and have seen threats to the election. This is a time when there will be a lot of uncertainty. There is not just the election in the next few weeks, there is the covid epic, other things going on. And the country is extremely polarized. Having said that, while the probability of violence is quite high, i want to point out that we have agency in how these things unfold. Leaders have the ability to lower the heat. We have the ability, the media, to make sure Accurate Information is getting out. Wray, bill barr of all of these individuals should be out there and making sure that they are not only calling for calm on their own side of the aisle and the other, but they should be making clear as a deterrent that they will be punishment and you could Face Criminal Charges for any kind of violence, whether on property or individuals. Emily lets talk about a tweet from the president that twitter flagged on the eve of the election. The president tweeting, the Supreme Court decision in pennsylvania is a very dangerous one. It will allow rampant, unchecked cheating and undermine our laws. It will also induce violence in the streets. Something must be done this is now behind a warning on twitter. What do you make of that . I think Tech Companies will have a tough time in the coming days particularly if we dont have an outcome. Theyre trying to take actions to maintain the flow. It is on the public to make sure they are using good sources of information and people are going to say all sorts of things online and through the rest of the week. I think it will be best if people take a deep breath, wait. Notelection will probably come to a final outcome tonight. I am not an expert in election law but i have a feeling, based on tracking the mailin ballots voting, we might not see an outcome. People need to make sure that during this time, we are not trying to instigate violence and let information inflame or ignite a potentially volatile situation. From homelandrd security saying that there is little evidence that foreign actors have interfered. Over the past couple of years, facebook and twitter have been taking down accounts. What can you tell us about the Threat Landscape domestically to interfere and foreign actors to interfere online . I believe there are threats on both sides. You saw the press conference and week, John Ratcliffe director of the fbi wray. They were concerned about the foreign threat of iran, russia. Having said that, it is not just for an act is trying to exploit the hyper polarized environment. You have antigovernment groups, anarchist groups, violent elements of groups like antifa. You also have White Supremacists and right wing militias. All of these groups are quite vocal in online forums. One, the mostle highprofile one, was against the governor of michigan. The election created the perfect opportunity for people to exploit the uncertainty, the polarization, and basically a confluence of factors that we are seeing come together in the next few weeks. Former ciaright, security analyst, always appreciate your insights on the show. A reminder, there will be much more on misinformation and bad actor attempts to undermine the election. Tune into our 2020 election coverage tonight. Coming up, and a slightly different story, ipo dreams dashed. China is halting the billionicipated 35 public debut. This is bloomberg. Was poised to become asias richest person with aunt group on the cusp of the stock market debut. Then, with billions on the line, chinese authorities have abruptly thrown into doubt the future of the fintech company. Lets bring in the reporter covering asian markets. What happened was, less than two weeks ago, jack attended a very highprofile forum in shanghai and made a speech in front of chinas top financial regulators. Up,alled the accords cooked that that is a little bit inflammatory. He also said that chinas biggest problem is financial ecosystem. He said chinese banks are not willing to lend to smaller enterprises. He said that financial regulators, he volatile whyation, and he questioned 2 trillion losses. He was being too inflammatory. Especially with china just having the fiveyear longterm planning. I think that they are just trying to show trying to rein jack ma in and telling him to shut up. Emily what is your sense of that, whether this will happen or if it is off the table for good . Is offi dont think it the table. Extension. To be an that jack ma is in quite a bit of trouble right now. A pickup,po, it is not permanent. Ren ofall right, shuli bloomberg opinion, a story that we will continue to follow out of asia. Thank you so much for your reporting. Coming up, voting continuing across the united states. We will get a look from bidens Election Night headquarters. And robo calls are targeting voters in flint, michigan, and several other states. We are going to hear from Michigan Attorney general dana nessel. She will be our guest next. This is bloomberg. 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Com. Emily welcome back to Bloomberg Technology im emily chang. Alexion returns are due in election returns are due in hours. s campaigniden headquarters in wilmington, delaware. What is the mood there tonight . Both optimistic as well as cautious. Biden initially said he was expected to come out and addressed america but at this point he is saying he is only going to com eout if he has something to say. Biden spent most of the day in pennsylvania. That is a key state for him that his campaign is hoping that he wins. But there are number of other swing states. Bidens Campaign Says he has a lot of routes to victory. It might be a few days until we can actually say who the next president will be. Today, he reminded us is superstitious. He is not sure whether we will hear from him tonight. Talk to us about how things have shaped up in the final hours. We know he was in pennsylvania, senator harris was in michigan. Even as, you know, the Biden Campaign is maintaining a lead in a number of different states. Nobody is counting it in the bag. Yes. That is exactly right. Nobody is counting on any state as a sure won for 2020. Not after what democrats went through in 2016 when they lost sometimes by very narrow margins, number of states that used to be reliably democratic. This year, they are definitely making an effort to get out, to be there. Weve seen a campaign visit pennsylvania, michigan, ohio, even iowa, even texas which usually is not considered in play. Death knell had a visit from senator harris last week definitely had a visit from senator harris last week. There is cautious optimism we might see good news. But there is a warning that would might take a couple of days and american should be cautious if donald trump decides to call a victor be so we see it official result. Victory before we see an official result. Emily the Vice President has been campaigning as a traditional politician shaking hands. This was not possible with the pandemic continuing to rage and one of bidens main messages is we need to stay safe. Which has meant that alternative channels have an even more important. This is something we know that President Trumps expert at. He expertly uses social media to his advantage. How do you assess bidens ability to break through on some of these alternative, Digital Channels at the 11th hour . Thingl, i think the key to look at here is the amount of money that biden has raised because that is what is going to allow him to get on air, to get out digital and phone banking and frankly, biden has raised a ton of money for this

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