speech today in san diego. ms. clinton: even if i weren't in this race, i would be doing everything i could to make sure donald trump never becomes president because i believe he will take our country down a truly dangerous path. mark: secretary clinton delivered her remarks at the start of a five-day trip to california, one of six states holding primaries june 7. house speaker paul ryan says he will vote for donald trump. ryan made the announcement on twitter and in a column for his hometown newspaper. for the past month ryan had been reluctant to normally support mr. trump. turkey has recalled its ambassador to germany. the vote increases tensions between turkey and germany at a playing aankara is key role in slowing the flow of migrants to europe. the nba finals begin tonight.

a showdown between the warriors and the cavaliers. the warriors won the series last year and are defending their title. global news 24 hours a day, powered by our 2400 journalists in more than 150 news bureaus around the world. from the bloomberg news room, i am mark crumpton. "bloomberg west" is next. ♪ cory: i'm cory johnson, in for emily chang. right sharing startups are duking it out globally. uber announced a $3.5 billion injection from the saudi sovereign wealth fund. we will catch up with lyft's chief business officer. he'st moneys tells us why betting big on tech renewables. fox takes a beating, shares down the most in four months despite

a strong sales number last quarter. what happened? the company ceo joins us to discuss. billion of new money has been invested in the right sharing industry since the start of 2016. this week we learned the saudi sovereign wealth fund is writing $3.5 billion,or and there is more to come. uber's biggest rival in china says it is closer to making an even bigger route. lyft is trying to claw at uber's market share, by winning corporate customers, most recently from apple. eric, you had this story. what is happening in this business battle? has long had a consumer friendly reputation, invented the peer-to-peer model.

cory: pink mustaches? >> i think they have moved away from that. market and a big they wait to grow their user base. i think they are saying, we can grow here. what is the appeal of the business market for lyft? it's a huge market. we think it is a tremendous growth engine for the company. corporate travel, ground transportation category is approximately $36 million spent every year. cory: in the u.s.? eric: taxis, black cars, right sharing and rental cars. cory: does not include airlines? eric: it does not include airlines are hotels. it's a great way to introduce people to lyft and right sharing. cory: when you look at the market, it strikes me that is the low hanging fruit in terms of people who are used to using

a rented car as a means of transportation. are used to jumping in taxes. people in des moines or even in this city. around, itame started to change individual behavior. that's harder than getting someone who is taking a taxi, going to a black car and shifting to lyft. >> i would definitely say there's a shift in attitude. we are seeing that predominately in the millennial generation or will the next 4 years they make up over 50% of the workforce. they have a different attitude about car ownership. we see an attitudinal shift towards transportation as a service. cory: it strikes me as interesting that uber started with a business clientele and moved away. eric: uber traditionally black car. is really willing to cater the product to the customer here. up with aoming

concierge program where businesses can schedule the app. talk about a couple of ways you are tailoring this. >> we have a different approach to working with businesses. it is three parts. the first is we are people first across-the-board trade we treat you better, which is really how we treat our drivers. it's kind of a nod to us getting started. verycustomer focused, people first. the second thing is when you are alluding to, being very collaborative. we are listening to our enterprise clients and designing programs that are custom for each of them. the third thing is that at lyft, we believe that mission and vision and values matter. it turns out that a lot of our corporate clients agree. let's say my company is used to using a certain car service company.

vendor, that's what my employees are used to using. how do you convince them, what do you say to make them choose you? what are the carrots on the stick? consumers are already overwhelmingly choosing right sharing in their personal lives are at -- lives. it's that classic b to c to d transition we have seen before. they want the same conveniences they get in their consumer applications to show up for business. it's convenient, easier, affordable, and in our case, a friendlier ride. cory: your competitor has more market share and has become more of a verb. >> i think it's worth pointing out is a long road to go here. right now certify, an independent third party data its 4%r, says lyft got

market share. uber has more than 50%. taxis have been plummeting in business travel. i spoke with john cymer, the president of lyft, and he's angling for the majority share. you definitely have a lot of work. we are growing very quickly. some q4 in 2015 on the certify data to q1, we grew 41% quarter over quarter and we expect to see continued growth in that category. cory: i'm not hearing your description of selling me as the imaginary ceo that will never be. why you and not somebody else? >> comes down to the relationship. the mission of our company that john and logan set out with was to reduce congestion, reduce pollution, and to provide communities that they operate in with more convenient mobility solutions. this is just an extension of that. it is more cost effective, so it's reducing that travel and toense line, second only

people and most organizations unless it's a capital-intensive business. ground transportation makes up 22%. that's what they are coming for. cory: grunt transportation is 22%? interesting. it's never before been in a managed category. there's never really been an opportunity to put together a corporate program on a national level. >> i would say it's interesting they are creating use cases you would not have imagined before. they are working with care more, a medicare provider, picking people up and taking them to doctors appointments. there are interesting ways you can use lyft, schedule rights, and create modes of transportation you might not have thought of before. the first is business profiles. we're taking all the hassle out of the expense reimbursement process. the second thing is concierge.

we've made it easy for an executive administrator and assistant to be able to request a ride on behalf of a third party who doesn't even have the lyft app. we are using it for care more and nonemergency medical transportation. our corporate clients told us loud and clear they don't want to ever have to worry about missing that all-important airport trip. they are asking for and we've given them scheduled rides. very interesting stuff. david, i wish you guys success. it's an interesting business angle. no more fuzzy pink mustaches. you, however, can go with the fuzzy beard if you want or fuzzy mustache. coming up, the robots are coming for your college savings. robo-advisors, i want to talk about their latest victory. plus, jeff bezos. ♪

cory: that is the san francisco bay right now. work is happening. ceo brian chris anders has other fish to fry. he finds himself in a sticky political situation. he planned to host a fundraiser for donald trump at his home here in silicon valley but he called it off after "the new york times" called him and said, what's up with the trump thing? canceled.e event was

said, we are interested in engaging both candidates. his earlier support would have put him at odds with many other silicon valley republicans who have said they will not support trump. the robots are coming for your college savings. well front, a silicon valley-based robo financial advisor, will begin providing college savings plans in partnership with the state of nevada. joining me to discuss this right now is wealthfront's allie rosenthal. this seems to me like a huge win for you guys. nevada is different, i guess. in california there is one provider, and it's a slugfest. philadelphia -- fidelity has it down. >> we are excited to be

partnering with nevada to be mobile be the first and only automated investment service to offer and manage a 529 college savings plan. cory: like robo advisor? ali: we prefer automated advisor. cory: all humans work at the company. the first robo-advisor to get there. for your engine see -- agency, it's a great deal. ali: we serve a market that has been burdened by incredible student debt, and this is a client base of hours and a rising generation that does not want their children to have the same issues with paying student loans off. we believe the 520 nine college savings plan is the best way to save for future college costs, which continue to rise.

cory: we were talking off camera and you were saying 529 is the biggest no-brainer. these costs are really substantial. when you go to a state like nevada, they know something about placing their bets in nevada. how do you get them to place their bet with you? is it all about a discussion just because you have lower fees? ali: we are taking what people as wellut wealthfront, as the low cost, and bringing that to the 529 product it will launch later this summer. nevada got excited about working with us because we are bringing that technologic innovation to also29 accounts and we have a client base that is younger, it's a rising generation that will face college debt or has faced it and does not want children to face it in the future. it's low cost for us. fee, taxable point

and nontaxable accounts, it's a low minimum. we have really helped families get started earlier. cory: i can give this as a present to friends who have babies. ali: so much better than a little onesie they will grow out of. cory: i can't tell you how often they don't follow up. ali: that's another thing we andsed on, making our base potential new clients very aware of how wonderful a product this is for saving for future college costs, and it's just one of those things that makes perfect sense for our demographic right now. it's a huge deal to put your child into college or university any cost a tremendous amount. we think we can help people set goals and achieve those goals i continue to -- and continue to

fund for their future. cory: i assume nevada is not the last estate going after it. ali: you can live in california and invest in a 529 plan sponsored by the state of nevada. you only need one. cory: so are you done? ali: we will make this one a huge success with the state of nevada. cory: are you going for other states? ali: it's not necessary. cory: it's one of the sort of confounding things about 529's. fees,t's all about keeping those fees low. we will be the lowest advisor-sold plan in all the plans available today when we launch. cory: congratulations on that, ali rosenthal. good to see you. twitter has been topped by snapchat. million daily50 users, up from 110 million in

december. the four-year-old messaging app more popular than twitter now, which has less than 140 million users. other apps are at the top. coming up, we will year from the u.s. secretary of energy about his take on the future path of clean energy technology. later, check out shares of box. the ceo joins us for a checkup on that cloud company later this hour. ♪

cory: another day, another a deal at enterprise software. this time it is thomas bravo buying a software enterprise company, click. this is a cash deal valued at $3 billion. qlik shareholders get $30.50 a share in cash.

qlik targeted back in march. the company is quote, significantly undervalued. from 26inisters countries met in san francisco this week to try to figure out how they will achieve the goals they set out at the paris climate records last year. opec announced today it would stick with its policy's unfettered production. moniz discussed future growth and renewables. so far in the united states and frankly globally, even as oil prices have come down, we still see the substantial growth of renewables, and also very importantly, the growth of efficiency so that demand growth has been tamped somewhat. we just had a presentation by bloomberg new energy finance the reinforced those points. here in the united states,

besides oil prices, we of course have a very low natural gas prices. those have impacted principally while we seeear, for example our solar deployment is up by a factor of more than last the last -- 20 in the six years. we see robust growth continuing with the renewables and with efficiency as lead drivers in our clean energy evolution. >> thank you for the shout out towards bloomberg new energy finance. you also have governments making agreements, such as the paris climate accord great what is the status of that accord being ratified before the presidential elections in november? ernest: the accord had a big step forward on earth day, when 170 countries signed the accord. now the various countries including the united states have to go through filing a set of articles to join.

we have committed -- president obama has committed that we will join along with many other countries this year. we may not reach the full ratification threshold this year, which requires 55 countries. i think we will be close, if not there, and probably next year we will see the accord come into force. it's a big driver, a big deal. frankly, i think the paris agreement and the response by 170 countries means the clean energy direction is really inevitable. and, that's why we have to emphasize innovation so that we can stay at the head of the train and take advantage of what is going to be a multitrillion dollar market of clean energy technology deployment across the world. >> you are targeting early next year. we have the presidential election before then, and donald trump presumptive nominee for the republican party as stunning

a lot of things, including canceling the paris climate agreements. among the initiatives the department of energy is taken during the obama administration, what would be at risk in a trump presidency? ernest: i'm not going to comment specifically on the campaign statements by any candidate. at the appropriate time i would be happy to do so, but not at the moment. i think there is a misunderstanding in many ways. for example, the department of we said efficiency standards for appliances and various kinds of equipment. are notandards something we just think of in the morning at issue in the afternoon. these take years of a process of rulemaking. any changes to those would have to take a similar long-term process. i think it would be foolish to do so, since the impact of these

efficiency standards is estimated to save consumers more than 1/2 of $1 trillion of energy up to 2030, not to mention avoiding almost 3 billion tons of co2. that wevation agenda are talking about, the clean energy innovation agenda, that is received -- that has received strong bipartisan support on capitol hill. look at the senate bills that have passed in the last few months. both the energy policy bill and the appropriations, the budget department, they both explicitly called out the innovation agenda is something that's very important. i see the actual actions we are taking to be commitments that this country will continue, frankly, in our own best self interest. as i said, with the domestic market and global market expanding rapidly, essentially inevitably following paris, we should be prepared to use our

innovative edge to make sure we get an appropriate part of that market share. cory: that was energy secretary ernest moniz and anchor scarlet fu. we are going to meet some of the companies that could lead the way. check us out on radio. incan listen to bloomberg d.c., new york, san francisco, boston, bloomberg cap, bloomberg.com, sirius xm, station 119. ♪

mark: president obama today delivered his final commencement address to u.s. military members, congratulating cadets

at the air force academy in colorado springs. the president said there are limits to u.s. power. livesent obama: leading involves resisting the temptation to intervene militarily every time there is a crisis in the world trade history is littered with the ruins of empires and nations that over x ended themselves, training their power and influence. we have to train ourselves for a smarter path. mark: the president was still at the commencement when a thunderbird jet crashed after a fly over. the pilot ejected and escaped serious injury. greece cost parliament approved new adjustments to its creditor mandated austerity program. creditorsy's european have agreed to unfreeze $11.5 billion in bailout funds starting this month, but they have demanded additions to the measures passed in may. rivers in europe have burst their banks in paris to the southern german state of bavaria, leaving six people dead.

thousands more have been trapped in homes or cars. minnesota's medical examiner says it's died of an accidental overdose of the painkiller fentanyl. prince, quote, self-administered fentanyl. the drug is a synthetic opioid many times more potent than heroin. i am mark crumpton. it's just after 6:30 p.m. here in new york, 8:30 friday morning in sydney. i'm joined by mark petrie with a look at the markets. mark: what we are seeing is a surge of optimism last night, opec effectively identifying they will keep production levels as they are. they are not going to put a ceiling on anything. as a result, we are seeing that surgeon optimism to some major markets. we have seen the new zealand isxk exchange open - the expected to bounce back i-40 points this morning, reflecting a strong gdp earlier this week.

the nikkei is expected to open. rather muted reports. some hits and some misses. part of the world, we look forward to that. ♪ ♪ cory: here is our coverage of the clean energy sit-down.

first, let's take a look at where we are today, what exactly was agreed on in paris and how tough those goals will be. >> the paris climate agreement is six months old trade now 160 countries need to start implementing new policies to meet some really ambitious goals. things like keeping temperatures below 1.5 degrees from preindustrial levels, and reaching that zero emissions before the end of this century. the u.s. says that by 2025, a will have cut greenhouse gases by more than 1/4 from 2005 levels. india is aiming for 100 gigawatts of installed solar capacity by 2022. compare that to just five gigawatts the country has today. the world is still far from achieving these lofty goals. to meet them, some of the world's biggest emitters would need to nearly double their installed clean energy commitment i 2030, increasing

the world's renewable energy capacity by about 25%. on this list, china, the u.s. comedy eu, india, indonesia, brazil, japan, and mexico. making these targets achievable will involve great changes across many sectors. can we get there? the race to a greener future is on. i'm joined by the california clean energy fund managing director danny kennedy, phoenix international founder brian warshawsky and ceo mahindra chancy. great to see all you guys. there's an overall notion that we answers that exist when make these commitments in paris might not be out there yet to have a clean energy future. is that a fair way to look at this? >> a lot of people think that, but last year 90% of all the energy additions to our grits globally were clean energy, mostly wind and solar. we are doing a lot.

much moneywice as went into clean energy than 30 energy last year. cory: here in the u.s.? >> globally. thes happening around world. last year more money was spent in emerging markets, developing countries. yes, the money is happening and the technology exists. one of the things were highlighting in san francisco is the entrepreneurs and businesses making that happen. there's companies that need to go from being startups to large scaled up, diploid companies to achieve our ambitions. cory: what do your companies do? >> people of all ages can join this generation. the reason why climate change is a threat we all need to work on. everyone needs to join the generation. we tackle the problem of urban mobility. 30 million americans travel less

than 20 miles every day. one of the things we want to get them is electric mobility. they might get the cars, but even if they get the cars they will be driving around with 3 empty seats. cory: where showing pictures of this motorcycle you guys are making. looks dangerous to me. >> watch how easy it is to drive. emily chang, and she loves the ride. she has never driven a scooter. that is the world's first connected electric scooter. it is made here and the united states in michigan. it gets to 30 miles with one charge. it can be completely powered by solar, and so it can be 100% from source to wheel. cory: is the idea to present to these people as they gather in san francisco and say, the solution is already here? ofexactly prayed a lot

people in the united states and around the world, they care about climate change, but they don't know how to participate. this is a way you participate. cory: you can participate by driving a humvee and smoking cigarettes. this is a way to participate positively and cost-effectively. cory: what's going on in california? >> california has been a champion for a long time, since the 1970's. moving towards net energy buildings by 2020. building a new home come 2020, it will produce more power -- i build a new house the ago and the energy requirements were significant. >> it is continuous improvement and it ratchets up so next time, the building code will require zero energy. we're also the world's leader in

renewables in terms of the size of wind farm, solar farms, geothermal. we are ahead of the world, 50% easily and rapidly 70% clean energy by 2030. wet said, we can do more, have to do more, and we can share our learnings with the world. that's what we're trying to show off in san francisco with all these ministers in town. cory: what has the reaction been to your wares as you show them to these people? >> i would say the majority of the interest to date has been in a much larger scale. systems are much smaller, they are designed for an individual household. cory: solar systems. response has been very positive. it's been essentially waiting for the points of this small,

off grid household can essentially afford a product like ours and to see the scale and the impact before the ministers would essentially be interested in the scale we're working on. cory: it's interesting the scale you are working on and how it can be applied across the world, where solutions are so much more needed than rooftop solar. >> the idea is very similar. in the u.s. you may have solar in your household. we will offer the same type of system, just on a much larger scale, for an off grid household in rural. 1.3 billion people living without access to electricity. throughe affordable micro-finance, small payments over an extended period of time, replaces the cost of kerosene and you end up with solar. getting kerosene generators out of homes, getting

the resulting pollution out of communities and have solar provide a limited amount of power, but what they need. >> exactly. we are a similar model. its businesses like these that are going to scale. to have an indian company with a mark that is being made in america and sold to americans to scale over clean mobility, and and an american company going to clean and selling electricity to replace kerosene and clean up the air and become a solution for climate as well, i'm going to buster. these companies are very successful. wonder, is this something that requires the innovation that only a startup can provide? or is this something that ultimately ge ge will swoop in? >> i don't think it's a matter of big or small.

renewable energy, clean transportation is now mainstream. i just read a statistic yesterday, 50% of everybody who is going to buy a vehicle will buy an electric vehicle. we are getting to a point where clean energy is mainstream. people are recognizing they've got to change their lifestyle. people driving vehicles in california and in portland and new york are doing it because they want to be a part of this lifestyle change. they are recognizing it's not just about getting from point a to point b, but they want to do it with an attitude that it is clean, they want to make a point to the world. and it's affordable. when you have market forces driving a drive towards clean energy, it becomes mainstream. that is what we are seeing today. of these companies in union square -- i know your

viewership is beyond san francisco -- i'd love to be able to see it if i can. cory: it's fascinating stuff, and it's one of the most important things. i want to thank you guys. and of course, danny kennedy. up, box ceo aaron levie will stop by for an update of the storage company. don't forget, tune in this week. we will bring you the best interviews from the entire week, including linda thomas greenfield. it's "the best of bloomberg best -- west" this weekend on bloomberg television. ♪

cory: in this edition of "out of this world," blue origin lands a contract with nasa. the space agency says it added a list of vendors chosen to fly payloads near the boundary of space. virgin galactic among the list of firms already with this kind of contract. box shares took a beating, dropping the most in four months after the cloud-based software company -- they do it all. box ceo aaron levie joints me. -- joins me. talk to me about the quarter. when analysts missed numbers, i think the analysts missed, not the company.

number wasn't what they thought their you introduce this idea of seasonality. if that fair to say? aaron: yes, there are probably two major factors that drove the billings number being different than what analysts expected. moreirst is we are seeing seasonality in our bigger deals. more of our customers are doing their larger deployments of box and beyond, which seems to follow the seasonality of large software transactions. we signed up more customers than we have it any other quarter ever, 5000 new logos coming on board. was really about building pipelines for the rest of the year. cory: have you seen that before with these big companies? have you seen seasonality before? you've always had an interest in big companies. aaron: as we are moving

upmarket, we are seeing more pronounced seasonality. q1 ahe quarter before, or couple months ago, we closed a record number of deals, including a few multimillion dollar transactions. we are seeing that half of the year is really where we are seeing the largest growth and number of new transactions and the other factor that drove billings was we are changing our payment structure with customers, instead of getting multiyear state up front we are getting annual payment terms with customers upfront. that has the effect of year-over-year comparison. we will do a transaction with a customer, previously in many cases a large customer might pay us for multiple years in advance. cory: you recognize the revenue over time -- aaron: yes. we are trying to smooth that out by only rolling our customers -- billing our customers annually. the year-over-year comparison as compared to q1 of last year shows lower growth, but that's

also because we are doing a change in how we are billing our customers. cory: does that mean less cash flow ultimately? initially? aaron: when it means is cash flow will be much smoother and it will follow our revenue a lot more closely. in previous years, you might have a big delta between billings and cash flow and the revenue you recognize. cory: you have the companies who have got this giant pile of deferred revenue. you've seen so many companies manage earnings that way. aaron: we're trying to smooth things out so the story is more predictable. we did beat on our revenue guidance for the quarter. we actually raise the full-year guidance to $395 million. we are happy about the topline metrics from a revenue standpoint and you see more operational efficiency in the business. cory: i'm disturbed to hear you

sound like a public company. the class of great companies that started when you guys were coming together -- there's this class of emerging companies that are staying private and don't have to have stupid like i'm talking to analysts and meeting their stupid estimates, and just grow the business as fast as you can i do the things in cash management that are best for the business. do you feel that sometimes? aaron: i think a lot of the things that wall street does sure are healthy, making you are driving a sustainable business, that has all been positive to our execution as a company. i do think you have to do a good job and be crystal clear with wall street around what types of numbers they will be seeing change. there are always enter quarter changes to things like a gross margin. it might go up or down by a percentage point. up beingtility ends sometimes exacerbated in terms

of how wall street reacts to ah -- that. we are happy to be public. the benefits we get in terms of whether it is employee liquidity or being able to go to customers and have more transparency, they are able to see the balance sheet. they see we were building a robust business. i would agree that a quarterly checkup is good grade thati was on the buy side, was the hardest thing, to determine just just to find the whates, but to determine was signal and what was noise. i guess you had depend on company management sometimes to tell the truth. aaron: and our case, one of those great examples is our gross margin went down about 1 point quatrter over quarter. that was way more to do with the various changes or our consulting services or infrastructure investment we were making for the long run as

opposed to underlying change in the health and economics of the business. we put our 72% gross margin, which is right in line with what you see best in class products, and we expect that to trend up over time. cory: one customer you think tells your story the best. we certainly talk about customers like general electric, or you have a very large organization, multiple hundreds of thousands of people, and what they need is an incredibly secure way they will be able to manage all their documents, all their files, and be able to collaborate across their supply chain, and when it came to deciding what product could aptly -- actually deploy at that scale, work with all the diverse lines of businesses they are in, and be simple for users, they chose box. those are the kinds of customers to will see box continue acquire. we are in 59% of the fortune 500. ge is a couple hundred thousand

active users on the product. we want to power how large enterprises as well as small businesses are able to work and collaborate and share their information securely. cory: i'm glad to see one of us learn to dress like a grown-up. aaron: which one of us would that be? cory: that would be you. it's pink wool for san francisco. it's warm colors, but it's freezing cold outside. aaron: bring back the 1920's? cory: aaron levie, good to see you. oracle may be in the hot seat after a whistleblower claims she was instructed to add millions of dollars in accruals to cloud service financial reforms. she said she was fired in august after complaining to superiors about accounting practices. arele shot back saying they confident their cloud accounting was proper and correct and the employee worked for oracle for less than a year and was not in the accounting group. note.lyst issued a

shares fell big-time when the news came out. coming up, there's a new king of the app store. who picked up the dub, dethroned minecraft and kim kardashian? say it ian't so. ♪

cory: yesterday i told you about this cool powerpoint visitation from merry makers. there are so many big ideas here. i want to take you through a couple more really quick. let's start with one, we are kind of looking at social networking engagement, how much time someone spends on an average site. if you look at facebook, it is not even compare. so many people on it so much of the time. instagram also so successful. you look at things like fine and tumbler, those are drive-by -- tumblr, those are drive-by site

straight up what to look at active users on social networks spurs's messaging. messaging is blowing up and you can see it in the amount of people using these services. it could take over social media if these trends continue. who's having the best day ever? steph curry starts tonight with the nba finals. he's crushing it on and off the court. the number one store in the app store since it yesterday, jumping to the top like one of his three pointers from the outside. he's even beating out kim kardashian. say it ain't so. and even minecraft is happening. more tomorrow. ♪

♪ >> from our studios in new york city, this is "charlie rose." charlie: mitch mcconnell is here. he is the u.s. senate majority leader. he has represented kentucky since 1984 and is now in his sixth term in office. mcconnell has been at the center of some of the hardest-fought political battles in recent history, from campaign finance to obamacare to the current clash over president obama's supreme court nominee. john mccain once said, "there are few things more daunting in politics than the determined opposition of mitch mcconnell." recently, mcconnell pledged his support for donald trump.