♪ emily: i am emily chang and this is the "best of bloomberg technology," where we bring you our top interviews from the week in tech. president trump withdraws from the paris accord where leaders from tim cook to elon musk speak out. over fires the start -- uber fires the star engineer at the --ter of its driverless car wyatt was time for anthony webb and ousley you for go.

we hear from the ceo -- first, to our lead, president trump has announced the united states will withdraw from the paris climate attacked and that he will seek to renegotiate the international agreement in away that treats american workers better. president trump: i will immediately work with democratic leaders to either negotiate our way back into paris under the terms that are fair to the united states and its workers or thatgotiate a new deal protects our country and its taxpayers. emily: detect and history already responded to trump's announcement. tech industry already responded to trump's announcement. elon musk saying "leaving paris is not good for america or the world."

we spoke to a member of the bloomberg energy finance team about the impact of this decision. gap between president trump and silicon valley is a grand canyon at this point, but i think what is more interesting to me is the question of how committed business has become, not just silicon valley, but most big businesses in the united states towards climate change remediation. he issue of whether climate change is happening or not is not really controversial among most business leaders. clearly, a lot of progress is going to still be possible even without the u.s. in the paris agreement despite the fact that everyone agrees it is a stupid, stupid thing to pull us out. emily: let's talk about this, colleen. how are tech companies and broader u.s. businesses actually going to respond in action rather than words? colleen: great question, emily. we have already seen action out of silicon valley from these companies. ,f you look at the tech amiche

amazon, google, microsoft got together in defense of the clean power -- power plan and we have seen them repeat that climate change is one of the most significant issues facing our generation globally and they are actually putting action behind these words. they have said -- all four of these companies which represent three and a half trillion in market cap have set renewable energy goals. they want to source all electricity from renewable energy globally and google came out on record saying they will 2017.at target in we saw amazon bv one number one procurer -- be the number one wind farms ind china for clean energy for their suppliers. they are very much to hide this. emily: china has reiterated their support for the paris agreement. i wanted to take a look at the

bloomberg. we have a map of the solar plants across the country. the green shows plants already in operation in the yellow shows plants that are planned. how does this map change in five years as a result of this or does it? colleen: that's a great question. in some ways i think you would expect to see that green appear even more heavily in those states in which solar is already very concentrated. it is important to talk about what is going on on a federal level, but equally important in the u.s. to be inking about what is happening on the state level, to. just yesterday, the californian senate passed a bill to get 100% renewable energy by 2045. that still needs to make its way through the assembly, but there is absolutely activity on a state level that will contain to drive wind and solar build. at the same time, we have seen cost fall dramatically which means it is becoming more economic to install solar in more areas of the country. just from 2008 and 2016 we saw

the cost of tv modules, only part of the panel, but the cost of tv modules fall by 90%. this is helping more states to actually invest in solar as well. emily: david, president trump is saying he's trying to protect american jobs and on the other hand there are concerns about jobs in clean tech and new energy. are we seeing this potential big market opportunity to other countries like china? david: absolutely. i think it is widely believed particularly among people who have a sort of future centric view, which you would help -- hope's most business people, but there is a massive long-term business opportunity in remediating climate change. it is always like -- almost like what i was thinking before. if you think about what world war ii or what wars due to motivate a country to really gather all its energy together and make rapid progress or look

at what the depression did to create the wpa and all the infrastructure we created greater facing a crisis can be one of the most motivating things in the economy and it is happening in china right now. they look at it that way and they are really aggressively moving forward on remediation technologies across the board with solar being a leading example. i want to quickly point to another thing that is really relevant to the connection between tech and it -- industry and this decision. ,ost states where they operate tech companies are the number one power consumers because cloud centers are such a gigantic consumer of power. there was an article not long ago even in west virginia the coal state, the utility there is now shutting down coal plants and putting in more renewables poorly because microsoft and other companies are their biggest customers and they are saying we want renewable power. emily: that was colleen reagan have -- and david kirkpatrick.

coming up, another wild week for uber. the startup fired the star engineer at the center of their bit -- bitter dispute from -- with waymo. the electric car market has been growing in fits and starts for years. could the chevy volt be the tipping point for the industry? we will hear from one analyst who literally ripped up the car to find out. this is bloomberg. ♪

♪ emily: amazon crossed a major milestone this week. the stock traded above $1000 a share briefly for the first time ever and has hovered just below that price. the company has been willing investors with dominance in online commerce and cloud computing. the stock is up only -- almost 40% from a year ago. some fragile parents make it cash back from amazon. the tech giant will refund customers whose children made unauthorized mobile app purchases between 2011 and 2016.

the federal trade commission ruled that amazon made it too easy for children to make purchases on mobile games. the decision ends a three-year legal battle. the refund amount the top $70 million. it was another eventful week for uber. their revenue increased $3.4 billion in the first quarter despite thousands of people deleting the app from their phones. they also said that head of finance will leave to take a position at another startup. the most explosive develop and the week was the sacking of anthony levandowski, the former head of the self driving car efforts and the man at the center of the battle between uber and waymo. he was -- he was recruited by uber after a long stint at google. patentseged he stole and use them at uber. he invoked his fifth amendment

right not to testify which made it more difficult for uber to defend itself. we spoke about this with mark bergen and our senior executive editor brad stone. this is really about 14,000 files. files that were allegedly and surreptitiously downloaded by anthony levandowski from waymo. the judge said he had to turn over those files. uber told him he had to turn declinedfiles and he to comply, perhaps because something about them was incriminating. it is interesting, it turns what has really been a two-party case into almost a three party case. versus uberwaymo and anthony levandowski off on his own. emily: how does this impact the case? does this hurt uber's case or hurt waymo's case? >> they are waiting for whether or not this will set the criteria of the judge set up for

the injunction. the judge could say uber, you fired levandowski, and he said previously the case was strong, but he said there was no "smoking gun." it seems like uber's lawyers know what they are doing good right now, it is really unclear. emily: is there any chance levandowski could be personally prosecuted here? >> i do think there is a criminal case. he also has a prior case waymo filed against him prior to the lawsuit against uber. he hired his own lawyers after that lawsuit, criminal defense lawyers, so that is a likelihood as well. emily: levandowski argues he has been forced to choose between his job and his constitutional rights. does he have an argument there? expert, buta legal perhaps. : uber's driverless car

efforts? what is it mean for them? >> he has been replaced as the head of the driverless car division from carnegie mellon. -- onered other folks from the university of toronto started the ai lab in toronto for uber. the risk is the optics of this look so bad that it is going to be increasingly difficult for uber to higher folks and talent is the name of the game right now. emily: there is a public trial on track for october. what is next here? mark: two brad's point -- to brad's point, self driving cars are not on the road tomorrow. is a chance uber may turn more into a partnership model. they might try to reach out to more carmakers, something that lyft has done and they are also in talks -- in talks with waymo

on a partnership there. movement.e a lot of uber also has the massive investigation into their harassment issues. maybe this is a way to put this on a back on her and deal with a lot of other cultural issues facing the company. brad: there is always the possibility these companies settle. google is an investor in uber. it appears from a distance that this case has been about the founders of alphabet, larry page and sergey brin with a personal vendettas against one of their personal employees, anthony levandowski. now that he has separation from uber, perhaps it is the beginning of uber and google coming back out of the side of being allies versus adversaries. emily: interesting. the uber ceo got some sad news of the weekend. his mother was killed in a horrific boating accident and his father is in serious condition. our hearts go out to travis at this time. uber have ak, brad,

lot of challenges on its plate. the sexual harassment investigation, the results are coming this week or next week. are we expecting any delays? thread: as far as i know, no. eric holder was due to develop -- deliver his report to the board of directors. it was insist -- it wasn't suspected a report -- that report would become public until next week. i don't know how much it will slow down the investigation. emily: do we know anything about which way the investigation is leaning? brad: we know very little other than he talked to many many hundreds of employees and he delayed the point -- report at one point asking for more time because of the response he had gotten. emily: how have all of these issues piling up impacted the uber brand? : in the tech community and the investment community here in san francisco, very much so, you

step outside the bubble and go to another city, another country and uber is an increasing part in people's lives. other ridesharing company's two, it is this weird paradox where , hiringd has been hurt has probably gotten more challenging and inside uber is probably a difficult time, but this is a service in a company people love. emily: that was bloomberg technology's brad stone and mark bergen. of the story we are watching has been revealed. two former theranos directors did not follow up on allegations surrounding the technology -- validity of the technology used at the start up. gary ruff had an former u.s. secretary of state george schultz said in depositions that they did not think to question the company's founder about the matter. you will remember both men left the board in 2000 14 after a wall street journal investigation highlighted employee's concerns about the company operations.

-- we dive into what has become essentially the state of the union for the tech industry. , this is bloomberg. ♪

♪ ended an 11nally month product drought. the latest product is a security camera. it is the first redesigned camera since the required startup dropped the camera in 2014. it shoots higher resolution video that allows users to more deeply zoom into footage without losing clarity. towill automatically pan follow a person in the view as they walk around the room. mary meeker unveiled her widely followed internet trends report .or 2014 -- 2016 it covers -- a major takeaways from the report, the rise of

online ads. with global internet advertising monthed to pass tv in six and google and facebook reaping the benefits with their combined share of online ads amounting to a whopping 85% and rising. we dug into the findings with bloomberg intelligence u.s. director of research paul sweeney. paul: we are seeing the trajectory over the last 10 or 12 years where we have tv ad spending growing about 4%-5% a year, and digital ads ending growing 15% to 20% a year. the lines are just about to cross this year and if you look at the forecast over the next several years from various forecasters, continued upward trend in internet ad spending, double-digit growth versus television in the low single digits. emily: what does it mean for everyone else if facebook and google are getting the lion's share of the pie? , il: if i am an advertiser am worried because i have a

market where there really is a duopoly between facebook and google. i only have two platforms to allocate my ad dollars. that is not a good market structure, market dynamic. what we are seeing is of the incremental ad dollars going to the digital marketplace, google and facebook taking just about everything. it is really a challenge for some of the smaller platforms, twitter,t are, -- snapchat, 400 million users on your platform these days is not enough. we need to take a look at google and facebook, each of facebook's platforms is at or above one billion -- one billion users when you think about facebook and instagram and message. it is just a tremendous reach a vehicle and what we are seeing is these big platforms like google and facebook are really trying to target television advertisers because that is where the money is. emily: something else that meeker called out is the measurement of the impact of

online ads is very much lacking and the placement of ads is sometimes rather suspect, perhaps they might pop up next to offensive contact -- content. what you make of these potential headwinds? paul: these are significant risks and highlighted by advertisers and ad agencies that represent them. measurement and context and placement are really the two big issues that these internet companies really have to figure out. that being said, the dollars are still going to digital. what is interesting, we are going to have a big data point coming out of the television industry when they sell about 75% to 80% of their inventory of what is called the upfront $18 billion or-- $20 billion for the allocated to television. ad expectation is tv spending will be flat or down. facebook and google are seeing their top line have an -- advertising revenue grow 20% plus. have to compare the markets and

you can see where advertisers are going despite some concerns. emily: on a slightly different topic, she also called out amazon and talked about how it is changing the face of retail, which we know, but mary meeker specifically pointed to amazon baby wipes, amazon batteries, these are products that amazon is branding itself and selling to consumers. what impact is that having on the retail lance cap -- landscape? paul: when you get to private branded products it shows the strength of amazon in the retail marketplace. not only have they disrupted the entire brick-and-mortar retail, but they are really starting to think about how they position themselves within the retail market in certain verticals. when you think about amazon, jeff bezos has shown that he that hee any investment thinks will grow his business long-term because he believes, obviously, that retail sales going to online will grow from oray's average of about 7%

8% to well over 10% and he needs to be a part of that and the leading player. we have seen this company make tremendous investments across businesses because they believe in the long-term story. emily: that was bloomberg intelligence u.s. director of research pulse meanie. -- paul sweeney. alphabet has been testing a service here in san francisco and in israel and plans to launch in brazil. the ridesharing platform operates more like a traditional carpool where the driver and passengers have similar origins and destinations. unlike over and lift where -- unlike uber and lyft. >> hello. what a nice ride. >> thank you. >> happy car pulling. -- car pooling. >> tens of thousands of people

have entered. millions of people have already downloaded waze and all they .eed to do is opt into carpool we have thousands of carpools every week in the bay area. >> why are people using waze already? is it work, is it play? >> we are trying to connect commuters who either don't have a lot of options or are tired of driving or have limited parking at their workplace. we are connecting commuters who are going in the same direction and who have similar origins, similar destinations, they are neighbors, they are friends, they are colleagues and simply taking cars off the road. >> what about the money exchanging hands. how much are you getting reimbursed for taking me and how much am i paying you? not-for-profit share the expense carpool.

these are not actually for profit drives like ridesharing. to $.54ver, you get up a mile, which is the federal limit on gas and expenses for driving and the writer -- rider will pay no more than that as well. a 10 mile ride will probably be about a five dollar exchange between writer and driver and -- iser and driver in waze facilitating that. we do the transaction behind the scenes. >> why else is waze doing this? is it not me -- making them money or is it? >> today we are not taking any commission on matches, but at some point when we retire density and our quality of services where we wanted to become a we can take a small commission. >> and the data you are getting out of it, where is that of interest? >> definitely data is important to waze. the more people that are using waze, the better it gets for

everyone. something like carpal where we can tell -- carpool where we can tell where your home and your business is and it helps us health cities, here are your origin places of density, your destination places of density. we work with 250 different cities around the world to help them solve their traffic problems. >> how does it tie-in to the greater scheme of output that as well -- alphabet as well? >> at this point we are not working within any other entities. it is very much a waze product. >> how is the competitive landscape? >> at this point it is early days. lyft and uber have experimented with carpooling models. up, the man who

was the mastermind behind android unveiled his latest creation. we will find out why essential believes there is room in the market for yet another smartphone. all episodes of bloomberg tech are live streaming on twitter. this is bloomberg. ♪ . .

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public wifi for your customers. private wifi for your business. strong and secure. good for a door. and a network. comcast business. built for security. built for business. emily: welcome back to the "best of bloomberg technology." i'm emily chang. andy rubin is back in betting big on a big new smartphone. he unveiled a new product from his new company, essential. it has some serious competition in the smartphone market, but rubin believes his company and product will have the it factor to appear -- appeal to the masses. premium materials, passion, and craftsmanship is what we're bringing to the consumer electronics space. emily: you don't think apple has that?

>> i think there is a little bit of incrementalism in the last few years, a little bit of a boredom factor. the grandparents have the same devices as her grandkids, as you do. the first ceramic titanium enclosure, the biggest screen and smallest formfactor, and a unique access report on port on -- accessory the back, which has those amazing 360 camera that snaps on the back. our devices going to evolve with you. it's going to allow you to make your phone meaningfully more powerful overtime. we are going to focus and essential on only what i think is a significant elevation at all times and only significant accessories. this device we are selling for $49.99. it is something that's affordable that you bring with , you can capture any

important moments, whether it's a sporting event or your kids first steps. emily: this is your first hardware company. what are some custom components? enclosure, materials. we're the only premium product using premium materials. we are not marking up the building materials by a factor of three. we need to be a pro consumer brand that materials on the phones and+++

at a great value proposition. we have the camera through the middle of it, and ultimately, you can think about what we're doing in the long term of this device by looking at the back. we're losing -- using a fingerprint sensor and a black and white fusion color system camera. the next device will actually swallow the edges up. we have thinner edges on the device than anybody else and frankly, it's distinctive. we are bringing back the cool factor. emily: what sort of software customizations are there on top of the everett-based? -- of the android-based? >> android's 85% of the market and we think we know how to take advantage of it better than any other firm in the market. we are trying to unleash the full power of the pure android operating system. carol: will learn -- emily: will accessories be available? >> we're big on third-party ecosystems. we will have no preloaded apps, minimal preloads, because people want choice. we are unable to turn the back into a real standard long-term, a hardware developer network. emily: the home operating , them, ambient os

connected home has yet to take off. when will it? what do we need to get there? >> i think we believe that the homes of the same stage of 2004opment as it was in when we started android. think in developed nations comments when it take the better part of a decade for us to go from single digital appliances where people have in the homes. we are to build the first device directly help you or a wrap your home, automate and connected altogether. we are doing that without being another walled garden. emily: you think android is just fine, or you ever build your own phone os? >> never say never, but we think there's a lot we did add premium hardware to a great operating hasem and we feel no one done full justice to the android operating system with the

hardware. we are a software hardware. on the home. apples is watching. what does apple bring to the market or is it too late? >> i think we're in the first inning in the home. we are where the phone market was in 2004 and 2005, just stretching the surface of capabilities. there will be a lot of change. one of the things we're passion on his believing in the long run that consumers want stuff to work and they want to be able to buy whatever solutions they want. we don't think the winning model is you have to use all my tough -- all my stuff. we want to provide that horizontal layer to allow you to pick out whatever you want. think about the long tail in the home, it's much longer than a mobile device market was. there's a lot of sentimental value still become. that was essentials

president and ceo. ahead of the release of the tesla three, the auto team at ubs hold of their biggest competitor, the chevy volt. they took the car apart to give a conference of breakdown of the features -- a comprehensive breakdown of the features. they discuss what they found under the hood. >> we partnered with the team we called evidence lab, about of geoscientists and we talked to them about how the chevy volt will be the first mass-market ev with 200 mile range. synthesis is an important vehicle, we decided to partner with the company who is an expert in automotive teardowns and provided us a very detailed cost analysis of the entire ev powertrain, which i think is us a unique edge in understanding this important phenomenon in the industry. emily: give us the highlights on all the bolts compares to the tesla model three.

>> we will get full details of the model three, that they are a similar price point. base tesla model three will be $35,000, the bolt with base $30,000.ore like similar price points, the range will be very similar, both will be over 200 miles. obviously, tesla is more upscale when we compare the two. put more costs in the powertrain and assume they're going to have a nicer interior given the price point, probably going to be more like $42,000, $43,000 with all the options, closer to a bmw three series. emily: you estimate gm is losing $7,400 on every car, there's a slew -- estimates that tesla's will be moving -- losing on every car. how do they close that gap? >> the big driving forces

battery cost. sell's only going to around 30,000 volts a year. the r&d costs are really spread off of a lot of units. the big driver going forward is costs aree battery going from over $200 per total lower today, we estimate it will be around $130 per kilowatt hour. we also assume certain components that have a good step function coming down on the ed powertrain that will also help in above average decline on the ev powertrain as well. that's from a $9,000 cost premium just a $3000, $4000 cost him him. when you contribute to the total cost of ownership, lower fuel, lower maintenance, the economics , especially in europe when gas prices are higher makes a lot of sense. what is your projection for the growth in the ev market

in general as a result of the volt? >> we raised the global forecast, costs are lower than we expected and we expect that are costs to accelerate. as with a lot of experts we talked to around the battery. 2025 aboutcting by 14% of vehicles globally will be ev, a very high number compared other estimates. a lot of them will be driven by europe with about 30% penetration in europe and the u.s. we are a bit more conservative expecting only 5% ev penetration. we look at it with much lower gas prices, it's going to be more a luxury vehicle and one of the reasons why we are cautious on tesla is we know all the german luxury guys will be coming with the own -- with their own ev's, mercedes, audi, porsche, the competition is intensifying on luxury side. emily: what does this mean for the audio industry -- the auto

industry at large? >> it's an important transformation. when you think of automakers, the whole engine is going to be overhauled here. that's what it is difficult and challenging transformation. at the end the day, we do think the return on investment capital for automakers will be consistent with what we have today and i think there's a very important role for the traditional automakers in the future. , in aighlights and names report, delphi really have good content, lear has good content on ev. more content than we have on an internal combustion engine, it could be a positive if you are a well-positioned supplier. emily: any idea when chevy will be making the car more widely available with less focus on california? >> icna will be ramping production throughout the rest of the year. it only launched in the fall.

--ly: that was, lincoln colin langan. bitcoin has been on the move, we discuss the cryptic currency, next. this is bloomberg. ♪

escalated theas battle against rival amd in their market for high-end computer processors. chipswill begin selling under a new core i-9 brand aimed at gamers. the only competition in pc processors says its latest product has outperformed intel chips. than 100%s risen more in the last two months but critics say the digital currency is showing signs of a bubble.

bitcoin an all time high from only the slump back down. if this kind of volatility that gets people worried. not to mention questions about safety, fraud, and competition from other digital currency. we spoke with bloomberg editor large cory johnson. collects we've seen really fast growth and bitcoin recently. i think it's an uptick coming from an industry that hasn't been moving is aggressively in the public radar. of the growth lot in the price is more closely tracking the financials, i think we are seeing a big uptick for that reason. told thatestors bitcoin is like gold, a finite resource and therefore not as interesting. i think gold is fascinating, but it's true that the way bitcoin is constructed is meant to be finite and harder and harder to mint as there are

more and more out there. the scarcity value is an important part of the bitcoin plan and has been from the very beginning. i think for people in the bitcoin community, they steal this investment and excitement and they know all these deals, they can't believe their parents don't understand what they are doing. when they see the price surge they think it is seen as a validation of what they've been working on. like's an element of gold fervent belief and rabid speculation going on here. i think you can see that when you show that five-day chart, five days of are really dramatic one hour 20% selloff and bitcoin, you can really see it is so speculative this current wild ride that bitcoin is on. while the long-term value of bitcoin may be in the eyes of the holder how the volatility is really in the eye of the speculator. emily: investors say bitcoin is old news, the new hot

cryptocurrency is something called a theory him. i asked for craig wilson's production for the year and he had this to say about cryptocurrency in general. that if. -- etherium will bypass bitcoin by the end of the year. predictions hehe could've made, that's what he chose. explain how they are different. >> bitcoin has programming language, it's a very limited programming language. this programming which is much herum.xpressive in et a much richer organic developer system developed very quickly. emily: would you agree with what

fred had to say? you think the market cap is going to replace -- >> i don't know if i would agree with as aggressive timeframe, but in the long-term, absolutely. emily: how long? >> i would extend that out one year, made by the end of 2018. emily: interesting. -- etherum is interesting. ip it'se like a pc fascinating and using the general concept of block chain. it's harder and harder to use bitcoin and one of the big issues that not a lot of people are talking about in the bitcoin world are how hard it is to close a transaction, the speed of closing a transaction and bitcoin is getting x initially

worse than it's been happening coinciding with the big rise in the price. it's hard to do a deal and bitcoin right now. we have a chart that shows how long it takes to get confirmation on the bitcoin network of a bitcoin transaction and is getting slower and slower , and that may be a problem embedded into the actual coin itself, so the bitcoin can't get out of its own way with this problem. there's been a lot of discussion for this for well over a year in the bitcoin community, but the fixes haven't worked and the proposed fixes are challenging the very nature of bitcoin, so unless a solution is found, and this one be a real problem in the face of bitcoin's ascendancy, because the transactions can't get done. emily: what of the safety issues? ransom cover this big and the attackers

were asking for ransoms paid in bitcoin because of the anonymity. will that change? >> these technologies offer a whole new suite of use technologies that were available before. that includes good and bad. emily: are there any other cryptocurrency's which we watching? >> many others. himry much like the theory reum tokens, and some of the more novel types of signatures, things like the cash or more narrow. emily: wendy think these are going to go mainstream? when will the average not this consumer be paying for things and bitcoin or ethereum? >> we are still in the upper structure building phase. i do think within one to two years we will start to see the first viral applications that are user facing. olaf and corys

johnson. from seo aaron levie about the company's latest earning results in the goals ahead. check us out on bloomberg radio and sirius xm. this is bloomberg. ♪

emily: to keep up with competitors, microsoft is giving skype a makeover. the new app has all the features users know, while adding third-party services, simpler photo sharing and a revamped interface for group check. skype has taken agreed -- a back seat to apps like i message. it will start out with android devices, than on the iphone in about a month.

it was a banner quarter for companyntent management him theirhey made goal of being cash flow positive, a big challenge for a tech firm looking to grow. we talked with box ceo aaron levie about what's next for the company. >> made sure we are plugged into different applications our customers are using. if you are using facebook for enterprise, their new work worries -- workplace products, we want to make sure content can be served up security -- securely in that environment. if you are using slack for communication on teams, we want to make sure box can be the backs and system for that content. getsy any application that created or used in the enterprise, we want to ensure we have a deep integration to power the content management and underlying data management within that app for our

customers. partnering is fundamental to our strategy and we are excited that over the past year you've have seen some expensive partnerships with companies like microsoft, google, ibm and others. these are very core to our strategy. emily: how is being cash flow positive impact the business? >> is one of the biggest concerns or questions that wall street had when we were first going public. we were going -- growing very quickly and burning a lot of cash. the big question was what was this business when will i get scale? -- going to look like that scale? the market that q4 of fy 17, in january that we just came through, we said we would be cash flow positive in that quarter and we did achieve that. that was what we have guided wall street two and now for the full year for fiscal 2018, the year we are in right now, we also guided that we will be cash flow positive full-year basis.

toiously, we don't have raise outside capital anymore because we are now generating cash, with over $200 million in the bank area i think more importantly, it shows that as we are growing pretty rapidly with 30% growth on the top line, we are generating a very healthy core business model and we have very strong and healthy economics at the foundation of the business, which is incredibly important to just running our company, but also equally important to wall street's understanding of what we're building. emily: you have been critical of president trump and when he was the candidate last summer you signed a letter along with 100 other tech leaders saying he would be a disaster for innovation. trumpares are up 30%, has been the disaster for innovation that you expected them to be? >> i would separate our business performance from some of the policies that have been an active. as it relates to a innovation and the innovation economy, we really haven't gotten much of a clear message from this new administration about what they

believe are going to be the defining factors over the next decade and coming decades to truly driving a high innovation economy. that would range from things like high skilled immigration, stem education, digital policy issues like encryption reform, patent reform -- a lot of issues where they are still -- it is still really unknown what the administration's viewpoint is on these major issues that are going to be not just fundamental to the tech sector in silicon valley, but really the broader economy as more and more of our economy moves into the digital age. i think it is still very early and unfortunately, we haven't seen some of the policies we would like to see that would drive innovation forward in a much longer term picture as opposed to just the past 140 days or so. emily: what about climate change? one of the biggest threats --

what are the biggest threats to the tech industry in regards to trump's stance on the pairs accord? -- paris accord? >> when you look at things like internet policy, were we have historically been a leader around the world in setting the tone and sending a message to the rest of the world about really what we are going to stand for and what our philosophies are going to be as a country. emily: that was aaron levie, ceo of box. that is it for this edition of the "best of bloomberg technology." we will bring you the latest in tech throughout the week and this wednesday we sit down with meg whitman, hewlett-packard enterprise ceo in an exclusive interview. tune in for that conversation at 5:00 in new york and 2:00 in san francisco. are now live streaming on twitter, check us out on bloomberg tech tv on wednesdays. for now, this is bloomberg. ♪

oliver: welcome to "bloomberg businessweek." i'm coming to you from the magazine's headquarters in new york. why the irs is demanding $2 billion from caterpillar. and the interview with the san francisco fed president. john williams. finally, what went into making the song of the summer. it does mean we will talk about justin bieber. all that ahead on "bloomberg businessweek." ♪ oliver: we are here with megan murphy. let's talk in the politics sector. we heard donald trump was not going to touch social security.