he also warned the u.s. constitutional rights will be in jeopardy if the democrats regain control of congress. president trump: they will take away those massive tax cuts, and they will take away your second amendment. by the way, if you only had a choice of one, what would you rather have? second amendment or tax cuts? go ahead. second amendment. tax cuts. second amendment. i'm going to leave it at the second amendment. i don't want to get in that battle. alisa: the white house says it is currently reviewing recommendations from the pentagon about transgender service members in the u.s. military. the president proposed banning them last summer. he also tested the pentagon to come up with a plan to handle openly transgender soldiers. former term campaign eight rick gates pled guilty to conspiracy charges.hetatements pleaded not guilty in october when he was first indicted by special counsel robert mueller.

gates's former boss, paul manafort, maintains his innocence.his charges were revised after gates 's plea. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i'm alisa parenti. this is bloomberg. ♪ emily: i'm emily chang, and this is "bloomberg technology." coming up, dropbox files lead the charge for big tex ipo's in 2018. our look at a game plan and the players involved in the storage provider's public listing. plus, amazon's brick-and-mortar craze. the e-commerce giant makes another play for the struggling convenience store industry with plans to open more cash-less stores. the next round officially begins

in the fight for the future of the internet. will go inside the opposition mobilizing against the fcc's plan to end net neutrality. but first, the hourly. after months -- to our lead. after months of spec elation, dropbox made it official by filing for an ipo. the number is a placeholder that is likely to change. with the stored value provided -- we could be looking at one of the biggest tech ipos in recent years. ar more, i want to bring in report of roslyn following this story and our guests and has not been on the show in a while. let's start with the numbers. they raise the devaluation years ago, but they are more likely to target a $7 billion were $8 billion valuation now. what did we learn from this filing? >> confirming some of the numbers they have laid out. that they have 5 million users. when i start digging deeper in

terms of what investors will be looking at, yes, that $1.1 billion revenue number looks great, but when i didn't to the specifically, 500 million registered users is a number that was thrown out in march of 2016, but only 11 million of those users, only 2%, are paying users. what i think about what investors will be grappling with a state decide whether or not to buy into this ipo, is a big question dropbox has continued to have. users.ve all of the free how do you get them to open of their pocketbooks and pay the company for the products it is providing? emily: revenue growth is sliding but profit losses are narrowing. >> i think we have to look at the other storage provider, which is box. it is not very different. the numbers are the same. they have to percent on their user base paying users. same with dropbox. no they surprise there. i would say that the big challenge for them is to convince more people today for this.

that is not an easy task, but it is also not an impossible thing mostly because the wind is on their back. all trends are leading to more demand for online storage. yes there is more competition. there is box itself. when you see the challenges keep coming up, in reality, people love dropbox, the ease of use of dropbox trump a lot of stuffs google and apple have to offer. emily: box filed for an ipo and you did not have a high outlook for them. do you think drop pass will fare better or are they the same? om: i think when i came on and set the stock will be a big challenge, it has been challenged. i don't think dropbox will be any different.the stock will be challenged because the growth is not going to be that easy for them just like it has not been easy for box.

i did not say it was a bad company, just a lot of challenges ahead for them. emily: tell me about the risk factor. alex: competition is one of them. dropbox is trying to distance itself from them. it flags google and apple. their share letter, basically some fighting words think out. they are scaling, moving quickly, a lawless back at the incumbents, and income is where designed for a world weather was supported thing you ever did was pretty things out, so dropbox is trying to distance themselves. will investors be able to buy into this vision of teamwork and collaboration and cloud-based workspaces that dropbox is laying out to potentially distance it self? om: so far, all of their efforts to be a workspace have not worked. all of the paper and they

started the mail application. alex: the photo at. -- app. om: as a storage company, you can dress it up anyway you want, but it is still a storage company. is fighting amazon, which offers free storage with prime. it is fighting with apple, which has an easy conversion. same with google. google drive and google docs aren't easy -- are an upsell. the only thing going for dropbox using dropbox. it accounts for a lot in my books, but not more than that. emily: the brand and the recognition of that.this could be the largest tech ipo since snap. what else is in the pipeline this year? alex: spotify obviously not an ipo, but a direct listing and when we are paying attention to. there seems to be a lot of movement on the ground. people talking about listing.

the markets have had a little bit of turmoil, but enough stability that advisors are saying to go public when you are ready, so those companies as well as a number of bigger enterprise names are the ones i would pay attention to in the pipeline. dropbox will be one that people will pay attention to because it has decent financials, some flowing revenue, some things investors will not like, but it is indicative of the big version of the bread and butter tax ipo looks like. emily: thank you. om, you are sticking with me for a few more blocks. we have breaking news on warren buffett.he will entire -- retirethe end following the end of the upcoming shareholder meeting. he decided to retire as the decreases his travel commitments. remember, in his annual letter to berkshire hathaway shareholders, that comes this saturday. coming up, it has been a week of chaos for social media platforms.

and a crisis is unfolding after videos and tweets emerge labeling a florida teen as a crisis actor. if you watch bloomberg news to me the check us out on the radio, on bloomberg radio app, and sirius xm. this is bloomberg. ♪

acquiring 6% of a chinese $140operator for $88 million. the move is part of a larger brick-and-mortar retail move in a race against rival alibaba. both companies are investing in physical retail to ramp up

production of the digital wallet. companies like facebook and twitter have been in the hot seat for some time now and the problems continue to pile on. just a week ago, robert mueller unveiled the details of a widespread campaign by russians to influence the u.s. presidential election in favor of donald trump. 13 russians were indicted. since then, cell phone networks have been facing a backlash. twitter is not verifying accounts of some of the outspoken student survivors of the parkland shooting. facebook and youtube removed some of the consumer videos. here to have our heads around this chaos are our guests. selena, bring us up-to-date. every day, there is something new and some new problem for these companies to deal with. >> absolutely. the aftermath of the parkland theting shows how ritual of companies need to be about managing the systems and make

sure they rid them of automated bots and malicious fake accounts. we are seeing that every time there is a tragic event, anytime there is any breaking news, these malicious actors find a window to promote divisive content to push conspiracy theories. they will take every chance they can to get it, and the result of this week show the social media companies have not solved their problems yet. emily: you have been really following closely the evolution of social media. it seems like the tide is turning against facebook, twitter. om: i really think the tide is turning against them. have not reacted as much to social media as the media itself and the so-called 1%. i am being very candid about that. most people outside of the bubble we live in do not really care. emily: but that is the problem, isn't it?

om: what it is a problem or not, i cannot find, but i can tell you these companies, whether it is twitter or facebook or any other company, is driven primarily by one motivation. that is revenue. they cannot be thinking about cleaning up their feeds first. they are thinking about revenue first. when you start to parse that statement, you think this is not as important to them, cleaning up their feeds or looking for trolls or fake news. that is a very important because if they start doing that, they thedeclaring themselves editorial operations, and they will come under the same rules and regulations. emily: what do you think the intentions are? are they good or bad for people running facebook, twitter, youtube? om: deliver growth for their shareholders.that is primarily the goal . i mean, there is no other way to think about these companies. these are publicly traded listed companies in the business of making money. as fortunate as it is, that is a

harsh reality of these companies. emily: facebook has been making changes to what it shows to advertisers. there was something new about actual versus estimated metrics. tell us about that. selina: they have been focusing on transfers for the advertisers, making sure they tell them what is estimated and what is the actual return they are getting from the investments. a great pointes that up in of the day, but they are maximizing for his maximizing revenue, and that makes the experience not driven for consumers but for advertisers. oftentimes, the quick break -- clickbait divisive material mix into the top. wayperson suggests the only to change the issue is facebook to be a substitution model because only in that case would be incentives change, but it seems highly unlikely that would happen. emily: with that ever happened? om: i don't think so.

if you want a change in facebook or twitter or google, go after their advertising operations and regulate those. not the companies themselves, but regulate how they use data, how they collect data, and what they do with it. i think doing so will lead to better policies and managing the chaos of social platforms. emily: i want to talk to you about your thoughts on the robert mueller indictment because at one hand you can say it is always facebook of , the fact that much of the ads were purchased after the election and that these people actually use fake identities to quite masterfully --cumvent any of the anything in the facebook profits that would have cut them. om: i think when i saw their indictment, i said this is the latest testimonial for two entities. one is the internet research

agency being the best advertising agency in the world to actually deliver what they promised to their customers, which is trump' elections. right? the second is actually facebook where is it promises it can work. you can hyper target individuals and create and change their behavior. i think fundamentally, if you're going to use a system for such granular and national level targeting and micro-targeting, you will be a platform which is open to abuse. ronald goldman's published a series of tweets where he said he was excited about the molar indictment and share facts that he feels misunderstood about how this all works, tweeting the majority of the russian ads happened after the election. we shared that fact but very few outlets have shared it because he does not align with the main media narrative. even facebook is not believe

there was collusion. what do you think about ronald goldman's speaking, whether or not he was out of turn, speaking about this on twitter and not facebook? om: first of all, not out of turn. this is a very careful part of media strategy. this was with the blessing of media people and senior management at facebook. emily: that is your theoryemily: -- emily: that is your theory. om: they will fire a contractor for speaking out of turn with a roommate, and you mean to say they will let a senior vice president of advertising make such a fiery statement publicly without approval from the senior management? i don't think so. good news is i don't do what you guys do. i am no longer in the media business. but i think facebook has the best media organization, the best pr team, and they know how to spin the stories in their favor, and they do a very effectively. so i am very cautious of what comes out of facebook's

spokespeople. selina: interesting. i happen to think they shot themselves in the foot with netsuite. -- that tweet. they could not have seen read trumpng it -- seen donald read tweeting it. --y have a very strategic this operation was with more sophisticated than we could have ever imagined and the target was much broader than simply donald trump. it was about creating social discord in society at large. unfortunately, by the time he got to that point, his initial tweets have been retreated so far that has following statements of doing more about this was already drowned out. emily: selina, thank you so much. we will begin to this later in the show and talk about tech addiction and more. for the deception by amazon in the brick-and-mortar seen.

how the tech giant will roll out six more amazon go stores, next. this is bloomberg. ♪

emily: amazon plans to open as many as six more cashierless stores this year. giant is considering locations in los angeles and seattle. amazon go is the company's most ambitious effort to change the way people shop and a play for the struggling $550 billion u.s. convenience store industry. alik.how optimistic are you about these stories? om: i am impressed by what they have built. clearly, we are lagging behind in these kinds of cashierless experiences.

the japanese and chinese have been doing it for a little while, so it are very surprised to see it in our backyard. i think in reality this is likeure on big chains walgreens and cvs and folks like walmart, 7-eleven. those are the folks that will be under pressure from this decision of amazon. emily: how do you think amazon is going to change the brick-and-mortar experience? not just with these convenience stores, but also the grocery efforts. walmart is still the leader in online groceries. om: amazon is all about frictionless shopping and cashierless stories is as frictionless as you can get. don't have to talk to anybody or stand in a checkout line. in and out pretty fast. you monetize way faster.

so in theory, it makes a lot of sense. of course, it does a huge damage to the civic infrastructure of the city. they don't have as many people working at these stores cities become very homogenous and polarizing in an economic sense, so i think that is definitely going to be an issue, but it will be an interesting next five years for the retail industry, which has been frankly lagging. emily: we have been railing on facebook, google. we have been talking about apple and the disappointing iphone x sales. amazon seems to have a halo around it right now. what do you think amazon achilles heel is? om: i think their problem will be with regulators and the antitrust bodies will be looking at them very carefully. and they should because amazon as for the scariest of them all right now. emily: why? om: they have their hands in

everything. they have their hands in the entire digital infrastructure. they are building logistical systems and defining what brands succeed in markets like who is going to sell more products. there is no way amazon and apple kiss and make up without apple -- sellto send more more on amazon.com. i think that is their biggest challenge, regulation. i don't know why people think apple is doing poorly. i think it is doing great. it is a great company doing great work and building products it knows how to build and sending them in a lot of volume -- selling them in a lot of volume. same for facebook.facebook is selling a lot of at ds.

a huge amount of ads. we may hate them or dislike them, but they are doing right by their shareholders. emily: we had guest on recently who said amazon could at some point in the next few years surpass facebook in online advertising with google still remaining on top. om: i would not know how to answer that question, to be honest. i think with whatsapp and instagram hardly monetized, facebook definitely has a lot more room to grow. emily: so of these companies, which one are you most worried about? om: nobody. they are just very highly efficient tools of capitalism. the machines are working so effectively in creating a lot of money. if there was one company, if you would twist my arm and forced me to pick one, i think it will be google. emily: why? om: google has a severe addiction to one business model,

which is search and advertising based on search. unless they can figure out how to expand that revenue model, it will be difficult. emily: all right. you are sticking with me. thanks for not making me twist your arm. you twisted it yourself. coming up, we will talk about the growing dangers of tech addiction and what is being done to curb screen time, particularly for children. this is bloomberg. ♪

>> you are watching "bloomberg technology". florida gov. rick scott has proposed tightening begun state laws following increasing pressure in the wake of

school shootings. let me repeat, we will require all individuals purchasing firearms to be 21 years old or older. there will be exceptions for active duty and reserve military. national guard members and law enforcement. calledrnor scott also for trademark enforcement at every school before the start of next year's school year. president trump says he will let chief of staff john kelly decide whether or not to allow jared kushner to keep his security clearance. among dozens of white house aides weapon working without permanent security clearances for the better part of the year. president trump said he would consider rejoining the transpacific partnership with the u.s. can negotiate or favorable terms and spoke at the

white house during a joint news conference with australian prime minister malcolm turnbull. trump noted he prefers bilateral deals to multi-nation agreements. the number of european citizens looking to work and live in britain is falling ahead of brexit. migration and those leaving is less than 100,000 for the first time since 2013. india and canada reached an agreement on education sectors in a joint press conference. canadian prime minister justin trudeau called india a natural partner and trusted friends for commercial cooperation. >> our renewed economic partnership must create jobs and help families get ahead. as governments, we have the responsibility to set the right parameters for economic relationships to flourish in a

way that benefits everyone. not just the wealthiest few. has drawn criticism during his trip to india over canada's perceived softness on extremism. global news, 24 hours a day, powered by more than 2,700 journalists and analysts in more than 120 countries. i am alisa parenti, this is bloomberg, and more of the mark technology with emily chang is straight ahead. ♪ emily: this is "bloomberg technology". over the last two months people have called up a dangers of tech addiction, especially with

children. half american parents believe their children are addicted to mobile devices according to a new survey. m malik.is on ma i want to back up and talk about facebook and he said facebook is a negative for the world. but that doesn't mean anything is going to change. explain. i wrote in article a few weeks ago asking if facebook is negative for silicon valley and tech industry, and 52% of people said yes. that, soe 600 votes on not too many, but what i was trying to say is that facebook is not a good citizen of sadiq khan -- silicon valley. the only has a tech compromised -- they don't really like

companies at high valuation. google -- and instagram, they are not a plus to the system. hiring people at inflated salaries, causing housing problems, issues. people don't think about them in that sense, but it really is the lightning rod driving up all sorts of valuations for funding. people making more money are spending more money, and they are creating competition for talent. which is fine. emily: so is google. om: that is capitalism, and that is fine, but they don't give back anything to the community. nothing.

all they do is take from it, and the way they have copied snap and stories from snapchat. ideas and features and growth strategy -- that shows you how negative they are overall. that is also capitalism. but what i am saying is that google was always trying to contradict back to the ecosystem ibute back to the system. i think it is a great tool to uck up data for advertising. more data and more attention they have, the more facebook makes. the are not in the business of connecting the world, they are

in the business of collecting data to make as much money to sell to advertising. that is what facebook is about and that is what it is a negative. it doesn't improve our lives in any which way. it'd three or four years ago when it connected us, but now it has become a massive tool of attention and consumption for advertising purposes. emily: would you make of what roger mcnamee has been saying in this downward and negative spiral? it is their denial of self responsibility, and a half felt strongly about how facebook was and how it was making me feel with things i was doing. i decided to get off of facebook, and it has been six months and i haven't missed it. i think a lot of people were talking about facebook being

related because it is negative to our society. before we do that let's be self accountable and decide that we willtizens of the world not teach our friends, family, and kids to spend more time on facebook. companies like instagram. we should take a positive step forward on our own behalf for us, not regulation. emily: you may have more self-discipline than the average american. you can leave your phone at home. guy who's smart for 27 years and killed myself in the process, so if it is an addiction yet divided as an individual. emily: what about children? these are devices the are going to grow up with no matter what.

how do you fight that and how dangerous is it? part of the problem is we don't know the impact of tech on ourselves and children. om: i don't think it is no different than terrence what their kids in front of --evision, by the pizza no different than parents who put the kids in front of televisions. it is about good parenting and you should know what your kids are doing, where and how much, that is good parenting. i am not a parent, so i wouldn't know how to behave in the situation, but my only reaction to that, if you have kids and you do not want them to be addicted to technology, monitor it. emily: with her but our responsibility for ourselves and parents, what is the responsibility for these companies? om: you should ask the ceos of those companies.

as far as i'm concerned they will do what is their responsibility, which is make as much money for their shareholders. that is the unfortunate truth. emily: what happens with that election and the device being taken over by fake accounts, isn't that part of their responsibility? om: absolutely, fake accounts, you and i talked about this act in 2016. and email, why aren't companies and imo providers dealing with spam? still hold that statement true, it is a problem that they should be fixing. emily: but they are not. om: dare not because they want to show growth and engagement and that gets shareholders happy. emily: the dystopian view of the world. om: that is what i was saying. emily: it is not a positive

view. om: it is a view of the world which is realistic and may sound dystopian, but it is not, there is an opportunity for someone to come along and do better than facebook or google. emily: if there is room for anyone else, that is the problem. om: there is always new room for a company, remember in 2005 we thought myspace was going to win everything, it is 2018 and it is not even a footnote in history of technology. emily: all right, we will see. alik, greta had have you on great to have you on.min google is working with hardware firms to build devices specific commands and write integration with ai chips. coming up, the sec break and

fight to repeal net neutrality and what is to come. this is bloomberg. ♪

emily: now to a stock we are watching with shares of intel jumping on friday and this comes after reuters reported the chipmaker failed to tell the u.s. government about the flaws known as specter and meltdown while there is concern about the intele act or flaw, claims they didn't to share that with the authority because no one had exploited.

now to a story where following on net neutrality, the repeal is finally been published in the federal register, what does this mean? it makes the battle can begin in our net before we break it down let's hear what sec commissioner had to say about this the moment he spoke with bloomberg at the conservative political action conference today. going toers are continue to be protected and this is one of the great things i think about our repeal. isot of public perception that we have destroyed the internet. the truth could be further from those headlines. emily: for more i want to go to shields,n dc with todd when will these new rollback

rules take shields, when will these new rollback rules take effect? >> the short answer is not for a couple of months. the official record of what agencies doing here -- there are a few steps to be taken, some number of months from now, maybe in the fall or late summer. will see the rules come into a fact. emily: what will protect tech consumers on later regulation? >> this is a central part of the debate, the folks who back the rules change in december which gutted the obama era rules say we have taken that fcc off the playing field and to the trade commission antitrust law and those methods are robust enough to handle any abuses. but the opponents of the rollback, the folks in favor of rulesd rule say the old had the federal communications commission setting rules and preventing abuses rather than coming after abuses and attempted to correct them. that is a more certain and quicker way to keep everything rolling on the internet, but only time will tell what site is

right on this. up on the is coming agenda with the respect of this particular issue in congress? >> the publication in the federal register kicks off a 60 day. period where they can pass their congressional disapproval, a vote that in essence reverses the fcc's december vote. the odds of that does it look great because while they might get the resolution through the senate, republicans have a tighter lock on the house and will need to pass both houses and then we'll need to survive presidential scrutiny and mr. trump has indicated he backs the fcc's move. emily: what does it mean for the big internet tech companies? the googles and facebook square have spoken out against the rollback? how much does it matter for them? flowswill see of traffic unimpeded.

i know they are not fans with what the sec did and there is a legal battle about the start, and perhaps they will join that in earnest. is a big? . question mark. and there's a counter argument a that, so it is all still choppy battle that is going to continue in the courts and congress and over that fcc in coming years. emily: how do you expect the legal battle to play out? to oneill come back federal appeals court, arguments later this year maybe, and decision first half of next year, maybe. some people have told me, people who oppose that fcc think the fcc wrote a strong order that might stand up because the court tends to give deference to agencies expert decisions.

seche other hand, can the proof -- fcc proved they changed enough. emily: touch shields, thank you so much for that update. you to hitting pause on its program spending for streaming services. this is bloomberg. ♪

emily: youtube's original programming unit has hit a snag. it is not an encouraging sign since both netflix and amazon have one poster budget that are only growing. more i want to begin bloomberg entertainment reporter, lucas shaw. hist means you to

refocusing its strategy. they seem to have multiple bats going on at any one time, so if you look at you to paid services right now, they have read, which andhe deal with music futures and different things, and the value proposition has been a little bit of money, than you have the paid music service they are working on and live tv service. is u2 is putting a lot of muscle behind the life tv service and investing resources and the music service and the fate of original programming is unclear. they are not an "they are not doubling down. emily: let's talk about it in the context of what amazon and ethics are doing. -- is this a sign that youtube has one foot out the door? a sign thatt is youtube never has a clear vision of what it wants to be in

programming. netflix knows it was to replace the shows it is making. youtube is a wonderland for other people to upload stuff, and in two or three years they have changed the strategy for what they are doing in originals. youtubey it was all stars with their own original shows, then was high and shows, and now dare try to make a karate kid. how much money guard willing to put in shows is unclear. emily: what does this mean in the context of the overall challenges that youtube is facing? they are under incredible pressure right now, they have conspiracy videos of david talk and what is happening in the trending section, and youtube kids, there seems to be an inordinate amount of pressure on you to and perhaps a reckoning coming without videos are accepted overall. >> there seems to be a new

crisis for you to every couple of weeks and it points to an existential problem that they have to resolve. is nother people upload their problem if they are not a programmer or curator and justice neutral place for people that stuff come to have an argument whether you want to believe it or not to say this is not our doing. but when you are funding shows and deciding what is trending and what is good and bad, there is a conflict between being a media company and a tech company, and google has always been a tech company and has flirted with being a media company but never really committed to it. emily: i want to make a pivot to ."black panther numbers have been incredibly promising, where you see this franchise going because now is about what is next? the potential is limitless

there, and you have to imagine that when a movie is one of the five biggest openings of all time that they're going to try equel.her do a si they don't have the director locked in, but i would imagine chadwick bozeman is locked in. he appeared in an earlier marvel movie and i think he will come isk, avengers infinity war lined up for may, and this is a big deal for bob iger, he tweeted about it. and he doesn't tweet an awful lot. emily: this is a fascinating story about diversity in front and behind the camera, and the me too movement that is exploding in hollywood. you see an inflection point right now in terms of who is making movies and how characters , especially women and ortrayed?s are per

to be a longer haul and there's conversation of people jumping on the success of wonder woman and black panther to say why you have been doing this earlier and more often? it is crazy with to talk about it being a big deal that you have a blockbuster movie with a black protagonist or female protagonist in the should be the norm. whether it gets institutionalized in hollywood comes down to whether they get more shots over and over again because what you hear most often from female directors and directors of color is that they will have a big success with the doesn't work to get pushed aside in a way that doesn't happen to their white, male colleagues. the continued evolution at success for minority filmmakers companies to be a commitment on the part of hollywood will see play out over the next two years and not just a couple of months. emily: lucas shaw in l.a., always good to have you on the show.

momo is solidifying by a newly issued shares, and china's worsening ise to female ratio affecting online dating. their claims they have broken over 3 million matches online. that does it for "bloomberg technology". reminder where livestreaming on twitter. for now, this is bloomberg. ♪ we use our phones and computers the same way these days.

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near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. ♪ david: you now have had to follow bill gates and steve ballmer, two legendary figures. satya: look, the clear message was don't try to be like us. david: did steve say if you do this well, we will be happy? the result of having empathy made you a better ceo? satya: my pursuit is their a growing sense of empathy for people around me. david: do you get a standing ovation for what you have done? satya: no, i get a lot of people asking me, saying, hey, come and fix my computer. [laughter] >> would you fix your tie, please? david: well, people wouldn't recognize me if my tie was fixed, but ok. just leave it this way. alright.