.ongest serving advisors she had reportedly been considering resigning for months. her resignation comes one day after she testified before a house handle, telling them her job required her to tell white lies. president trump wants a number of measures that would increase background checks, telling members of congress that, "you have a different president now," pointing to previous failures to address gun violence. president trump says the u.s. will use all available tools at its disposal to prevent china's state-driven economic model from undermining global competition. the remarks come as the u.s. weighs a series of potential trade actions against china. banking regulator has reportedly given deutsche bank and to know others until march 5 to provide clarity on their business relationships with president trump's son-in-law

jared kushner. the department of financial services wants more information on previous loan requests. the white house is pulling top-secret clearances from more than 30 staff. more on that straight ahead. i'm alisa parenti, and this is bloomberg. ♪ emily: i am emily chang. this is "bloomberg technology." up, spotify files to go public on its own terms. why the music streamer is skipping the traditional ipo dance and blazing its own trail to the new york stock exchange. plus, another quarter, another beat for salesforce. we crunch the numbers from the giant. and the backlash from big tex's nra hesitation -- big tech's nra

hesitation to decide on gun control. but first, to our lead. one of the most highly anticipated public offerings of the year is here. spotify is going public. the company is not filing for a traditional ipo, instead a direct listing on the new york stock exchange. as part of the filing, spotify revealed it is holding on to the top spot among streaming services with 150 9 million monthly active users and 71 million paying premium subscribers at the end of december -- 159 million monthly active users. we are thrilled to welcome back bloomberg's caroline hyde. we have missed you. it's great to have you back. we have bins -- been talking about spotify's plan for the past few months. what do you make of the way they have chosen to do this? caroline: fascinating, really. it is great to be back with you.

i had to come back, did not, for what will be one of the key , notean coming-of-age filing for an ipo, but instead just listing shares. of course, we might think that it is because they do not need any more cash, but we also might think it is because they do not want the drama of an ipo. hot in their minds might be the previous swedish company that went public that fell on ipo day, and they do not want that. swedes are known to be cool. swedes are known to play it cool. the ceo, chairman, cofounder for the site does not like the limelight. you can hardly find any videos to 2012.ing way back this is perhaps a company that just wants to do things a little bit different. there is swedish. alex, what did we learn from the actual perspective today? alex: coolness factor is not necessarily what investors will

look at. they do not get to go on these roadshows. they do not get to sit in and ask daniel questions. they will be looking at financial results. we did see revenue did grow last year to 4.1 billion euros, but the company continues to lose money, and that is something people will be paying a lot of attention to. emily: will it hurt them not to have access to the ceo? alex: potentially. when you think about the music streaming business, the big question continues to be -- is this a viable, moneymaking, potentially profitable industry? spotify is the leader. they do say they are the leader by more than double of apple music, and that is great, but 71 million premium subscribers -- the folks who pay spotify money -- that is still a small slice of the number of possible people out there who could be consuming music content. you will be potentially getting a lot of deep thought, and a lot of combing through this respect is that investors are looking at

as they decide what is the real valuation for this company because they will be the ones making that decision on listing day. emily: there are giants in the room like apple and apple music, of course. what does this listing mean for the european tech scene? this is crucial. some of the numbers we have seen bandied about listing spotted fight anywhere up to the tune of $21 million -- that is significant, much bigger than we have seen on the european tech scene in recent history. to supero go back cell, which sold out to china's just $10and that was billion. last year, the one we got excited about was about $5 billion, and that was delivery hero. we think of the ones that have recently come to the market, and some of them just do not live up to the sort of heady height spotify is going to hit.

this is crucial, and also what is crucial is more companies want to come to the market. oflook at the likes .elivering -- deliveroo will they becoming? this will take the way for smaller startups as well because vc's will cashan in on this deal. local ones, ones that were vc founded in sweden. also, locally to london, wellington. these companies will make money if they sell shares on listing day and final it back into european tech. it is crucial. emily: we saw a few days ago dropbox going the ipo route. that is one people are excited about, but do you think other tech companies will take this nontraditional route, or is this an anomaly echo alex: i think tech company's are

looking at it. a lot of it will come down to the valuation process. the risk is that it ends of the involved. evaluation will be set on listing day and depend on how many shareholders caroline is talking about want to sell, who wants to buy, and what price they want to change hands. depending on how the stock opened process goes, what the volatility looks like, it could be something people watch. when you ask private company ceo's what they think about being public, and a lot of them do talk negatively about the instruction of the stock price. if you go out there and have a stock price swinging around wildly, maybe you go back to the ipo process and get a little more granular valuation discovery process before you decide to live. emily: -- decide to list. emily: pandora has struggled.

they were a much bigger competitor to spotify in the early days. apple music has grown considerably. there are other companies, soundcloud on your side of the pond. has spotify really distinguished itself as the number one or two player here? carolyn: i think it's amazing how much they have managed to break away from juggernauts that have such huge cash piles -- caroline: i think it's amazing. there biggest competitor -- the biggest competitor is apple music. pandora --p for cap for pandora on the back of this, but it's not really a big direct threat. i think this is a company that has shown that it can do its thing its own way, can sustain that growth. we have seen significant fromases in the revenue

the prospectus. you have seen significant increases in subscriber growth, and they have to maintain that, particularly when you have chairman, the ceo wanting to maintain so much control of this company like we have seen with alpha that, like we have seen with mark zuckerberg for facebook. -- like we have seen with out for the -- like we have seen with alphabet. emily: caroline hyde for us back in london. thank you both so much. after the bell, salesforce reported earnings results that topped estimates, the next to growing demand for its products. sales gained 24% in the new quarter on the growth across all product categories. we will have more coverage of results later this hour. let's take a look at the larger markets with february coming to a close. as u.s. stocks see their worst month in two of years. the dow dropping 1.5% while the s&p falling just over 1%. nasdaq falling nearly .75% and

ur bank stocks in the red except netflix. coming up, a discussion of a renewed push for 5g. that's next. this is "bloomberg technology." -- this is bloomberg. ♪

emily: the u.s.'s main commodity

investors is allowing traders to invest in cryptocurrencies as long as they are not purchased on margin or involved insider information obtained on the job. investing in bitcoin futures, however, is barred. the agency began overseeing bitcoin a few weeks ago. the sec will vote on a plan to ease federal regulations for 5g wireless equipment. they proposed new rules that would install equipment for the next generation that carriers will use to carry the new networks. this is part of a new effort from officials, chipmakers, and wireless carriers to ensure u.s. leadership when it comes to 5g. the fcc commissioner joins us now from washington. proposal today fit into the larger picture of developing 5g and moving aside some of the road proxy echo -- roadblocks? having methanks for

on. we are in the middle of this new iteration, and the difference is the transition will enable a lot of the innovation you are hearing about now, if it's autonomous vehicles, the internet of things, remote surgery, ai -- we need to upgrade our network to support those types of deployments. we are working to try to cut the unnecessary regulatory red tape that is threatening to hold that back. costs but the regulatory are one thing. financial costs are another. these networks are extremely costly. how to telecoms handle that? -- how do telecoms handle that? mr. carr: we estimate it would take about 200 $75 million in network investment to deploy 5g. million. via d as we have put out for streamlining are estimated to cut 80% of the regulatory costs of deployment. that will mean thousands of more cell sites that are more economical to deploy, and they

will push these 5g networks further out and provide service to even more americans. how does wireless infrastructure fit into the infrastructure plan overall? mr. carr: it is certainly a big piece of it. broadband is a big tease of infrastructure broadly and just othere need to reform our infrastructure deployment rules across the country, broadband infrastructure rules are right there. at the fcc, we have authority to do that, and we will be voting on a plan to help speed the deployment of that broadband infrastructure on march 22. the mayor of san jose, california, just quit a task force that was examining this deployment, saying local regulators would lose control. what is your response to that? mr. carr: there's a couple of issues here. the one we're teeing up for march looks at historic permitting processes. the other issue goes to a question of state and locals and their roles in deployment. ,he first piece goes to federal

environmental, historic. we're also looking at the state and local. we all have an important role to make sure these employments are economical. the cost of these deployments are high enough. we do not need it unnecessarily going to regulatory red tape. state, local, the fcc, we're all looking at ways to streamline regulatory roles. emily: how would you rank the u.s. when it comes to competition? we know there has been progress in south korea, for example. where does the u.s. fall right now in the hierarchy? lead the right now, we world when it comes to deployment of 4g wireless. that's why we need to update regulations, so we can deploy this next generation. a lot of countries looked to the united states and saw that we lead the world in 4g. they want to lead the world in 5g, so that's why for global competitiveness, we need to step up to the plate and reform regulatory structures.

if we do that -- i'm confident that we are -- we will also lead the world in 5g. as a country, we are in good shape. we just need to reform regulatory structures. emily: why do you think the u.s. needs to lead in 5g? can you talk about the economic benefits, when it comes to jobs, when it comes to actual people? mr. carr: that is a good point. the deployment of 5g is estimated to enable 3 million new jobs in this country if we get it right. it is estimated to add $500 million to gdp. that is jobs everywhere from the deployment itself to all the innovation and opportunity it enables. when we get these high-speed broadband connections to more americans, that gives them access to jobs, to economic opportunity, so that is really why we are trying to take these actions. emily: if we do not take these actions, if the u.s. does not lead in 5g, how might you see u.s. citizens being harmed? mr. carr: there's no doubt

there's countries around the world more than happy to fill the void and be the first to deploy 5g. that means innovative cutting-edge services and devices we are talking about will be deployed in those countries first. want that investment to happen here in the united states first. i want to see all those products consumers are reading about launched here first. i do not want to sit back and watch that happened in another country. another country. in the fcc, we are working to enable that to take place here. ask about netto neutrality. the rollback was just published in the federal register. lawsuits have been filing up. you used to be the fcc's top lawyer. what are your chances of winning in court? we're in goodink shape. the supreme court took of the case in 1995 that looked at if the sec has the jurisdiction to classify internet services -- if the fcc has the jurisdiction.

we're on really sound footing. emily: speaking of media ownership, there has been criticism that the chairman has paved the way for too much broadcast consolidation, namely with the sinclair deal. what is your response to that, and how do you think the fcc merger review policies should be adapted going forward? are engaged in a pretty broad review of all of our media regulations. when i started as a staffer in 2012, our media regulations lagged way behind where the .odern media marketplace is the media landscape today is vastly different, so when we look at any either particular transaction or media ownership

regulations or media rules generally, we need to be acting in all these spaces, conscious of the modern media marketplace and the different outlets that are there. so much for you joining us today from washington. coming up, we will break down salesforce's fourth-quarter results and what is driving growth at the cloud giant. this is bloomberg. ♪

emily: in the world of automobiles, alphabet plus car unit has hit a milestone. it's a economist cars have logged 5 million -- it's logged 5s cars have million miles. the unit is currently testing

and autonomous fleet with plans to launch an autonomous car service later this year. salesforce giving estimates that talk estimates in his latest earnings as a waste of the growth of a system that lets companies build custom applications. for more, i want to bring in our editor at large, cory johnson. ory: from the wall street perspective, it's how they did the earnings. earnings were up. sales were up. they grew at about a 23rd through -- 23% year over year basis. years back, it was growing at about 35% a year, so one would have thought that when the stock -- whenlowed down, that sales slowed down, the stock would have bowed down, but that is about the case. even with sales growth at 23% year on year basis, that is enough apparently to keep this thing going. announced aalso

partnership with google cloud last year. how is that going? not get specific numbers on that partnership, but we see that different aspects of their partnership of performing at different paces, but generally, growing pretty well. again, i'm calling 23% pretty well. the estimate conservative, then be the estimate. if you look at stock after hours, it is interesting. you can go to our bloomberg terminal through the magic of bloomberg television. isn't that cool? emily: so cool. cory: you can see the stock trading after the close. understand the way the salesforce collects money, clients tend to pay for the service in advance and recompense over time, which means the results really are baked in before they get to the quarter. for that reason, the guidance is important and what they tell us about the bookings are important.

salesforce is to be commended for really growing its business as such a big pace and still having so many small and medium-sized businesses as customers with the suggestion there's a lot more out there to get. emily: they say that the number of large deals, the average deal size is rising. this is a company that has been very acquisitive in the past. it sounds like that will not change. twitter is one of the bigger companies rumored that salesforce is eyeing. how do you think a company like twitter would fit into the salesforce portfolio? i would not begin to presume such a thing. i have been surprised by such things in the past. they have committed billions of dollars to add to the company in that timeframe, and that has aided growth, and we do not know on a piece by piece this is how the acquisitions have done, how much they have contributed to that growth, but generally, what

we see from the company is beat and raise works on wall street, you beat the estimate and raise the estimate, and very important, at least to me, they raised the guidance to the next , so not dipping into the teens, at least yet. emily: thank you. coming up, spotify's unusual ipo. how to its financials look with apple and google closing in on its turf? this is bloomberg. ♪

alisa: i'm alisa parenti in washington, and you are watching "bloomberg technology." president trump once congress to put gun safety measures into a senate bill to increase

background checks. he spoke today at a meeting with bipartisan lawmakers, suggesting some members of congress are afraid of the nra. >> they do have great power. i agree with that. they have great power over you people. they have less power over me. i don't need -- what do i need? but i tell you, they are well-meaning. we've got to do something. alisa: at least 30 white house staff members have been stripped while-secret clearance their investigations continue. president trump's son-in-law saw his clearance downgraded this week. former trump campaign chair paul manafort has pleaded not guilty to charges against him in the russia investigation. he was accused of laundering $30 million to support a lavish lifestyle. his deputy rick gates pleaded guilty and has agreed to cooperate with special counsel robert mueller. , house speaker paul ryan, and senate majority leader mitch mcconnell were

among those who paid respects to the reverend billy graham today at the u.s. capitol. the funeral service is friday. thanl news powered by more 2700 journalists and analysts in more than 120 countries. i'm alisa parenti. just after 5:30 p.m. in and, sophie, we saw a big selloff right at the closing bell. i wonder if that will follow through to asia. sohie: we are ready to say long to february, which was the worst month for global stocks in teen of years. asia is seeing softness at the open. -- the worst month for global stocks in two years. the official pmi reading fell by the most in five years last month. this thursday, south korean markets are closed or independence day -- for independence day.

moves frome watching metals after a price slipped on the back of that slow in chinese , setting the data backdrop for thursday's meeting between one of xi jinping's top economic advisers in d.c. which comes as trump says he will use all tools to pressure china on trade. up next, more with "bloomberg technology." ♪ emily: this is "bloomberg technology." i am emily chang. back to our top stories. bloomberg has -- spotify has

filed for a direct listing on the new york stock exchange. the music company is not following the traditional ipo route, planning to skip a marketing brochure and conventional share price setting process. the price of shares on its opening trading day will be determined by the buy and sell orders collected. joining us now from l.a., our media reporter. lucas, talk to us about how this will impact the $25 billion music streaming industry. lucas: spotify has almost -- is almost a cohead of clear responsible for the recovery of the business over the past several years -- spotify is almost single-handedly responsible. formusic business shrank pretty much 15 years uninterrupted. in 2015, page streaming ticket back up, and spotify is far and away the market leader -- paid back up. ticked it will be really bad for music rights holders if the stock

plummets, especially because all three of the major user companies -- universal, sony, userarner companies -- universal, sony, and warner -- own stakes in spotify. sony is listed in the filing. it owns almost 2% of the company. it is one of the largest holders out there. it would be bad for them if spotify tanks in some way. if spotify did well, that would likely be because it is adding subscribers and growing revenue, and almost all of that money is going to those rights holders -- 70%. as spotify goes, so go most of the music companies. emily: meantime, other streaming music companies that have gone public have struggled. pandora.- like shares have popped today. is this a company that could see a turnaround, or is the story written you can lucas: it is hard to see a sharp turnaround for pandora because one of the reasons it has fallen is because of spotify. pandora was the first big

successful online music company with its radio product, and then spotify and subsequently apple music came around with its on-demand service, and it replaced a lot of the use cases for pandora, so there may be room in the market for three or four services, and most music companies hope there is room so they are not too beholden to spotify, but we have mostly seen that as spotify and apple have gotten bigger, pandora has started to lose customers. emily: the statistics in the prospectus we saw today are particularly promising around service. premium what does that signify? lucas: that making money off of difficult.is really for pandora, they made money, and they are one of the biggest online audio advertisers out there -- perhaps the biggest -- but spotify has struggled to develop a real ad business. all the money and all the growth in music has been in getting people to pay for a service. the question for spotify, for the market, for investors is how

many people will be willing to sign up for this. will this be something 500 million people will sign up for? will it completely replace buying cds, or is it something were only a certain number of people are willing to pay, and there is a cap on that growth? that is something we do not have the answer to. spotify is making the argument that it is introducing a whole new use case, like netflix, and i will keep growing in years to come. emily: lucas, as always, thanks for weighing in. to a developing story, "wall street journal" has reported the sec has issued scores of subpoenas and information requests to advisers involved in initial coin offerings. for more, i would like to welcome back editor at large cory johnson. thought you, you said goodbye, and here i am again. reportedly, sec has issued scores of subpoenas to the --uers of these initial corn coin offerings.

over $6 billion was issued last year and the selling of coins, over $2 billion this year according to one report. money has been flowing into these things. the sec clearly looking into what these ico's are promising investors and if these promises are ridiculous. we know there has been very little regulatory action when it comes to stocks out there. you can see ubi blockchain internet, a story i did back in december. i wrote a story saying that the experience of the investor was not in blockchain but in yes, i said- bedwetting. the sec halted the stock right about here, but it's open for trading right now and still has a sizable market valuation. that is on the equity side, but these subpoenas are about the initial coin offerings.

so many companies have pursued selling coins to investors and secknows what promises the is selling now. thanks so much. goodbye again. goodbye for good. coming up, we look at the growing backlash over the nra and streaming services next. and if you like bloomberg news, check us out on the radio, listen on the bloomberg app, and listen in the u.s. on sirius xm. this is bloomberg. ♪

youtube's new moderators brought into spot fake news stumbled into one of their first major test. human screeners mistakenly called right wing channels and videos in the wake of the parkland shooting. some youtube channels began complaining about their accounts being pulled entirely. youtube said it would reinstate any videos removed an error and said it would continue reinforcing its existing policy. since the parkland high school shooting over two weeks ago, gun-control activists have managed to get companies like delta airlines and hertz to sever ties with the national rifle association, but one group that has not been swayed yet -- big tech companies like apple, amazon, and roku. these companies still offer access to nra tv, the gun lobby group's free online channel focused on pro-gun content, so can activists do something that

politicians are loath to do, pick a side in a debate? salina, first of all, walk us through what is happening right now and what has happened over the last few days in terms of backlash over -- against these streaming services? seen growingve calls from activists and consumers to stop these companies from streaming nra tv. we have even seen celebrities come in to fray and one of the student survivors also make strong calls to hundreds of thousands of followers to cancel their prime subscriptions, to stop using fedex, to move to competing services. tweet from have a alyssa milano say --

and a tweet from the student, david hogg -- for these companies like the car rental companies or credit card companies, for them, it is about ending a financial relationship. they are no longer offering member discounts. for the streaming services like amazon, apple tv, comcast, roku -- they could run into free -- amazon, apple tv, chromecast, roku here it is also the possibility they could alienating a significant portion of their consumer relationship. >> this shows how far gun-control activists are willing to go in terms of brand association. amazon does not sell guns or

ammunition, but people are taking umbrage to the fact that it is associated with the nra merely by offering the in ra tv through its streaming devices nraservices -- offering the tv. you could go to nra.org right now and watch nra tv right now. you do not need apple or amazon to do it, but any association to do it with the in our a brand is coming under target from gun-control activists who feel like they just want to see some sort of action taken to marginalize this pro-gun lobby. emily: roku specifically said they will not remove nra tv. they would only remove a channel if they were doing something illegal. what response have we heard from these other companies so far you can of companies have declined to respond, amazon being one of them. not surprisingly, they do not want to alienate their user base. they want to keep the prime

subscriptions coming. the past few days, we have seen the call to amazon escalate. we have seen many people talk about canceling prime subscriptions and talk about buying products you want on amazon without going through the website, just going directly to the seller. there are also lots of people tweeting the responses they are getting from amazon asking them to cancel this in ra tv streaming -- nra tv streaming, so certainly, amazon is feeling the pressure, but i think the response from these companies will all be similar to what roku set in terms of being politically neutral. emily: spencer, you have been following the conversation happening on social media. at a certain point, will amazon have to respond? spencer: that is what has been fascinating, that there is a stand off, the people on twitter, on social media are encouraging one another to keep up the momentum. tohas gone beyond one tweet encourage amazon to stop tv.aming in ra tv -- nra

now people are proudly posting photos of the response they get when they cancel their prime account. na said, their coaching one another on how to buy things online without using amazon. that part is actually kind of funny. -- they are coaching one another. they are strategizing how to use amazon for what they call reverse show roaming -- showrooming. you identified a product you want on amazon and then bypass amazon and purchases some other way. there's a conversation on only about boycotting amazon but people boasting about canceling prime memberships and coaching one another on how to boycott amazon with minimal disruption to their lives if they have been dependent on the service. alyssa milano calling on the boycott to happen tomorrow, thursday. theytts are effective once

make a real impact. this certainly is not the first time amazon has faced boycotts. they face this year after year over more than a decade of existence and really survived and thrived, so they may take the stance of staying silent on this until it really does come to a head, which so far it has not. an interesting comparison is twitter, as they have received lots of calls not only on twitter but offline with protest in the streets for them to remove donald trump from their platform. these are companies that do not want to have to control the type of information flow that is going through. they just want to be a platform. i do not take it will be surprising if amazon does nothing. emily: all right. thank you so much. we will keep watching. i know you will keep following those hashtags.

thanks so much for sharing that update. coming up, we will hear from josh silverman about how he crafted his company's best quarter to date.

already has ak market place to buy goods and services and now wants to be your only destination when you're looking for a job. the social media giant is expanding its jobs section according to an official statement. this means users in 40 countries will get to search for new employment there. i spoke also said it will also invest nearly $1 billion in more teams, technology, and new programs in 2018. shares of etsy rose as much as to what he 5% wednesday after the company reported fourth-quarter earnings that beat estimates, and the marketplace hit more than $1 billion in gross merchandising sales. ceo joshn with etsy silverman and asked what the company is doing to boost

sellers and company revenue. mr. silverman: the market opportunity we face is a norm is and in a senior -- in a sea of sameness, the world needs etsy more than ever. were probably the fact we just had a $1 billion quarter. there's a billion dollars of gross merchandise sales on etsy and $1 billion of international sales through the course of 2017. importantly, we grew faster in the fourth quarter than we have grown in recent quarters. we are doing that by doing the basics better. a better job of search and discovery. we have 50 million unique items for sale on fc, so finding the right few to show on any given search query is important -- we have 50 million unique items for sale on etsy. we are doing a better job of trust and reliability. aremarketing capabilities getting better, and our seller tools are getting better, and it is showing up in results. emily: you have also been cutting costs. where and how? etsy we have been focusing on

growing faster -- mr. silverman: we have been focusing on growing faster, which means more accountability and very little bureaucracy. that meant on the third quarter of last year, we needed a leaner organizational structure, and we did do a layoff. the goal was to grow faster and than 350one more product enhancements just since may with over 20% leading to so wetrably higher gms, are growing much faster and serving our community better. emily: how are these changes coming off internally and externally? mr. silverman: i think the team went through hard times over the summer and we have seen difficult changes, but it is serving our community better in the team feels better about that. emily: you have giants in the room. amazon, especially. how big a threat is amazon, especially with their handmade business? mr. silverman: etsy is unique. sellers offer

product that cannot be found anywhere else. etsy is where you go when you want it to feel special. the traditional role of retail is you have price, convenience, selection. etailersd other mass do all three well, but if you think about our space, the way they give you better pricing is by buying 10,000 units and passing along the savings. if you can buy 1000 of anything, it does not belong on etsy. where they do convenience is by warehousing everything in advance and shipping it to you the next day. many items on etsy are made by hand and made-to-order, customized for you. in terms of selection, 50 million items by over one point 9 million sellers. no one else comes close. emily: etsy's activist shareholders raised the possibility of going public. mr. silverman: when i joined as

ceo in may, i said i believe we have a big market opportunity to grow really quickly and you are seeing evidence of that today. we feel great about the trajectory we are on. emily: could amazon be an acquirer? could you thrive more within a larger company? mr. silverman: i think we are thriving really well today, and our results demonstrate we are unlocking a lot of growth and value, which is great for sellers, buyers, and our stakeholders. emily: you have given up your because designation, which was part of the way you demonstrated your commitment to being socially responsible, but what does that say about the possibility of running a socially responsible business -- you have given up your be court designation. mr. silverman: our sellers count on us to wake up every day and deliver on their behalf. where a socially responsible, socially conscious organization. what has changed is our focus

and execution. when you are socially responsible, you need to hold yourself to a higher bar in terms of execution, and we are. emily: etsy has taken the lead in terms of being outspoken and .iversity -- about diversity when you continue to build everest teams and retain diverse candidates, what does that mean? as to silverman: 80% of our sellers are women and our buyers , so having as well diversity that reflects our environment is important as well. we also get better ideas when we have people coming from many different backgrounds. we are making progress, but there is more room to go. one thing we think is very important is demand where we make sure you have a good portion of people from underrepresented backgrounds be part of the interview process so we end up with that diversity that we can get. does that slowly hiring

process down? if so, will it be worth it? mr. silverman: sometimes it does . willingness to see a diverse group of candidates is important because it results in a more and better empathy for all our stakeholders and customers. ceo joshat was etsy silverman. that does it for "bloomberg technology." a reminder -- we are livestreaming on twitter. check us out weekdays :00 p.m. in new york, 2:00 p.m. in san francisco. -- 5:00 p.m. in new york, 2:00 p.m. in san francisco. that does it for now. this is bloomberg. ♪ mom, dad, can we talk?

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yvonne: we are live from bloomberg asian headquarters. >> good morning everyone, our top story. since tumbled yet again the u.s. elections back in 2016. the s&p with a decline of nearly 4% after one of the wildest months. >> and nominees for top positions including