emily: i am emily chang, and this is the "best of bloomberg technology," where we bring you all of the top interviews from this week in tech. in the next hour, changing forever. how tech companies handle personal data. how it will affect you, and what the likelihood it is implemented in the united states? plus, zuckerberg faces the wrath of european parliament. we will bring you the highlights. pariseaders to send on

presidenth emmanuel macron. now it's our top story -- friday, europe's new basic privacy laws when into effect. brings unprecedented fine for companies that offend, we talking 10% of revenue report $.4 million, whichever is higher. we have the answer. ofyou may have seen a few these pop up on your phone. google, facebook, twitter, go daddy, and many more are updating their policies to give consumers more control over their personal data. those updates and changes are thanks to a new law governing data privacy, gdpr. only applies gdpr

to people who live in the european union, but it's adoption is expected to have american backers. why don't we have that? when you sign up for facebook, you have to click a box that agrees to the company's terms. those track your online activity, even if you are not facebook, third parties can access it in order and services. >> messages sent to them or by the. >> that is bloomberg tech editor nate lanford. on may 26, companies with more than 250 employees with data on european citizens will have to unambiguous consent. it will make it much easier to revoke consent that they had previously given. ,or consumers who do opt in

instead of being charged to obtain it, they can get a free copy. >> google and facebook have been making data available for download and deletion upon request for quite some time. >> consumers also have the right to be forgotten, which lets citizens request to be deleted. put ability committee gives people the right to sell to other companies. you may be able to trade a gift certificate from zara an exchange for shopping history from j.crew. they must notify authorities and any failure to comply will be costly. penalties can be as high as 4% of the general revenue. >> europe expects companies to act within the spirit of the law, not the just try to follow it to the letter. this means there will be disputes and legal precedents to be set over the coming years. >> while the u.s. is still reeling over facebook and of the cambridge analytica scandal, the eu is moving ahead with tough new rules. many will ask the u.s. should be next. emily: to discuss this and much

more, we spoke with eu ambassador to the united states, david o'sullivan on wednesday. david: it was good that they heard first-hand some of the strong feelings about these issues around privacy and user data. the question of the format was something decided by the parliament. i think it is impossible to answer all of those questions in the time allotted. i think this is part of an ongoing dialogue, having contact with facebook. i think they know there are issues, and these are complicated issues. i think this was a good first step in opening a dialogue, and i'm sure there will be more. emily: one of the questions was, convinced me why you're not a monopoly and why we shouldn't break up facebook. he talks about how facebook faces stiff competition, yet this is a company with 2 billion

otherthat owns three social media platforms -- facebook messenger, instagram, and whatsapp. what could the eu conceivably do to address the monopoly question, and how likely is that? david: it's important to understand that eu anti-monopoly laws are not run on a political basis, it is not run by the european parliament or the member states. it is run by the european commission on the basis of whether established rules about dominant positions, and so forth. the issue of abuse of dominant position or monopoly inquiries under the antitrust laws are a matter for the european commission to conduct in the usual way, so i don't think this is something which enters into the political domain. emily: they have been quite aggressive when talking about companies like google. do you think they could take a greater interest in facebook? david: i have no idea. it depends on what the facts would say. anti-monopoly and antitrust legislation and action is based on objective facts, analysis. i think this is not something that is just going to be driven

by political concerns. the cases you have referred to have been the result of long investigations and in a very transparent and open way. i have great faith in the objectivity of our antitrust activity. emily: we are just days away from gdpr going into effect. how will we really know if facebook and other companies are complying? david: well, the answer is that the rules are there. it would be eventually for people who feel their data is not being properly protected, it to make a complaint, or for somebody to introduce a complaint to one of the data -protection authorities, then there would be an examination, the company would be given the opportunity to respond. if i may say so, emily, you talked about these fines. a fine will be the instrument of last resort at the end of a process in which companies have been asked to explain whether they're compliant, why they are not compliant. i don't think there is any risk that companies will find themselves suddenly out of the

blue subject to heavy fines without there being due process and time given to respond to any concerns there may be. emily: on this note, you have made the argument that companies could actually be more innovative as a result of gdpr, but there are also small businesses who say they have been put out of business as a result of this. does that concern you? david: i'm not aware of anyone who has been put out of business. but be clear, the gdpr is not substantially different from the privacy directive we have had in 1995. it does introduced some new procedures, and it does introduce the element of enforcement through fines. but we had a two-year period for people to get used to this and to prepare. frankly, i think there is a perhaps a little too much hype about the possible impact of this. it is evolution, rather than revolution. i believe most companies have been able to adapt and prepare for this in an orderly way. emily: do you think the u.s. will or should enact similar legislation? david: that's for the u.s. to decide.

i note that nearly 120 countries around the world have overarching data privacy rules based on the same principles as the gdpr, which were based on , in fact, the oedc principles established 20 years ago. it's up to the u.s. if they want to go down that road. they are a little bit the exception today. emily: that was eu ambassador to the united states david o'sullivan. tesla model for event. the magazine says the stopping is seven feet longer than the ford f-150 pickup. they praised the tesla's battery range and has slain. still ahead, facebook's fake news site. what does it mean for upcoming elections around the globe? later, the hottest video game out making a huge push.

details on the e-sports investment next. this is bloomberg. ♪

emily: this week, goldman sachs held its annual tech summit in hong kong. china's airbnb is rapidly chasing the growing number of chinese customers to rapid destinations such as south korea, outside its home market of china. we asked the difference between the two home sharing companies. >> airbnb is a well respected competitor in china, but we think we are the number one player in this industry in china. that's one thing. the other thing is we are not just a pure online company. we have off-line operators as well. we have a local team in most cities in china to help local house owners to run their business. that's the big difference between us and airbnb in china.

emily: on tuesday, facebook ceo beforeckerberg testified european parliament, and he left lawmakers fuming over what began as a vehicle. -- mea culpa. the company did not take a broader view over the user data, thickness, and foreign intervention in elections. he said he is sorry for it. he also spoke about regulations. internet isk the becoming important in people's lives. some regulation is important and inevitable. the important thing is to get it right. to make sure we have regulatory frameworks that help protect people, that help protect people, that allow for innovation, that do not prevent new technologies like ai from being developed. emily: meantime, facebook launched an aggressive new

campaign to tell the world how it is fighting fake news. we are joined by the facebook -- facebook feed news organizer to talk about what else facebook is doing. >> we have been working hard to stop the spread of false news. i would love to talk to you more about this. we want to communicate openly about our actions and be held accountable. film, sharing a short that are an inside look at the teams fighting false news on facebook. the work we do to disrupt financial incentives, to fight fake accounts, and to reduce the overall spread of this type of content. we are also sharing that we will be working with academics in order to provide them with data to help all of us better understand and measure the volume and effects of misinformation and the impact of our efforts to fight it. emily: you're launching a new short film called "facing

facts," which profiles you and other people at facebook who are working on this, in addition to a tv ad campaign, a print ad campaign. what about the people out there who say this is just pr spin? tessa: what i would say is that we are all deeply committed to fighting false news on facebook. we recognize there is a fake news problem. we recognize it is not what people want when they come to facebook. we are committed, based on the feedback from our community, to actually improve this problem. in order to be held accountable, we need to do more to help academics access the data, so that we can all measure the current volume and effects of misinformation and the trends in those over time, so we can prove our efforts are having an effect and helping us fight the problem and to contain the spread of false news on facebook. emily: we talk a lot about fake news, but the sort of fully bogus fake stuff is not necessarily the problem. -- the biggest problem. actually, a bigger concern might

be the hyper-partisan news that presents facts in a misleading way and with a political agenda. what are you doing about that? tessa: you're absolutely right that when we say misinformation or fake news, we are referring to a lot of problems. it is important for us to break them down in order to fight the most effectively. we have actually seen the majority of false news on facebook is financially-motivated. one of the main things we are doing is working to disrupt those financial incentives. that might look like truly fake facts, but that can also look like partisan, misleading content. by going after those financial incentives, we can reduce the spread of a broad swath of that content. more broadly, we know there is also information people are sharing that might not be financially-motivated, but might be fake or misleading in other ways. one of the things we are doing is working with fact checkers, in order to provide people with more context about the stories they are seeing and, in some cases, to reduce the spread of

those stories by showing them lower in people's newsfeed. emily: fact checkers are one thing. others have suggested, why doesn't facebook just hire its own journalists? it's an idea that facebook has been sort of allergic to, but why not hire your own journalists, who could make some of these decisions? tessa: emily, we have 2 billion people around the world using facebook in order to connect with friends, family, and the things they care about. what we are committed to doing is ensuring that when people come to facebook, they have the experience they expect, that it is authentic, high-quality, and credible information. in order to best do that, we need a variety of tools. we need to remove fake accounts. in the first quarter of the year alone, we removed 583 million fake accounts who were often involved in spreading misinformation and other types of low-quality content. we also need to go after the financial incentive. third, we need to reduce the spread of false or misleading content by showing those stories lower in new seed. fourth, we need to give people

more information. the problem is not so much about the individuals who are weighing in on some of this content. it is really how we scale this effort in order to go after the full breadth of this challenge and fight it most effectively around the world. emily: and once a piece of news or fake news is flagged, fact checked, put out, what do you do to make sure it doesn't get recycled in other ways and appear elsewhere? tessa: it's a great question. to use one example, if we have an article that has been rated as false by one of the fact checkers that we partner with, we reduce the spread of that individual article in news feed. but we also use machine learning in order to identify duplicates of those articles or ways in which that same content might be reappearing from other domains or from other pages. because we know that, in many cases, the bad actors behind this content are not just sharing one example. they are trying to create duplicates in order to further achieve their financial incentives or whatever their objectives might be. i think what's really important

is that we have to recognize that the fight against fake news is an adversarial fight. there are people who are highly-motivated, whether those motivations are financial or otherwise, to continue to spread this type of information and to profit from it in whatever way that might be. we need to ensure that our systems are staying ahead of their adaptations and anticipating the next wave of this fight. emily: on that note, obviously, russia, efforts to undermine american democracy using facebook are continuing. is it actually possible to stop this problem, to stop disinformation on facebook, or is it a losing battle? tessa: it's possible, absolutely, for us to do a much better job of ensuring that the information people see on facebook is authentic and high-quality. now, the broader conversation around misleading information is something that has been around long before social media and will continue to be a challenge. we need to ensure that we are doing everything that we can to

give people information, so that they can also make informed decisions, which is why one of the things that we are sharing today is a broader effort that we have to help people identify potentially false or misleading information by giving them tips for trends they can spot. this is part of a broader effort we have to be more transparent with people about the information they are seeing on facebook, the people behind that information, and the steps they can take to control the information that they see in their own personal newsfeed. emily: that was tessa lyons, facebook newsfeed product manager. coming up, anticipating a game with even more popularity this year. we are talking to e-sports' ceo. this is bloomberg. ♪

emily: sony is set to solidify its position as the largest music publisher in the world

when it buys emi publishing for about $2 billion. it comes in the form of a 60% equity stake. the ceo says this will set sony up for years to come. >> this move is a way to intensify our content and ip business. sony and emi combined own the copyrights of 4.4 million songs, . deal, sony becomes one of the largest music publishers in the world. we expect steady income from music publishing, and it will be a key growth area in the long-term. emily: epic games has announced prize money for fortnight. for whathas come out this will look like, but if the previous tournament is a preview of what will come, it will be a serious game changer.

opened at the e-sports arena in las vegas. the companys is around the space and others around the world that allow gamers to meet up in what could become a $1.5 billion industry by 2020. we spoke with allied e-sports ceo jed hannegan. fornite -- fortnite has grabbed gamers everywhere. as of march of this year, the research firm super data reported 40 million players worldwide, $223 million in revenue in the month of march alone for every games and what is this phenomenal growth in fortnite. emily: how are these competitions actually working?

is that everybody for themselves, teams, working in an arena? jud: absolutely. the beauty of this genre is there is a 1v1 format, a 2v2 format, and others. even 50v50 can happen in these games. the interesting thing about a battle royale format is there are 100 players that drop into a match, and you are scrambling for weapons, and there is a last man standing type of game, so there's really no limit to the creativity that can happen inside these games. what is coming from epic and other creative tournament organizers like ourselves will be truly exciting for the industry as a whole. emily: talk about how you see these fitting into your arenas and your realm. jud: sure. for allied, we have six arenas around the world in north america, europe, and china. our flagship open up in march in las vegas.

one of the things that we really looked at was the rise of fortnite and how truly powerful and popular this game was, and how do we bring that excitement into a building? we partnered up with the most popular influencer and streamer in that game, a guy named tyler "ninja" blevins and brought him , in. where he is typically streaming from his home to millions of viewers every day, we brought him into las vegas, headlining on the las vegas strip, and basically created an environment where players in the arena could play with him. really an enhanced experience overall. emily: there is talk about how fortnite is a more inclusive game, but do you think it could help or hurt e-sports, given the traditional sort of first-person shooter audience? jud: e-sports really covers a wide variety of games. there's multiplayer online battle arenas, which are team-based, first-person

shooters, which can be team-based. there's a lot of different genres out there today. battle royale is the one that is growing the largest right now. you have really seen a rise and the inclusiveness to it, the ability to play in different formats within the same framework of the game is exciting. you can see that by the interest in people watching, tuning in, but also the amount of players is just phenomenal. emily: when talking about hit games, there's always the question, is it a flash in the pan, or is it going to be a franchise that will generate hundreds of millions of dollars year after year? is it too early to say that fortnite is going to be a lasting hit? i think about pokémon go, which really was a moment and not a movement. judd i think you are right, it is early. one of the things that is amazing about this industry is the games keep changing. new games keep coming, and while

not many people had heard about fortnite six or seven months ago, it is the hottest game today. this industry has the power for a newcomer to come along and for more growth and more users and more players. that is one of the exciting things about it. this thrill of $100 million in prize pool into this industry -- last year alone in 2017, it was $112 million in the industry. -- the e-sports industry in prize pool. we've just doubled that in one game. it is exciting and it certainly makes you feel like fortnite is here to stay, but the industry will keep coming out with more and more creative games. an,ly: that was jud hannig ceo of allied eforce. coming up, emmanuel macron wanting to usher in new growth in france. the tech meeting next. plus, a legend in the industry

talks to bloomberg. what advice of the half or mark zuckerberg? this is bloomberg. ♪ emily: welcome back.

in the way of brexit and president trump's complicated relationship, firms are expanding their presence in paris. google and facebook are making a large investments in france. on monday, caroline hyde previewed what would be a big week for paris and tech. french president emmanuel macron is looking to become the goto head of state for global tech. this week, he spoke to heads of notable firms at the presidential palace. the meetings will be followed

this could signal a big shift for the country. for years, the french tech scene has operated in the shadow of the world, but he is capitalizing on a void left by president trump's complicated relationship with global tech. france has had only three startups achieve unicorn status, compared to 22 in the u.k. and a hundred and five in the united rates. but recently, the paris tech industry is reinventing itself. there was a record amount of tech deals, growing by 45%. the total value of the deals jumped 50% from last year. meanwhile, the country is hoping to jumpstart investment. largeste world's startup push. with -- the property opened last office with eight

spaces, for kitchens, and a pop-up space. however it will cost you. some firms paid $600,000 a year in membership fee. has it been a success, it remains to be seen. but they are continuing to expand offers with over 100 shared apartments. and caroline was on the ground in paris all week reporting live from our event. she spoke with several influencers, including morris leavy. >> the tech world is beginning in paris, and we start in a meeting with macron.

and from thursday to saturday, we will have the tech world meeting in paris. we are expecting to get mark others, 6000any startups, more than 2000 investors. etc. etc.. it is something which will be extremely important and it shows that france is committed to be ready for technology, for startups, entrepreneurship. this is something that is rather new, fresh. only three years. we expect all the planet to have their eyes looking at paris. caroline: what policies has president macron brought on to make it a better place for startup companies? maurice: i think the first thing

he did was piece of mind. change the opinion that even the french can have about entrepreneurship and being successful. in france, it was not so good to be successful. success was not celebrated to say the least. sometimes people were blamed because they were successful and making it west. today, president macron and the government as a whole are encouraging the young people to start up their own business and encouraging the venture capitalists to invest in france and to support startups. caroline: president macron will meet with some 40 technology leaders, including mark zuckerberg.

he wants to remind them of the responsibility. is technology taking its responsibility seriously enough for the moment? what changes need to be made? maurice: the reason why he is organizing the meeting tomorrow with roughly 70 ceos, some very important names you have already mentioned, and important names one about education, what should be the education of the future. the second regarding the future of work. how should we be organizing work and the continued use of training of the people. they are never left aside. last, but not least, about equality, gender and diversity. it is extremely important.

emily: that was maurice leavy, chairman of the supervisory board at the groupie -- publicist groupie. iphone users sued google claiming they unlawfully collected personal data by bypassing the default privacy setting. google denies the claims. sticking with google, the company was hit hard on 60 minutes last weekend. charges of there a legal tactics getting the primetime tv treatment. how the government is responding to the so-called monopoly next, this is bloomberg.

emily: a story we are watching, intel has disclosed another way to attack computers related to their chip security flaws. they said there is no evidence of it having been used to pack

computers and a fix is in place. google is getting a lot of heat after a 60 minute segment claiming the search engine wheels a destructive a monopoly. howsegment highlighted critics and rivals have had enough of the companies and dominant. here is part of the discussion. >> ultimately, that manifests you are expecting that those top links are the best from around the world, that the world has to offer. i can tell you that is not the case. since the program and, treasury secretary steven mnuchin urged the justice department to review the power large tech companies like google have, taking a page out of the eu playbook. on monday, we spoke with an antitrust lawyer, featured in the episode of 60 minutes.

we were joined by another guest on this conversation. basic argument is that they have no real rivals in general search. power tousing their manipulate search results in ways that disadvantage competitors and limit consumer choice. brian, fair? well, they definitely have a high market share your 90% of the u.s. search market. as big companies get bigger and bigger, it is tough to come by growth. sometimes, they engage in tactics they shouldn't. i thought it was a great program, but good points were made. i don't think there was a smoking gun, but it provides ample information for people to look into. ceo said on 60

minutes that he could not have started yelp if google operated the way it operates today. he talked about the threats to his business. he also said this about how links are displayed and how that affects you as a smaller business. the firstt even just page, it's the first few links on the page is the vast majority of where user attention goes. topo if you aren't at the of the page or the bottom of the first page, that will affect your business? >> yeah, if you're on the second page, forget it. emily: here is what google told 60 minutes. ae company denied they were monopoly citing competitors like amazon and facebook. they say they do not make changes to disadvantage competitors and that the responsibility is to deliver the best results possible to users.

we understand that those sites whose rankings falls may be unhappy and complain publicly. the argument that some of these sites may just not like how they are displayed which may be directly correlated to the strength of their business? >> that argument is totally bogus. you don't have to take my word for it. if you look at the federal trade commission report, that 60 uputes cited, that has been on the wall street journal website for two years, you will see in the footnotes that the ftc got google's internal emails. they show that google specifically made a list of competitors to target, with the goal of bringing those competitors down 20% in their search traffic hits.

they change their algorithm repeatedly to get that result, and then they reported that they had achieved results. so i don't understand how they can, with a straight face, go on saying what they are saying. it is directly allied by the report. emily: you say the government is not enforcing the laws that we have. lawsu also believe we need or lawmakers that better understand technology? well, we could certainly use more lawmakers who might get interested in this sector, and understand how it affects their constituents. but i do not think we need to go off on the rigmarole of trying to pass new legislation. we have legislation that worked fine against microsoft, it just has to be enforced. the problem right now is that it is not being enforced, it needs to be now.

if that does not work, we can try something else. it works against microsoft. treasury secretary steven mnuchin was asked about this report, he did not call out google specifically, that said that the doj needs to take a closer look at tech companies in general. does that concern you? >> it doesn't. when you look at google, all of if businesses they are in, anything ever came down antitrust wise, it would probably be worth a lot more. they are number one in smartphone operating systems, a great driverless car, number one in search. a lot in youtube. they have a lot of great businesses under this umbrella. you should always look at any big company that is abusing their power, so i think that is given. interesting that if

google was broken up, there's an argument to be made that it could be worth a lot more, that these companies could be even more powerful. how do you respond to that? if broken up, how should it be? all, i think there is a good chance these constituent parts would be worth more. historically, we know that when standard oil was broken up that is when rockefeller got most of his net worth. but the fact that they are worth more individually does not mean they are more powerful. they cannot conspire with each other as separate companies. in many cases, they would compete. at the very least, have to enter into contract negotiations and other people would compete or readily. i agree with the other commentator, there is a good possibility they could be worth more to shareholders

individually. i think that is something we ought to think about. but the first step is to have a public trial, so we understand what the remedy should be. we cannot just jump to breaking them up. we need a public trial so we understand the issues. interestingly, facebook is the company that has been in the regulatory spotlight over the last few weeks, though google spends far more on lobbying in washington dc. i'm curious, how do you think google comparison to facebook when it comes to the idea of they a monopoly given that own whatsapp, instagram, facebook messenger. is google a bigger offender? >> i think google has been an offender longer. i try to be careful of my comments on companies.

i have spent a long time studying google, but i have not gotten those complaints yet about facebook. i want to be more circumspect. i don't think the right approach is to try to compare one to the other. rather, we evaluate each one against the legal standard. is a completee record in europe and a record developed by the ftc and the united states, with respect to google's antitrust behavior. that's the next thing that has to have. emily: that was antitrust lawyer gary. coming up, we head back to paris as french president macron posts dozens of tech leaders this week. we hear from the ceo of the european unicorn group. this is bloomberg.

emily: ibm has announced it is hiring 1400 employees in france

over the next two years. the new positions will focus on ai, blockchain, and cybersecurity. europe has become a draw for tech companies big and small. .eliver rue ? a great place to start a business. we are in 12 countries, western europe, southern europe, uae, hong kong, singapore, and australia. u.k. was a great place to start up a business, convince people to work in a dark room without heating, in the beginning. people were willing to take a risk on that. we found it pretty straightforward to launch in other european countries as well. france is our second-biggest market, and we've had a lot of success here recruiting a great team. >> you are about to go meet the president, emmanuel macron. what will you be talking to him about? will: our interactions with the french government have been very positive. he has been pro-business, progrowth, pro-investment. just looking forward to hearing

from him. >> a lot of it is about tech for goods. how do you ensure that deliveroo is scaling the way you want? will: today we announced an insurance rider. -- insurance product for our riders. we are doing a lot of things along that front. >> regulation is obviously a big focus. on flexibility meeting protection. is that a square you can circle to a certain extent? do they need more in terms of pay and ensuring they get the minimum wage? will: the number one reason why riders work with us is flexibility, the ability to log in and out, the ability to work whenever you want. at the same time, i personally believe we need to offer benefits as well. there has been this sort of impasse between flexibility and

benefits. we want to work with governments, including the french government, to end this. >> what about scaling? your going into new ventures, new ideas, helping fund new concepts. what are some of the new innovations you're coming up with to stay ahead of the competition? eats?will: forts -- >> for us, we are all about food. it's about going deeper and deeper into the food chain. we created hundreds of delivery-only kitchens to help our restaurant partners expand. we are helping our restaurants build virtual brands that only exist on deliveroo. we are helping fund new concepts as well. we are really excited about that. with: we also spoke another ceo at the sooner than you think event in paris, about what he expects to come out of this meeting with tech leaders. i think it is great that he is engaging with technology.

we need it, but also to address the positive impact technology can have, and the negative impact that we need to deal with as well. talk to us about ramifications and the responsibility of technology. mark zuckerberg is here, and he is a man who understand the repercussions. >> if you take a historical technology has created a lot of economic growth and prosperity. it also has had a lot of negative impacts, environments, and so forth. my belief is that the new generation of technology, high-tech, has a lots impact in terms of climate change, water, and so forth. technology is also starting to have some consequences as

well that we need to deal with. whether it is privacy, biased algorithms, these are things that everyone else in the technology world has to take responsibility. >> when you are funding these startups, are you having these conversations to ensure the ethics grow in the right way? >> it is really interesting to see younger founders who are watching what is happening and saying what can we learn from the previous generation. they want to build these things into companies from day one. when we invest with them, we talk about governance, but also questions about diversity, ethics. this is something they are all responding very well to. is an opportunity to work with the next generation to build a code of conduct. about the next generation for european as opposed to american founders?

you've got money coming back into the ecosystem. is a turningy it point. growth, andeady when we had the skype exit in 2005, it was a big thing. way, we had $60 billion companies in the past two years. we had 14 $5 billion companies. the scale is getting bigger and bigger. there is no doubt in my mind that europe is now a inflection point of continuous growth. >> we've had different kind of exits. spotify did this. you listed skype as a possibility? we started skype in 2000

and two, we said we will be with the company for a long time niklas: when we started skype in 2002, we said we are going to build the company for a really long time. if this company is going to be around and be a meaningful player in 15 years -- we will be happy. it is doing fine. we are happy. we never had the intention to sell. you also have to look at what are the alternatives. back then, there was really no prospects. that was the right thing to do. however, now when we are speaking to our founders of companies we are looking at investing in, we want them to have a listing as a long-term goal post. we want them to build independent companies, instead of building something that you are selling. we would like to say that great companies may be acquired, that -- bad companies get sold. focus on building a long-term company. that is the right way to do it. caroline: skype is doing fine. could it be doing better? niklas: i don't know. i'm not following it so much. of course it can always do better.

it's probably has fewer uses then whatsapp, so yeah can do better. but it is very rewarding for me as i travel around the world. i still have a lot of people thanking me because they are using skype to connect with their families. that is rewarding enough for me. emily: that was bloomberg's caroline hyde at bloomberg's sooner than you think event in paris. that does it for this edition of the best of bloomberg technology. tune in every day, 5 p.m. new francisco,p.m. san and remove all episodes are now live streaming on twitter. that's all for now, this is bloomberg.

♪ rollback, congress

approves a sweeping overhaul of the dodd frank act, the latest from washington and what this means for banks. the u.s. opens a criminal probe into whether traders are manipulating the price of digital currency. head in the cloud. technology reshaping regulatory compliance. welcome to "bloomberg markets: rules and returns," i'm nejra c ehic. go into