emily: i'm emily chang in san francisco and this is "bloomberg technology." coming up, amazon holds its annual shareholders meeting, and activists and protesters turned up the heat on the normally low-key affair. we are on the ground in seattle. plus, the price of that coin remains well off its december highs. has the crypto crazed run out of steam? and how the online payment

startup strife has grown into a giant, valued at more than $9 billion. we will hear from the cofounders and brothers, john and patrick. first, to our top story. amazon holds the annual shareholders meeting in seattle. while the event is normally low-key, interest this year's high. protestingivists are over texas, working conditions, diversity, and more. meeting, ceo jeff bezos outlined the agenda for the coming year and answered questions about antitrust issues. spencer.ined by tell us what jeff bezos had to say. probably the biggest question that came up was on the antitrust issue. a shareholder asked, you are getting so big and attracting so much attention, what is your take? his respond was it should be expected, and he talked about the company's growth, even going

back to 2010 wendy they were at 30,000 employees, to nearly 600,000 today. he mentioned any institution of that size should expect scrutiny, and his comment was that we should not take it personally. that was his basic message to shareholders on concern about antitrust issues. varioushere are protesters there. amazon air pilots, some people protesting jeff bezos's amount of control at the company, some people saying the ceo and chairman need to be separated. walk us through the cast of characters. reporter: there was a group of people saying that bezos needs a boss, and they want to see the chairman and ceo role two, to give bezos more oversight and break up the power and concentration he has over the company. the board was against that. that was one group who had signs

and things. there were some environmentalists there. sayingd a big globe, "big size equals big responsibility," basically saying amazon should be a better steward. there was an lgbt group, concerned about the search for the second headquarters locations, that several of the states that are semi finalists have laws that are discriminatory against the lgbt population. there were pilots that fry -- air, trying to put pressure on amazon to put pressure on their employers to give them a better contract for their employment. emily: there are a number of different shareholder proposals up for consideration. year ahead,at the what do you think the hottest button issues will be?

regulation was -- antitrust issues was a big concern for shareholders. issuesere some obscure brought up, but one issue certainly is diversity. reverend jesse jackson was here and was emphasizing the need for amazon to be more diverse, saying that the all light board --2018 basically does not all the white board in 2018 basically does not represent america. there were some former security guards who worked for a contract company, and there was a plea for amazon to hire these people, not simply contract the work to another company and then not necessarily take care of the employees, that amazon should bring everyone into the fold so they all get the same benefits of working for this large, growing company. little bitill talk a more about the lack of diversity at amazon and on the board a little later in the show. spencer for us in seattle at the

amazon shareholder meeting. thank you. for more on amazon's agenda, i want to bring in our bloomberg global senior executive editor, brad stone, who wrote all about amazon in his book "the everything store." let's start with the antitrust issue, since that was top of mind for jeff bezos. what do you make of what he had to say? >> it is sort of a measured response consistent with what we have heard from amazon, like, we welcome the scrutiny, we need to pass it with "flying colors" as he told shareholders. he has the advantage as sort of aroundtional argument, hasce postal rates, amazon a 28% market share in the u.s., the strongest market, it's by no means a monopoly. you have to redefined antitrust laws. i think he speaks from a position of confidence. emily: we will stock of -- we

will talk about the highlights from that report a little later. i want to talk about the business. amazon continues to maintain small margins. a east to be a big concern, but recently shareholders have not been saying anything about it at all. i wonder, are concerns about profits at amazon a thing of the past? >> sort of. revenue growth was always the key and will continue to be the key. the market share is significantly higher. investorse foods, expected them to take a margin hit, but they did not.they actually surprised on the upside . what they ended up doing, instead of changing the model, they started taking the low hanging fruit, no pun intended. maintaining margins while maintaining double-digit growth at a very high revenue rate. very few companies in the world can do that consistently. that's the focus.

emily: i spoke with stephanie landry, the head of amazon prime fresh. amazon i asked her about to our delivery and how they can continue offering such a thing at such a low cost. take a listen to what she said. >> to our delivery is expensive. in order to think about cost, we are focused on efficiency. first, knowing where the customers are and where the demand patterns are helps a lot. next, we leverage a lot of the algorithms and logistics expertise that amazon has developed over the last 24 years. we are great at bringing stuff to customers, so we think we have a lot of advantages to be able to do well in this space and drive efficiency over time, and scale, getting customers to actually use the product. those are the things we're focusing on to drive costs down. emily: do you buy the argument that at a certain scale, they can drive the cost down? >> that is the history of amazon supply chain.

they introduce something like prime back in 2007, they take a massive loss because they are guaranteeing today -- two day delivery, but there are enough people using it that they are filling the trucks, and it becomes profitable overtime. emily: i want to ask about these privacy concerns. we've covered the alexa issue where it recorded a couple's private conversation and send it to a contact, there's also facial recognition software that amazon has been basically giving to law enforcement, which the aclu is saying is also a privacy violation. how serious are these? >> these are not great. the echo is in the foot race. google home out sold echo in the first part of this year. it reminded me of the iphone saga, where apple admitted they were degrading the battery performance. the conspiracies about the echo turned out to be true, but i think the brand is so strong

that, they came out and explained it and they survived. amazon wants to be in the business of government. they are competing with microsoft for a $10 billion contract. i think these privacy concerns are a speed bump for amazon. >> i actually think it's a good thing is happening now. facial recognition computing is -- we shifted from a mouse and keyboard to touch screens, and smart phones. that is how big the deal will become later on. more issues coming up now, it's better to solve it before the industry explodes. you can expect to billions of devices in the future being voice activated. &a and what about m partnerships? there was a berkshire hathaway, and also a health care partnership. they bought ring, the doorbell company. are you expecting more unexpected buys like this?

>> we never quite know. there is an ito's at amazon that they buy what they can to build. i think that's why they bought whole foods because they had trouble with amazon fresh. if i make a prediction, they are looking to expand the alexa ecosystem, finding ways to get into the workplace, automobiles, with otherlexa appliances. you never know. emily: do you have a prediction for us? >> logistics is a big area of expansion. to scale revenue, they have to scale the ecosystem. pulses, delivery needs a lot of work. they started expanding in different states, but basically once they fix the delivery, they can attack a lot of these acquisition targets. newsver we hear about some that amazon is entering asked and why, we need to do -- x and

y, we need to do the reality check. emily: let's talk about international growth. amazon has ambitions in india but they did not get the acquisition of flip cart. walmart dead. what are you watching when it comes to international growth? >> international growth is almost flat. in the u.s., it is great. it has been a challenge for them. i never thought they would win the flip cart acquisition. it would have been a big regulatory challenge. i think they are trying to throw their body in walmart's hat, but i think we've seen the movie like the marketplace to , like primeogistics to the netherlands, to latin america. it is slow going, though. it seems that is an expensive avenue of growth and their emphasis right now over. emily: and we've also got walmart's shareholder meeting that we are also covering. >> and to that point, the

margins -- it is a long game they are playing. 90% of amazon revenues today are made by five companies -- countries. all the expansion stories we hear, we have to look at it from a longer-term lens, and the profit term declines might continue. emily: thank you both. teslas model three has scored a coveted recommendation from consumer reports. magazine initially declined to recommend the more mainstream model after testing showed it took longer to stop than a ford f1 50 pickup. since then, elon musk has ordered a software update that include -- improved braking by over 20 feet. testers still have concerns about noise, a stiff ride, and an uncomfortable rearseat. you --ber struggles and

in europe, how tax if i has earned the title of unicorn with a $1 billion valuation. if you like bloomberg news, check us out on the radio, listen on the app, and in the u.s. on sirius xm. this is bloomberg. ♪

emily: european ride hailing company taxify has been catapulted into the legion of unicorns with a $1 billion valuation. this comes after raising funds by a group of investors. the latest round, taxify secured $175 million from a european

venture capital fund and a number of investors including the chinese ridesharing service. uber is stepping up the battle for dominance in europe as it weeks to gain a hold in the region. joining us to discuss from london, caroline hyde. what kind of ammunition does this new funding gives taxify in a market where the winner is far from assured at this moment? reporter: plenty of competition heating up in europe, particularly as we seek uber continued to struggle with european regulators, particularly here in london, trying to win back its license, which was suspended at the end of last year. $175 million being poured into this company, more than three times what red -- originally was reported. a big chunk of change from another strategic investor, this time the mercedes-benz maker

daimler. disc is that the ammunition to go deeper into the countries it is already within. it is within about 25 countries. they have really focused on eastern europe. they are big and hungary, romania, the baltic region, and interestingly, in africa. the emerging markets are doing well for this company. this is where the money is theg, to develop technology, and improve operations in the home markets of europe and africa. emily: walk us through the way the competition is playing out in the european market right now. who is ahead, who is vying for the top spot? reporter: uber is still ahead. they are pretty much in one way or another in every single market in europe. where they are able to get the regulatory wind behind them, they are dominant, particularly in paris, and even though their license has been revoked in london, they are still able to operate in the biggest city outside the u.s. while they appealed the claim.

we understand it will be going through the courts as soon as june. the rest of the competition breaks down in between the likes of the hailing company's, like my taxi and get. they work with black cabs of london and other countries trying to avoid regulatory scrutiny by working within taxi companies that already have licenses. also on the other side is the companies such as taxify that are trying to empower drivers, for example, and trying to take on uber in a similar means. i think what interesting with taxify is the way in which they basically find a second entrance. they don't want to fight regulatory fights, they want uber to do that for them. i spoke with the ceo of taxify in september of last year when they announced funding from didi. he talked about the way in which they strategized growing. listen. >> there are millions of people.

thousands of drivers. we improve on that by having cheaper commissions, and giving more back to the riders and drivers. reporter: he was speaking to me back in september 2017. overall, the competition is heating up, and particularly where you have difficult markets , such as london, which has been anding uber's resolve grinding their ability to grow to the extent they wanted to. we are seeing other companies come out here to talk to regulators as well. it's only going to get more fierce in terms of competition. emily: we talk about how we may likely see regional monopolies in ridesharing as opposed to a global monopoly. does taxify have ambitions to expand e.on europe, to the u.s., for example? reporter: i don't think so. when i spoke to mark's last

-- , they want to be dominant in europe and africa. that's why dd became a supporter and investor. they want to bet on local champions. taxify, which was born in estonia, a thriving area of technology, very good talent, they birthed a lot of strong companies, we therefore see this is an area that wants to focus on europe, on africa, and i think africa could be a real area of strength. they are number one in a number of markets of their -- there. they really need mobilization and transport easing solutions. emily: caroline hyde in london. thank you for that update. coming up, one hedge fund manager has a novel way to turn a profit from investing in tencent, whether shares go up or down.

and "bloomberg technology" is live streaming on twitter. follow our global news network on tictoc at twitter. this is bloomberg. ♪

emily: consumer rights groups in europe have kicked off a series of actions against facebook, seeking at least 200 euros in compensation for each user for violating privacy rights. in france,been filed italy, spain, and portugal. the group made a statement saying consumers are not puppets to play with at will, and the apology from ceo mark zuckerberg are not as enough. tencent remains one of the biggest tech firms in the world. the stock has seen dramatic year. over the last one hedge fund manager says he has a novel idea to invest in the company without taking on so much risk. he details his strategy to stephen engle from a conference

in hong kong. take a listen. spark has been bullish for so many years that people are not assigning high probability to a selloff. to be clear, we are not calling for a big selloff in the stock, but if one were to occur, this would have a significant amount of value. reporter: what is the distribution of your call? you are also saying go along with some shares. >> that's right. we would do this on what we call a theoretical delta. march 2019, 25%, at a tend out of. that means you buy 10% of the stock when you buy the put. where the stocks to rally a lot, you will lose money and the premiums, but make quite a bit of money on the stock you are long. this that really allows you to make money in extreme moves either way. if it's down a lot or up a lot,

you will actually make quite a lot of money. reporter: would you consider your call a bit of a contrarian view? a lot of the put option premiums are so low, because look at the consensus ratings on the stock. more than $500. we have morningstar calling for 641 over the next 12 years. it's at 399 right now. institutionalthe banks, it is rising. >> that's my point. the dominant view is that it will go up. if it were to go down, it will catch people by surprise. one of the things i talk about is from a market cap point of view, the company already has a half $1 trillion market cap. it's amazing. but market investors know that an analyst know that. if the stock hits the target people have, up 30%, it will be eager then google -- bigger than google. 85%, it would be bigger

than apple. can that happen? yes, but it's not probable in the next six to 12 years. emily: that was benjamin fuchs speaking with stephen engle. holds a shareholder meeting, new questions are raised about the power held by its board. we will discuss, next. later, we sit down with john and patrick and what they have to say about the possibility of going public. this is bloomberg. ♪

emily: this is "bloomberg technology." chang.ily let's return to our top story. amazon holding its annual shareholder meeting in yet of -- seattle. -- some wish to separate jeff bezos ceo and chairman roles. there are protesting that should be more minorities on the board. amazon initially rejected the shareholder proposal that they interview more diverse candidates, and there was an

amount of protest, and the ok,any came back inside, we will do it. is it going to have an impact? >> i applaud any company that takes steps in the right direction. moving toward having a more diverse board will be positive for the company. i think it sends a great signal to other companies. the hope is that others follow, but let's be honest, there is still a long way to go. this is step one. emily: amazon has three out of 10 directors as women, but they though actually it's above average when it comes to gender representation in similar industries. is it fair to pick on amazon? >> i think there's always more do.k to do -- work t 7% ofe companies, only board seats are held by women. amazon is at 30%, but not at parity. there will always be more. emily: one of the issues that

has been highlighted, the wall street journal just had a big story about founder control and the amount of control tech ceos have, special stock dispensations, special voting rights, influence over the company. we have seen how that can work in the wrong direction like at uber. is that part of the problem when it comes to the lack of board diversity? >> absolutely. we can think about that in a lot of different ways. ethnic, kurt jewell -- virtual -- ethnic, cultural, dispersion of power. dangerous, ass you pointed out. we have seen the report of that like at uber. i think it's very important the power remains distributed so the board can play its role in corporate governance and have oversight power. emily: a bank study found that while more startups are focused on diversity and inclusion

math,ms, when you do the the majority have all-male boards and don't have any female executives. more than half of them don't have any female executives. how powerful is a diverse board in terms of that trickle-down effect and encouraging diversity elsewhere across the company? >> it is absolutely critical. these things come from the top. if you have a different point of view, expressed at the table, you are very likely to better meet company challenges and that are likely to have financial outcomes hearing the data shows that. of -- it ispoint critical. it is also critical for culture. that easier to end diversity in the employee base. emily: we recently read a story about how amazon hq two has a great opportunity.

starting from scratch, creating 50,000 new jobs, so they can say, why shouldn't those jobs be half and half men and women, represent people of color in line with the local population? do you think that is realistic? >> absolutely. as you pointed out, when amazon puts its mind to something, they can make it happen. there's no reason why this isn't possible. there is a phenomenal pipeline of talented women at all levels, all the way up through the pipeline. there's no reason why amazon can't tap into that talent to bring more diversity to the table. emily: i want to talk about that. so many people say, we interviewed this amazing woman, executive at this company, but she is so in the man, she chose a motherboard to join -- she chose another board to join. >> the supply is strong. this is not a supply issue, it is a demand issue. emily: why isn't the demand finding the supply?

i know that's what theboardlist was founded to do. >> there are a couple things. the first is a topic of independent board members. companies in particular, when only investors are on the board of a company, which tends to be a male-dominated industry, i think it's harder to bring in some of the gender diversity. geeking out operator point of view via an independent board member is a great way to get diverse points of view. the other issue is homogenous networks. a boardple are doing search, they reach out to their own network. one of the things theboardlist does is search for emerging talent or talent that the homogenous network might not have asked less to -- access to. we started with tech, but there are great women across all verticals and theboardlist represents the community. emily: where are you seeing progress, and where other

challenges? other industries in particular that are better than silicon valley? like some ofgress the changes amazon has made, albeit a little difficult. when we see these changes come i think it is a positive sign, but there is a ton more work to do and we need to remain focused on it. emily: it's not just about adding women, it's about adding people of color, different kinds of diversity, which might be a little more difficult to quantify. is the rooney rule something you would like to see every board do? what are some sorry i did gee's -- strategies for companies finding themselves in this predicament, to find hidden talent? >> i think theboardlist is a itat place to start, because is a tool, a platform that provides visibility beyond your first-order network. we know great people know great people.

our platform is built on endorsement levels. you can be sure that those people on the platform our board ready. no concern about qualifications. that is one thing companies can do. i think also it's about embedding diversity into the conversation. there are so many companies taking steps to embed this in recruiting processes, from the language, to the process to get referrals, from the employee base. there are a lot of changes that can be made at a fundamental level to make a difference. emily: shannon gordon, ceo of theboardlist, thank you. it is another sign of trade tensions between the u.s. and china. the trump administration will set limits on china visa applications starting next month. in some cases, it will reduce the amount of time a chinese citizen can stay in the u.s. the white house says it is to protect american intellectual property from being stolen. coming up, bitcoin hits below its 12 month trailing average.

we will talk to the coin list ceo about some of the regulatory hurdles. crypt those are up against -- cryptos are up against, next. this is bloomberg. ♪

emily: bitcoin enjoyed a boom, but are we now looking at the beginning of a bust? the cryptocurrency hit below its 12 month trailing average since the first time -- for the first time since october 2015. it is not just a bitcoin. we'd seen the rise and fall of a number of cryptocurrencies.

a lot of the volatility is due to regulatory uncertainty. however, ico's have raised more money in 2018 than last year, and we are not even halfway through. we are joined by the coin list ceo andy bromberg. --n list is where digital prior to this, and he was ceo of side wire. also, joe weisenthal is here. i want to start with you. a spectacular rise and fall, but also volatility has slowed down. this could be a step toward wider adoption.on the other hand, people say the craze is running out of steam. which one is it? >> i think we are seeing two things happen here. first, a bifurcation between high quality and low quality. last year, investors were not sophisticated, they were figuring out the market. now the high quality ones are

able to raise money and a low-quality, not as much. the second is increased from investors -- increased investment from investors all over the world. you are seeing investors talking about i feels all the time, increasing sophistication from investors which will drive the industry forward. emily: i will put a similar question to you. is it the start of a boom or beginning of a bust? reporter: i don't know the answer. i wish i did. but i do find it to be pretty striking the way in which we see this relentless decline. obviously, you mentioned bitcoin, but pretty much all of them all at the same time, despite the fact that we get a pretty steady drip of news coming out about infrastructure being built out, institutional interests being developed, partnerships between startups in the area and legacy companies doing trading. much of the hype in the second half of 2017 with about this wall of institutional money

that was supposed to come into the space. we see a lot of the building blocks for that continuing to happen, but it's obvious that has not translated into price increases the last i think a lot of people would have guessed. emily: and at the same time, the doj has opened a criminal probe into whether investors -- there is manipulation. has serious is this? reporter: we don't really know the details or what specific things are going to be going after, but there are obviously a lot of pretty shady activities in the space. dump roomsump and where people get together and try and manipulate a coin. there are credible accusations of false trading designed to spook people into thinking the price is doing one thing and not the other. i think part of this is the theoretical institutionalization of the space, you get a lot of players were happy to see bad actors rooted out. emily: how much of a concern are the shady activities in the

business you are in, and the concern about pending regulations? >> there are real concerns, especially with shady accusations. we look at this developing quickly. traditionally, it developed over decades or even centuries. we are seeing the same thing happen in crypto markets in months or years. quickly.pening so there are a lot of bad actors and they need to be rooted out. we are happy with the doj mint -- investigation and manipulation needs to be stopped. figuring out how regulations apply to the crypto space is a good thing. see it continuing. we see it as a good thing for the space as it gets professionalized. working onare building on a platform where accredited investors can invest in ic has, but isn't that the thing ico's were created to destroy? >> we think it was made to fund

protocols. we want to work under u.s. securities law and offer those securities to american investors. we also partner with companies like republic, and equity platform allowing nonaccredited investors. at its core, we think access being granted by the token industry by ico's isn't necessarily that it has to be granted everyone in the world, but just that it opens up fundraising. traditional, venture capitalism is done by relationships and very few people get access to deals. in this world, even if it is just an expense in -- expansion, it's a -- amount raised is down from a market spike. what is your read on that? reporter: the levels are still extraordinary. this sort of speaks to what i thetalking about before, two different crosswinds. yes, you see the prices declining and signs of the air

being let out of a bubble, but still, the interest is enormous. ico's allpoint about over the world, it is still remarkable how even with the price decline, it just doesn't feel like there has been any letup whatsoever in the interest emily, i'me, and sure your inbox and email address is flooded with blockchain and ico pictures. mine hasn't slowed down at all, even with the out price decline. absolutely. add the word blockchain and people think you will get enthusiastic response, but it's actually the opposite right now. andy, who are your investors? mostly high net worth individuals, family offices, hedge funds? >> when we talk about the investors, it's a huge swath of people, and it's challenging to characterize. everything from small retail

investors that write $100 or $1000, all the way up to endowment's, cryptocurrency hedge funds. the majority of the monday -- money gets from hedge funds, but we see it way more from smaller retail investors that are excited to invest in token sales. bity: we talked a little about bitcoin as a store of value, and we spoke to the founders of stripe, who stopped accepting bitcoin as a payment method because it was so volatile. i and curious, are you more optimistic about some of the smaller cryptocurrencies, where some say it may have more potential to be used as a true payment method and a valid value? reporter: i think the odds are still stacked against them. certainly, there are other coins that in syria are better for payments, maybe they are designed to be faster or designed to have cheaper

transaction costs, but at its heart if you are going to accept them thing in a form of payment, you have to have some believe it is money to some extent. smaller think the other coins have come close to achieving that level. bitcoin hasn't really gotten there yet either, but in terms of its durability, the fact that it is subject to the least change, it is clearly the furthest along in terms of something that people would recognize as a durable value, even as volatile as it is. emily: two sides of the same coin. joe weisenthal and coinlist ceo andy bromberg. thank you for joining us. coming up, our sit-down interview with stripe cofounders patrick and john collison. how the $9 billion company takes partnership with big tech players, including amazon. bloomberg live is hosting an exclusive event on june 20. the menlo park edition of the

exchange, a special event involving the security landscape. if you want to join, visit bloomberglive.com. this is bloomberg. ♪

emily: mary meeker of kleiner perkins presented her internet trends report for 2018 at the code conference. here are some key takeaways. people are increasingly spending more time online. in the u.s., adults spent 5.9 hours online, up from 5.6 a year before. 2017 marks the first year in which smartphone unit shipments did not grow. it was a banner year for voice controlled products like the amazon echo and payment adoption -- mobile payment adoptions. europe is becoming increasingly competitive with silicon valley when it comes to building successful tech companies. that's according to john collison, cofounder and

president of the payment company stripe. i caught up with the brothers in the latest edition of bloomberg's "studio 1.0" to talk about how the startup built into a billion-dollar behemoth. we talked about competition and the lack thereof. >> i think there is a desire to set these things up as stripe versus banks, and x versus y whenever there is a narrative. a large fraction of the time when people are building businesses on stripe, they are building businesses on white space as opposed to replacing another business directly. us is 5%tivating for of global commerce takes place online, the other 95% is off-line. that's what we mean when we say. emily: you are doing partnerships with companies that can be perceived as your competitors like apple, google, visa.

walk me through the strategy. >> we think all of those consumer payment methods will be successful overtime, but what has always been lacking is a platform for the businesses to just manage in abstract complexity of doing business online in 2018. what is required, even for tables takes to get up and running, managing the payments and the treasury and the regulation, the compliance, all the complexity that goes with off, take doing that in the u.s., and then all around the world, that was heavy beforehand. damaging effect where only large companies could do it, and not quickly. if you look at what businesses are doing today, they are changing, much more global, more complex. that's what we are focused on, and that's why apple pay has been growing like a weed. emily: stripe has been working

with smaller businesses for a long time, but bloomberg broke the news you are now working with amazon, facebook, microsoft, booking.com, lyft. how does a startup that is still growing serve such huge companies? >> i think our success with these larger companies is not despite the fact we started working with startups, it is because we started working with startups. when you start as a startup and when you serve them, you cannot bamboozle them with fancy sales materials and a big marketing campaign. they will not get deceived by it. they will judge it precisely on the product merits and what helps them innovate faster and fulfill their ambitions as rapidly as possible. it is really punishing. we were forced to build a product to help them execute as quickly as possible. emily: stripe makes money by charging a small fee on every transaction. you are now processing billions of dollars a year for hundreds

of thousands of companies taking payments worldwide. you are reportedly valued at $9.2 billion and have raised 450 million dollars in funding. some say the valuation is not justified. we have seen companies going to the public markets that have not been able to hit the market cap they raised at privately. the you have any concern you will not be able to hit that mark? paranoid thatare we need to execute strongly to hit the market, but when you look at potential market size to support that valuation, absolutely, many times over. d.c. stripe as a public company? -- do you see stripe as a public company? eventually, at some point. but we are in such an expansion phase, so far from reaching the

plateau where things will stabilize and the business becomes predictable -- i was in asia last week, and there is just such vast opportunity there for every internet business, stripe included, that we are so fixated on making sure, how do we ensure that while stripe is in the u.s., asia, latin america, that we are really capitalizing on opportunities there longwhatever term structure of the company is, we will set it within that. emily: john and patrick collison, cofounders of stripe. check out the full interview on the latest episode of "studio one ple1.0." that does it for this edition of "bloomberg technology." tomorrow, we will speak with armed ceo. that's all for now. this is bloomberg. ♪

♪ haidi: wall street rebounds along with sure yields as investors reassess market direction to the gridlock in italy. ramy: the s&p 500 and the most in three weeks, hoping the selloff caused by fears about the future of the eurozone. and rigidewhere, slow institutions, and the wto causes great concern. ramy: and beijing trade blows with washington,