>> i am selina wang in san francisco. this is bloomberg technology. big tech and congress agree on the need for stronger privacy laws. the question is how far should they go? we hear from the hearings on the hill. plus a latest funding round pushes is up to $20 billion. at chat with the financial officer ahead.

f sees technology killing 20 million jobs. we hear from christine lagarde. first, to our top story. big tech and congress agree on one thing. there is a need for stronger consumer digital privacy laws. take a look at what the -- importanteve it is for congress to weigh in on the issue of privacy and provide consumers in business clear rules concerning how information is used, shared, and protected, regardless of the company. we are not newcomers to this position. there appears to be growing agreement for the need for privacy laws. cali was one of six representatives from big tech companies testifying before senate -- members of the

commerce committee. while they agreed for the need of new regulation, they differed how the laws need to work. here to tell us more were two people at the hearing. michael becker, the ceo of the internet association, a tech lobbying group read also, ben brody who covers tech lobbying. what were your big takeaways from the hearing today? are we any closer to agreement between the lawmakers and tech companies on potential legislation? >> this was a very important hearing. it will not be the last. it says a lot are members in particular, internet companies, pushing for national frameworks to give meaningful control and transparency.

the innovation has made our internet sector so vibrant in the u.s.. shery: richard blumenthal -- selina: richard blumenthal -- do you think these companies are committed to this process? >> that is something michael can speak to. i think the details are going to be interesting. there are a lot of moments were senators urge officials to weigh in on a particular issue. what they often said was maybe. qualified know or qualified yes. this is the law and the language matters. it is hard to go into a hearing environment and toss off an

idea. we will be talking heavily about how they want that to look. the internetof association companies have been critical. i want us to take a listen to this exchange between a senator and google about gdpr. human hourshow many it might have taken for google's workforce to come into compliance? >> we do have some analysis i would be happy to share with your staff. it is not have the numbers available. >> and you estimate it was in the thousands? >> i would estimate it was in the hundreds of years of human time. >> hundreds of years of human time. what you make of that? r is very complicated. folks are complying. law, oneomplicated

that is not best for innovation or startups. there are many american newspapers that decided they had to shut down there websites in europe. even outback steakhouse shut because theybsite cannot figure out how to comply. need a -- we need a law that show we can be leaders in technology but also privacy protections. the details matter. we are behind 110%. we are willing to sit down with lawmakers to make sure this gets done. about: chairman -- spoke data security. what did you learn? >> he said data security has been really difficult. been negotiated for several years. it has come out of a couple of congresses. security is one of the issues we have heard.

to be a big part of this. that is an issue we are going to be watching. companies in tech and outside of tech are going to be talking strenuously about security. and the burden for it and what it looks like if that goes wrong. selina: almost all of the privacy proposals floated by the tech community have suggested federal legislation should preempt the california privacy law. what are the flaws? people's expectation of privacy doesn't change as you cross from state to state. it doesn't make sense if you are driving or flying across the country to put into place brand-new privacy laws. i don't think it makes a lot of sense. the california law, they just

got it wrong. it is some thing they pushed through in a short time. to draft and implement. california did it in days. there are things in the california law we think make people less private and less safe. provisions that prohibit companies from anonymizing and the identifying information. you cannot aggregate information not associated with people. is flawed.t we can do a better job. we should have a state of the art test in class law that protects all 50 states. what is your take on what michael just said? consumer advocates have a different perspective. absolutely. a lot of them would like to defend tougher state laws. to go strict, they say, there is no reason to stop that. what i'm hearing is consumers

want the federal law to be a baseline but it is something states can go above. not just within industry but between industry and the consumer point of view. it is important to note, this was an industry hearing. the chairman said there would be in early october a hearing with consumer advocates including somebody who was a real estate developer behind that privacy law that went into effect in california. beckerman, ben brody, thank you for joining us. speaking of protecting customer has paid a hefty price for failing to do so in 2016. they paid $146 million over a data breach that exposed the personal information of 24 million u.s. comfort -- customers. hackers obtained driver's

numbers, andne addresses for tens of millions of users. uber failed to disclose the reach for more than a year after disclosing -- discovering the hack. toernet unicorn about complete another round of funding. we will hear from the cfo and a minute. -- in a minute. you like us, check us out on bloomberg radio. this is bloomberg. ♪

selina: on light -- online payment and financial company strike is about to complete its latest round of financing.

what a valuation. $20 billion, got to hand it to you. what is interesting, it is serving what, 80% of americans? what the quarter of a billion is going to be used for. >> stripe is a technology builds that tilts in -- economic infrastructure. we are three decades into the consumer infrastructure. only 3% of gdp is online. grow this. to caroline: are we talking about asia? about 84% of adults.

there are 500 million people in southeast asia coming online for the first three years. this does not just happen. there are all sorts of hurdles related to expanding into new countries. stripe is focused on providing the payments infrastructure. >> other hurdles, at a time we are talking about globalizing --ments, we are getting trade tensions between china and the u.s.. in already serve companies china. how has that affected you? >> in some ways, it is a challenge. in other ways, it is even more useful. the funny thing about the internet, it was designed without borders in mind. there are not orders or countries written in. as soon as you bring money into the equation, all the borders come back on the map.

r, new like gdp challenges for our users, it makes us more helpful. >> maybe geopolitics is helpful. what about the clients you are serving. it is standout who you are surfing. giants, yourt up have scaled companies. google is one of your clients. spotify. what are they using you for?

blockchain enthusiasts are saying might be offended by cryptocurrencies. are you using blockchain technology? >> stripe was the first major company to support bitcoin transactions. it was not really solving problems for our users. it was late last year we deprecated support for bitcoin. we are interested in what is happening. >> you gave us that stat, at the moment, only 3% of commerce is online. where is it going? see thekly will we majority of commerce is online? whether in the u.s., also in india already. china already. >> we are a few decades in. global online commerce is only 1.5 trillion. years, we arefew looking at it probably going to 5%. right, hopefully it will grow faster. associate yourself with amazon. they happen to have reached $1 trillion. where do you think this company will go?

you used to be at thrive capital. is an enormous opportunity. obviously, the expectations are very high. clark's where are the expectations? >> hopefully multiple times higher than where we are. >> thank you for passing through the east coast. great to have him, the cfo of stripe. selina: speaking with the stripes cfo. coming up, surveymonkey finally hits the public market. still hanging over the business. can the comedy keep up despite the large free user base? we will discuss, next. and bloomberg technology is livestreaming on twitter. this is bloomberg. ♪

years offter 20 business, surveymonkey has gone public. they surged as much as 67%. for over two decades, they have expended their products beyond survey software, building tools for data collection and talent management. they have partnered with company like salesforce and google. while they have had 15 million users in the past year, only 3.8% were paying. >> we are thrilled to begin trading today on the nasdaq. of apo was a culmination

lot of work over the last couple of years. does toa 19-year-old is the stable, healthy business users and 16paid million active users. tois about the opportunity talk to the enterprise customers. paying users, instead of 300,000 organizations. a platform with security. enabling people to listen to the voices and opinions of the people who matter. going public is an awesome opportunity to talk about our forcets, help our sales capitalize. millionyou have 16 active users but 5% are paying. elegantve one of the business models. we use -- love our free users. they can help propagate our brand. we have costs.

it is on us to move them through the product. good job, 90% of our paying users are on a subscription basis. the majority stay with us for a long time. fortunately for our business, 80% come to us via a free channel. often on the back of a survey you might send. it is customers introducing us to future customers. from 2016 to grew 27 teen to read what is the plan to accelerate teacher growth? we grew 21% year over year in the second quarter. a handful of issues driving healthy growth. first and foremost, we have been a cash flow generative company. the first thing we are doing, spurring international growth.

lighting up the data center. we are excited about internationally being faster. we have launched a product, a great opportunity for people sharing accounts to have their own accounts. most importantly, huge footprints. inside the company we serve hundreds, sometimes thousands of people collecting mission-critical data. we have a platform to bring them on to a shared platform. a holistic protection of that data and give end-users the rich enterprise product. that will spur growth for years to come. understand how important this international growth piece is going to be. >> we are fortunate to have the fortune0% of 500. for the 300,000 organizations where we have paying users, we

have only converted 1% of those. i think the message to viewers on bloomberg, people across your company are measuring employee engagement. critical programs in their individual accounts. surveymonkey has an incredible enterprise platform that will give you richer access to that data and more protection. as far as international, we are thrilled to expand our international business. many world-class internet companies clips that threshold. i have confidence with our strategy, localizing the product, we will accelerate international sales. selina: serena williams joined your board. how has she impacted your business? >> i think it is critical for

private companies to be mindful of the board of directors. boards are aware of because of your coverage and others how critical not just the business but the culture is. the best fiduciaries are mindful of how good of a job is edition doing. the employee culture can read if it can be known. what the internet provides. serena williams is a leader. she has been a leader on critical issues. standing up for folks whose voices are not often heard to read she is a business leader. most late, she has been dominating the industry. she has taught us a lot about grit. we have been fortunate to have an incredible board of directors. serena plays a key role on that team. ceo zander.eymonkey

on googlecracked down and twitter. now the latest target is amazon. this is bloomberg. ♪

i'm all about my bed. this mattress is dangerously comfortable. when i get in i literally say, ahh. meet the leesa mattress. a better place to sleep. this bed hugs my body. i'm now a morning person. the leesa mattress is designed to provide strong support, relieve pressure and optimize airflow to keep you cool. hello bed of my dreams. order online. we'll build it, box it and ship it to your door for you to enjoy. sleep on it to up to 100 nights and love it or you get a full refund. returns are free and easy. i love my leesa. today is gonna be great. read our reviews, then try the leesa mattress in your own home. order during our fall mattress sale and save. for a limited time get

150 dollars off and free shipping too. sale prices are available right now. go to buyleesa.com today. you need this is bloomberg technology. i am selina wang. elon musk is hoping to harvest the power of the tesla fan base. longtime customers are volunteering to answer questions from buyers. to make sense of the latest turn, dana holding joins us now. you have been talking to these volunteers all day. what are they doing? >> a lot of them are existing owners. they are very passionate. they recognize this is a make or break quarter and they want to

help out. it again on twitter where an existing owner volunteered to elon musk, i am an owner, do you want me to help out? like, that would be awesome. you are seeing droves of people volunteering to help out. >> what does it say about the ability of tesla to get cars out fast enough? >> they have a lot of questions questionsging, electric vehicle drivers are accustomed to asking. the service centers are packed. pressure is increasing from investors. what are the expectations for this particular model? has indicated they are

going to deliver and sell more than double last year. -- musk. they were expecting deliveries of the model three, way more than double last quarter. been facinga has fcc probe.an . >> they have not hired executives from outside. they do not have a coo. they have not had big marquee names. you are seeing this attrition happening at an advanced clip. selina: thank you for the update. yft trying to wean people off of their personal cars, paying people to keep them in garages.

it is offering credits of 500-600 dollars to customers who keep cars at home and take lift instead. as we mentioned earlier in the show, bloomberg has been live. we spoke to a number of world leaders. spoke with theit eu commissioner and talked about the probe on amazon. >> amazon, it is a two-sided market. they have dual functions. they host the little guy so he can enter into e-commerce. they provide a number of services which allow smaller businesses to be active. that is great. a big guylso themselves. everything. groceries, movies, the works.

they get all the data from the little guy. we want to understand how this data is being used. this is all about competition. when we say innovation, competition is the most important driver for innovation for you to stay ahead of your competitor. you think the future is a bit like telecom companies or what happened with microsoft? you have a platform company forced to let other people trade and have access? >> i think that is difficult to say. as was said in the video, this is a revolution. things change. we haven't even seen what is coming with quantum computing, blockchain. economy thattform is much more diverse than what we have seen, which is why it is important to understand, what is the new thing?

how are companies that benefit from network effects, module costs, how do they compete? for us, that is the important thing. >> do you think competition has been left behind by big tech. you talked about network effects. it is difficult to intervene until they have created these new monopolies -- near monopolies as some would see them. >> i think the principles are fine. they are about human nature. we do not change, unfortunately, with our good sides and bad sides, we remain the same. regulation, we need to stay alert. you can be big. in europe, you can be successful. you should not issues your power. this is the story of the two google finds.

very successful, welcome, but they misused their power for competitors not to be as innovative as they ought to. for consumers not to be able to enjoy the benefits of choice, innovation, affordable prices. that is where we have to be vigilant. >> isn't it an example of what we just said? years. you seven >> part of that is part of the game. there is an is symmetry and law-enforcement. it takes five minutes to break into your home. it will take the police and the court system quite some time to find the guilty person. to get him or her convicted. >> seven years. >> you have a responsibility to do process. we live in a union based rule of law and we will not compromise

on your right to defend yourself. we can use out rhythms, too. of a digital world in order for us to be more speedy. tech firms have become too big in some cases? i don't think as such you can make that conclusion. i think they can be more transparent. my colleagues have made a good proposals to ensure transparency, the relationship between the smaller business and the platform. i think that is very much needed. the willingness to deal with people. clearmuch more sort of they respect your privacy, your ownership of your data. so that we as citizens feel we can build trust with technology. selina: eu competition commissioner at the annual global business forum in new york.

coming up, world and business leaders have been speaking at global business forum in new york. we will hear from christine lagarde on the future impacts of artificial intelligence. also when we return, can an ai apprd avenue -- powered solve gender equity?

we reporteday, google had made some serious changes to chrome. is going with a report google has revamped this feature, saying users will be able to use the browser without seeing automatically signed in.

bloomberg has been live all day at the global business forum. we spoke to a number of leaders. in a conversation with christine lagarde and robin lee, lagarde newioned a study on technologies like artificial intelligence the imf is about to release and how it may impact jobs around the world. >> the finding is, extrapolated from companies to the rest of the world. quite a lot of jobs will be significantly, materially affected. when we look at those 30 countries, it will be about 26 million jobs that will actually probably disappear. the second finding, i thought was interesting, because it applies essentially to those tasks that are repetitive, and there are more women, women are more likely to be affected than men. do you think that is true?

>> it could be true. that is one side of the coin. you can also say, it is kind of repetitive. >> you need to apply judgment. relatively simple. it is not that hard. if you try to teach the computer to drive, it is not that hard. up, people when they grow they can learn how to drive to read it is very hard for computers. companies like baidu and other at onies are working driving. frome a few years away truly self driving. a lot of vehicles, not really competing, free from drivers.

we will use the computer to enhance the human activities. >> you don't want to replace us. >> i am going to ask one more question. i want to ask you one. 40,000 employees around the world, many of whom are in china. are you enjoying a framework research,es you to develop anything you want? >> pretty much yes. china is a big market. have tens of millions of users use our services every day. a lot of data is generated. learn howse data to to improve our services. we do have a lot of opportunities to innovate.

that being said, there are concerns. how do you provide, protect privacy? sure theu make technology does not go out of control? there are things we need to worry about. i do see more opportunities than threats. selina: that was christina lee.de and robin at the current rate of progress, it will take over 200 years to close the gender equality gap. $.80 on the dollar that men do. women only get $.47 when it comes to equity. platform is a software that hopes to change that. the first app.ed the founder and

ceo. your platform uses artificial intelligence and machine unconsciousidentify bias. how does this work? intercept ouris decisions across the five pillars of talent. paid, performance potential, promotion. we make recommendations about decisions they can make and track them over time. >> what kind of companies are you targeting? >> enterprise companies. the fortune 500 is in our target. a hundredwith thousand employees or more. aey have typically made pledge or forward-looking statement. >> what has your data showed? moneyu prove how much companies are leaving off the company -- table? >> we can. we started with a research

study. what we found, for every 10% increase in gender equity, 50-50, there is a increase in revenue. >> your company has been able to directly tie those links? >> they have been able to show a connection between closing the gender equity gap and increased revenue. >> have you been i did to -- able to identify the key areas where coveney struggle the most? it could be at the hiring level, pay, promotion? >> it is the internal mobility of talent. see women make up the majority of individual computers in an organization, but they do not make it to the top. year over year, the number of female fortune 500 ceos has gone down from 32 to 24. that is because women do not make it up the pipeline so they

are not promoted at the same rate. we actually manage all of those decisions and how you are going to invest in your talent. >> what are some of the actions you can provide? >> if a company posts a job aquisition, we will send them slate of candidates that can fill that position. each of the candidates has a pipeline score. that is related to the candidate gender and skill set. they aree up the team going to be joining. that is one example. selina: it has been a year of reckoning, silken valley and the country at large. has the sentiment caused more companies to approach you guys? >> i think it has elevated the conversation. what the me too movement has done is share more stories.

bring more voices to the table. what we also know, people want a plan of action. they want a clear way. you mentioned the world economic forum. 47 years in the last year. we are going backward, we are not going forward. what people want is a clear path to achieve gender equity. ai to combating unconscious bias. a lot of the concern is it is written into the other rhythms. >> what we know, if you are aware of it, some of the talk about ai and programming is who is actually programming them. if you are not aware of it, you end up programming unconscious bias into the ai. being aware, you can circumvent that. >> thank you.

we are looking forward to an update on the company. coming up, world leaders continue to convene at bloomberg's global business forum. we will hear from theresa may who sat down at the forum to discuss the fears around ai. this is bloomberg.

leaders from the public and private sectors are convening to address some of the global economy's biggest challenges. as artificial intelligence continues to advance, tomorrow's jobs are in question. we sat down with theresa may and asked her about these concerns. >> it is one of the challenges we face today. for some people, they feel they have any sense been left behind.

globalization, free trade, they benefit other people and not them. making sure people benefit but recognize what it rings. prosperity, jobs. opportunities for the future. it is partially about governments but also about working with business. ibmave talked about what has been doing in relation to skills. others are also looking at how they can work to help young people get skills for the future. it is also about setting the right environment. issues like tax and regulation. working with business. our challenge fund, sector deals. are about working with business and saying, how can we ensure we are creating the right environment that enables

business to do what it does, grow and create jobs and prosperity? onehe world you describe is of inclusive skills for everyone to participate. ushering in a new era of technology. people have to trust them. we met at davos. it was what behind -- was behind you setting up the center for ethics. i think everyone would be interested why this became at the top of your agenda and your views on that. i will add my own. i think this is the paramount issue. if people do not trust in these new technologies, they will not flourish. it will create a greater have and have not technology. -- society. >> the technology of the future. the economy of the future depends on people having access

to technology. life,ir day to day trusting that technology. that is why we sent up the center for ethics. it is putting these together to make sure as we see development taking place, we are able to set peoplehical framework so will have the confidence that having to worry about how they data is going to be used. if people see this new technology being used to real advantage in their day-to-day lives, ways perhaps i had not thought of, if i can give one example. one of the challenges on ai is about how it can actually be ofd to get earlier diagnosis key diseases and health problems people have.

doneesting work being ofng ai for early diagnosis eye problems and diseases. that can be a real benefit to people. this isn show people not some scary thing out there that is going to take your job away. it is going to change her life for the better. jobs you can guild take on. we will be able to persuade people of the benefits. that was prime minister theresa may and the ibm ceo at the global business form. that does it for this edition of bloomberg technology. i am selina wang. this is bloomberg. ♪

comcast business built the nation's largest gig-speed network. then went beyond. beyond chasing down network problems. to knowing when and where there's an issue. beyond network complexity. to a zero-touch, one-box world. optimizing performance and budget. beyond having questions. to getting answers. "activecore, how's my network?" "all sites are green." all of which helps you do more than your customers thought possible. comcast business. beyond fast.

>> the following is a paid program for the power air fryer oven. brought to you by tri-star products. it finally became possible to joy -- to enjoy the crispy food that you love guilt free. millions were sold in the five-star reviews say it all. people love the power airfryer. introducing the power airfryer oven. the oven that can fry 70% more