♪ emily: i am emily chang in san francisco and this is "bloomberg technology." u.s. attorney general william barr has released robert partially redacted report on russian interference in 2016 elections. social media is one of the biggest losers. we will tell you why. , more unicorns ride into the public market. interest sort 28%.

soared 28%. reviewers report flickering and failed displays for samsung's new phone. first, our top story. as president trump put it, it was a good day. the mueller report is out him about the conclusions of congress may not align with the president. >> what i said in front of my friends, this should never happen to another president again, this hoax. it should never happen to another president again. emily: meantime, while mueller concluded no collusion, the debate swirls on the issue of whether the president obstructed justice. mueller said the president engaged in a series of "targeted efforts to control the investigation." leaders have called mueller to testify.

part appearscted to cover russian meddling in the 2016 election via social platforms like facebook, twitter. i want to bring in our guests. there is so much to digest. tell us which points are being focused on the most, where you see the most potential conflict? >> there are the two sections. one on collusion, the other on instruction of justice. they are starting to look at the evidence laid out in this redacted report. when it comes to obstruction of there were 10 episodes where that could or could not represent obstruction of justice attorney general interpreted those not to present examples of obstruction of justice. democrats have said, including

the chairman of the house judiciary committee, that it was up to congress to decide whether that represents obstruction. collusion, the report said there was no criminal conspiracy between the trump campaign and actors that interfered in the election. congress will see no criminal indictments, no criminal conspiracy come up but there were examples of embers of the trump campaign manager his associates talking and communicating with russians in different aspects during the 2016 campaign. emily: including a failed effort to get hillary clinton's emails and which were later released by wikileaks anyway. social media comes up repeatedly in this report. to us about facebook and twitter and what that means. >> they are front and center. facebook and twitter were the main places that russian

operatives were trying to influence the public. here.are two campaigns there was the social media manipulation effort, then there the efforts to obtain emails and hack in and get information on the clinton campaign, so facebook and twitter played a key role. somewhat amusingly, google comes and it is trump administration figures trying to google people and figure out how they are. the focus in the mueller report when it comes to technology companies are facebook and twitter. emily: obviously this conversation is just beginning. you have the house judiciary chair saying impeachment is not out of the question come up too early to draw conclusions, but are there in immediate risks for the white house based on what we know? >> we have more information about this actors within the white house, like attorney don his objection to

participating and obstruction of justice and refusal to fire rod notnstein, saying he did want to participate in those activities the president had asked him to do. front andanies are center in the way their platforms have been used. that presents a risk for them as well. want to protect the next election from the same kind of interference, so there will be a lot of discussion on capitol hill about different ways to protect election security and make sure this interference does not happen again. thinking about the day after the election when mark zuckerberg said it was crazy to think facebook in any way could have influenced it. we know so much more today, but there has been resistance from the platforms to admit their potential role here. newsder if any of this will come as a surprise to them. what can they do about

bots infiltrating their services undetected. >> it is so core to what they do at this point. ts ondea that there are bo facebook and twitter isn't news to anyone, but there feels like there are anonymous accounts have bring you with motivated positions, everything. i follow tesla a lot. then you think about something as terrible as neo-nazis impersonating the very targets of their attacks to make them look bad, so there are all sorts of ways to look at how anonymity on facebook and twitter has led to in city's behavior. you -- insidious behavior. you have to wonder if there are approaches instead saying, how

can we build actual systems so that people know who they are interacting with and have confidence that the facebook group they join isn't run by someone who is working for the russian government or as their proxy. those questions are still far from answered because they are so core to how these companies have set up their social networks. mostly ahy it has been game of resisting criticism, rather than coming up with here he is how we are going to do things differently so this doesn't happen again. emily: right, they would say many accounts have been deleted. we are reducing humans and technology to fight this. what happens next, at least tomorrow? , the house said judiciary committee chairman has said he is not taking impeachment off the table. they hold be one way

trump accountable for the actions outlined in this report. he does want to subpoena the unredacted report and the underlying documents, so he could have more evidence and information about the way that some of these companies were used in order to facilitate russian interference in the election. there will be a lot more to look for on that front, and also the takether committees can some of this information in this report and use it for their own investigation to further the process of oversight over the white house. emily: a lot to continue to discuss. thank you both. just four weeks ago, facebook acknowledged that tens of thousands of instagram passwords were exposed. now it is saying millions were affected. and a blog post, facebook stated "millions of instagram users were impacted by this lapse,

users of facebook light were also affected." facebook light is designed for people with older phones or slow internet connections, mostly in emerging markets. coming up, pinterest is out of the gate. my conversation right after shares started trading is next. if you like bloomberg news, check us out on the radio, the bloomberg app, bloomberg.com, and sirius xm. this is bloomberg. ♪

♪ rose as muchest

30% after raising $1.4 billion in the second against u.s. ipo of the year. i spoke with the ceo after the stock hit the public markets and asked how he would describe pinterest to the public today? take a listen. talk with investors about how regular people use the product every day to get inspiration for a range of things. everything from the clothing they wear to their home. it is about your personal inspiration. it is not about following celebrities in the news. we wanted to make sure everyone understood that. that is how our users use the product every day. emily: you launched nine years ago. many companies have gone public more quickly. why is now the right time? >> we are proud of the progress we have made. we felt we were at the point of stability so we could be in the public market.

we are excited to have access to public market capital. a lot of great companies have acquired other companies. , we have had patient investors and employees, so it is a nice moment to provide liquidity for those parties. emily: patience is a virtue. some might look at pinterest and say you are just another digital marketing company. so what makes your advertising model unique to other platforms? >> the thing that makes it special is the reason people are on pinterest is to get inspiration, and it is lined up with what advertisers want to metoo inspired new customers and get them to buy products. it can be additive as long as we do a good job of making sure they are highly relevant. that is different from a lot of media companies. that difference and alignment is the biggest difference between us and other media properties. emily: one of the primary criticisms is that the majority

of user growth is coming internationally, where average revenue per user is lower than the u.s. how much room is there to run in the u.s. in terms of growing users, or is it a story of increasing engagement? >> there is a real opportunity to grow over time and increasing gauge meant. a lot of people might use pinterest for one or two things, but they don't know the different ways people use the product. we are super proud we are growing globally. a few years ago, the story would have been primarily a u.s.-based service. what is the plan to grow international sales? >> we are in the first chapter of that story. we are hiring our first local sales teams in canada and western europe, germany, and france. there will be real opportunities

for advertisers all over the world. emily: do you see profits coming soon, and if so, when? for will your focus be on investing to grow the top line? >> we will invest for the long-term. we have shown good margins for the last few years, but i am watching what will make pinterest great 10 years from now. i am really excited to see it keep growing. emily: pinterest is great at collecting dreams, but less so on executing them. what do plan to do to better connect those two things? >> we are working to make sure people can bridge that gap between seeing something inspiring and doing it. matchedsure we inspirational images with more products at a price point that matters for people and from retailers they trust. we enable retailers to upload their catalog to pinterest. we are investing in computer

vision technology to match those products with images. we are also dealing with all the different use cases. diy project, you can see other people's experiences. around with --ed back in the day. those didn't take off. do you think social commerce will be a thing someday? >> i don't know about social commerce over all, but our users often want to buy the things they find on pinterest. a lot of people say they discovered a product or service while browsing pinterest. we want to make sure it is easy to go from inspiration to reality, which in this case will be a purchase. ceo fromnterest the the new york stock exchange. for more, i want to bring in one person who covers ipos for us. what is the quick take on how pinterest performed today, a nice, but not too big, pop? on the nose.

a nice pop of 28% today. it was a stable day of trading. we didn't see too many wild swings. that's what you want coming out of the blocks. you don't want to see a drop in the shares. a pretty good first day of trading for pinterest. emily: you had zoom on the same day. zoom shares popped over 70%. we will hear from the ceo later in the show. he said i think the price is too high. of their whensk you have a company coming out of the gate so strong? >> zoom is an interesting case study. the company was valued at $1 billion in its last private funding round two years ago. then a $9 billion violation in its ipo. today, $16 billion comes a bigger than pinterest. it is a company where people are

buying into the numbers. it is a profitable company. that makes it stand out amongst this crop of companies coming to market. the higher you go, the further you have to fall. emily: i have a chart in my bloomberg library that shows the average first-day pop for ipos over time. around the higher , thenf the dot com boom leveled off. we see what happened with lyft, big first-day pop, now shares well below their ipo price, which can hang over the stock like a cloud, a psychological barrier for investors, whether or not it is subjective, so do you see lyft's overhang affecting ipos to come, or what we saw today is investors will look at these companies individually? >> investors seem to be looking at them individually and not

this group of unicorns rushing towards the market. we see that in the different reactions. there is renewed enthusiasm for every one of these stocks come even though --, even though lyft was only two weeks ago. it is still early days for all these companies and we'll take a little while for everything to shake out in seaworthy valuations end up. ,mily: we have more with slack post mate, palantir, airbnb. as always, thanks for stopping by. , convoy taking a big step to modernize the trucking industry with high profile backers like jeff bezos. we will hear from the ceo next. bloomberg technology is live streaming on twitter. the sure to follow of global breaking news network tictoc on twitter. this is bloomberg. ♪ ♪

emily: t-mobile has a new way to

stand out from its rivals. the wireless carrier will offer checking accounts, and the new money app will provide access to no fee accounts. monthly subscribers who deposit $200 a month will get 4% interest one of two $4000. the $800 billion trucking industry is growing things to the rise to e-commerce bringing more demand for shipping. convoy, a nationwide trucking platform that is working to , cutting industry operations and reducing waste, backed by big-name investors including jeff bezos come a bill gates, and bono. it rolled out a new program. and we talk a little bit more. people have called you the uber of trucking. you are different. how do you describe what convoy does? >> convoy is a trucking service nationwide. we help small company's get access to freight.

if a shipper wants to move something, most of the time they don't own their own trucks. they call convoy or use our technology on the web, and that is offered to thousands of trucking companies and we try to match it with the companies that can do it with the least empty miles, show up on time, get the job done best. newy: tell us about the trends in shipping and e-commerce and how your business is evolving. >> there have been some different trends. companies have to think about where they're going to stage their products to make sure they can get shipped faster to their customers. there have been differences in country, and systems, fulfillment centers. we have been building tools to make it faster to get in and out of those is so these. emily: tools like what? >> convoy go. mugs.per, shipping coffee they can hire a truck with an indy trailer, then wait for an appointment trial, get back to

. and load mugs. thecan load everything on trailer, the truck rolls in, driving away. that was only available to big trucking companies previously could afford to have pools of trailers at facilities around the country. universalmanaging a trailer pool. convoy go, anyone can get access. many companies can participate, so can more shippers. that gets jobs done faster. it is important for quick delivery with e-commerce. emily: are you seeing patterns change with the trade war between the u.s. and china? not seen a lot of difference in terms of shipping cycles in the u.s. there were a couple of periods where freight surged in l.a. because people were trying to get freight into the country before the tariffs hit. other than that, we have not seen anything. emily: you have big-name

investors. why is bono investing in a trucking start up? >> making money. but not a rock star them up what i found was interesting talking to them is they understand logistics. onir business is putting shows and moving stuff from city to city with hundreds of trucks. i think they can really appreciate trucking and logistics, and it is personal for them because everything they do is related to that. emily: there are issues with over drivers, how should overtreatment. trucksfornia, drivers of actually have won in some of these cases. is that an issue you are dealing with? >> it is not related to our business in the same way. someone dedicated to accompany driving full-time for them,

wearing the uniform. in our case, we are operating the way brokerages operate. we offer the freight to independent companies that are running fleets of trucks. they can then choose to accept that and do the job. it is the same way they would get freight from other brokers. emily: what is next? is really going to change things and reduce waste. we think of our business as a waste reduction business. there are empty miles driven all the time. you have hours of wait time for an appointment at a facility. when the truck is backing into that dock you have load time. all at a time when truck drivers are not running with freight. we are going to figure out how to reduce that waste. what is next is cutting that downgrading a better experience. emily: the ceo and cofounder of convoy, thank you very much. , zoom saw big gains on

its first day, but will it avoid lyft's jury start. we will discuss next. this is bloomberg. ♪ xfinity watchathon week has sadly come to an end.

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i set down with the zumba's founder and ceo -- i sat down

with zoom's founder and ceo. you think the price is too high? >> i think so. we just go back to work. emily: how do you live up to it now? >> first of all, i would say the market opportunity is huge, right? over $40 billion in market opportunity. the customer does it for us and so far we are very happy. as long as we stay humble, continue working as hard as we happiness to our customers, i think it will be ok in the long run. emily: many people have talked is a rare unicorn and that your profitable. should we expect you to grow profit this year or focus on investing to improve topline

growth? oni think we should focus both. we want to grow for sure. that is the top of our priority, but at the same time, we also want to have a much more disciplined approach, right? we want to have the right balance, and i think we should focus on growth and also at the same time focus on cash flow positive. emily: you were last on our show to talk about immigration struggles. the u.s. government has denied your visa eight times before they finally approved it. now you are taking a company public on a major u.s. exchange. what does that mean to you? first of all, i officiated visa office finally giving the approval to come here. the moral is never give up, keep trying, keep working hard and never give up and someday your dream will come true. today is our dream coming true, to be a public company.

worknk many years of hard has paid off. emily: cisco has begun to offer some of the features you offer. cisco being your former employer. how do you see competition evolving? >> cisco is a great company. i was there for four and a half years. i learned a lot and i appreciate all the support while i was there. we do not look at it as competitors. we're always spending time talking to customers. we try to be the first vendor to really understand customers' problems and work hard to come up with a much better solution. the market opportunities are huge, right? as long as we care about our customers, we will be ok. google? at about why should customers use your products rather than google if they are already, let's say,

using google cloud products? >> i've been using google product as well. i use gmail, google counter, youtube. google is great on many fronts like search, youtube, their mobile phone, but when it comes , i think weerencing just spend more time on that. we really care about our customer more than any other vendors. that's why customers like our solution. the feedback is zoom just works anywhere. we're spending more time and resources on that than any other competitors. emily: what are the opportunities ucb on videoconferencing? >> i think video is a new voice, right? traditional, i think in the next several years, they will migrate to cloud-based solutions. i think this is not an voice isty because

part of the video. i think there's another growth opportunity. emily: my interview there with .oom founder and ceo eric yuan i want to bring and carl eschenbach who is on the board of the videoconferencing company. 's largest one of zoom stakeholders. he is with us from the nasdaq in new york. the biggest question is if zoom can maintain profitability. they did turn a slight profit last year and now, everybody wondering if they can keep that up. carl is with us now from the nasdaq. i don't know if you heard at the top, but the first question i asked was are you feeling pressure, and he said yes, i think the price is too high. what is your reaction to that? >> it is always fun to listen to eric either talk or see him on a video like that. we were always so impressed with how grounded and humble and authentic he is. he always is forthright in his

thoughts and does not hide his feelings. that is what makes eric so special. he will share what is on his mind and at the end of the day, he is truth will about his feelings and we have seen that over and over and over again. emily: do you think the price is too high? the risk is it cannot be sustained and it becomes a psychological issue for investors, which is what we are ft.ing with ly >> is not a lot we can do to control what the street inks and where they price this company. what eric and team can do is control their ability to execute. you look at what eric was just articulating, there is a massive tam out there of over $40 billion and zoom has an opportunity to tackle a big portion of that. if you look at their international business, which i think only represents about 18% of overall revenues, they are just now breaking into the phone market, getting deeper and deeper into the conference room market -- i think if eric and

his team focus on execution and delivering happiness and results , i think the price will take care of itself but not worry about where the street is sitting today. zoom got a lot of attention because it is profitable. you don't see that a lot in a tech company just going public. do you think zoom canon will maintain its profitability, that the focus will be profit, perhaps as opposed to topline growth? eric will focus on both. their --profitable in and cashprofitable flow positive which is unique for a company of this scale, especially in the enterprise space. the way eric has structured the company, leveraging a lot of engineering and deep talent out

of china and focusing on growing this business in a profitable way, i think he can do both simultaneously. the unique thing about the product is it has gone viral. people all the time say "let's just do a zoom," and with that virality drives the demand for the product was gets consumer business, small business, and deep into the enterprise, so i think if they focus on growth, they can do it in a profitable way and be unique just like they are today. emily: what is your take on the coming ipo market this year? if i remember correctly, sequoia is not really in the ride-hailing business. you are not an investor in lyft or uber, but you do have some companies that can be coming to market this year. >> you can see by just the market's response to the ipo today that there is an insatiable desire to invest in tech companies going forward, and i think we are going to see

this continue to be a rich ipo market going forward. sequoia, our objective is to partner with all of our portfolio companies from idea to ipo and beyond. ipo is just a day, an event, a recognition of the success of the company in the public market, a great branding opportunity, but, really, it's how they perform after they go public and sequoia just has a strong desire to stay close to with themies and work in the public market and hopefully continue to enjoy success just like leading up to those ipo's, but it's a healthy market for ipo's in the tech sector right now. emily: big day for you being on board. thank you for joining us today. google and amazon have declared a truce. the two will let each other's video services on their respective gadgets. youtube wilson be available on fire tv and amazon prime video will show up on chromecast and

android tv devices. the companies have feuded when it comes to businesses that they both operate in. .oming up, samsung new studies show defects in the company's brand-new device. we will talk about how this affects the company's brand-new device next.

emily: another samsung smartphone snafu. and some galaxy smartphones are having screen issues after only days of use. $2000 andcosts some in some cases samsung's foldable screen technology does not seem to be quite ready.

, you got a review device and started having problems with your phone. what happened yet for >> monday, i went to new york city to a briefing to pick up the galaxy fold. they gave us a little bit of a presentation, pre-briefing on how the phone works. they asked us to take some theos of it, and i went to airport, took it out in boxing,f the screen protector that airport, took it out of the box and unboxed it and as part of a goesl on the front of the phone and apparently, that is not something you're supposed to remove. little did i know that goes on the front of the removing a sheet of plastic like any other phone or tv you get out of the box from this $2000 phone will be the reason for her to malfunction. here we are today. samsung will send us a replacement unit tomorrow.

emily: i'm reminded of the exploding battery situation which samsung was dealing with a couple of years ago, but otherwise, is this something you have ever experienced with a new model? >> i have never seen anything like this, for such a high-end device to stop working -- it stopped working 100% probably within a day and after two days overnight, just sitting on my -- in myd and my motel, it got progressively worse. i posted a picture where you can see the left side of the screen is dead. i will look, it was about 75%, morning, and by that it was completely dead. it is very strange. about 75%,p, it was 80% dead and by the next morning, it was completely dead. samsung said these are

preproduction, that the review units are different than the ones they will ship to consumers, but there's two or three other reporters who from other publications have reported similar problems. emily: what is samsung saying? >> right now they are saying they want the phones back, what to take a look and see what the issue was. they were quick to point some blame to removing the screen protector, but i don't think that is a really good way to go about it, blaming the removal of the screen protector. a screen protector should not be the difference between a $2000 phone working or not working. these companies have an obligation to build devices that take into account how people will use them and people are used to taking screen protectors, plastic film off devices before they begin using them. any iphone or samsung phone bought over the last 12 years worked the same way, so you are telling me with this one, you remove it and it just stops working? it does not make sense to me. emily: your tweet on the defect

exploded the twitterfear -- the twittersphere. s.e.c. sagak continues. an early april, a u.s. judge gave both guys two weeks to resolve their differences. if they cannot negotiate, renegotiate, she said she would inide if she will hold musk contempt or not. now they are asking for more time. deadlinet letter, the for the resolution, the tesla ceo and the sec said they had been unable to reach an socialnt over musk media activity. >> they talked for an hour on the phone. this basically just tons -- punts this down the road.

they need to just sort of nail down how he tweets, how he uses social media, how the kierland from asia is embedded ahead of media- how the social information is that it -- is vetted ahead of time. it's happening is there someone in reviewing tweets after they go out but not necessarily ahead of time. the judge wants a clarified agreement that will make it extremely clear like how they are being reviewed and if they are being reviewed ahead of time or not. musk in the middle of all this tweeted again with more production information. >> in his view, he is not tweeting material information and has discretion. in the sec's view, he is violating the agreement he agreed to in the fall. the judge made it clear she wants them to resolve this.

she wants them to put on their adult pans and work this thing out. emily: is there any indication how musk -- how the judge has behavior? sk's >> not today. she approved the extension. emily: what happens next. there were concerns about deliveries. what numbers are we watching for? week for tesla. monday they have an autonomy day for investors where they will showcase efforts to make a self driving car. no analysts or media have been reported to my knowledge. investors only. everyone is expecting earnings to be terrible. thursday, they have to come back to the judge with some kind of an agreement. if they don't have an agreement, she could find them in contempt.

emily: musk's tweeting has been a huge marketing tactic for the company. they don't do a lot of marketing. he is the market or in chief -- marketer in chief. >> absolutely. ofs like the lee iacocca chrysler. they do do events for their owners. in terms influencers of hollywood stars, but, yeah, elon tweeting is how customers engage with him. emily: i know you will keep on it. musk keeps you busy. thank you for that update. still ahead, airbnb is betting on a startup focusing on inviting spaces for business travelers. we will speak to the ceo of lyrica next. next.lyric this is bloomberg. ♪

emily: the thought of extended decisions ofel dread into the hearts of many executives, including yours truly, but lyric hopes to .mprove the prospect it just got a big shot of support with a $160 million funding round led by airbnb. the lyric cofounder and ceo joins us here in the studio. welcome. >> thank you so much. emily: describe what you do. as a networkyric of spaces.

you can stay with us for a .ingle night to 200-plus nights studios and one-bedrooms come replete with the kitchen, a full as ae that works workspace. emily: we're looking at video of these spaces now. they are obviously beautiful, more beautiful than many hotels rooms i have stayed in. you do not necessarily get the attention that comes with staying in a hotel when maybe you need something. how do you balance that? >> we do have 20 47 support for a lot of our folks. -- we do have 24/7 support for our folks. all our spaces have digital locks, digital access. we talk to folks who just want to get into their space and want to either work, relax, etc., so that is why it is designed to be seamless as opposed to really service-heavy. emily: what is an investment from airbnb mean? you could be seen as a

competitor. an operator. just like starwood sells inventory on expedia, we operate inventory we sell on airbnb, expedia, etc. not a competitor, but it. operator. airbnb's investment is a recognition that we are pretty done good at taking care of our guests. people enjoy staying with us so we are able to create far more supply. emily: some of your other backers include real estate oaks -- folks. talk about who the other investors are and what they want. round, joinedthe .y several others all these folks, what they've seen as there's a different thing people want when they travel. business travel can be scary. , it's pretty darn

delightful. they are investing to support the growth of that. emily: do you look at leeward? we're looking at the definition of space and what people want when they travel. we have individual spaces. it is less kind of a shared workspace. there are independent suites for folks to say -- to stay. emily: you have 380 suites on offer across the u.s. how do you expand that opportunity? >> with a great funding round. emily: is that how you will use this? >> espn the investments we make our expansion of supplies, we expect to add 2000 units in the next 12 months as well as investments in the staff that may get seamless. everything from maintaining cleaning teams, making seamless assets is he, personalizing your stay experience, we will be able to invest significantly.

emily: was the long-term plan? --just saw airbnb by a hotel buy a hotel. are you looking a growing into a bigger corporation or going it alone? >> we are having too much fun to do anything but she's building. with her cmb, the real estate looks and the other. supporting us, we have the opportunity to continue to invest in what the next generation of supply looks like from a technology perspective, from a design perspective. there's so much room to grow. we are focused on that right now. emily: maybe our next business trip will be less dreadful. thank you so much for stopping by. that does it for this edition of the show. we will not have a show for tomorrow. it's good friday and markets are closed, but when we return monday, we will have an exclusive interview with the cofounder of grab and talk about how the ride hailer is holding

onto its market share in asia and we are livestreaming on twitter. there.s out at tictoc this is bloomberg. have a wonderful weekend. ♪ ♪

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>> you got a a call from steve jobs. there is a sparkle in his eye i had never seen from a cbo before. a ceo before. >> i told him i would personally cut out the halted her tech support. called the apple watch and not the iwatch? >> i kind of like the apple watch.. where you saying? >> would you fix your type