emily: i am emily chang in san francisco and this is "bloomberg technology." the next hour, doom and gloom. recession warnings pile up with a battered global economy. we will bring you the latest with details about how the tech sector laid out. lots of work ahead for wework. now that the office space company filed for in ipo, can it find a path for profitability? the chair of the u.s. trade

emission said they will break up the tech company. get ready for things to get messy if he tries to be u.s. stocks suffering another the selloff in treasuries. surging as mountain signs of an economic slowdown still fears a recession. the s&p 500 has big tech driving the losses. , amazon allsoft closing deep in the red. it has gripped the index since president trump rekindled the trade war with china at the start of august. the s&p 500 has gone 1% for 11 straight sessions and is now down 6% from a july record. we are joined by our bloomberg cross asset reporter in new york. a lot of bond buying today. what does that mean for tech? longerf you look at dated bond yields with 30 year sawing to a record low, we

a yield curve inversion between the two year treasury yield to a 10 year treasury yields for the first time since 2007. we were no longer in negative territory. we should mention that. that means for tech going if you think about the high data areas of the market, tech is largely put into that group. maybe not as much software, but when you think about semiconductor stocks and apple, because they are so intertwined with china, some of these areas are very well intertwined with the global economy. when you think about the message that we are seeing from the inverted yield curve, some are saying that this time is different because you see flows from foreign money into bonds. ise say that the yield curve artificially lower because of what central banks have been doing. in the past it has receded a recession. those that do believe a

recession could be coming at 12 to 18 months out, that does not bode well for big tech names. emily: all-day we have been talking about how this bond be a sign of a recession. what does that mean for tech especially? we see beically when signs, you don't see a reaction right away. you do see a reaction right away, but that does not mean the stock market is peaking right away. if you look at the stock market today -- if you look at the philadelphia semiconductor index , for example, we saw a's deep fall falling into correction territory, now down 11% from a high, plummeting through its 100 day moving average. 200 day is still far away. what was interesting to me was, if you look at software and hardware, those two areas actually fell even more than semiconductor stocks. which are typically the more volatile areas. you have to take into account

the gains we saw in hardware stocks led by apple. yesterday we were dealing with the news that the tariffs were going to be delayed. now we are getting the flipside, not so much that the tariffs are delayed, but when you get a strong rally in apple with hardware, you will see it come right back. emily: let's talk about cryptocurrency. a couple of weeks ago we talked about bitcoin being a safe haven. the wrecks -- the rest of the market was going down and bitcoin was going up. but it has plunged. is that the case? sarah: we have heard the statement made that you look at gold. gold is a safe haven. japanese yen is higher today. very strong gains. and say, it's a similar story to gold. bitcoin is extremely volatile.

no one can debate that statement. it is very difficult for people to actually look to bitcoin as a true safe haven, because of the volatility that you see from day to day. just seeing strong flings and huge falls. i don't know if you could say bitcoin is a true safe haven just yet. emily: bloomberg's cross as a reporter sarah. thank you for that update. -- assetas a reporter reporter, sarah. this was just a placeholder. we were expected to raise closer to $3.5 billion. that would make it the year second-largest ipo behind uber. of $690 million the first six months of the year. and 300 million during the last six years. joining us with the details is

ellen. what were the surprises? >> there were some things that we already knew. falling we has been werehave been giving out selects financial information quarterly for the last year or so. we already knew that in 2018 we to $2 billion while making a revenue of around 1.8. there were some surprises. we got more details about some of the loan and complicated financial structures that go on between the founder, adam newman who is also the ceo, and the company. some knowledge before. he was a landlord in some properties wework rented. the succession plan that would happen if he could no longer serve as the ceo. emily: our called -- our colleagues called it the off ing company.

they are offering three times the class. it takes a step further than what mark zuckerberg and the founders of google have done. ellen: there are three classes and two of them have 20 volts per share. class a has one vote per share. that is a great consolidation of power. it is largely in the hands of adam newman. he has a lot of voting control over the company. that is by design. people who support the structure thing adam has the right vision, doubled this and the leadership to take we worked even farther than it has been. for some of the people, they will look at that and raise their eyebrows thinking that might be too much. emily: the other thing that is interesting as they laid out how many of the buildings are fairly new. 30% of their locations are mature. 70% are two years or younger. the vast majority of their space

is incredibly new. changed thehey have definition of that metric of a mature location. he's to be 18 months, they have expanded to 24 months. even with that, it's only 30% of the office location open for more than two years. they look at that as pointing to high-growth. interesting because, a lot of the most stable unit economics they like to highlight are focused only on mature locations. they say these are where we no longer have to rely on marketing to fill the buildings. when you start to realize that's only 30% of their portfolio, it starts to raise some questions about how sustainable their growth is and how easy it would be for them to get to profitability. emily: they say they may never be profitable. which is similar to what we heard with uber and lyft. are investors excited? of activitye a lot

on twitter on both sides. they think the growth is exciting to read other people cannot wait for it to go public so they can short it. it will be a divisive stock. we will see the price will be decided soon by the public markets. people are looking to see if it will meet that $47 billion private valuation. emily: how quickly do we expect them to get to market? ellen: sometime in the next few weeks. we expect a september ipo. that is just around the corner. emily: you will be covering it every step of the way. thank you. shares of uber fell to a record low when data markets of the right hell are has fallen by more than a fourth. that has come since the company reported its earnings. uber mr. revenue expectations and posted a $5.2 billion loss. heads to the lobby. how the chinese telecom giant is fighting for its u.s. survival by using an age-old tactic,

washington lobbyists. news, like bloomberg listen on the bloomberg app, bloomberg.com, and on sirius xm. this is bloomberg. ♪

howy: we have often covered big u.s. tech companies are lobbying washington with spending on their d.c. advocates going up. huawei even the embattled chinese telecom gianthuawei is working the power of lobbyists. they lobby on trade and other national security issues as they fight for the right to do business in china. joining us to discuss in we have our global executive editor for technology,

tom giles. ben, what exactly is huawei doing and why do they want to lay off the onboard? ben: they have hired a group called federal -- federal advocates i have a lot of ties to the trump administration and republican leadership. as we understand it, what they want to do is lobby on those export control stopping them from playing into the u.s. market. the lobbying disclosures are vague, but they clearly say, export controls for the law firm working with them in other cases. we also have telecommunications issues they are working with with the other lobbyists. it seems like they are trying to break the back of it. emily: they almost shut down their lobbying operations last year. now a full 180, presumably, because of the president putting them on a blacklist? gone down to three

staffers here in downtown washington, d.c.. a little bit over where i am sitting now. they got rid of all their consultants. they were not having them do anything or they weren't spending money. now they have hired three offers firms to add lobbying on to their mandate as law firms. as well as this trump connected firm, federal advocates and michael esposito, who is an advisor to and are in seed -- rnc chairwoman. emily: the trade wars are escalating. the president delaying tariffs until december. the others will go into effect in september. you have interesting dynamics happening between president trump and beijing, given the hong kong protests. all of this continuing to impact tech companies and a supply chains. you have the makers of hp

laptops saying they are moving the production out of china. it just makes sense to look for an alternative to mainland china. what we have seen over the last several months is tech companies looking to move bits and pieces of their production. 5% here, 10% there. the problem that a lot of tech companies are encountering right now with u.s./china relations is , no matter how this gets resolved, it shows you the vulnerability of dashboard or ability and the risks of keeping all of your supply chain in mainland china. at a time when the u.s. president can wreak havoc with u.s./china trade relations by threatening the trade war, imposing the sanctions, ratcheting them up, ratcheting them back, there is what looks like a game happening here. if you are reliant on china, you cannot be subject to the win of

one administration or the chinese government, whatever the case may be. resolvetruly going to and better trade relations between u.s. and china? is this all heading towards the 2020 election? it's really hard to tell. you relied on, if china, you need an alternative. that is what's happening. no matter how this gets resolved in the short-term, longer-term, u.s. companies are saying it does make sense for us to look outside. we are seeing it with every day and week that passes. another u.s. company talking about, or showing, in one way or another, we are looking for an alternative. you are increasingly seeing the emergence of this alternative second supply chain. emily: meantime, you have the u.s. government leaning on allies to not rely on huawei, to push huawei out of its plans for

five g networks as huawei has in this pawn u.s./china trade war. are those u.s. allies coming on board? whose side are they on? i think that map you have up there tells the story. the u.s. has struggled to convince allies that they need to make this move. theree heard reports that is movement potentially with india. that india might be willing to go up against china and that particular move. when it comes to europe, when it comes to the top allies, those countries that we share intelligence information with, it has been a struggle. it is not hard to see why. dear is cheap and reliable. they keep saying they have no more cyber security risks than anybody else. there is always a possibility of back doors. our allies may be in private

conversation. they may say we are worried and we will keep it out of a core of our networks, that they are saying, i think you are going at it alone. tom: there is a big question mark for our allies about how much of a threat huawei is. the one thing they are sure of is that huawei equipment is prettydarn reliable, good and pretty cheap. what are the alternatives? that is the question hanging over the deployment of 5g. emily: it seems like there are no alternatives of the same quality level? timethat is what we hear and time again. you have people like nokia who do provide some of the infrastructure, some of the equipment, what is it as reliable as it is fast? is it as cheap? no.answer seems to be there is the question about wanting to see more evidence will create

backdoors. they are not seeing it yet. emily: the question is, is it a security risk? thatll continue to follow story. the global alternative meat market is expected to reach over $6 billion by 2023. how a new vegan plan plans to side otherlong companies. this is bloomberg. ♪

emily: t-mobile's takeover of sprint has moved forward to a bona fide the federal communications commission. the last hurdle for the deal. a group of states have challenged the deal in court. the suit says the t-mobile tie up will reduce competition and raise prices. me has seen its share of hits in the last couple of days with global growth in the consumers. stocks up more than 550% since

the company's ipo in may. it has helped move plant protein out of the periphery and out of supermarket shelves. is problem for beyond meat that the alternative meat market is about to get more crowded. a new vegan company is rolling -- bringing out its new meat next year. unlike the existing land-based options on the market, it is using fungi to create chicken tenders, lobster and burgers. how is this possible, let's ask. so, tell us about the technology and science behind these products. >> we are really creating no compromises meat and seafood. we use a superproducer. this is an 8000-year-old superfood. what we do is grow it so it is a

proteinods source of that you can't find implants. it has the natural texture of meat, so we can replicate everything ranging from lobster to beef and everything in between. naturally, the texture of meat comes from it. it grows in fibers that are the same as animal products. chunks, crabcakes, protein bars. you can make all of that from the same kind of mushroom? >> yes, and we have. that is the exciting thing. we are able to make products like no other alternative meat product. we are really focused on building a community and a brand around our product to put in the mainstream. emily: you are actually asking consumers to vote on which you should launch in 2020, online.

what has been the most popular? most -- bacon the has been the most popular product. people love bacon and a lot of people are vegetarian. i can see why they can is the most popular. we have a lot of products that are ranking really high up in our voting. for us it is fun to listen to our consumers. all of the products at been developed with the help of our communities. emily: what do you think set you apart from beyond meets and -- beyond meat. ? taking an alternate approach to making food from plants. we actually grow textures naturally. that is a large concern for our consumers. people who are looking to buy these products. we are really taking that to heart and making it a product that is completely all-natural,

non-gm of and is naturally made. i grew and made all of our products in my kitchen. this is a far cry from web grown. this is reality. this is also wholesome food that everyone can get behind. emily: what other applications do you see in this technology of food. i see that in food for our technology, the options are endless. naturally, the super protein has that texture. you're planning to sell this directly to consumers, rather than putting it on store shelves? >> yes. the other problem with the industry is that there is really this way of thinking about the consumer. product loading to how we are interacting to consumer, we are taking that to heart and changing the whole experience. events wereve many

people can come and interact with us and also try the products. while we have not sold products officially, we have done a lot to build community and over 10,000 people have already tried our products. watch for that to hit the shelves next year. , thank youberlie le for joining us. the ftc chair said he is willing to break up big tech. under what circumstances, we will discuss. we will get back to the global market selloff. how the attack is faring as recession fears mount. this is bloomberg. ♪

emily: this is bloomberg technology, i'm emily chang in san francisco. giveth, tariff delay the curve takes away. all end do you think % as mounting signs of a global economic slowdown stoked fears of economic recession. to make matters worse both the u.s. and u.k. yield curve inverted for the -- for the first time since the economic crisis. here with more is gina martin adams. what are you read -- what are you reading into this and what it means for tech? >> we've been in a crush since

late july. this is more evidence that the correction persists. you don't have weak days like this in the midst of a minor selloff. we started talking about this last week when we had a % correction in the s&p 500 on monday. down nearly 3% again today. these panic days happen in the midst of bigger corrections of 10% or more. what that means for tech, tech is one of the highest beta sectors, and one most exposed to global growth and to china. as a result, the semiconductors and equipment needs in tech will et dammed more in a selloff. i think though the software is at risk as well. as a result of the fact that they continue to power higher, powering stock high they are summer, they are pretty high beta. they get thrown out with the bathwater when markets are a -- are in a sell now, sink later

mode which we're in now. emily: what do you think has been the bigger driver of the tech selloff, trade fierce recession fears? gina: i think up until the last couple of weeks it was more about trade. especially over the last week. we started to see significant deterioration in economic data overseas and the yield curve and the significant meltdown in rates globally over the last few week woufs suggested that this may be more about the trade concerns leading us into recession. it started with trade, it's becoming -- it's become this ongoing drag and trade frankly -- that's the real takeaway with trade. this is going to constrain business investment, keep activity from accelerating and as a result we may start to tip over into recession. i think that's what the market is most fearful of right now. emily: we'll continue to follow the markets as they reopen in asia.

thank you so much for joining us. now a story we continue to follow, washington targeting big tech for antitrust violations. trust is ready to get down and dirty if necessary. if you have to do it, you have to do it. it's not ideal because it's very messy but if you have to, you have to. the f.t.c. is investigating facebook including its accusations. that's just one of the big tech companies being targeted by the trump administration. part of the he was f.t.c.'s oversight bureau. and here in the studio, sara who covers, of course, facebook. for us. charlotte i want to short with you. what do you read into joe

simons' comments? charlotte: it's hard to read much into it, if you have to, you have to, that's almost a tautology. i think what he's talking about is it can be difficult to force significant divestiture, what we'd call a breakup. in order to get that remedy at court you need to show it's really necessary. so again, sort of a taut logical comment butening -- a taut ological comment but i think that's what he means. emily: would you agree, they fined facebook but critics said the fine didn't go far enough. do you agree? that he has what it takes or the agency has what it takes to make that leap if they have to? >> i think he was really stating the fact that that is a remedy that every antitrust enforcer needs to consider. i wouldn't really expect it out of joe simon given how he

handled the facebook consent decree violations, gave them a slap on the wrist. a $5 million fine sounds like a lot but it's not changing anything or protecting the american people. i don't expect to see anything aggressive coming out of this administration. however, these cases and these investigations take a long time. may not be je simons ultimately making the decision about what the proper remedy is, whether it should be broken up or a different type of conduct. emily: you've got a new piece out in "bloomberg "business week" that speaks to how facebook has evolved, after this fine, penalty, levied by the f.t.c. an your awe sessment is that faceback son-in-law getting stronger. how so? >> the data is the most important part of facebook's business model. that's what's at the bedrock of the $70 billion advertising this year. the f.t.c. is telling facebook

it's very important you don't share your most value usual asset with any third parties and facebook had already buttonned it up. they already dent want to share their data with third parties anymore. they understand that owning the network and owning a much bigger network and making that network bigger is the most important thing for the future of their business. so really, what the f.t.c. did is let the company continue on its current path and have an excuse to do things that are anti-competitive like combine its messaging. >> charlotte, talk to us about -- first of all, d you agree with sarah there? >> i think that's a major concern. something i was hoping the f.t.c. might do in the settlement would be have some requirements for interoperability with competitors. that is a form of data sharing but it allows competition. i think it's really important. emily: sally, what kind -- at what point do you think the

f.t.c. would say ok, this is the company that needs to be broken up, whether it's facebook or joe simon specifically spoke to amazon in particular and the issue around third party sellers. >> it takes yearses of investigation before an enforcer is going to break up a company. in our history when it's been done, it's taken time. i think, you norks like i said, it may very well be after the 2022 -- the 2020 election and we could have a different decisionmaker making the ultimate decision. the concerns that he voiced about amazon, i think, are also very important. that you know, it's not allowed to enforce basically rules that it said it wasn't going to do in terms of lower pricing on third party sellers in a different way. emily: charlotte, as somebody who worked at the f.t.c. how concerning is the amazon issue in your mind? >> the f.t.c. wans to make sure that competition is happening fairly on the amazon platform.

so small retailers ought to be able to compete and not worry that amazon is going to anti-competitively interfere with them. i think that's kind of thing the .t.c. will be looking for. emily: sara, in response to the f.t.c. penalty on facebook, alex stamos, a former chief security officer at facebook, had a pretty striking twheefment said i can't believe facebook didn't pay more for this. if the f.t.c. offered to order amazon to help consumers save must be by offering house branded options in every top category, bay sos would leap across the table with a $10 million check and massive grin. what does he mean? >> this is a valuable asset facebook is no longer allowed to share. therefore it's good for facebook to have this rule in place. the facebook of five or seven years ago, the one that resulted

in cambridge an lit ka, that's no longer how facebook works today. there aren't developers making privacy -- sorry, making personality quizzes or games that operate on facebook anymore that used to be necessary. in order to bring in more users. but in this current world, facebook no longer wants that. in fact, it wants to keep its entire network that it built mostly for itself. emily: it's interest, sara, you just came out with a fascinating piece yesterday about how facebook contractors are listening to audio of its users talking over facebook messenger. yet today the story about facebook getting stronger. why don't the bad news stories seem to hurt facebook? more? than they do? >> i think the reason why the bad news stories done hurt facebook is because the enforcers aren't making facebook change its business practices. so when it got the fine and the fine was just a fraction of its

annual revenue and was able to still keep doing what it's been doing, mining users' data in a way they don't expect, that's how it makes its billions of dollars. that's why, that settlement was a win for facebook. until an enforcer makes them actually change their business practices in a way that affects profitability, their stocks won't be affected. emily: sharment, what's your expectation of how the f.t.c. investigation, anne trust investigation of facebook will play out as well as a potential investigation into amazon? >> of course it's hard to predict. we don't have access to the nonpublic documents that they are reviewing at the f.t.c. i do think we should not expect that it's going to lead to huge changes as sally mentioned. the track record here is not strong on that. and antitrust is actually a very narrow and difficult area of the law. so actually, our hope is that there will be a new agency with

new regulatory powers, in addition to antitrust and i think that's how we're really going to address the power that facebook has. mily: charlotte, sara, and sally. thank you all for your time. coming up, how china's slowdown is weighing on tencent. next.

emily: tencent's reporting wednesday missed expectations.

online add revenue grew a worse than expected 16%. this is a -- they grapple with competition from rival bite dance. barely a week went by when tencent wasn't making deals of some kind that involves everything from super mahere to lay dagaga. bloomberg looks at its spending spree. >> back in april, tencent struck a deal with anyone ten deto revive stalling switch sales and unleash the console on the mighty china market. in may, one of a few big chi neas names that pulled the right strings to win a virtual banking license. back home in shenzhen which was equally bullish, working on cloud computing research. and kept out the fountain phone sign an m.o.u. with z.t.e. to test 5g tech on cloud gaming. and they invested $35 million in

a startup in the u.k. last week it went mobile in india to invest $100 million in a local streaming company. it also partnered with b.m.w. to develop self-driving cars in china and it said go, go, go to pokemon. they're developing new computer games to help pikachu become pika-china. 's tapping into the best cat loffings lady gaga and taylor swift. if all that's not enough, sources tell us it's blning -- planning to come back to the loan market with a bang seeking to raise about $5 billion with banks. with so many fingers in so many pie, if the loan is approved there'll be plenty of ways for tencent to spend the money. emily: for more, i want to bring in selena wang who joins us from beijing. what did investors focus on here?

it seems to be a mixed bag. selena: even though the profit numbers beat expectation, efocus was on the decline in growth around the online ad revenue. even though this isn't the most important section of tencent it was a promising area. we're really starting to see it get hit by some broader macroeconomic issues in china as well as competition from the likes of bitedance. what's interesting on the call is where the company pointed out the slowdown in advertising ad sales. this is from the auto sector, the real estate sect york the financial sector, which is not a surprise given the string of weak economic data we've seen out of china. in terms of bitedance, the big elephant in the room that company has been on a role in term os -- on a roll in terms of getting companies to buy into their ads. it didn't mention that company by name but said it would be investing more in short video

apps which bitedance is a leader in and beefing up long-form to try to remain competitive. emily: the chinese government has cracked down on the gaming industry. what did we learn about the gaming segment at tencent today? selena: for tencent, the worst is over in terms of the gaming sector, which is important given that it's the company's most important revenue line. we did see them start to monetize on some of their very important game, including peacemaker elite. for pwhose that didn't know this is the new, less violent version of the popular battle royale game that didn't get approval from chinese regulators. we didn't see the full growth from the game title monetizations. analysts expect that to pick up later in the year you mentioned censorship fi any company in china, they have to deal with government censors and those

regulators haven't been approving game titles fast enough. we also heard from c.e.o. -- from the c.e.o. that they're going to be focused on making less violent games and trying to keep a more balanced profile especially when it comes to teenagers. on that censorship front, the ad sales were also hurt significantly by censorship. and the expectation is that this is because as we're waiting for china's big national day late they are year, they're slowing down and being more strict and cracking down in terms of what ontent can be shown. emily: there's a super app, there's no real egive lebt in the united states, how is wechat doing? selena: in china we rely on wechat for everything, commube case, ride hailing and booking hair cuts. this wechat app is reaching

penetration but still growing. it grew 7%, to 1.1 billion users in this most recent quarter. to try to continue to produce growth, they're trying to add more services, more content into the app. they're also really focusing a lot of energy on the mini apps, which are essentially light apps within the app that encourages users to spent more time within wechat rather than the throfse internet. we've seen companies respond positively to the mini apps, it can be used for anything from a booking a car, ride hailing, bike sharing. that's been a successful area of growth within wechat. emily: all right. selena wang, all over tencent for us, thank you so much for the update. shares of pivotal software soaring in late u.s. trading wednesday. this after a 13-d filing showed v.m. ware and pivotal are fwoshting agreement farce transaction to acquire all

outstanding class-a pivotal shares for $15 apiece in cash. up until now, pivotal shares underperformed in 2019 falling nearly 50%. still ahead, our conversation with grab co-founders anthony on the ride hailing's, -- ride hailing company's ambition to become a super app and how it plans to spend the money it raised from softbank.

emily: as ride hailing companies have battled it out for new turf around this the globe, grab has grown its own empire in the southeast. -- unders anthony tan and they are now trying to become a

super app modeled on the tencent app. i asked them about the company's $14 billion valuation and how they intend to put their new money to work. >> not just softbank. if you think about it, in fact, the first $3 billion wasn't raised by softbank. it was raised from toyota to hyundai to booking to microsoft. oppenheimer. you talk about the -- we're very, very blessed with some of the global best names one can imagine. emily: why continue to raise money rather than going to the public market? >> because of our secret ambition which now involves a much broader set of services for our customers, there needs to be additional innovation and additional investment. those are investments that our partners, they ident fi absay we

understand, we want you to do it, encouraging us to go bigger, bolder an better so that we can serve southeast asia more consistently. emily: tell me about your relationship with masa, who said you can have unlimbed capital from him, but i assume you're not asking for unlimited capital. >> no, that's unlimited dilution. we're grateful to have a good relationship with him. i will not right now need that capital or want that capital today because we have enough capital to invest in what we need today. emily: you recently told me you surpassed $1 billion in revenue last year. you're on track to double that this year. where's the greth going to come from? >> i think in terms of countries and regions within southeast asia, the biggest trajectory in greth is indonesia.

we're doubling and tripling -- tripling down there as well. emily: how big a profitable? >> in some areas we are already profitable. for us it's really important that we build and create more value. it's very easy to say hey, you're the most popular app and just be like, chill. as opposed to, hey, we're the most popular app but there's lts of competitors so we need to make sure we deliver more value so that we underwrite the customers keeping us he single most popular leading ride hailing app. emily: uber can't say when it will be profitable. that's been a problem for investors. are you learning from that? >> it's different. it's different. first of all, uber majority of its business is ride hailing today.

lyf as well is ride hailing. our compare sble more wechat as a super app. emily: will grab go public? >> right now we have no plans to go i.p.o., we don't need to go i.p.o. for us, again, choosing long-term strategics as part of our tech for good, working at nation building is, we need to have a nation, it's not five months. it's the next five, 10, 1520 years. -- 15, 20 years. emily: you can check out the full episode on the wednesday night edition of "bloomberg studio 1.0," 9:30 p.m. eastern time here on bloomberg television. that does it for the decision of "bloomberg techology -- "bloom berg technology." we are streaming live. this is bloomberg. ♪

from the 5am wakers, to the 6am sleepers. everyone uses their phone differently and in different places. that's why xfinity mobile created a wireless network that auto connects you to millions of secure wifi hot spots. and the best lte everywhere else. xfinity mobile is a different kind of wireless network designed to save you money. save up to $400 a year on your wireless bill. plus get $250 back when you buy an eligible phone. click, call or visit a store today.

>> the following is a paid program. the views expressed do not reflect those of bloomberg, or its employees. >> the following is a paid presentation for lifelock with norton. paid for by symantec. angie harmon is known for her television roles as a lawyer and detective. like the rest of us, in her real life she's concerned about identity theft. today she's going to help us learn how it happens an how we can help protect ourselves.