i am emily chang and this is bloomberg technology. week, u.s.a volatile .tocks and a weekly bounceback the president signing an emergency spending bill as coronavirus cases top 100,000. plus, inside the social network. aboutk with stephen leavy

mark zuckerberg and sheryl sandberg. third-party seller prior -- third-party sellers on amazon are jacking up prices. what they are doing to crackdown on illegal price gouging. but first, thousands of passengers waiting in isolation in a cruise ship off of san francisco and waiting for the results of coronavirus test. hastime, the city of boston canceled southwest by southwest. the markets have regrouped. rally ands it curious left higher after dominating the fear of the spreading of the coronavirus. to give us a better picture, we're joined by michael regan. why the surprise turnaround?

is indicative of what we have seen in that wild springs for the upside and downside. we often see unexplainable moves both higher and lower. it is interesting that tech as did theeek higher s&p 500. there is some soulless to take but monday isnd, another day and it is not going to be too surprising to see next week. >> what is the message that investors are taking away from this? i think there is a lot of inortunity for trading and

the tech space what is interesting is there are stocks that are doing pretty well because people are looking for companies that have solutions for problems coming up. there's a big mass amount of people working from home. health -- it is up 60% this year, a record today and a lot of people are talking allowvpn stocks that people to work from home. 8% on perhapsn misplaced expectation.

mike regan, thank you for giving us the updates. , want to bring in laura kane global wealth management. your clientsell now? >> the number one thing is to not panic. when we have had this in the past, but pretty strong economic fundamentals, we're seeing the markets do well so while we don't know how long the virus concerned going to last, we believe there is solid fundamentals underlying the u.s. situation should resolve. in the meantime, we tried to investze there are some in at attracted entry points and regardless of what happens with the coronavirus. is the continued

trend towards accessing more services online. see medical platforms, education platforms and we think these trends will continue andy coronavirus is shedding light on these. >> you have amazon employees working from home if they work in the seattle area which is a cluster of coronavirus cases and here you have twitter employees obviouslyom home, that hand ones technology without physical conduct. what does this mean for tech companies? >> i will say across the board we will see companies adjusting their operation and make sure employees are safe.

sectoras the tech overall, we are positioned underweight this time due to what we see as stretch violation and we see a risk off environment. that is actually not one of our preferred sectors and we are taking our bets to the communication services area where you get some of those tech like opportunities, streaming content where the evaluation is not as stretched. >> they are seeing revenue declining, missing targets telling these companies to be willing to change course.

there is a lot of money backing these companies. >> the main thing to keep in mind whether it is public or private, the situation is something we think is going to improve temporarily. we don't know how long or quite how disruptive the situation will be, but we would emphasize it is not necessarily the time to the are off course and to for some ofhange these companies whether it is public or private, so really not a time to make beer-based judgment even though that is natural and facing this level of uncertainty. >> thank you for joining us as we continue to get more news on cancellations across the country. southwest by southwest has

officially been canceled. sikora capital is calling the coronavirus the black swan of 2020. we will talk to one investor next. this is bloomberg. ♪

volatilityck continued today on fears that the coronavirus will continue to spread to tech. today, software companies like dropin slack so record among tech stocks expected to benefit with more people to work

remotely. kleiner is branching a brand-new fund in the middle of all of this. we are hearing a lot of predictions here. how many will there be? seriously andvery we don't have the full picture, so the best thing we can do as a community is be prepared. one is work from home as much as possible. there are products that help people collaborate and work remotely. 2, from a long-term perspective, we tell all of our companies to be prepared, know how to react

and that is really good device for anyone. -- good advice for anyone. i think there is a lot of uncertainty. i think it is all a question of time. >> one of your firm's just released this date memo telling companies to be adaptable. they said it will take considerable time before we can be confident the virus is contained and take longer for the global economy to recover its footing. would you agree? >> there are some businesses others. more than more businesses i think have a bit of a buffer to react in our message is to prepare for the

best and the worst. the item of the crisis, would you say it is not bad question mark >> i think it is hard to tell. do,n, the best thing we can prepare for the worst but expect the best. thelon musk tweeted that coronavirus panic is dumb. reaction please? >> there is a lot of sensationalism. no more handshakes, work from home and we don't want overreaction. if you think about it, companies

like google were born in the financial process. probably one of the best times to be in venture capital and tech. there is more capital, more data if you look at the historical giants like google or facebook, it endured over multiple decades. >> what is her exposure in china right now? >> we had a few funds in china. rootse gone back to our .n north america predominately

for now, we are back to the basics. and a long and storied history. less, howolks have would you describe the new kleiner? futureda was back to the . it was really back to the basics with small team technologists helping people build and really and just really heads down. >> kleiner did have a lot of prominent women. you did not have any female partners as i understand it, what has happened?

>> we care about diversity deeply and want to have people inside the firm represent the audience. all of the partners have been groomed and we have an amazing nextgeneration who are the excited andd we are believe growing from within and from the outside. >> we don't know what will be happening in the next hour. how does that work as a venture capitalist when you have to make decisions now but you are investing long-term, but there is so much uncertainty right now?

these companies really persevere through ups and down. massive opportunity and i would say they are bigger than theseave ever been before companies have got tens of billions in market cap. now, it is pretty amazing time to start. >> thanks for having me. qwest coming up, how amazon is attempting to bite off third-party sellers. that is next. this is bloomberg. ♪

cell at sea, that is

how some passengers are describing a cruise ship off the coast of emphasis to while they wait for their coronavirus test to return. this, as new cases are popping up over the area. by bloomberg's david baker who has been monitoring the situation in the area. we are waiting for the testing kits to come back and they have not come back yet. >> they were supposed to come back this morning. i just got up notification of the minutes ago saying the have an announcement later today and see if they stick with that. what happens when they get the results? >> the state and viral

authorities are trying to figure out where they can bring the and maybe shore affected away from the rest of the population and get them to a hospital quickly. the decision has not been made so far. connected to the ships passengers because there has been a person who died, a previous like of the cruise, he passedhore and later away. are the cases linked to that? they appeared to be. there are at least eight cases we have tracked that are linked to the last voyages of the ship and since the cruise came back, the number of people on the ship symptoms.d showing

there are several in the bay area and a gentleman who died in the bay area yesterday who had been on that ship and they are checking to see if he had coronavirus. we are getting some headlines from the white house saying he would be inclined to leave the quarantine people on the ship. your reaction? >> i think they need treatment wherever they are. we still don't know for sure if anyone has the virus. thank you for continuing to follow that story for us, the president at the white house waitinghose remarks and

for the vice president. amazon is this anything to stop third-party sellers from price and other products have spiked in place -- price. matt, you don't have to look far amazon forrell on price gouging. bitt can be a little whack-a-mole. they say that have taken down tens of thousands of listings. i think part speaks to the difficulty of policing these .arge online environments it is hard to get a handle on. meanwhile, ebay has banned hansen at kaiser masks completely.

why are they taking a different approach? not hard and fast for price gouging. i think it is leading to a split response between ebay and other companies. has an employee who tested positive for the and amazon has told his employees in the seattle area to work from home. how is amazon navigating as they are supposed to be helping get supplies out to everyone across it is unclear how their logistical operations are going to be.

we have seen some folks going to work, some folks are physically around their seattle headquarters and a lot of ispanies, one thing going on roles can be remote anyway. outside, we've not had any real reason to question so far. >> microsoft has told employees work from home. give us the view from the seattle area whether our number in your state. recommendstarting to if companies can work from home, they should start doing that. it is not a gust -- go sound by

any means, but definitely send majorarticularly the and we should try to limit contact of large groups of people. you areat is your story following as the situation changes by the hour? >> i think we're health care reporters still trying to get a handle on senior care facility. have gone tonce the hospital so we don't know .he full spread of this >> thanks for coming. coming up, the inside story of facebook.

that is next. if you like bloomberg news, check us out on the radio. this is bloomberg. ♪

>> this is bloomberg technology. ceo mark zuckerberg says it is supposed to bring the told together and starting force the world to stay apart. of itssing in some biggest markets is that risk. this, as facebook close its itrs in london after singapore employee tested .ositive for the virus

joining us is steve dunleavy, author, good to have you here on the show. >> facebook's ad business is not going to stand up. how well positioned do you think the business model is right now? is fairlyiness model well positioned. someone,rtisers reach facebook is one of the few choices to reach massive audiences through the internet through mobile phones and particular and they will suffer like everyone else. time and time again, however driving is the ad becky

-- [no audio] nigeria with mark facebook. witnessing even the they have had issues in the past, they were skating by in novemberelection ,016, things didn't people like there was a series of scandals in it is fascinating

to watch all these things happening and to refocus much earlier because i really wanted to find out the roots of what went wrong and pick up things people have not seen before. made of youn't getting unprecedented access. it makes for some incredible wonder if that access came at the level of bias towards the company. how do you respond to the criticism of the inside story? attached.ngs i dropped off a finished version and i think when you are writing , howhing about a company

does he turned down the ability to talk to people and get it from their lips? it wasn't just facebook people, i talked to all the people i would have spoken to from the outside. block of getting inside of mark's head and a curious after all the conversations you had. is he someone who accidentally ormbled on world domination did he intentionally seek out that power and now revel in it? ithe is a person to put mildly likes power. he played civilization, the game where you dominate the world and he played risk and he played the .ollege market

he went from college to college and then when he had facebook, same thing. board.ld was his risk he went from country to country. some't and that concludes idealism, but it was a mixed believed facebook could be a force for good, but he was definitely driven by and theion and power kinds of things that would drive it out there to overbook things in terms of warning signs. or just on this unending quest for power?

i'm not taking we were just kids in a dorm room excuse. he came to silicon valley, got in touch with some of the smartest people, they funded him, he heart -- he hired great executives like sheryl sandberg. >> your portrait of sheryl sandberg, you give her this space to air her emotions, how horrible it has been to be criticized, but that she cares a lot about her image and a lot is more calculation than accident. accidental when it comes to power? figure.s a complicated she did a lot for facebook. she was in charge of the company where the big problems come up. some of the problems did not get

mark zuckerberg until it was too late. in those emotional moments, i she did not meet sheown high standards and is concerned with her image and recently, i think the engagement,of her she cares. >> foreign interference is not the only issue, the rise of , political ads, dealing with how to manage those, where do you still cbot ability on facebook's platform and are they ready for other u.s. elections? the same kinds of

vulnerability and the adversaries people will try to game the system are thinking for years ahead, so it is an open question on whether facebook will be dealing with some of the fundamental problems, mainly false content and not violate its policies, so i think there will be problems. he controls most of the voting stock come i don't think he is going anywhere. >> what about sheryl sandberg? originally me she planned to spend five years at facebook. >> she is maybe playing house money, who knows? >> the story is not yet

finished. will facebook go down in history as one of the most inspired -- admired companies in will we look at it as not good or net evil? , it wasat microsoft ceo who onceand a loved got scored a lot. facebook itself, especially with instagram and whatsapp is not going away. microsoft, the impacted that it did

back in the day. is a $1 trillion company, that is more than facebook. coming up, the engine behind hoover, square and door --. next.l hear from the ceo this is bloomberg. ♪

>> we are going to head to the white house for daily briefing. continuing to lead

into this effort of partnership with state and local authorities around the country to ensure we do everything to prevent the spread of the disease and mitigate its expansion and provide necessary training to americans who have been impacted. but first, let me turn my attention to hear from some members of people across the country. the grand princess cruise ship off of california since wednesday. i want to commend the efforts of thecoast guard for coronavirus tests through the ship and we have received those results. working with the state of california, we have developed a

process for resolving the circumstances facing americans and people from around the world . tested, 46 persons 21 tested positive . and one testative was inconclusive. individuals on the grand princess tested positive. crewmembers and two passengers. amongimportant to note coronavirus,e for 19 crewmembers and two

passengers. it is important to note the grand princess actually was on -- second tour in the wake of the findings, we have been working through the administration, efforts in california and we have developed a plan which will be implemented and all passengers will be tested and those that need to be quarantined and those that require additional medical tension will receive it.

americans returning from china and those returning from the other cruise ship, we are taking and justres necessary as a poorly to protect the health of the american public and prevent the spread of the disease in this country. are instituting the strongest to ensure that not only those on board received the treatment they need, but the american people can be confident in our preventative measures to keep it from spreading throughout the country. not just in dealing with the grand princess, but throughout

the advent of the coronavirus a few moments ago, we will continue to work closely and continue to put the health and safety of america first. with that, let me turn my attention to the issue of .esting it is important to note because of president trump's decisive risk of thethe american republic contracting the rotavirus remains low, but nevertheless in washington state revisited yesterday and in california, we have seen community transmission across the country and the good news is

most americans are being treated and on the road to recovery. i think we all know of the loss of life and we grieve with their families. the american people deserve to know we are ready and because of the leadership and extraordinary , we have the testing necessary to be able to provide to all states that have requested it. all said yesterday, we have of state jurisdictions and labs that have requested it, please to report all state labs have andretail -- have this test now state labs can conduct

coronavirus cases themselves beyond that, we had thousands of tests along -- across the country. tomorrow, another 200,000 test. the in the next week, 4 million s.st -- test demand, there president brought together the commercial -- leading commercial labs and asked them to partner with the united states in developing a test for the medical people. i'm proud to say that just in the last 24 hours, two of

america's leading laboratories have announced tests will be available by monday of this week. the reason that is important is capacity ofenormous these commercial laboratories and others in the country. it is precisely how we will make coronavirus tests available to available to the american public. mike pence in the white house briefing room saying the ship dockedn the off the coast in 21 people have tested positive including 19 crewmembers and the plan is to bring that shifted to a noncommercial port. willid all the passengers

be tested in the folks that need to be quarantined will be quarantined. we will continue to monitor this briefing and give you more headlines as we have them coming up. ♪

for techumbing engine square prideuber themselves on being the first. is jimmys to discuss gardner. it is probably being transformed this very minute given all the news happening in the outside world. on ais the impact is the potentially huge accor --

macroeconomic slowdown? >> thank you for having me. ,art of the assumption is uber marquette is part of that disruption. there's a lot going on, a lot of different ways to pay. you will see companies like firm theafter pay and it changes point-of-sale, especially today. >> can you talk about where you are? >> we are a modern card issuing platform. commercial use cases and we power those plastic cards and virtual cards. >> there has been a lot of innovation and a lot of this is

behind-the-scenes. we don't necessarily see it, we just click a button. what is the future of payments innovation? $45 trillion market globally. there's an incredible amount of disruption. 10 years ago, known was talking about it, the amount of companies that have grown or gone flourished -- flourished or gone public. it is a global phenomenon. >> you are a san francisco-based business where we were talking about a cruise ship coming ashore, a new cluster of cases. how are you handling this? told our employees to ifp international travel and

you have a suppressed immune system stay home. we are in charge -- we are in uncharted territory, but we are taking an abundance of caution. >> appreciate you stopping by. oft does it for this edition bloomberg technology. twitter.ick take on i am emily chang. this is bloomberg. ♪

[ fast-paced drumming ] [ fast-paced drumming ] can you help keep these iguys protected online?? easy, connect to the xfi gateway. what about internet speeds that keep up with my gaming? let's hook you up with the fastest internet from xfinity. what about wireless data options for the family? of course, you can customize and save. can you save me from this conversation?

that we can't do, but come in and see what we can do. we're here to make life simple. easy. awesome. ask. shop. discover. at your local xfinity store today. david: facing the unknown of the coronavirus and bringing the presidential race into focus. this is bloomberg wall street week. i'm david westin. welcome back. we will sit down with brian nick. >> i more concerned about -- we have not seen a situation on earnings expectations. david: the chief investment strategist. and -- >> the greatest concern is the u.s. seems to be alone as a growth engine that has not fallen. david: global economist and author of educate us. and our special guest, larry summers, former u.s. treasury secretary. ♪