>> welcome to "bloomberg technology." i'm emily chang. emily: the unarmed black man who died at the hands of police that sparked nationwide protests. protests are going on for the ninth day. the latest being peaceful. some cities along with my own washington, d.c., and l.a. are lifting curfews and we are awaiting what will be another

dismal jobs reports. unemployment to soar to 20%. they broke the streak this as things actually calm down on the protest front. walk us through the ups and downs. >> it was a volatile day. as to the move down breaking that four-day winning streak for nasdaq. nd florida coronavirus numbers came out and higher than the seven-day average and the s&p never recovering. teches have it worse. nasdaq 100 yesterday had flirted with a record-closing high. today, nasdaq had been above that level but not able to close so close. stay at home weakness and the

bioteches and seeing that rotation in the cyclicals. the big question is because these stocks are weighting for the averages, is there more pain especially after a big runup and stocks shouldn't be so high? overextended conditions, quite frankly. emily: there is uncertainty and there are results withdrawing and slack is a company that we considered a pandemic winner because so many people are slacking as they work from home. and going public and spiking make sense of that. down 20% me i looked, and really not a great thing and suggesting that the initial surge isn't going to come through. that will create uncertainty. zoom information technology.

first day of trading in this environment up 62% at the highs. and it causes you to wonder whether or not the bankers mr. pryced this one or so many fear of missing out driven by the liquidity from the fed that investors want all in. when i think of i.p.o.'s, i think of facebook in may of 2012 and it was bundtled and first year of trading, first year as a public company, not so great, down 38 and growing pains and whether or not zoominfo can hang on or free-traded company. emily: i remember that day well the day of the i.p.o. no one expected it to go that

way. talking about facebook, the social network will start blocking ads from state hiff run media outlets to minimize potential foreign interference. i want to bring in curt wagner. and facebook are taking smaller steps. how significant is it now they will actually block state-run media outlet advertising? >> i don't know if it is going to be as significant in the united states as elsewhere because europe doesn't have state-sponsored media that is making a lot of noise here. but obviously this is a big deal that came about after the 2016 election and the years after at where we saw posts by organizations like russia today or sputnik and go viral without

people realizing that they weren't russian state sponsors. the company has been trying trying to label these and avoid any potential -- indiscernible] emily: meantime, the debate of zuckerberg's position on president's posts on looters and shooters, you have facebook employees, several dozen of them signing an open letter to mark zuckerberg, a portion of that letter. we grew up at facebook but it is no longer ours. facebook claims about removing content is acceptable even if both are saying the same thing. that is not a nobel stand for

freedom. it is incoherent. fact checking is not censorship. please reconsider your position. what is your take on this? we have seen facebook employees protesting publicly and these are quite strong words from former facebook employees. >> i had that line about cowardly highlighted on my end as well. i thought this letter was pretty strongly worded and this whole week has been a surprise to me because we have seen facebook in hot water a lot of times over the years. never have we seen employees and now former employees really come out in a public way against mark zuckerberg. i have been surprised. i knew the decision was going to be unpopular for a lot of people. but this is a significant moment here. he is being challenged.

i don't expect him to change, but i do think in these times it's -- off] cut emily: is there anything that mark zuckerberg is reconsidering or rediscussing his position internally? >> no. fact there was an employees' all-hands on meeting and took questions from employees that took 90 minutes and reiterated that he doublingdfer doubled r doubled down to leave these posts up. between friday and tuesday, he had a lot of time to think about that because there had been an employee walkout. if he was going to change his mind by tuesday when he addressed the staff, my guess and everyone i have spoken to

that he is patrolly not changing. emily: we are going to watch reporting on this. thanks for calling in today. coming up, going public in the in fmp o paverpb zoom shares soared took. schu nversation with heny crmp k is next. -- bloom burgberg -- bloomberg. ♪

raised omin fonch o $935 thousand million.

c.e.o. and er the founder. >> thank you for having me. i have not looked at the stock trading today. emily: come on. >> we are building a company here for the long-term. i have the same company today as yesterday. what the stock does is what it will do, but i'm focused on building long-term for our share holders. i founded this company when i was 23 years old while i was in law school and selling to other businesses and just as focused on that today as i was yesterday when we weren't a public company. >> there is a lot of focus on the i.p.o. of the naming of your company and might conflict with the name of other companies. talk about your business and specifically what the customer environment is like for you

given that some businesses now either curtailed spending or put off plans to increase spending. > interestingly what zoom info helps business-to-business find their next customer. that is important. and companies are looking for ways to digitize their sales efforts. and they had reps who are all out in the field come in-house or come to work from home situations and how do you make those sellers productive and make them effective and efficient. you did do it with technology. and we provide customers in 200,000 sales in marketing professionals. caroline: how do you continue to grow? what you raised in the i.p.o. is returning cash to initial

investors. where do you put money to work now? >> we are in the middle of an adjustable market. we serve 700,000 businesses who sell to other businesses. first we are 2% penetration in that market and large opportunity that continue to acquire customers and we go to a market engine and whether you are a fortune 100 company or you are a small pilot manufacturer in alabama, if you sell to another business and have a solution to help you find the next customer and that's as important today or more important today in the pandemic environment. emily: that was the c.e.o. of oominfo. we have jeff thomas. nasdaq had a west coast lifting.

good to have you back here. zoominfo shooting up yesterday. s this pent-up demand or low pricing? why are we seeing such optimism? >> they have been on file since march and had to put plans on hold and they stayed in touch with investors ap educating them on their story and understanding the value this that had when they came to market today. >> talk to us what this means for the pipeline, there are other inspects going out of the gate and seeing this and imagining confidence, despite the fact that we are in the middle of a health crisis, economic crisis and social crisis. what do these spike? >> one of the things part of the new norm, companies can execute

their road show and have to interact with investors over video calls. that will be part of the playbook through the end of the year. and that creates greater emphasis for them to get engaged and earlier in their life cycle and that's part of what helps these great tech companies come to market. emily: it has impacted your own operations and i know nasdaq has relied less on humans than the new york stock exchange, how has the pandemic and social distancing in place impact how you do business and get you business? >> we can't celebrate in person. everything with our process and market operations has stated the same. we have brought companies to use the exact same process because

we pioneered the electronic markets and everything is operating the same way it always has. emily: there are some sectors that have seen interesting volatility and working on vaccine candidates, good news, bad news, confusing news. what are you looking in the biotech sector? >> health care sectors are the highest number of new offerings and both on the coronavirus as well as other great therapies that can keep us healthier. we will see a strong pipeline through the fall. many companies need to get i.p.o.'s done ahead of the election where you will see more volatility and some slowness in that market. emily: there were companies lanning to go public like airb

nb. we are not expecting them to go public this year but because of these delays how many more delays or how long does the delay last? >> lots of private companies had to make very tough decisions especially those businesses who have been impacted. there are a high number of layoffs and more cre aggressive terms. but the companies on the right side, companies that enable employees to work from home, those in cybersecurity, we see those companies starting to pick we nd raising can and where saw the second tear market cool off, we are starting to see activity and the market pick up. emily: we were thinking earlier

that are suggested between now and october, just ahead of the u.s. election, going to be a sweet spot for the companies that are looking to get out of the gate and have been delayed from earlier this year, are you expecting to see that as well? over the next three months, four months, do you expect a spike in activity? >> we expect to have a very busy june and july. august has been slow but we might see activity. there is a lull around the labor day holiday and through september and october, it will continue to be busy. we are in for a busy couple of months. emily: what about next year? there certainly will be a new normal when we come out of this, if we come out of this. and how are you changing your business operations and expectations to adjust to that? >> one of the big changes is that companies now have to connect with investors in a new

way. across our franchise, we are helping companies connect through investors through video, phone calls and our own investors conferences, we are operating virtually. the second big impact over the major economic changes in the world today is the shift from share holder capitalism to stakeholder capitalism. we have been investing to help companies record their disclosures along with their financial disclosures. emily: we will be looking to you for updates as the year continues and good to see some news at least for a couple of companies out of the gate. jeff thomas. thank you so much. coming up, tim cook, c.e.o. of apple speaking out about the death of george floyd and the protests that have been about across the country and we'll

hear what cook had to say, next, on bloomberg. ♪

emily: apple c.e.o. is calling on his company to do more to fight racial inequality, in an open letter public lird, to create change we have to re-examine our own views in a pain that is felt but ignored. issues of human dignity will not abide standing on the shrines. you matter and your lives matter. mark, expand a little bit what tim cook had to say here.

he has increasingly been a louder voice on these social issues that his predecessor steve jobs never talked about in public. tell us what tim cook had to say. >> absolutely right, emily. he has been pushing for equality for all not only at apple but in the united states and globally. gave zone ages and speeches on these causes and started as the protests and riots were sparking the united states after the murder of george floyd. he sent a memo to all apple employees on saturday which was public lird over the weekend and the message posted on apple.com today and that same memo being republished and seen these instances like we have seen with george floyd for the last several decades and difficult part for people to swallow is nothing has changed. we have seen this type of

situation in america for far too long and that's his point. he is standing there with the black and brown community not only in apple but external as well. emily: tim cook was raised in alabama. increasingly we are hearing the same things from c.e.o.'s, these commitments and looking to business leaders perhaps more than ever and not as much to politicians to be the force of reason here. but how do we hold them accountable to these commitments and statements that they are making. >> i can only speak what we have seen in the past. when cook says he will be donating or doing something in terms of social issues at least specifically, the company does follow through with it. they are giving 2-1 charitable donations for the month of june and making donations to the

equal justice initiative and soy, i have no reason to believe they aren't going to through it. this is important to cook and others at apple well aside their products. this is clearly a very important issue to them. emily: mark, you are always covering what is happening in the supply chain and what's happening with demand. they are expecting a 20% drop in smartphones this year. what does it mean for apple? >> right now, consumer demand is really rough. so many different things going on in the world, coronavirus being top of mind. and that is going to force a slowdown in sales. the company is optimistic that things will ramp back up at the end of the year. emily: apple has closed some stores due to the protests.

can you give us the latest. >> it is interesting as well that apple has not commented publicly going against the protests in terms of the looting specifically. if you have seen the videos online and some apple stores have been hit hard in terms of looting. they were at the point where they had already reopened half of the stores, 135 stores. they closed the majority of them on sunday and gradly started reopening them again. my belief is after this weekend when there are a few more protests, you will see them back up to that 135 they were at prior to last weekend. emily: interesting. we will be watching what happens friday and through the weekend, as you will, mark. thank you for that update.

jessica weighs in on president ump's executive order to curbing social media. ♪

emily: welcome back to "bloomberg technology." the executive order by president trump aimed at social media companies has widened the federal communications commission, posing challenges for the commission to determine how to respond to the president's demand. the commissioner has said president trump is trying to turn the fcc into his personal speech police. she joined us earlier. has been around for decades, and it is really important for online speech. it protects all sorts of online

expression, but this executive order asks the fcc to make rules fro section 230 so the fcc would give a red light or green light for what kind of speech should be online or taken down. i don't think that's right. emily: the fcc has not taken any action yet. do you think they will? >> department of commerce is going to file a petition with the fcc asking us to take action sometime before the end of july. emily: is that an appropriate role for the fcc? if chairman pai were here, what would you recommend? >> i don't think the commission should be the president's speech police. we have a first amendment and we need to honor it. is a: section 230 decades-old law that came about when mark zuckerberg was a boy. should section 230 remain untouched? >> absolutely.

it is important for expression online. here's what i know. it is up to congress to write the law. that's congress's job. emily: facebook and twitter have taken very different approaches to speech on their platforms. your colleague has said jack insey is weaponizing twitter favor of his own partisan political beliefs. what is your reaction to that? >> so much of washington has it exactly backward. to first amendment is there protect social media from the president. thes not there to protect president from social media. emily: do you think twitter and facebook have lived up to their responsibilities? they are taking different approaches to the president's speech. >> listen, social media is

frustrating, and we all know that because we all look for information there every day. we also see misinformation. but i don't think you want the government or an agency like becoming that online. emily: what is the role of private companies in handling speech? it has potentially major implications, as we can see with protests and riots happening across the country, and the president continuing to post things that are inflaming the country. >> absolutely. they are ad supported platforms and rely on our engagement. a lot of the ugly stuff moves really fast, and we need to have a national dialogue about what that means, but this executive order is not that, and turning my agency into the free speech

police does not seem like the answer. emily: do you think twitter should label or remove tweets from iran's leaders? that is what chairman pai suggested in a tweet of his own. >> they are a private platform that gets to make choices about what they do online, and i hope that helpchoices democracy, but it is not up to government actors to tell them what to do. emily: do you think twitter is right to make their call the way they have made it? they've got the opportunity to make choices under section 230. they can't remove or not remove whatever objectionable content they may see fit, and they are responding in different ways. my response is to the executive order, which is you don't want the federal communications commission making those

decisions for all of online speech. the president is asking us to do so. it does not work under the constitution, and if we want to redo section 230, there is a path to do that -- ask congress to rewrite the law. emily: what is your take on social media in public discourse? these are incredibly influential platforms. they can have consequences. >> historic consequences. washington is in my backyard. social media is how so many of us get our news, and it's also how we are exposing what's wrong , through videos we share, so it's very important. it is challenging to figure out what the future of social media looks like, but i'm think the executive order -- i don't think the executive order kitsap right. hasy: meanwhile, the crisis exposed a divide between those who have internet and those who

don't. the fccabout the steps is taking to close that gap, and whether or not you think it is going smoothly. comm. rosenworcel: this pandemic has exposed a hard truth. we've got millions of students who can't go to class because they can't get online. we've got folks who can't continue with their jobs because they don't have internet access. we've got parking lot wi-fi in this country right now because people don't have access at home and they sit in their cars and go online to connect to schools, education, and health care. we've got to fix our digital divide, and i think the fcc has a lot of work to do to make that happen. emily: the fcc is reassigning airways for 5g service. how smoothly is that going, and is it the right path? comm. rosenworcel: we lead in the deployment of 4g, and the rest of the world took note on how the application's economy and the internet economy grew up

here, so there is a world ride rush -- worldwide rush to do well in 5g. this administration has been slow out of the gate. we don't have an nongovernment approach to 5g, and we have made slow choices on spectrum policy, infrastructure deployment, and i think there are going -- they are going to be challenging for us in the days ahead. we are still going to do a great job, but we've got our work cut out for us. emily: what are the consequences going to be of being slow out of the gate? comm. rosenworcel: it is hard to tell with the pandemic. we have slowed down spectrum options. but the future is going to be more connected, and the more things we connect to 5g, the more opportunities we are going to have in health care and education and entertainment, virtual reality, so many things. the broader we can make those connections, i think the more we will see our economy grow. emily: the fcc is voting tuesday to speed up the process for

companies to get local approval for placing 5g antennas. where do you stand on that? comm. rosenworcel: what strikes me the most is a lot of municipalities are concerned this takes away their authority. here we are in the middle of a pandemic, where we've got these crises in the street and public health care problems, and in washington, we are taking away the authority of a bunch of cities and towns to decide where deployment goes in their backyards on their streets. in the end, we get more deployment if we figure out a way to work between the federal and local authorities. rather than speeding our nations 5g deployment, it might slow it down. emily: we are on the path towards a potentially very contentious election, and we can predict social media is going to play a role, the president is going to be vocal, and these companies are going to have to make tough calls.

what do you say to these folks, these platforms, twitter in -- these folks who say platforms, twitter in particular, are censoring free speech? comm. rosenworcel: it is the fact that merely putting it out there is kind of a threat. it could deter those companies and the decisions they make about what misinformation they move off-line or wet objectionable content they choose to take down, because the words of that executive order are sitting there in the background, and it is kind of a threat to their free speech choices, and it increases the capacity for them to southcenter in order to serve the president and the executive order, and i think that is the greatest chilling effect of what was put out last week, and i think it is worrisome. emily: so anyway, you think it is actually undermining the constitution. comm. rosenworcel: i think it is fraught with constitutional problems. i think a court will eventually tell us that, but in the

interim, it does kill speech because it makes it harder to make decisions without recognizing that you might have the president's wrath if you take down objectionable content under section 230. emily: obviously that is important -- and i know this is outside your purview -- but antitrustiple investigations happening into big tech companies, you wonder if some of the decisions are actually being motivated by avoiding action from other agencies. comm. rosenworcel: like you said, it is outside of my jurisdiction, but i think you are totally right to raise these issues. i think they are important to think about. el, fccjessica rosenworc commissioner there. breaking news, department of justice has subpoenaed the four biggest meatpackers in the united states in an antitrust probe. speaking of, the doj demanding more information from these

companies which dominate the u.s. meatpacking industry. the pandemic has revealed just how consolidated this industry is, and as we know, several workers at meatpacking plants were sick. that created several bottlenecks that impacted the supply chain. you may have noticed your store shelves kind of empty if you are trying to buy meat, which raised this issue, and that the doj ,ubpoenaing these meatpackers following criminal indictments executivesy of four involved in chicken processing companies. an expanding investigation and something we are going to continue to follow as the u.s. continues to grapple with this meat crisis. coming up, the true optics ceo has been on our show many times. we talked to him about something different this time. he will share what it's like to be a black ceo in america.

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emily: as protests continue, tru optik ceo andre swanston joined us to share a different side of his story, but it is like to be a black ceo in america. i spoke to him earlier about the social crisis and what all of us can do. andre: for a lot of people, but i have heard from colleagues, employees, investors, and others, it seems somewhat surreal. i think a lot of people are shocked by the events, the murder of george floyd, and it seems like every week there is something.

i think the thing that is most frustrating for me is that it is not that shocking, not that surreal. it does not seem any different from the norm, the reality i've known and people that look at me -- pretty much our entire lives, we learn these expectations when we are kids. the like growing up, conversations you have with your parents about how to interact .ith police officers emily: you recently wrote with the experiences you had with police from the time you were 17 years old, dragged out of your car. yearsently as a few ago, you were ceo of true optics -- tru optik. i wish you could talk about what

it means to be black in america. what i have felt over the last week i think is a greater sense of empathy coming from all people. it does not matter age or race. it has been horrifying for people to see a modern-day lynching by a police officer right in front of us. , i have not by any means had the worst experience for interactions compared to people that i know personally and the things that you hear on the news, but i think the thing that is important for people to know is how frequent these things are. which is here once every few months about the horrific r onceg -- we just heaz every few months about the horrific killing, but it is a decade out of deck -- decade after decade thing that happens.

i remember my dad being stopped and condescending questions, "whose car is this?" i myself have been handcuffed or had a gun pointed at me by police four times in my life, -- yetre has never been have never been charged with a crime or arrested. it is this perpetual thing that becomes -- what i said in my letter to my shareholders and our employees, it becomes emotionally exhausting to the about. i think that is what is coming out for everybody across the country. emily: meantime, there is the every day. blacks it like being a ceo in america and a black ceo in your industry? tore: look, you get used often being the only one in the room, right, or one of a few.

and that is almost normal -- i wouldn't say almost normal, it is normal. but that is not that different from your experience of going to prep school in manhattan or boarding school in connecticut or being a young executive at j.p. morgan chase. it isn't different, so it is kind of an environment that you are used to. -- the other expectation you have is, from talking to other peers, black ceos and executives, i think there is a different expectation that we have of ourselves. you almost feel like your successes or your failures are indicative of the entire race. i think about the b have raised from venture capital firms and all the fortune 500 clients we have. it is that kind of a thing.

if i do well and i can be successful, it is opening the door for more opportunities for others, but at the same time, i am very cognizant that. few people have had the opportunity, and if i don't do what -- that very few people have had the opportunity. i don't know if it is they daily thing that people have that maybe they are not as cognizant of. we all have daily pressures and motivations, so i am not dismissing the ones that other people have. it is more articulating the uniqueness of my experience. emily: it is not incumbent on black people to lead the change, but it is so helpful to hear from you about what the rest of us, companies, brands can do, so i am curious what your take is. we have seen companies give out statements. they are giving money to various organizations, going dark. is that enough? andre: nothing is enough if things have not improved.

there have been lots of things that people have done over the years and decades to make incremental change. in many instances, i would argue that we have taken a step back over the last five years, particularly under the current administration. a real indifference to social justice issues, not just racial or xenophobia. and many other issues. i think what companies need to be careful of is coming off as opportunists for not seeming unique and genuine in the stances they take, because it could actually misfire -- backfire. i think generally speaking, is is -- it is a positive thing that there is more public communication and more people issues,be aware of the so i think that is positive. one of the things that taught me the most the last couple of days was viacom/cbs going dark across many of their

fororks on actual live tv eight minutes and 46 seconds, so there have definitely been some powerful things, but i think it should be genuine, at the very least. emily: tru optik ceo andre swanston. so grateful that he shared all of that with us. coming up, happy birthday mr. president. the truck campaign spending $1.5 million on google ads just last week, advertising what exactly? we will discuss. ♪

president's campaign spending a record 1.5 million dollars on google ads last week. many of the ads taking the form of a digital birthday card that supporters can sign ahead of the president's 74th birthday.

i want to bring in bloombergs eric newcomer. why this spike now, eric? i think even as the world is going crazy, i think the trump campaign has to understand that this election is still coming. political campaigns for a while now -- i think obama did the same -- have raised money off candidates' birthdays. you can get people to sign a birthday card, and all of a sudden you have donations at a pathway to try to get them to donate to the campaign. google and facebook have been super effective platforms for candidates, and trump particularly, to raise money from their supporters even as there are protests all over the country and we are in lockdown. emily: how is what trump is spending compared to what biden is spending? trump, at least in

terms of facebook and google, is spending more. competeviously had to in a contentious primary. if you look at google's spending, it came around super tuesday when he was trying to make sure he won against bernie sanders. it seems like trump has an advantage to pour a bunch of money. partially raising money, but there is also the types of ads, the campaign ads that are trying to get voters to actually vote for you, not just donate, so trump is doing both. there is a bit of an advantage. the picture can be more muddled because there are all these super pacs biden has, like priorities usa putting in money, acronym, other groups. you see democratic-reliant ads running even when it is from the biden campaign, but the trump

campaign is going very aggressively on facebook and google. emily: interesting. we will be watching to see how this shakes out as we get closer and closer to the election. again, trump spending a record amount in the last week on ads on google. eric newcomer, thank you so much for that update. that does it for this edition of "bloomberg technology." i'm emily chang. "bloomberg daybreak: asia's really a" is next. daybreak:erg australia" is next. ♪

haidi: very good morning. i'm haidi stroud-watts in sydney, alongside david ingles in hong kong. facebook is on track -- phase one is on track. the top u.s. trade negotiator says he feels good about china despite rising tensions. wall street snaps a winning streak and falls the most in two weeks on concerns the recent rally has gone too fast.