♪ emily: welcome to "bloomberg technology." twitter puts up yet another warning on a tweet from president trump. this time, the president tweeting that if protesters in washington, d.c. try to set up an autonomous zone, they will be met with "serious force." the president posted the same message on facebook.

it is still up there, unchanged for now. president the suspended temporarily visas of hundreds of thousands of workers used to work in the united visas, including the h-1b used widely for immigrant employees in silicon valley. first, a check of the markets. ending the day slightly up despite all the political commotion. abigail doolittle has been watching the back and forth. investors again looking past the bad news. why? most part, they are looking past the bad news. relatively risk on close. close itself in the past couple of hours, not so great. at the highs, the s&p 500 and nasdaq up more than 1%. the nasdaq of course closing at yet another record high.

that has to do with today's strength, the stay-at-home stocks and stay-at-home sectors. both at aamazon closing time. the longest winning streak since july of 2019. the stay-at-home team has emerged. a couple of weeks where the cyclical sectors were doing better. as the virus has started to hotspotscertain areas, created fear. weeks, thest two overall story is risk off. overall cases have emerged in -- the haven yan is up. it will be interesting to see how the virus data continues to play out. it could certainly continue to

take the financial markets in a risk off tone. you have the nasdaq at an all-time i, sort of a tough puzzle to figure out. the stay-at-home stocks getting nods from analysts, including etsy, which has been critical for inviting people across the country with handmade masks. talk about what you are seeing their. abigail: very nice handmade masks. emily: i have a few. abigail: they actually are really quite nice. .hat stock has been on a tear today, goldman sachs raising their price target to a street high, i believe 120, saying they can expect this trend to continue. the numbers tell the story for the second quarter to be reported, the june quarter.

growth to the top line is expected to be i believe 80%. bottom line, 200% growth. ,s those numbers come through price targets being raised. the biggest question here for the stay-at-home stocks, especially online retailers, is this going to be a secular change? will it be a near-term pump for people like me who have started shopping online in a more someone liker will me continue to go online? i will probably stay online. it seems like some of these analysts are appearing for something your along those lines. emily: i am with you. i will probably stay online as well. onk to the president's move

immigrant work visas. the president signing an order monday temporarily halting several work based visas affecting hundreds of thousands of foreigners seeking to work in the united states. this move has been widely condemned by leaders. just how temporary do we believe this will be, and what will the longer term in act be given that there are so many people using these visas across the united states and especially in silicon valley? >> three quarters of those h-1b visas go to tech workers. i some estimates, this could affect between 325,000 to 500,000 people just now. the long-term effects that you alluded to go much deeper. taking about all of those students who have come to the u.s. or wanted to come to the

u.s. to get computer science and engineering degrees who might know longer want to come to the u.s.. about this in us the context of new pledges that we are seeing from facebook and at a timeut diversity companies -- shelly: i think it is hard to make these pledges just because of the situation that we are in right now with the economy and the high unemployment numbers across the country. i think that what people need to remember is that tech is not experiencing the same job losses and unemployment that others are. a light of these industries are still hiring, particularly for the highest levels of talent,

the most experienced and best sought-after engineers and scientists. that is the area that i think they really can impact change. we have seen a decade's worth of pledges with these companies to increase diversity. and they have not really followed through with that. emily: absolutely. the numbers have been barely budging and if they are moving, they are moving slowly. tim cook saying, like apple, this nation of immigrants has always found strength in our diversity and the enduring promise of the american dream. there is no prosperity without both. he let ask, ceo of tesla saying, very much disagree with this action. visa reform makes sense, but this is too broad. obviously, there is a lot of

uncertain tea ahead. we don't know which way the economy will turn. this order seemingly out of nowhere from the president as aese companies are facing social crisis as well. how do you expect these companies will tackle the issues from the inside, a fundamental thinking of how the workforce is shaped? abigail: i think it will be very hard for tech companies right now to want to keep hiring folks from other companies. if you look at the amount of people coming and applying to their jobs, if you talk to someone who may be the most talented person, probably equally talented as someone else, you are just not going to go down that route to even try to apply for some of these visas. i think that will set off long-term talent issues.

fromhearing a lot more startups who are moving to what they call distributed teams, that i do not even need to bring you to the u.s. anymore, i will just keep you in china or india, not necessarily move you to the u.s. in the first place. so we don't really know what the long-term effect of that will be. you have all of these ceos and executives coming out over the past few years -- over the last few days, denouncing this. canquestion is, what action they actually take? are they going to try to hire these folks, or will they think it is not worth it so much from a political angle? emily: this is something we will continue to discuss throughout the show. later, we will hear more from the airbnb ceo who talked a lot

about new efforts they are making to improve diversity setting new targets, essentially quotas. we will hear why he thinks that is important. "ore of "bloomberg technology after this quick break. ♪

♪ there has been so much speculation about where the economy goes from here and what recovery looks like if indeed the economy does recover. earlier today, steve schwarzman, says heof blackstone, sees a big v in terms of the shape of the recovery. take a listen. v inu will also see a big

terms of the economy going up for the next few months because it has been closed. as people are allowed to go back, the economy will really respond a lot. much thee is only so economy, which is highly complex, can respond, just because not all things go up equally. quite a while before we sync up and get back. >> steve, when i think about your experience, i know that blackstone is a place where you are always looking at opportunities and new opportunities in many ways. the investments you have made in real estate. i think about the last financial

crisis, how heavily you invested into credit and distress. what is something that you are doing now -- take us inside blackstone -- that might help us understand the opportunities that exist in this latest crisis? >> this one is different. they are always different. the easy things to have been doing was when you hit that bottom, even if you did not know it was the bottom, to be making significant investments. we reported at the end of the first quarter that we had invested 11 ilya in liquid securities. a very happye had outcome. we did more in addition. that is sort of a first stage. businessesh of our are now seeing interesting

opportunities. changing things and people are staying home more , the areas where you would want to invest, whether it is technology, health care, are being modified. , unlessolder economies you have a really remarkable management you want to stay away from. economyarts of the opening faster. some things were closed completely. in the hotel business, we owned one hotel in las vegas, completely closed the first week it opened. it was 45% filled. that is an astonishing thing

because las vegas is barely open. there will be some surprises. not all. but if you look at the gradation of places you could drive would recover much faster, places where you have to fly will recover much slower. and if you have to fly over oceans, that will be the slowest recovery type. is each of our businesses starting to really put out money. our business lines. and there is a much better tone. to do a lot of private investing, there has to be some confidence on both sides. they have to believe they are getting fair value. there is an overlap. typically what happens, as you know, doing private investing,

sellers don't like to sell at bottoms. you can buy liquid securities, and securities of cm bs other things that are stacks where you can find the security where you think it has the most upside. even if it has gone up halfway ed, some ofit start these will continue to go up. it is an issue of trying to figure out where the underlying businesses have returned to help. emily: steve schwarzman there with our own jason kelly. coming, silicon valley pledges on diversity. ceo chris young.

♪ emily: all too often we heard the words diversity and inclusion right up as pillars of the american workforce. if you look closely, signs of progress are scant, especially at some of the biggest companies in silicon valley, despite pledges otherwise. one person familiar with the industry's struggles, chris young, former ceo at the cybersecurity firm mcafee. in january, he left mcafee to join another company. your overall reactions. obviously, we have seen renewed

momentum behind the black lives matter movement. that has led to discussion in the work lace about what they can and should do better. do you feel like now is a moment that will lead to real change, or will things just stretch back to usual? chris: thanks. clearly, the unrest across our country today is really an outpouring of emotion not only over the past few weeks, but over years. encourageds, i am that so many people are coming out in support of the black community across not just the tech industry but really across all industries. opportunityt is an for us to drive some real change. risks are ink the

the second half of your question, using this moment as an opportunity to drive sustained effort. that godomething created in a number of years. focus in order to fix and get to a place where we truly feel that we have diverse as well as inclusive workforces as it relates to african-americans and other minority groups. emily: you stepped down as the ceo of mcafee earlier this year and i can't help but notice that you were replaced by a white man. what happened there, and what can you share as your personal experience with these issues? chris: i would say, my leaving of mcafee was more of a planned thing. i don't think race was something that was really involved with that decision. i can tell you that over my

career, and this is something that i have talked to, my colleagues, friends who also are black executives, we have faced similar challenges. many times, you are the only person in the room. i remember examples of times when i would show up to a meeting and it was clear that the person on the others of the table, if they had not met the, might not think i was the most senior person in the room when i happened to be the most senior person in the room. those are just small examples of what one might call today i grow in equities. but they are due to stereotypes that many of us have about race. as you imply, there are a thousand little things that have left us in this position, some big, gigantic sort of historical forces. what do you think companies are doing wrong and what can they do

right to actually change representation sniffing link? -- representation significantly? chris: i think the work that can start now. some companies have started. some organizations are just getting started. they can make this a priority. not just to say it is a priority. we are seeing a lot of donations for example happening right now. conversations are being had. it has to be something that becomes a goal. nothing in our organizations would we see as a priority if there were not metrics associated with those priorities. for companies to progress, move forward in a meaningful way over time, we will need to see companies with goals around diversity and in this case

around african-american representation. setting goals around the progress of african-americans and other minority groups inside the company in the form of advancement. i think they have to measure what is happening from a cultural perspective. i had a great conversation with someone last week, who said to me when they dug into some of their engagement scores, if you look at that information by race, often times, you will see that your african-american employee base feels less confident about their ability to not just work at the organization but to thrive and grow in their careers. waysis a warning sign, that we can use metrics, measurements, and trying to figure out what needs to change. emily: we have about 30 seconds

left. you are on the board of snap, american express. people with your background are in demand. how do you feel about that? be-- should we expect you to leading another company anytime soon? chris: i am, like many people today, spending time with my family. navigate trying to some of the challenges out there with covid and other things happening. someexpect there will be interesting opportunities that i will be able to talk more about in the future. able tow, i will be focus on my family, focus on making sure we are all safe and healthy. as the world opens backup, i will start to think about what is next. emily: as you should be. chris young, former ceo of mcafee. thank you so much for joining us.

coming up, cybersecurity top of mind with so many people and companies working remotely. we will talk to the ceo about the future of work. this is bloomberg. ♪ save hundreds on your wireless bill

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emily: welcome back to "bloomberg technology." with so many people working from home, the increased internet traffic has also led to an increase in cyberattacks and an increase in demand for cybersecurity products now more than ever. here to weigh in on the impact is the cofounder and ceo of ossa my technologies. good to have you with us. first of all, what kind of activity are you seeing in terms of cybercrime, especially in the last three to four months that we have been sheltering in

place? >> it's across the board. just in the last couple of weeks, we've seen the two largest denial of service attacks ever. to one billion packets per second in an attack. we are seeing attacks to steal online accounts. they are being doubled year-over-year and with the remote workforces with employees being at home, we've seen factor of five increase in these devices going to malware sites, and that's because people are clicking on p fishing links -- and going to the sites. threat actors are very active right now. emily: does that mean that cybersecurity products need to catch up to a new threat landscape in terms of protecting workers and businesses given

that working from home is probably going to be a big part of the new normal? leighton:en -- mr. that's right. akamai -- at akamai, that's probably our biggest area of research, so these attacks are not successful against our customers. working from home opens up a range of challenges for enterprises, and that is where our zero trust products are making a big difference today. workingow much more from home do you think there will be passed the economy starts to open up, as people slowly start to go back to work and school? how much is working from home just going to be part of our new habit? mr. leighton: i think it will be very substantial for companies where employees can work from home. i think you will see a large

fraction of employees continue to do that. we have told our employees that they can work from home for the rest of the year, and i expect in the long run, maybe half of our employees will do that on a regular basis going forward. sometimes, employees need to come in, but for a lot of companies right now, they can work very successfully remotely, in many cases easy for the employee. emily: obviously, you work with so many kinds of companies of all shapes and sizes. i wonder how much exposure you have to companies like the travel industry, airlines, which have obviously suffered greatly and what that ultimately means for your business, given that and businesses are thriving operating just fine but others are not. mr. leighton: it is really tough on the travel and hospitality

sector right now. in some cases, we have worked with them to adjust contracts, help them through this difficult time, and i thought it would be worse, but -- worse than it has been so far and we will have to see what happens in the future, but believe it or not, people are booking flights, booking cruises and vacations, and i think, you know, there is a lot of demand. people want to get back to a normal life, and, hopefully, we will be able to do that in the not-too-distant future. headingeantime, we are into a critical election, and with that comes interference, foreign and domestic. what are you most worried about in terms of threats on the integrity of this election that could be perpetrated online? mr. leighton: the election itself is not online, and that is probably a good thing, but where we worry a lot is about

the information, the new sites, the social sites, and we help them prevent accounts from being taken over, information from being corrupted or changed against their will, and that makes a big difference. you really don't want to see that happening around an election because misinformation can do a lot of damage. youy: meantime, how are thinking about the return to work for your employees and your own offices? what will you be doing differently post -- and i say this with some irony -- post covid-19? mr. leighton: already we are beginning to open our asian offices. europe is sort of a mixed situation. i think things are tougher in the americas right now, and we are going to be allowing employees to work from home throughout the rest of the year,

and my guess is on long-term basis, we will have a lot of our employees continue to do that. we are very fortunate that we can keep our workforce very productive during this time. a small number of employees need to travel to data centers or to operations centers, but the vast majority can work successfully at home and we will work to continue to enable that. emily: tom lehtinen -- tom leighton, good to have you on the show. a new, albeit controversial, commitment to diversity. airbnb's ceo doubling down. also a lawsuit with new york city finally settled. just a couple of topics in the rest of my interview with airbnb cofounder and ceo brian chesky. that's next. this is bloomberg. ♪

emily: with renewed calls for diversity across the country at workplaces, airbnb has decided it must change from within. airbnb has now said 20% of its board and executive team will be people of color in a matter of time and has now set new retention and recruitment goals for its team to meet by 2025. it sounds a lot like quotas, which have long been seen as controversial. in part two of my wide-ranging conversation with airbnb ceo brian chesky, i asked him about this mission. mr. chesky: we are not just identifying targets, but i think diversity and inclusion does not

just happen. it has to be intentional. it does not just come to you. you want to make them work just, equitable world, you don't just wished for -- you want to make a more just, equitable world, you don't just wish for it. got to make it happen. we can choose different paths to lead our way forward. i think it starts with looking in the mirror and saying we are not where we need to be and being honest about that, saying we are going to do a lot of work to get there. i'm not apologetic. i'm not going to apologize about trying to step into the future, even if it is going to be really hard. i will just tell you one of the stories. we don't just have challenges inside the company like probably every tech company does. we are a platform that brings people together every day. in 2016, there was a hash tag trending on twitter called #airb

nbingwhileblack. as one of the white founders of airbnb, it did not occur to me that our product would be used in that way. had i looked at other circumstances, i might have thought that. this was a wake-up call. we had been working the last four years, and over the last two years, we've been working with color change, leading civil rights groups, and we have a mission -- we don't just want to measure anecdotes, complaints. we want to measure systemic bias on our platform. the goal is to open-source our data, our learning for the company. we don't need to be heroes. we should just let people have a head start and hopefully, we can redesign products to be a little bit more equitable. that is basically the vision. thater want to be a ceo does some big, epic letter and move on three weeks later

because i feel like history is going to remember how tech companies reacted right now, and they will also remember if tech can sustain the effort over the coming years or not, and i want to make sure i'm on the right side of history. emily: how much progress would you say the product -- would you say the company has made since you brought eric holder in? was a very low bar. we asked everyone on airbnb to test they will not discriminate against people on the base of race, religion, orientation, or gender. 1.3 million people chose not to check that box and not to participate, and i think we are better off because they were not committed to what we are committed to. are in the beginning of a journey. i hope you're happy you have me back on the show and i can tell you about the progress we have made. i do commit we are going to publicly report our progress, and that, by the way, is one of

the best ways to make progress. i'm not going to come on your show and tell you i've made no progress, so that is pretty good motivation. it is a hypothetical -- what would someone say about focusing on this instead of growth? here is what i tell them -- number one, i don't know who would want to work for a company that prioritizes growth over reducing racism and hate on their platform. this is a watershed moment. internet platforms are not immune systems. that's the culture i came into in silicon valley. we need to take more responsibility for the content in our platform. this seems obvious. the extent to which you want to take a sponsor billet he will vary by platform, but we better

not think it is up to the government to decide what stance toshould take -- the extent which you want to take responsibility will vary by platform. i think the right thing to do, and i also think it is self-interest for shareholders to do this as well. emily: in my own self interest, i will commit to having you back so you can tell me about your progress. in new york, you just settled a major lawsuit and agreed to handle -- hand over personal data on host. this could cost you thousands of listings in the city. how will this experience in new experience inur other cities? mr. chesky: new york has been a 10-year-long debate, and it's been the biggest holdout in the country. we are one of the largest collectors of hotel paths in the

world. new york has been a market we have not had a resolution until now. i think covid lead to a big reset moment, kind of everyone. think we as cities took a fresh look at all of this, and we have come to an agreement that i think was months in the making and that will lead to a smaller airbnb for now in new york, but i think we can rebuild from that, and i think it is an outcome we can all feel comfortable with. emily: meantime, it all comes back to china. you are one of the few u.s. companies that still has a footprint in china. google, facebook, twitter have all left or given up. how important is china still to important is this pandemic to your ambition there? mr. chesky: it does not change our position for now. our ambition is the same.

we want to help people connect in every country in the world. we don't want to cut out 1.4 billion people. that really would not get you very far to bringing people together, but it has made us because iter horizon has been definitely impacted. we are going to be pacing ourselves. emily: you still committed to maintaining the business there given the challenges and risks? mr. chesky oh, yeah. we are committed to remaining in china, just at a different pace than before. emily: given these changes and what you have experienced in a pandemic that has changed the course of history, airbnb is bound to be a different company than it was otherwise. what does airbnb look like to you a year from now and five years from now? mr. chesky: i think you're for now, people will say airbnb is not just a marketplace but a

community -- a year from now. words.an be they can sound like empty marketing, and i want to acknowledge that. i have to prove that. i have to deliver on that. i probably don't even deserve to use those words except you are asking about what i hope to be able to say. i hope a year from now you say that about us. five years from now, i hope we go so much further, that we have created millions of entrepreneurs. more than half our entrepreneurs, by the way, are winning, totally different from other share economy companies dominated by men on the supply side, and i think we can provide economic opportunity for entrepreneurs all over the world . i think we can help create educational experience. i think we can transcend and ultimately, i think if we are successful, i think you are going to connect airbnb to feeling like you are more

connected to other people. i want it to be real connection, not just digital connection. emily: we will see if his vision meets reality a couple years down the line when we have him back. airbnb ceo brian chesky. coming up, it will be a catastrophe if president trump is reelected in november according to former presidential candidate andrew yang. the rest of my conversation with him is next. this is bloomberg. ♪

emily: the presidential election in the united states just months away and facebook continues to be caught in a debate about how to handle political speech and political advertising. in terms of advertising,

facebook has given users the ability to mute or turn off political ads. earlier yesterday, i spoke with former presidential candidate andrew yang about what this means and how facebook should make decisions on these issues going forward. take a listen to what he had to say. mr. yang: facebook is trying to have it both ways and it has to face fact -- it is at this point the most powerful and well resourced publisher and media company in the world and saying they somehow cannot account for what is true and not true, given that cable news networks -- i'm sure bloomberg and others have we can takeyes, responsibility," does not make sense to me or millions of americans. it's one reason facebook is feeling pressure internally and externally. just take responsibility. at this point, they are not a scrappy start up anymore. emily: what does that mean facebook should be doing? should they not take money for political ads at all? twitter doesn't anymore.

mr. yang: i think facebook should not take money for political advertising. it has to look up and ask who is winning and losing. the people who are winning other people who have millions of dollars to target voters. that's not necessarily the way we want our democracy to function. i would agree with twitter's stance and i feel like facebook should follow suit. you can tell they are thinking about it because they have introduced the option to turn political advertising off. why not turn political advertising off for all of us? who would choose to listen to political ads? emily: we are all sorta discussing things in our own political silos. how concerned are you that social media could undermine the integrity of this election once again? mr. yang: i'm terribly concerned, like many americans are, because we know foreign actors have used facebook and

social media to inflame division sowso misinformation -- misinformation. unfortunately, the trump administration has no interest in figuring out the set of issues, so we have to get trump out of there, get joe in and start to dig deeper and figure out how we can trust what we are seeing on social media. this will get even worse when andhave deepfakes unfortunately other information and misinformation that will make it harder to trust what we see. emily: right, that's already happening. just a couple of months ago, there was a fake bite and add -- beinghad -- biden promoted by the trump campaign, and it looked totally legitimate. aren't those things going to become more prevalent as we get closer to the election?

mr. yang: unfortunately, at its threatening to get away from us very quickly. emily: there's also the issue of mail-in ballots, and president trump has made his views on mail-in voting clear. how concerned are you about potentially other issues emerging and not everyone getting their chance and the right to vote? mr. yang: i'm terribly concerned, just like anyone who saw the lines in georgia should be concerned. the voting is in less than five months and if you don't have mail-in voting available, there are many people who might not go out to vote and if they do, they might not have polls they can access in a reasonable timeframe. i don't understand how anyone could be against mail-in voting, especially when you are looking at a pandemic. anyone who thinks that his political is out of their minds. even studies have shown that it actually helps both parties evenly. if you are going to believe in

democracy, you have to believe in people's ability to vote, and mail and voting is commonsense during a pandemic. emily: what's next for you? to see youe going emerge next on the national stage? will you run again for national office? mr. yang: my priority is helping joe when in the fall and also helping communities that are embracing the humanity forward vision for our economy, universal income. i'm happy to say that the first humanity forward candidate won his race in south carolina. we are doing everything we can to advance our vision of the orntry, if we are in office not. emily: i know biden has the momentum. he raised more money than trump in may and is leading by double digits, but it sort of reminds seemed likehen it hillary clinton it in the bag. talk to us a little bit about

what feels at stake here in your view, given that there's a very real possibility president trump could win this election again. mr. yang: you imagined another four years under president trump, it's a catastrophe on so many levels. we've lost tens of millions of jobs. we need to have a new deal-type initiative to help us revive the economy, and i don't think that president trump is going to lead that. we need joe to win. we need joe to get into the white house and start this new deal reconstruction-type project. i think western civilization is generally at stake in the fall. i think joe is going to win, but we have to work our hearts out to make sure that comes to pass. emily: former presidential candidate there, not mincing words, saying western civilization is at stake. thank you for joining us. that does it for this edition of "number technology."

"bloomberg: debris gust really are: -- bloomberg daybreak: is next." his n this is bloomberg. ♪ [ sigh ] not gonna happen.

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