♪ i'm emily chang in san francisco, and this is "bloomberg technology." biggest decline in a month. the s&p dropped, cases of covid-19 rise in the u.s. and around the world. that is ahead of the tech earnings this week. we will talk about what it means for tech stocks. speaking of earnings, facebook reports thursday, and tomorrow the company will stop taking new political ads until after the election. is it enough to safeguard this

crucial moment in american history? we will ask a facebook early investor, as we kick off our electioneering series, where technology makes democracy. pre-ipof airbnb has plans to benefit investors. what could be the largest listing in the u.s. of the year. i want to get you today's selloff. the vix index up a whopping 18%. abigail doolittle in new york. sentiment seems to be souring as we get closer to the election and cases pick up. what was driving the volatility today? abigail: many factors at work today, and you are right, there was a lot of volatility. the complacency that we felt like we had four, let's call it a few weeks, although it has been broken with the vix daca above 30.

one of the drivers in the european session, the s&p, a german enterprise suffer company down not just for the rest of these are but the first half of 2021, saying it will eat into their demands, that calls into question the overall i.t. -- are we going to go into a period with the competitors to sap, and oracle, those stocks were down. s&p's clout -- asap's cloud-based business was hit harder than its competitors, saying that these committees are doing a little bit better than sap. that way heavily on tech. are we going to see some sort of slow down for i.t. spending because of the pandemic? we have not seen any real sign of this, but is this the shot across the bow? the tech sector is down 2%. stocks are down 2%. of course we did have china launching new sanctions on the

u.s. defense contractors, perhaps suggesting there was some real ignition of the trade wars. the chips usually get hit a little bit more. nasdaq 100 down sharply, and intel, they may call into question the ip, at least with the bigger, older tech companies. once again, it down, and intel really dragging on chips. lots of bearish action on the day, for sure. you bring in the virus, s&p's comments folding writing, the idea that it is weak seller rating-- re accelerating. emily: this at the start of what is going to be a big tech- earnings eight. microsoft tomorrow, amazon, apple, twitter, alphabet all this week. what will you be watching? abigail: what is nice about the reports come in is is is a check against the s&p. other companies were just not

seeing it anywhere. we will have a good check on that relative something i will be watching, are we going to have more volatility with the volatility indexes rising and then with apple and amazon. these companies are up ever so slightly on the day. those were the two big tech companies down last week. the tech companies that were up, alphabet and facebook, giving back those gains on the day. that has more to do with the gains that those stocks had last week. the ceo's will be going before congress this week and then the earnings report. lots of different pressures. the main questions for these with their congressional hearings, another shot across the bow that keeps happening with the possibility of regulation. can these companies that are performed so well for the pandemic, can they continue that and will the outlook suggest the same? they say it will be a big day on

friday. emily: absolutely, and of course, we have mark zuckerberg, jack dorsey testifying on wednesday. huge week for big tech. abigail, thanks so much for giving us that look ahead. i want to talk a little bit more about the broader market, the selloffs, closer look at the tech sector in particular. ceo.e joined by a cannot we to hear your thoughts on this. is the markets picking up to the bad news or seeing more bad news ahead? >> i think the answer is yes to that. quite honestly, if you think about a presidential election in the middle of a pandemic, with markets that have been basically march,g steadily since nasdaq up27% or so you're today, i would feel more concerned if

the markets were just rallying aggressively into the election and through the earnings season. i think this type of price action, choppy sideways price action would be to find the markets of the last two weeks, something to be expected. big cap tech earnings of this weekend election around the corner a week from tomorrow, i think some of those uncertainty factors in out-of-the-way will help risk assets. in my view they are probably skewed tears and death two years and. i think they cap tech is going to be -- i think it depends on the political outcome, but i think in many scenarios big cap tech will blaze the path to work from any minute they don't lead the path forward because we get a big rotation into value and cyclicals, big cap tech will put

in an impressive performance, assuming there is nothing really ugly this week, as abigail was just discussing with the s&p and so forth. emily: let's talk about the political outcomes. it is go time, 8 days ago, and the beginnings of 8 days of high anxiety from a lot of people. if biden wins, what is the outlook for big tech in your view? if trump stays in office, what is the outlook? michael: part of it has to do with the senate, whether it stays in republican hands or goes to a full dem suite. my notion here -- and probably oversimplifying a lot of complex issues, but i think that be funny to of the day, going from what i would call -- at the end of the day going from one

article angry senator and angry president to real policy that will disrupt the business model of the cap tech is much easier said than done. , techk a lot of scenarios is really going to kind of keep leading the way forward to even if there is an ugly and contested election that drags on for several weeks. i think the business models in big-cap tech will keep working and investors are going to keep gravitating towards them. there is not a side issue about whether we get a capital gains of a dem sweepe and whether that will hit the amazons and microsofts, which have been the big winners, whether that creates more volatility. i can understand that, and i think that is a little bit of a secondary -- i think there is a lot of institutions that will be looking to buy those gifts in

two years and. i am less concerned about that. the bigger issue i have is more of a relative performance. sweep the willm be a lot of capital flowing into cyclical for some period of time, and that may on a relative basis make the big-cap tech look less appealing. i don't think that is a headwind . i don't think that means there is a permanent loss of investor appetite for those big-cap tech names. emily: ok, so let's take the politics out of this. forecast. sap we know the pandemic isn't going anywhere. knows what is going to happen on november 3, but the pandemic is here for the foreseeable future. what does that mean for tech spending? s.a.p. newsl, the is not good. a pandemic is really with a

couple of specific business models accepted not good for anyone's earnings streams. curvescourse the covid have been resilient and pushing higher, all of which is deflationary. deaf but i think there is another dimension to this story-, which is that covid is really kind of polarizing the economy more and more, and it is polarizing it in favor of digital spending. obviously, there is a lot of nuances within tech, that happens there. but i think broadly speaking, more covid you get, the more entry market polarization you are going to get come which basically is going to favor -- continued to stretch that volumetric even further into next year.

so much of this will come back to the political discussion in the spending plans we will understand after next tuesday. emily: 8 anxious days between now and then. michael perves, good to have you with us. thank for sharing your outlook. coming up, airbnb has two months left. it still plans to go public this year. what the company is doing for a much-anticipated ipo. details next. this is bloomberg. ♪

emily: bloomberg has learned that airbnb is splitting privately held chairs ahead of an ipo plan later this year. the value is more than 10%

according to an email revealed by bloomberg news. away.po could be weeks we know they are trying to get it done before the end of the year. what does the share split actually mean? >> good to be with you, emily. we received an email from our sources saying airbnb is planning to do a stock split, a 2-1 split. it cut the share price in half. although it does not affect the value of the overall company, in theory makes it easier to afford each share. a lot of people just say this is psychological or marketing then. ipostock split ahead of the -- it is sort of an interesting move. it is not so common with private companies pre-ipo. facebook did a little bit before

its ipo, but not something we hear about all the time. emily: what do we know about valuation right now? we know it plummeted from pre-pandemic basil to airbnb recovered from earlier this year . it had just come down to the ipo date itself. then?peculation till katie: there is a little bit of speculation, all the documents we receive say valuation is up 10% from where it was in the last period. they did these valuations every three months. this is separate from airbnb's overall valuation. this is common stock. it shows that the airbnb and people who are evaluating airbnb believe it is improving from where it was in the depths of covid when it was struggling in the second quarter of this year.

emily: what do we know about how the business is doing lately? katie: the ceo of airbnb has been public about how they have rebounded from the difficult period they were in a few months ago. he had gotten a hold of the financials a few months back and the revenues have fallen 67% for the quarter. what he is saying is they have seen a lot of people renting airbnb 's again, quarantine houses and local travel. the business has rebounded much faster than expected. it is what we why the evaluation is going back up. valuation earlier this year when they took on debt was $18 billion, down significant a from $31 billion, where they were valued at a few years ago.

people close to airbnb say they hope to the value close to $30 billion when they go public in december, that is speculation at this point in time. roof, thank you for your reporting. we're following every step of the way through the impending financial ipo. coming up, a likely first. a recent promotion in silicon valley and why it is setting new president for venture capital. this is bloomberg. ♪ ♪

emily: markets taking a hit today, with tech being a pullback. with increasing volatility amid

rising cases of covid-19 and uncertainty of what new regulations election could bring. i'm joined by the co-managing partner at upfront ventures, an l.a.-based enter capital firm. congratulations, and thank you for joining us today. we have a big election coming up. how does what happened in the election impact your outlook on tech and the tech economy regardless of who wins? whoirst of all, if i knew was going to win the election, i onld be have a career sundays so i don't any of us really know. there's a ton of volatility in general. tech in general has been quite strong and stronger from covid, which is quite a surprise for us. but i think that the big things that have come up in this election, you probably know what i stand, let's invest in jewels so that many voices can be heard

online-- in tools so many voices can be heard online, how we think about communities and get underrepresented voices more representation and generally how we feel safe and secure in voting and living our lives coming to the forefront. these are important issues for tech to solve and play a role in as well. if there is a winner out of this election, aside from democracy,, which is the most important, it is all the tech trends around this election that people hopefully care about and build companies around these are areas where i spent time. let's hope we are on the other side of this and we can all get and to really tech news supporting our fellow human beings in this role in a way that makes us feel good about ourselves. emily: you are actually wearing pin today.ted"

i want to ask you about the integrity of the election. we have mark zuckerberg, jack dorsey, sundar pichai appearing before congress this week to testify about these very issues. what needs to be done to ensure we have better moderation, as you say, better integrity in the process? do you think we need regulation? kara: listen, there is always going to be a balance between regulation and competition. i come from a liberal heritage of people who are probably on the side of more regulation, but i am someone who believes deeply in the market and capitalism and cover edition. i think that tension is important. you need to think about competing on a global scale. we need to think about the way our technologies are represented in the world. i think the biggest thing -- there are easy things around this. mores more people, different kinds of people building technology will get us different outcomes. this goes to your book, emily, which had a big impact on me.

if all men are building tech tools, we are wiring ai algorithms, we are less likely to wind up in a world that doesn't find balance between these things. getting more women and people of color in coding and executive positions and having a guy like publicly, these are things that will lead to a--having a dialogue publicly come these are things that will lead to a better future for all of us. the quickest way to fix all of this is to get different kinds of people into positions of our---positions of power asking questions and building competing products. is a big part of what motivates me every day. emily: 100%, you are preaching to the wife. weapon---name preaching to the choir. you have been named comanaging partner of upfront ventures. given the election and the pandemic and so many of us working from home, where do you want to place your bets?

what do you want to double down on intact? -- in tech? kara: coming out of this time, in the beginning of the covid era we were worried everything would go in a difficult election for everyone. been an incredibly hard time commodities lee, broadly- incredibly hard time, obviously, broadly. but we have surprised by the groom across cybersecurity-- boom across cybersecurity, automation. we are fortunate to be invested in a number of these companies that are growing rapidly, over 100% year-over-year. goat is a $1.7 billion company. people can go to foot locker-- can't go to foot locker and buy shoes anymore. where and how we purchased things has changed dramatically. on the opposite end of the

spectrum you had areas like cybersecurity, where i spent a majority of my time these days, with great companies out of california, symantec and the like. the area has been a boon beforehand, but now with the conversation around election hacking and people working from home and realizing that vpn's from 20 years ago are not working the same way they need to today, there is an acceleration of what was already happening by five or 10 years. emily: so when it comes to cyber, are you confident in the integrity of the election that is going to happen in 8 days? kara: i am personally. i believe in the system. that incredible groups are going to great length to do this. putin came out and said something positive about the election today. if there is one really positive thing that has happened in the last few weeks, it is a

reiteration on the part of certain candidates the system will work of people were. million ballots in a difficult time to vote at this point, we can all feel good about it. listen, there-- are chileans of dollars of cybercrime out there. a couple hundred billion dollars industry. it is also a place where the best innovators in the world from all backgrounds need to be talking about and investing in it. emily: all right, thank you for talking about it with us here today. co-managing partner of upfront ventures, thank you so much for joining us. coming up, while the covid prices disrupt--crisis disrupts supply chains for traditional isd, impossible foods seizing the moment to expand globally, as customers fill based cards with plant-

alternatives. we will hear from the cfo next. this is bloomberg. ♪ [ sigh ] not gonna happen.

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a kohler walk-in bath provides independence with peace of mind. ask about saving up to $1,500 on your installation. virtual appointments now available. emily: welcome back to bloomberg technology. foods is doubling the size of its r&d team, seeking the world's best scientists to help eliminate animal agriculture and its impact on climate. david lee spoke to caroline hyde and romaine bostick earlier about its expansion amid the pandemic. david: i can share that we certainly have adjusted in this current crazy environment. we have met with people wanting to buy meat whether that is in the grocery store or direct to consumer.

our grocery business has grown 100x since january. 150 grocery locations to now 15,000 globally. just this week, just today actually, we announced 600 great roastery locations in canada along with 200 in singapore and hong kong. it's because that is where the meat eater goes. 90% of the customers of impossible foods are self-avowed mediators. -- meat eaters. has grown to where the meat eater goes. romaine: this idea of coming up with new and creative ways to feed the appetite out there for meat alternatives, there is a cost associated with that. i remember early in the process, impossible foods jump on the radar of a lot of folks, there was a lot of talk about the cost to produce those original burgers you guys were doing. how much of that factors into

the long-term strategy for the company in dealing with those costs and making sure what you put out at the end of the day is not only affordable to people like me, but also profitable to the company? david: it is very important we not just deliver a great tasting burger or a great tasting piece of meat made by plants, it's got to be affordable. that's why we took a 15% price reduction into february, because frankly, we could. the source of that advantage we -- wes we use 96% less don't have to grow, slaughter, process animals. pandemic,s global conditions are quite challenging for the industry. tobelieve we will pass on investors and customers are continued reduction in price and cost because we can and because our technology is designed from

the very beginning to be affordable. man who hasr a worked at several international businesses, you know what it is to take a brand international and you have been doing impossible foods going into canada, singapore, hong kong. how are you seeing the international demand spread? david: what's interesting about the category we are in, 40% of global meat consumption is in asia with a large portion in china. the thing about mediators is they can take the very same piece of meat and in their hands, they can make it custom to the cuisine and culture for the meal that they are seeking. a globallt, ours is rising tide for better meet, meet that meat eaters can enjoy that is better for their help and better for the environment. we designed the ability to partner with large, global food

manufacturers like osi, which we announced a big deal with, so we could scale faster and we don't have to vertically integrate every single plant required to meet this global demand. i think you will see us continue to partner as we expand globally. impossible foods cfo david lee e. coming up, are social media companies prepared to combat misinformation and control chaos as we get closer to election day? we will discuss that and more in our special election series with roger mcnamee. this is bloomberg. ♪

emily: we are just eight days

away from the biggest election and possibly u.s. history and some say democracy is at stake. from electronic voting machines to misinformation and fake news, political ads on social media, is the tech industry ready for its biggest test yet? we will investigate the security of the 2020 election in a series we are calling electioneering. today, we are talking social media. the biggest concern -- how to stop the spread of misinformation after americans cast a ballot. ed ludlow reports from san francisco. ed: facebook, google, twitter and tiktok are bracing for a night of election chaos. the worry is once polls close on november 3, the result will be unclear, providing an opportunity for the spread of incomplete or inaccurate information online either from candidates themselves. with an estimated 220 million monthly active users in the u.s., facebook may have the biggest job. ceo mark zuckerberg told axios he's even worried about

potential violence. >> there is a heightened risk of civil unrest in the period between voting and a resulting call or thereafter that. ed: he wants to stop candidates themselves from promoting misleading claims. facebook will remove posts it equates as voter intimidation. it will label posts. users are directed to trusted , verified sources and has already banned new campaign ads starting a week from election day. twitter will do something similar for its 36 million u.s. users, within election hub. like facebook, it may remove or label posts that say election results are rigged. allle with shut off ads on of its platforms after the polls close. banns videost

but often lets clips deemed newsworthy stay up despite violating policy and the company did not say how it will treat claims of election results from candidates. tiktok launched a guide to connect americans to trusted, verified sources of information. the plat from does not accept paid political ads. some of the companies have come under fire their stance on combating misinformation and content moderation. lawmakers have voted to subpoena the ceos of facebook and twitter over there handling and issue region a new york post story about joe biden's son. with hundreds of millions of americans on social media, there is time to spread more information. for example, when president trump tweeted on october 6 that covid-19 is no worse than flu, it was shared more than 43,000 times before twitter hit the post behind a warning label. on election night, by the time companies act, the damage may have already been done. ed ludlow, bloomberg news, san

francisco. emily: joining us to discuss is aree social networks really prepared for next week, we are joined by roger mcnamee of elevation partners. we are eight days away from judgment day, but it won't be just one day. the results could take some time. how are -- are these platforms ready? roger: obviously not. i think what we have learned, emily, is that the root cause of disinformation, the root cause of hate speech and conspiracy theories, those things have always existed but specifically on facebook, youtube, instagram and twitter, the business model and the algorithms that make these companies so successful amplify hate speech, disinformation and conspiracy theories as really the lubricant for the business

model. it has been an enormously successful strategy that has undermined democracy pretty fundamentally. and this election is really where it is all coming to a head. it is really obvious now to voters that disinformation is so widespread. and policymakers are in the same place. in many ways, i think that voters are far better prepared than 2016 for the kind of disinformation we saw then. what we don't know yet is what kinds of disinformation we will see after election day, and whether people are as ready for dealing with that, whether the news media is as ready to deal with disinformation in the days after the election ends as they have been in dealing with misinformation lately. emily: paint that picture for me. what happens after the election. we heard from sources of facebook that mark zuckerberg is

preparing for civil unrest and working on things facebook could do in this scenario. what does that look like? roger: i'm actually mostly worried about disinformation targeting journalists, because the economic incentives of journalists of today are driven by the same things that drive facebook and youtube, which is to say they need attention, they need to grab that attention and hold it as long as they can. so, everyone will be looking for that moment where they can start to either declare a winner or just as importantly declare some important piece of news along the way. i do expect that there will be lots of players attempting to exploit that. i'm really relieved how effective the inoculation of journalism has been in the last couple weeks with the hunter biden nonsense and the proud boys email s cam -- scam that came up.

it will be a difficult phenomenon after the election because that is a different kind of environment. for facebook, for youtube, for instagram, for twitter, the issue is their ability to enforce their own rules has not been good. and the rules themselves have carveouts that will allow a significant amount of shenanigans. the thing that scares me most is stuff happening inside facebook, the private facebook groups. qanonind of places where people and the most far-right people hang out. those are places that facebook does not patrol and where things can be shared without showing up in the facebook systems. thein terms of organizing, recent shut down by facebook, by youtube, by twitter of many qanon pages and groups, that was super helpful. that undermined their short-term ability to organize, but it did

not wipe them out. and they have been working very hard to reconstruct networks. so, i'm nervous about all those things. i'm praying we will come through this smoothly but i think it would be naive to assume people would not try to exploit the uncertainty to insert disinformation into our politics. emily: interesting. on that note, i want to talk about some of the things facebook has done leading up to this moment, encouraging voter registration, ongoing efforts to combat misinformation and inauthentic behavior. they have banned, supposedly, qanon holocaust deniers. the postelection notifications that they will have in place. oting the head qu of integrity, that they have learned a lot since 2016 and they've made a lot of progress. they've got more than 35,000 people across the company working on safety and security issues. why is that not enough for facebook to be ready?

roger: i think we could just look at the evidence this year. so, let's think about covid denial and how profound an issue that has been for the country. obviously, it didn't start with social platforms like facebook, but the amplified president trump. the amplify other forces in the covid denial sphere and really undermine our country's response to the pandemic. i don't know what percentage of you wouldare attribute to president trump versus internet platforms, for the internet platforms clearly played a role and it was not helpful. ne have seen relative to qano specifically that just the use of facebook's oh numbers, facebook's research said 64% of the time when someone joins an extremist facebook group, they do so because facebook recommended it. that means of the 3 million that

were in just the largest qanon facebook groups and pages, facebook almost certainly recommended to million of those people to join. what facebook did in shutting down the largest pages and groups for qanon is demonstrably helpful, but their enforcement of that and the ability of these things to morph into something else. to use camouflage, like save the children, that #they have been using to try to mask what they are doing. that is still there. we thing about holocaust denial. we are still trying to find out if facebook has banned holocaust denial in any language other than english. what are they doing about other genocides? the answer is nothing. nothing about the armenian genocide. nothing about myanmar. what i would say is i am glad they are doing stuff. i hope they enforce it well, but even that won't be enough. 35,000 moderators does not put a

dent into this problem because it is the wrong approach. when the problem comes from a business model, when it's built into the operations of the company ant its most basic level, no amount of human capital is going to fix it. you need to change the business model. emily: so, mark zuckerberg, jack dorsey, sundar pichai testified before congress this week. the issue in particular is section 230 and the liability these platforms face for content posted on those platforms. in terms of regulation, what do you think needs to happen to get these issues under control? is there any hint of optimism in your mind that that could actually happen satisfactorily? silverthis is, i think, linings are everywhere on the regulatory front. three weeks ago, the house antitrust subcommittee published

a bipartisan report in which it labeled facebook, google and amazon as monopolists. this is incredibly constructive. --america, monopoly is all has always been the bad guy. an antitrust case is like playing a videogame and being declared the winner. if you have been so successful you have an antitrust case, that is the grand prize. historically in technology come every major wave, starting in 1956 with the creation of the computer industry. every wave has been driven by an antitrust case. investors in particular should be welcoming this process. i think there are two other areas in which regulation is likely. antitrust, it is almost a certainty. the two places where it is likely is privacy where the state of california has a referendum on the ballot this year. proposition 24 would put real teeth into the existing

california privacy law and bring it pretty close to the standard of europe's gdp i. the third area, the one where we have the most work to be done is related to safety. think of this as all the things related to hate speech, disinformation and conspiracy theories. everything related to section 230 of the communications distance the act. everything related to the culture and business model of silicon valley where unique among all engineering business plans, engineers in the tech industry are not held responsible for harms they cause. and where there is now a bipartisan sentiment that that is just not appropriate. that the products these guys create are so important to our economy, that like the chemicals industry in the 1960's, like pharmaceuticals in the 20th century, like the building trades of the 19th century, we have to find a way to regulate them so they can do all the good without doing the harm.

i think of that package happens, if you get safety, privacy and antitrust, that will unlock an entrepreneurial wave that will be the biggest wave of tech we have ever seen in this country. it will be more diverse in terms of geography and i think it will be more diverse in terms of the categories it touches. i think the opportunity to return to technology being summing that empowers the people that use it instead of victimizing them, i think that is something that three months ago, it seemed very far off. today, we are closer to it. regulatory processes take time but we are making progress. emily: roger, i have about one minute left. you saw the volatility in the markets today. do you see more volatility for the big tech names? we've got big companies reporting later this week. we've got the certainty that the pandemic will continue no matter who is in office. present a pretty

dismal forecast for the first half of next year. what is your outlook? roger: i don't want to pretend like i have a crystal ball. i do believe that the market has enjoyed a period of prosperity because of some of the actions the trump administration has taken both at the federal reserve level and in terms of a response to the pandemic. follow-one of a intervention in the economy relative to the pandemic is causing justifiable concern. if we don't do that soon, people are not going to have disposable income and that is going to be bad for earnings and bad for the market. i also think the breakdown of the u.s. trade relationships around the world, it is going to have a cost and it's going to show up in the earnings numbers over the next few quarters. i look at all this and it feels to me as though the market is heavy. will, giveo, if you

back some of their gains simply because of the uncertainty we face now. as i said, i am long-term super optimistic because i do think we will restore democracy and i think we will restore capitalism. those two things are going to be great. emily: that is good to hear. cannot think of a better person to kick off our big electioneering series. always good to have you on the show. still ahead, we remember the legacy of the late korean icon who transformed samsung from a producer of knockoff to a coveted brand for high-tech gear. that's next. this is bloomberg. ♪

emily: finally, the driving force behind samsung' dies at

78. manus cranny takes a look at his legacy and the path ahead for one of the most powerful electronic makers. manus: he was the visionary behind samsung electronics. the transformation from chief applieance maker to the biggest maker of phones, memory chips. he began pushing the company up the technological ladder after taking to the helm in 1987 following the death of his father. famously telling employees to change everything except your wife and your children during his drive to challenge rivals such as sony. samsung had 1990's, surpassed its japanese and american peers, it became an industry leader in memory chips. began dominating flat-panel displays and high-end mobile markets soon after. the global electronics powerhouse today is south korea's corporate crown jewel. and the cornerstone of the economy. a device at the top has its

setbacks and controversies. lee was mired in political scandals in the late 1990's after being convicted of paying bribes to the government in 1996, for which he was pardoned a year later. in 2009, he was found guilty of tax evasion and breach of duty for intentionally causing losses at a samsung subsidiary. nevertheless, the reins are set to pass to his only son, who has been the conglomerate's defective leader since 2014. he's grappling with two simultaneously disputes with south korean prosecutors over allegations of bribery and corruption, which he has repeatedly denied. still, he's expected to eventually inherit the $300 billion company that continues to be one of the world's leading electronic players. emily: bloomberg's manus cranny there with that report. that does it for this edition of bloomberg technology.

bloomberg daybreak australia's next. i'm emily chang in san francisco. this is bloomberg. ♪ it's moving day. and while her friends

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and reliable coverage, nationwide. forward-thinking enterprises, deserve forward-thinking solutions. and that's what we deliver. so bounce forward, with comcast business. ♪ >> welcome to daybreak australia. i'm paul allen in sydney and we are counting down to asia's major market open. shery: good evening from new york, i am shery ahn. paul: top stories this hour. stalling aid talks in washington drag on wall street with the s&p 500 posting its biggest decline in the month. itrgy and industrials taking