♪ emily: i'm emily chang in san francisco and this is "bloomberg technology." coming up, another monster tech deal is official. salesforce agreed to buy slack for $27.7 billion in cash and stock. we will have details and reaction. plus, a new mandate from nasdaq. companies must have at least one woman and one underrepresented minorly on their boards.

-- minority on their boards. and an ev maker just finished a plant in arizona. we will get a picture of supply and demand with lucid ceo. stocks hit records on renewed stimulus talks and covid vaccine progress, and as i mentioned, salesforce saying it will proceed with plans to buy slack for $27.7 billion. -- with more is abigail doolittle. what are we seeing right now? -- both both failures shares are down. salesforce.com is certainly down, as the acquirer. it had been predicted that they would buy slack and lo and behold. and7 billion in cash

stock. some are wondering about the cash. salesforce has a lot of cash. the big thing to look at is the fact that the sales fourth ceo has made more than 60 acquisitions in 21 years, making salesforce.com conglomerate of different pieces. they have a communications platform along with their relationship management software, making them again a big competitor to microsoft, giving them this extra bell and whistle, and we will see if that works going forward. it's interesting, they also therted with this news, forecast going along -- the forecast is kind of disappointing. as you were mentioning on the year, slack at this point, because of the deal and the speculation last week, absolutely taking off. aboveal price about 5%

where the stock had been last week. you can see it's going up parabolic lee and now the news, not bad for slack investors. emily: put this in the context of the broader markets today, given it is potentially positive news around stimulus, as we head into the holidays. stocks did not react too much on the possibility for stimulus, that there is a proposal for $908 billion of stimulus. it's far less than the $2.2 trillion that democrats want. another shot across the bow, will it happen, but stocks in a good mood on the day. apple having a great day, up 3%, but it wasn't just big tech, it was also the small-cap. the nasdaq did have a record

high, the russell 2000 with a respectable day. you have investors in a bullish mood and a lot of it has to do with the vaccine. moderna did fall on the day after soaring after the announcement they are applying for fda and eu approval. also tesla will be added to the s&p 500, and that is a bullish push for stocks. so net-net, the bulls are out once again. it will be interesting to see longer-term what the reaction is. emily: absolutely. abigail doolittle, thanks so much. we will talk a little bit more about that deal right now. salesforce and slack, making it official. i want to bring in the groove ceo, groove is a sales engagement platform and you understand this space very well. we knew this deal was going to

happen. we were just waiting for it to be sealed. is this good for salesforce? is this good for slack? chris: thanks for having me on the program. yeah. i think overall, this is a really great deal. as abigail mentioned, salesforce continues to expand their playbook. they have grown to be a highly diversified company. their past acquisitions have really started to pay off and are delivering results. now they are taking on even bigger news and bigger challenge by acquiring slack and entering a market they had previously not been part of, and that market has some very large competitors, and overall, i think it is a really good move on both their parts. emily: slack has been doing incredibly well as an independent company, especially in the midst of the pandemic. do you see slack on a continued upward trajectory, or would some of that growth stop accelerating as we come out of the pandemic, as vaccines are successful, and as they continue to compete with

microsoft? chris: yeah, yeah, i think they definitely have an opportunity to continue to accelerate their growth rate, especially now with salesforce helping them and putting the entire salesforce sales engine behind the company. salesforce already has relationships with all of these enterprises they are trying to help, so that is going to be a big advantage and a big win and probably part of the reason why you see the premium paid. they think they can increase the growth rate and they know slack has a really good competitive product and offering, and they believed together they can grow even faster and generate a really nice return. emily: how big a competitive threat is microsoft at the moment, with their teams product and with teams being a gateway to other microsoft products? chris: it is definitely a very real competitor.

i was actually at google when we were competing against microsoft in the communication and collaboration space. it's very hard. they are very good at what they do. the teams product -- you could argue it is not comparable to slack exactly, but the way they offer it is a bundled solution. emailing calendar and everything else. calendar and everything else. it's a hard, competitive battle, and that's why i think it makes sense to team up with someone like salesforce where you can now get some synergies between the two, both from a sales perspective but also from a product perspective, and they can work together to deliver more innovation and be more competitive. emily: i'm reminded of microsoft buying linkedin back in the day and how big a deal that was. what do you make of the personalities? marc benioff has a big personality. stuart butterfield has a big personality. he is very vocal on social media.

how is that going to work? chris: that's a good question. i feel it can work. stuart has always been flexible. the whole slack story, it feels they have always been flexible and focused on continuing to build a more valuable company, and mark has obviously proven they can make even large acquisitions like tableau, which was $15.7 billion, i believe, very successful. that was a well-established company, and it seems some of these others like velocity are going to continue to grow, and a lot of those leaders are helping out. i think they will find a way to make it work. emily: interesting to hear your perspective, especially about your time at google. chris rothstein, ceo of groove, thank you for stopping by. we will be talking about this throughout the show. coming up, diversity in the boardroom. one of wall street's biggest names rewriting the rules.

we will hear about that next. this is bloomberg. ♪

emily: nasdaq is joining goldman sachs in an aggressive push for more diverse boards for companies that want to list on its exchange. under its proposal, most firms on the exchange would have to include at least one female director and one who identifies as an underrepresented minority or lgbtq. nasdaq now seeking approval to implement the proposed rule. joining us now, the head of listings for nasdaq.

thanks so much for joining us. what was the impetus to do this? this was not part of a national law of any sort. why did nasdaq decide to take this big step? jeff: nasdaq has been focused on diversity for a while now. we signed up for various frameworks like the parity pledge, 30% coalition more recently. the board challenge. it has been something we have been looking at a while as a national stock exchange. one of the things we focused on his corporate standards for our company. it was not long ago, back in 2003, when we said we wanted to see the majority of directors be independent. at the time, it was controversial. now it is accepted as a norm. we decided now was the time to put forward this new disclosure framework where companies have a consistent way to communicate their board composition as well as their board diversity philosophy for all their

stakeholders, including investors. emily: now there will be a public comment period. what kind of pushback are you expecting and have you gotten so far from companies themselves who might say this is a pipeline problem? we are trying but it is really hard. jeff: we did a lot of research on this issue before we put forward our proposed rule. we also spoke to dozens of organizations such as the aclu and naacp. we feel really positive about the way we structured this rule filing, and be pink it's going to be a really nice way to be a first step in this journey to bring more diversity into the boardroom. we also announced today a partnership, which has the largest database for candidates, so if they don't have a diverse board, they can join us on the journey to have a more diverse board. emily: the way the rule is written, nasdaq has given companies and out. they can simply give reasons why

they don't have or meet these requirements and move forward. goldman sachs on the other hand drew a firmer line. do you think you might actually make this an official requirement, and what would the impetus to do that? jeff: i think the one thing everybody we spoke to about this agreed on was there is a lack of disclosure, and that is really the first step in addressing the issue, making sure there is a consistent disclosure framework. a number of states have enacted legislation to require certain numbers of either female or diverse directors, but there has not been a consistent national framework, so that is one of the things that this rule proposal highlights. it allows investors and company stakeholders the ability to see what companies have in terms of their current level of diversity and what their goals are for the future. we think by taking the first step in making these disclosure standards along with a compliance framework, that will give companies the ability to articulate their position on the

issue. emily: if this is a first step, do you see nasdaq taking more steps? jeff: i think we have been on the journey for a long time in terms of what is the right structure for corporate governance for all of our listed companies? it is something we are always looking at. one of the big trends in the capital markets these days is the topic of esg-focused funds and investment. investors now are looking for much broader disclosure. rather than just the financials, they want to understand how they are addressing things like the environment, society, as well as governance standards. i think this is part of a broader trend for investors looking for more and broader disclosures. emily: i have to ask you about this salesforce/slack deal. obviously, slack is a listing you fought hard for as the head of west coast listings. what is your take on the deal and your views on software consolidation in general?

jeff: if you look at what has happened this year due to the pandemic, there's been this huge work from home trade that has been on. if you look at the nasdaq 100, we are actually up 40% this year versus 4% for the dow jones industrial average. part of that is starting to reverse with the announcements of some positive results from vaccines from some nasdaq-listed companies, but overall, you can see companies that are leading digital transformation and that are innovative in their sectors are the ones investors are really rewarding, and now we are starting to see the next phase in that growth in terms of acquisitions for high flyers. emily: when you talk to startups, how do you convince them that going public is the way to go in this environment versus acquisition? jeff: it is obviously something every company has to decide for themselves. it used to be there was a dual track. they would look at ipo versus &a.

now we are seeing the triple track. we have had over $50 billion raised on nasdaq this year for special-purpose acquisitions companies looking to merge with private companies to bring into the public market, so there are more ways than ever for private companies to access the public market and the liquidity and ability to raise capital that it represents. emily: nasdaq will also be the home for every and be when it -- for airbnb when it gets to the public markets later this month, potentially just a week from now. what are you expecting as we end the year, and what seems to be a lot of pent up demand for ipo's in this environment? jeff: we have an incredible lineup of ipo's coming this december between airbnb, wish, just to name a few. we are actively discussing with a number of companies targeting some pretty big ipo's in q1 and q2 next year. we don't see any signs of this slowing down. emily: the long-term stock exchange, there are reports airbnb could do an additional listing on another exchange that

also claims to care about sustainability and long-term growth. jeff: we also have a focus on long-term value creation. that's one of the reasons we moved forward on this whole initiative around order and diversity. -- around boardroom diversity. i think any innovations in the capital market that drive the longer-term mindset is a good thing. emily: all right, always good to have you on the show. thanks so much for stopping by. coming up, bitcoin hit an all-time high yesterday, just short of $20,000, but is the rally sustainable? we will talk to someone who predicted the current price point next. this is bloomberg. ♪

>> bitcoin is the hardest of assets. it has a very restricted supply, even more so than gold has, and investors are finely tuned into the fact that this is a way of protecting the value of their money. >> bitcoin is being used as a store of value. people are worried that central banks around the world are debasing fiat currency. >> you are seeing the demise of cash and more and more digital forms of payment. >> it has been going up at a compound annual growth rate of 10% for 10 years. that's my forecast. i think it will keep doing this. >> i'm not a strong believer of bitcoin. you don't know who owns it. you don't know how much exists today. there's nothing tangible behind it. at least when you buy an ounce of gold, you can deliver an ounce of gold to someone. bitcoin has been on a

tear, reaching an all-time high, just shy of $20,000. it is bringing a new outlook to the currency market. wall street is starting to question whether crypto can rival gold. the bloomberg crypto index, which is designed to measure the coins traded by the u.s. dollar, up over 50%. with us for more, someone who predicted the coin would reach this level and says there's more room to run. how much more room is there? >> great to talk to you again. i think next year is going to be even more exciting. i'm going to give you another price prediction. i think bitcoin hits $3000 within the next six months. emily: really? how do you get that number? >> right now, you are having is -- having institutional fomo. it used to be retail fomo. once it gets past 21,000,

there's very little resistance. when people see the numbers and revenue behind coinbase, that's going to get people like e*trade and charles schwab to really jump in the space. it will create more and more excitement and buzz. i think you hit $30,000 pretty quickly. emily: what about non-bitcoin believers like gary cohn, who i just spoke to yesterday, who said for all the reasons it is successful, those are all the reasons it very well might fail? >> he is welcome to short it , that's what makes it great. institutions believe they could hedge to the u.s. dollar because the fed is printing money now and all that, or it is a good gold trade if you believe in gold. bitcoin is a better trade than that because you could find another gold mine tomorrow and increase supply, whereas

bitcoin, the supply is increasing every year. paypal and square are buying more bitcoin, and bitcoin is being produced every day. when it hits $30,000, i think that's when institutions might take some chips off the table, we've never had institutional sales pressure before. that remains to be seen. emily: we saw visa partner with a start up today to offer bitcoin rewards. do you see crypto moving in on credit cards? >> yes, i do. visa and mastercard have been a great partner with bitpay. we see a lot of these cards launching all over the world, and their rewards are making it even easier for people to get crypto back. visa, mastercard have been very innovative and done a great job marketing these products around the world. emily: that said, this is your business. you have to think about the risks. what are the risks you are most concerned about?

what could slow this rundown? sonny: the risks are always around regulations. that has been the problem that keeps me up at night essentially. what if the new extruded -- new administration says bitcoin is illegal or the money laundering rules, if it becomes too burdensome for people to actually make purchases. that is what i think is the big issue, but i think regulators are working in the right direction and no crypto is here to stay, and they are trying to make sure they pass rules that are agreeable to everyone and still user-friendly for consumers to keep coming back for more. emily: this may be a rhetorical question, but what's a better store of value -- crypto, bitcoin, or gold? sonny: that's a great question, and honestly, it depends on the user. the thing about gold, it is a store of value.

crypto has many other uses. some people look at it as a store of value, some as a currency hedge, some for remittance. it has many different uses around the world, and that is what makes crypto so great. emily: where are we going to be this time next year, a year from now? sonny: again, i think the price will hit $30,000 fairly quickly, and i think institutions will start selling a little bit. now it is an official market. i'm not sure where it will end up after that. it could easily hit $40,000. it could be back at $25,000, but i think somewhere between $20,000 and $40,000 next year is safe to say. again, once paypal starts to allow merchants to accept crypto next year, what is first data, what is strike going to do? what are charles schwab and e*trade going to do? you are seeing companies buying bitcoin on the balance sheet now, so it is definitely here to stay now. emily: thank you so much.

we always love your predictions. coming up, the grand canyon state is becoming home to the electric car with lucid motors building a new factory from scratch. we will take you there. this is bloomberg. ♪ hope it doesn't cost too much.

i hope my insurance pays for it. can you tell me how much this will be? - [cashier] 67. - sorry. - wait, have you heard about goodrx? goodrx finds free coupons to help you save up to 80% on your prescriptions.

- wow, i had no idea. - [announcer] goodrx, stop paying too much for your prescriptions. ♪ emily: welcome back to "bloomberg technology." i am emily chang and san francisco. cactus is not the only greenery in the desert. , which brands itself as offering luxury cars, is building an arizona factory from the ground up in less than a year in anticipation of production starting next year, but when the assembly-line fires up, can it keep up with demand, and with the euphoria around ev stocks, can they keep up? you built this factory in

arizona from the ground up in less than a year. how challenging was that to do, in a pandemic no less? >> it presented many challenges, but i've got a hugely professional team on the manufacturing side. we were able to plan this very thoroughly from the ground up, and we planned it in phases. what you see is just phase one, which was constructed in under year. that phase one represents 30,000 units a year. we have over 500 acres of land secured and we can take it to over 400,000 units a year in a number of years's time. emily: let's talk about supply then. how many preorders do you have versus how many cars you believe you are able to make each year? blessed, wee very have a bulging order book. we have many, many thousands of preorders. the bulk of those have got very significant deposits associated to them, so they are very real preorders.

we are going to build up production in a very progressive manner, starting with focus on quality. we are not going to turn out numbers to start with. get the quality right and gradually ramp up the volume so about 30 thighs and-plus units per year and that phase one stage of the plant. emily: does that mean you will not be able to meet as much demand as you have initially? peter: i think it is nicely balanced. i think we can meet that demand. initially, it will take a while to get to those preorders, but remember, we are going to -- as we grow our volume, we will be bringing in successively more attainable versions. so that will balance the demand and our ability to manufacture. remember, we start with the

amazing dream addition. this is not a virtual studio or virtual background. i am in here. i'm in our beverly hills studio. behind me is an example of our .ream addition -- edition we are starting with that in spring of 2021 and hot on the heels of that bringing in the ground -- grand touring car at 180,000 -- $139,000. after that, late next year, touring at $95,000. in early 2022, the car we are all waiting for, the pure air version, the mainstay of the range, and that will be under $70,000 with the tax credit. emily: you have said you are going to announce your international expansion plans. what are those plans?

your biggest factor is the saudi public wealth fund. will we see you build a factory in the middle east? peter: we have great plans we are putting together right now, and we hope to be in a position to make a formal announcement early next year. we want to do something really meaningful for the kingdom of saudi arabia. we want to really be a catalyst in their transition from fossil fuel dependency, and i think that is just a major step, that a country so renowned for its fossil fuel economy, is going to make this bold step to renewable energy and renewable transportation, and then later, we have plans for china. emily: interesting. a factory of the same size? peter: indeed. i would also say that arizona is our sort of spiritual heart, and all of the processes we perfect

theire can be cascaded out to plants elsewhere in the world. emily: ev stocks have been on a tear. do you feel we are in an ev stock bubble, and how is that impacting your plans to go public? peter: i think we have to be very careful how we use this. following on the success of tesla, which has been a whole phalanx of ev stocks, i see a lot of them going public, but i don't see technology. lucid is a tech company. we have world leading technology, and it has always been our plan to go public at some time, so, please, watch this space. emily: all right, lucid motors' ceo. thank you so much for joining us. only 43% of venture

capitalists say investing in multicultural founded companies is a priority. we speak to morgan stanley's vice chair, who is opening a new diversey report can shed light on a trillion dollar blind spot. that's next. this is bloomberg. ♪

♪ emily: as we covered earlier, nasdaq, goldman sachs, and a number of major tech companies are pushing for more diversity on their boards. meantime, a new report by morgan stanley shows the intensified inequalityound race has captured investors' attention and shifted strategies significantly. but while results seem encouraging, it has also found the change in attitude is

uneven. traditional vc's are still less likely to be women or from multi-culture-lead firms. joining us now to discuss, the vice chair and managing director at morgan stanley. your report sheds light on what you call the trillion dollar blind spot. talk to us about the continued gap that seems to exist between talk and action. carla: absolutely. i'll tell you, i'm encouraged by this report because it does show some progress from this time last year, and i do think the black lives movement and to broader social unrest in the country has changed some minds. in fact, that's what this report says. it says vc's are now more likely to consider investing in multicultural entrepreneurs. in fact, 68%. the thing that was really exciting to me, frankly, was that 75% now say that they believe you can invest in multicultural entrepreneurs and

still do well and have outsize performance. that is huge because if you remember 10 years ago, 15 years ago, when people first started investing around esg's, there was this whole question around if you could do well while doing good, and i think to have this admission now is a big deal. there is still huge inequity. reports show even in 2019 that women received less than 4% of traditional bc dollars and people of color, less than 2%, but the fact that the awareness has shifted in these last 12 months, i'm very optimistic about what we might see this time next year in the report, especially given the other things the report talks about with respect to people now being more aware of the performance in their own portfolio of the companies they have invested in with multicultural entrepreneurs. for the most part, these companies are doing better in their portfolio, so just paying attention and the awareness i think is going to make a difference.

emily: what's your thought on the nasdaq move today requiring companies to have a woman and person of color on the board, but not making it a rule -- companies can simply explain why they don't have one and still move forward, though certainly putting the pressure on them? carla: i think, frankly, it was a profound and provocative statement. when i read it, the first thing i thought was, wow, #leadership , because they are an important player in the ecosystem. for them to make this statement and to say that frankly they will advocate with the sec to make it a requirement and to put that out there i thought showed real leadership, and i think you will certainly accelerate the change. seey: at the same time we companies in silicon valley, i don't know if you are familiar with the coinbase controversy where the ceo has said they are not going to take on activism around social causes that are not directly tied to cryptocurrency. a number of african-american employees have left.

a number of other employees have left. at the same time, you see evidence that we are moving two steps forward, there is evidence we are moving three steps back. you know -- how did you not let that, some of these more pessimistic developments hold you back? carla: full disclosure, i'm a glass half-full kind of gal. the fact that company after company has come out and made a statement around what they stand for with respect to their focus on diversity and inclusion and equity and then belonging and that they are actively trying to do something about it, i think that far outweighs that one instance. here's the other thing that makes me optimistic -- i frankly think that millennials and z -ers, which are largely becoming the dominant population in the workforce, they are going

to turbo boost that which boomers and xers have tried to do the last 20 years. their idea of excellence is to see multicultural leadership. and also people on board. that is their idea of excellence. they have seen women lead and they have also been done institutions where they had a smart black kid on the left, smart hispanic kid on the right, smart indian kid in front of them, smart asian kid behind them. 30-plus years ago when i was walking out of business school, excellence in corporate america was, frankly, six white men at the top. that's just what it looked like. you knew as a person of color that if you wanted to play, you had to be comfortable being the first and only in the room. that is not the case for what millennials cs excellence in corporate america, and they want to work with companies aligned with their values. if they don't see it, they will go, and if they go, they will not stay. that will compromise any employer's objective of being employer of choice. emily: what about the federal

government? joe biden's economic team is rounding out. what do you make of his cabinet picks so far? carla: one word for you -- exciting. emily: exciting why? carla: because it is diverse. one of the things i said a lot in public is that as a leader, you should avail yourself of all the talent that is in the marketplace, that if you have homogenous thinking at the decision-making table, you're likely to have a gap in your go to market strategy. in order to make sure you are serving all your customers, all your constituents, which, by the way, in this country happens to be a diverse population, you need to make sure you are availing yourself of all the diverse thinking, so i'm excited about what i have seen so far. harris, great to have you on the show. thank you for your work. vice chair and managing director at morgan stanley. still ahead, twitter was one of the first companies to work remotely in the midst of the

global pandemic, but don't expect them to be the first to return to the office. s will discuss with twitter' cfo next. this is bloomberg. ♪ ♪

♪ emily: we have some breaking news out of texas. cases of covid-19 in texas have risen by more than 15,000. that is a huge jump, breaking the record in a daily new cases. of course, as we know, cases have been continuing to rise around the country and around the world, something we are, of course, continuing to follow. even before the coronavirus outbreak hit in the united states and offices closed their doors, twitter was preparing for a future that relied heavily on remote work. i spoke earlier with cfo ned siegel about if he feared for

the future of productivity in the new normal. ned: this was a decision that was really separate on the global pandemic. for a couple of years, we sought to decentralize our workforce. what that means is we love the places where we have our 35 offices, but we don't want to be tied to those as we grow our team. some people are more productive on their sofa in montana and others are more productive in an office because of their personality type or job function, because sometimes of where the rest of their team sits. we want to leverage technology and tools to allow people to work where they can be most productive. this work was well under way but substantially accelerated when we were all sent home in march. it gave us empathy as leaders, as a guy who went to the office in san francisco every day, to not be in the room. to know what it is like when

are on the bandwidth for school and you're competing for bandwidth. it has helped us design processes, create new tools, license tools from partners to make sure people can be productive. so far, we are really pleased with what we have seen from our productivity perspective, but that does not mean we are shifting as fast as we were before. it also means we have found ways to adapt to allow people to do their best work despite all the challenges covid has created. emily: does that mean things are moving less quickly in some ways in terms of productivity? ned: i don't think they are moving less quickly, but at the same time, i think it will be years before we know what the true impact is of this time period. for example, right now, nine or 10 months in, and a lot of the work happening at twitter is based on things we had started earlier, so we are working really hard to create the space

for people to be creative, for them to come up with new ideas, for them to have hallway conversations, albeit over a screen, so they can benefit from the interactions they need with their colleagues in order to create the next great feature or function on our service. emily: when the safety and health issues end and there is a vaccine, how many employees do you think will actually go back to the office? what percentage of twitter will work in the office versus working at home? ned: we have surveyed people a number of times, and what we have found is a lot of what you get back has to do with where we are in the cycle of shelter in place, where we are in news about a vaccine, and a lot of other things going on in people's lives -- are their kids in school or home for the summer? the broader takeaway when we step back from a little bit of the noise you get from one survey versus another is that people really value flexibility. they want to be able to work in the office sometimes, and at

home or another place other times, and i think that is something that hopefully we all take away from this environment , is more flexibility, and a lot of people work where they are most productive. i don't think we will really know what that will look like until we are far past the vaccine and people have come back to offices and seen what it is like to have choice as opposed to now where we don't really have much choice. emily: there is running the daily business of twitter and then there is the fact that every crisis, every controversy also seems to unfold on twitter. how does that influence your day job? ned: it influences it a lot or -- for all of us, but thankfully, we have a really strong policy team, a really strong product team, a really strong infrastructure team, all of whom are critical to making sure twitter is there for people, to make sure in those

moments, that we are enacting policies quickly and transparently, and to make sure that the product works in a way where people can find the things that they go to twitter to look for. emily: younger generations, many newer hires perhaps, are increasingly cognizant about the sustainability and social issues. obviously, the black lives matter movement has been incredibly powerful and important over the last few months. twitter has historically been very active on these issues, showcasing issues, addressing issues within the company. where is twitter on that today, and how do you make sure that those issues stay relevant? ned: the issues of sustainability, of respecting the environment, good corporate governance -- these are things that are important to us as leaders of the company, but they are also so important, as you alluded to, to all of our stakeholders, whether it's an advertiser who want to align themselves with a platform that they can be proud to have their

ads serve on, content owners who want the highlights from their events showing up on a service where they can be proud, or people using our service. one thing we know we need to do a better job of is to bring all this work that we do in support of those goals together for people to see in a cohesive way. we give employees $2000 of matching funds to support the nonprofits of their choice. million -- we00 announced this a couple weeks ago -- into low income communities in the united states. we are working in other ways, whether it's destaggering our board, which we announced a few weeks ago, or buying carbon offsets for our data centers and lights to support the environment. emily: interesting conversation there with twitter's cfo. catch more of that online. meantime, i want to get back to the biggest story of the day, salesforce agreeing to buy slack

for $27.7 million. we've been looking at the conference call. tom giles joins us now for more. we are getting more details on the deal. i guess the big question is -- a deal of this size, a company of the prominence of slack and the importance as we continue to work from home -- is it going to work? tom: yeah, it's a major deal. in order to answer your question, in order to make this work, what marc benioff will need to do is enable slack to continue to have its own personality. slack has a very definitive user interface. it's very popular with the companies that do use it. i think what you will want to do to keep stewart butterfield happy, the ceo of slack, to keep the staff happy and to keep

customers happy is let slack be slack and not feel like you have to fold it into every piece of software at salesforce. you want to keep its distinct personality, and that is something that executives are saying. making that point. you don't want to create something that's going to get folded into the salesforce board. remember that salesforce had its own sort of comparable workplace productivity chat called chatter. people just have not been thrilled with it. i have not used it, but we talk to people, we read the responses from people. chatter did not take off, it did not resonate. salesforce recognized that home,ime of work from people are looking for email substitutes, people are looking for a way to communicate, to

collaborate in an efficient way. people really like slack. he recognized that this is a product that works. at the same time, you have to look at why did this happen now? if slack is so great, why did it sell out? remember a couple of years ago, amazon was looking at slack. other people have reported that almost every big company at one stage or another has looked at slack. why did slack hold out as long as it did? i think what you're seeing right now is slack recognized that competition from microsoft teams is really starting to gather pace. you saw earlier in the year, slack was rising, but now is on a declining trend. i think that is a function of teams. emily: interesting. you answered my exact question. certainly something to continue to follow. we talked about the personalities of the people involved earlier, but you mentioning the personality of

slack, also a very good point. thanks so much for giving us that update, and thank you all for watching. that does it for this edition of "bloomberg technology." "bloomberg daybreak: asia" is coming up next. this is bloomberg. ♪ it's moving day. and while her friends

are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? delegating? oh, good one. move your xfinity services without breaking a sweat. now that's simple, easy, awesome. xfinity makes moving easy. go online to transfer your services in about a minute. get started today.

>> the following is a paid program. the opinions and views expressed do not reflect those of bloomberg l.p., its affiliates or its employees. >> the following is a paid presentation brought to you by rare collectibles tv. ♪ the california gold rush is considered to be one of the most impactful events to affect america's young economy during its first 100 years and it has certainly had a long lasting impression in numismatic history, as well. the people of california soon needed a way to standardize the value of the new gold. they set up assayer's offices.