emily: i am emily chang in san francisco and this is "bloomberg technology." coming up, and the 24 hours since pro-trump reporters stormed the u.s. capitol, he has been suspended from facebook, twitter and multiple club platforms, putting the president off from his base. is it enough? we will speak to the former ceo of reddit. and investors hot on the coals.

the rallying defies the end of a lockup, freeing millions of shares. we will speak to the ceo. take over thursday. online lender sophia plans for more deals after going public and we will speak with the ceo saying the company will invest heavily in acquisitions. first, u.s. stocks roared on stimulus checks as the nasdaq jumped. let's get to ed ludlow who has ,ollowed today's market actions lots of big market action on the day. reporter: the nasdaq 100 up up, and.5%, tech stocks index, tech faang stocks and social media, tesla up. on but two members gaining the day and the philadelphia semiconductor index, up almost 4%, continuing the

outperformance in 2020, carrying year.r into the new i want to touch on bitcoin briefly. it did top $40,000 for the first time at one point during thursday's trading session. it teetered around 39,000 -- 39,000 for the majority of the day and has not caught -- quite gotten back to that level. it's not clear whether you call it a risk on trade or haven asset given the crazy excitement we have seen recently. i want to go back to stocks briefly. macron went out with earnings after the bell. companyising after the reported a bullish second-quarter sales forecast. this is the largest u.s. maker of memory. it has upgrades on the stock recently. lots of optimism about demands in memory and smart phones and computers. it says it will have a decent second-quarter sales around $5.6 billion. one laggard to focus on in equity markets today, twitter course itafter of

took actions against president --mp suspending trump rarely suspending temporarily his access, and threatening to make it permanent if the president continues to breach rules. other social media stocks like facebook and snap in positive territory despite following suit and taking action against president trump the tone -- attack. emily: ed ludlow, thank you so much for that round up. haveist of platforms that decided to remove or suspend president trump keeps getting longer in the wake of wednesday's violent protest at the u.s. capitol. that includes facebook, twitter, youtube, snapchat, shop at five, and amazon streaming service twitch. let's bring in kurt wagner who us.rs social media for facebook, and perhaps the most unprecedented move, suspended the president indefinitely and at least for the next two weeks

through inauguration day. talk to us about how surprising this is given for the last four years, nothing like this has happened. reporter: you said it. it is unprecedented. this is not something that we have seen. in fact, facebook has been criticized for really doing the opposite. people think they have been too soft on the president and ceo mark zuckerberg has failed to enforce the company's policies against him so the fact that we are now seen -- seeing a full on suspension, not just 24 hours, but through the end of his presidency to the inauguration, is a really big deal. of course, there are still people saying it is too little, too late. i think there is some validity to that. at the same time, this is buyer for -- by far the most severe facebook has been against the president. emily: absolutely. and from mark zuckerberg's post earlier today, he says "we

believe the risk of allowing the president to continue using our services are too great, so we are extending the block we place on his facebook and instagram accounts indefinitely, and at least the next two weeks until the peaceful transition of power complete." i want to contrast with twitter which did suspend the president for 12 hours after he deleted some of the offending tweets that violated their terms of service. you reported twitter has told you he deleted those already, so his account should actually be back up and running, but it appears he has not tweeted yet. is that correct? reporter: that's right. i was told last night about that the. pacific time president had indeed deleted the tweets that twitter was demanding of him and that meant the 12 hour suspension clock was running. so that would be at the very latest, 10:00 a.m. this morning pacific time, he should have had the account back. to your point, he has not

tweeted, which is very unlike the president. it's also possible though that because twitter said if you violate rules again, we won't just suspend you, we will ban you from the service so perhaps everyone is taking a little break. as far as i know, the ban -- excuse me, the suspension should be lifted but we have yet to hear from the president. emily: the president was sending messages out through his aides because he didn't have access to facebook or twitter earlier. rising socialther media sites, where could the president go if he gets deep platforms by major companies? is it parler, is it gab? reporter: if i had to guess, i would say parler because there are already a number of conservative politicians who have accounts.

i think the president's son don jr. has an account. if you remember, about six months ago before the election, it was one of those hot apps a lot of people were talking about in conservative circles. if i had to guess, he would go there. but i wrote at the time that the president loves an audience. he loves a big crowd. he likes to be able to talk to people. facebook and twitter are the places he can reach the most people. i don't think he's eager to leave these platforms, but of course, it might not be his choice and if that is the case, my money would be on parler, but there are a number of different services he could be on. emily: the ceo spoke to us a few weeks ago and said trump wasn't there yet but he said it was inevitable. thank you for that update. sticking with this story, the crackdown from social media companies on the president's counts, we are joined by ellen of a company for

workplace diversity. she was the former ceo of reddit. thank you so much for joining us today. you have been calling for this for four years. i assume you think that this is too little, too late. there are folks out there who think mark zuckerberg and jack dorsey have blood on their hands. what is your take? >> i would be in that group. that theen clear problems have been escalating and they have been growing. it started with some people talking about white supremacy. it moved into action with charlottesville when people were actually trying to arm people. now we have gone all the way to an insurrection, a coup. i think a big part of it was predictable, from allowing the president to tweet and encourage people, incite people, the

harassment twitter was used for against individuals, against reporters, against other a pathians, it was toward where we are today and it wasn't a surprise. emily: you read tweeted a tweet a couple hours ago calling for mark zuckerberg to suspend his account and resign. you said the facebook board should do the same. to be clear, do you think mark zuckerberg should resign and the facebook board as well and why? >> i think we have to hold people accountable. every time something happens, there is an apology, some movement to change, and nothing happens. mark's 2019 facebook said it was banning white nationalism, and yet here we are. here we are with a white -- white supremacists taking over the capitol building. are we going to hold people accountable this time?

my guess is no. i don't think he will be asked to leave. i don't even think there will be any hard conversations he will have to have. i hope the facebook board really thinks about why this is. how do we allow the platform to be taken over and be part of the weaponry in a white supremacist battle without any kind of guidelines or any kind of control, without any kind of accountability? that is the peace where tech is this.od at they are not good at accountability, looking out its actions, being what they lead to, it is focused on engagement and focused on revenues, it's focused on stock price. that makes it really hard for things to change. emily: you were the ceo of reddit. we were just talking about parler and gab. there are other more niche platforms out there. what happens if the president is

cut off from mainstream platforms? what happens to the pro-trump movement, the mag eye movement? do they gain more momentum somewhere else or will they be slowed down? >> they will be slow down if they are not allowed to be on twitter and facebook, but i think the platforms will continue to be an on-ramp to new platforms. we will see the new platforms grow. i think if twitter and facebook were really good about cutting them off, it would be different. moreuld be harder to build of an audience on these platforms.as of today, the content is flowing freely between the platforms. even if trump gets cut off, the other folks who are supporting him like his son, his daughter will continue to try and bring people to his content through twitter and facebook through their own accounts. emily: at this point, what do

you think twitter and facebook do?ld they have been tagging posts, relying on this idea of newsworthiness to let posts that others might find offensive stand. do they need to rethink the rules? the rules for politicians in particular? >> yes, i think they have to take a really hard look at what happened. how did we get here? platform i started as a way to connect people and promote free speech used as a tool to take down democracy for a day? are these exceptions i give her newsworthiness actually having the impact i wanted to have or is it exacerbating the problem i'm trying to prevent? if you look, there's a lot of ,alk about the arab spring

twitter and promoting democracy. this was the opposite. it is not working now and the idea of free speech taken on by a private corporation where it doesn't apply has not worked. the, if not the loudest voices and used it in a way that is incredibly harmful and toxic for years and years leading up to this point. was that worth it? should politicians be held to higher standards because of a persona, sonja -- because they have followers for the political office and because people will follow them? they think they're their behavior is something that should be emulated. i think they did it the wrong forand instead of allowing more rules, they gave fewer rules and this is where we ended up. emily: project include co ellen

pao, former ceo of reddit, thank you so much and always appreciate your insights. coming up, snowflake shares rallying the most in a month. a lock up, wepite talk about the company's goals and outlook ahead. this is bloomberg.

emily: you are looking at a live shot of the white house press room. we are waiting for press secretary kayleigh mcenany to take the podium. the white house has told us she will speak momentarily. we will stand by for that. while we wait, i want to tell you about other big tech stories out today. apple will take at least five years to launch an autonomous electric car because development

work is still at an early stage. the apple engineers believe company could release the product in five to seven years if apple goes ahead with plans. bloomberg has learned the car is nowhere near production although they did warn timelines could change. bitcoins wild price swings resumed after the world's largest cryptocurrency climbed above 40,000 for the first time and strategists have cited demands from speculative retail traders following quant funds, the rich and institutional investors are among the reasons for the surge in total market value and total currency has climbed beyond $1 trillion for the first time thursday. and you can give another title to elon musk, the entrepreneur behind tesla and spacex. he's now the risk -- richest person in the world. let's get to kayleigh mcenany. >> let me be clear. the violence we saw yesterday at

our nation's capital was appalling, reprehensible, and antithetical to the american way. we condemn it. the president and this administration, in the strongest possible terms. it is unacceptable and those that broke the law should be prosecuted to the fullest extent of the law. i stood here at this podium the day after a historic church burned amid violent riots. i said this. the first amendment guarantees the right of the people to peaceably assemble. what we saw last night in washington and across the country was not that. make no mistake, what we saw yesterday afternoon in the halls of our capitol likewise was that. we grieve for the loss-of-life and those injured and we hold them in our prayers and close to our hearts at this time. we thank our valiant law enforcement officers who are true american heroes. what we saw yesterday was a group of violent rioters

undermining the legitimate first amendment rights of the many thousands who came to peacefully have their voices heard in our nations capital. those who violently besieged the capitol are the opposite of everything the administration stands for. the core value of our administration is the idea all citizens have the right to live in safety, peace, and freedom. those working in this building are working to ensure an orderly transition of power. now it is time for america to unite, to come together, to reject the violence that we have seen. we are one american people under god. thank you. >> [indistinct shouting] emily: white house press secretary kayleigh mcenany. remarks.f she called the violence yesterday appalling and said the president himself "condemns" it. she said the folks who came into

the capitol, she called them violent rioters who undermined the right to a peaceful protest. we will talk about that a little more this hour. one of the first statements we are getting from the white house in a few hours, and we will be covering that more a bit later in this show. i want to turn to snowflake now. ipo's.a record year for snowflake was one of the hottest. the data management company made headlines for soaring more than 100% opening-day and topped $110 billion in market value last month. thursday, shares jumped 14% despite the expiration. joining me now is the ceo. thank you for joining us. obviously a big part of the snowflake story has been the share price, given the run-up. rise, whatontinue to

do you see as the total addressable market here in terms of more room to run? that is actually a hard question to answer because it is incredibly fluid and doesn't do us any good to look at the historical numbers, which is what analysts typically do. the reason it is so fluid and developing so quickly is because a platform is completely variable. there is no upper limit to how much and how frequently and how fast people can run workloads. the net revenue retention rates how quickly our customers were growing in the consumption profiles so it is hard to speculate for us on how big could the market be? data is driving the digital revolution. data operation is becoming the beating heart of the modern emperor -- enterprise. hard to tell what it is when it

is all said and done. emily: that said, what are the adjacent markets you see? where are you looking or thinking about expanding? >> we are looking to expand in the core markets first and foremost. we are overcome by the scale and scope of the marketplace. it's not like we are looking for opportunity. our opportunity is literally unfolding in front of us. our relationships with global systems indicates the pipelines are growing quickly. for one, because people are moving to the cloud. that is one of the long-term secular trends. secondly, we are on the phone every day with a large enterprise. how do we accelerate data platforms? how do we have data science teams? how do we use data to not just inform people, but drive business processes? there's a huge movement to really harness and embrace the

power that is presented here. emily: snowflake's debut soaring more than 100% on the first day kicked off this debate about whether ipo's were being priced. i spoke to you on the day and you were at the time thrilled. i wonder if looking back, you had time to reflect and if there's anything you would have done differently or that you wish the bankers might have done differently. on thet of people financial side of the equation look at these things, in particular ipo's and transactions. you are trying to extract the highest value of those. it is not that simple for people who are sitting on my side of the table. the reason is, it is not that different when you are a startup company and trying to decide who the a series and b series investors will be. these are people you will be sitting around the table with for a long time. you are looking at people who can be at big positions or who

will sign up for five to 10 years and who will not chase momentum up or down. you have no life as a company when you have nothing but fast money in the stock. it's not just about the highest price, it's about the quality of institutional ownership. advicedo you have any for some of the other ipo's and company ceos coming out of the gate? obviously, it wasn't just snowflake. we saw it happen with airbnb, doordash. >> here's another really important consideration. there is such a thing as a price demand protocol. that means some people are willing to pay way more than other people, but it doesn't mean the entire offering can be sold at the price of the last 100 shares. billions on the table, first of all, that is not knowable. what you are really seeing is someone at the end of the trading day offering a high price for a very small number of

shares. so don't let yourself go crazy over these things. you need to assemble a strong institutional ownership and do the best price discovery you can on a number of shares you will be selling and offering on that particular day. have the second lockup expiring today, which means company executives like yourself can sell. can you share with us what your plans are and if you plan to sell shares? >> no, executives cannot begin to sell until the march trading window opens or thereabouts. so we are still locked up. our employees were partially unlocked for a small portion back in december. we had another lockup today, as i should mention but executives will not be permitted to start selling until the march window opens. emily: i want to ask you about this solar wind tact which is

still unfolding and potentially rapidly unfolding. certainly kind of terrifying how a software company was basically weaponized and i wonder what your thoughts are on that and what the implications are for companies like yours that are excelling -- selling to hundreds of thousands of other companies out there. we really need to invest aggressively in mastering the security model. the good news for a company like ours and the scale we operate, we are getting penetration tests audited and reviewed by so many large institutions. there is an immense amount of scrutiny in the product which is a good thing. where you run the risk is enterprises that don't have enough krunic -- critical mass insecurity resources.

fascinating, of course. we will continue to follow frank slootman, ceo of snowflake. more "bloomberg technology" after this quick break.

emily: welcome back to "bloomberg technology." i'm emily chang. president-elect biden is denouncing yesterday's attack on the u.s. capitol, speaking from delaware. the president-elect said it was an assault literally on the citadel of liberty. >> don't dare call them protesters. they were a riotous mob, insurrectionists, domestic terrorists. that basic, that simple. biden also said president

trump's rhetoric paved the way for the violent breach and president trump himself is not above the law. he said we have a president who made his contempt for the rule of law clear. tim o'brien wrote about this topic, saying trump wants everything his heart desires. we just heard briefly from the white house press secretary. she was quick, she called them rioters who undermined others' right to peacefully protest. at this point, what is the point of a statement like that? tim: it is beside the point at this point because this should have never taken place to begin with. ace it unschooled into seditious riot, the president and his white house should have immediately called for those folks to stand back and leave and exit. he never did that until later in the day.

now you have this piecemeal response from people in the administration, either quitting or former people saying they were completely disgusted by this but they didn't quit earlier when they were part of the administration. the problem with kayleigh mcenany is that she has been on that podium flagrantly lying now for months, and not actually having an honest dialogue with the american people. i think it is her coming in and condemning these folks, it is beside the point. we are at a point where we have to think as a country what do we want to do institutionally to address these deep-seated problems that have been very apparent for years and really, just burst interviewing view in a new way yesterday but aren't new at all? long: what do we do in the term, but also what do we do about the next two weeks? loc and schumer are calling for the president to be ejected from office immediately.

we just got this news, bloomberg just broke the news about a list of planned pardons that he is planning to make on january 19, his last day in office, including senior white house officials, family members, saying possibly even himself. what is your reaction? tim: once again, donald trump is attempting to stretch the boundaries of the constitution in a way that degrades the presidency and empowers him and the people around him who exist above the rule of law. that shouldn't surprise anyone. there is the issue of whether or not he would self-pardon, that has been in the air for some time. he has been lobbying his own of visors to find out whether he can get away with that. his his children, as of yet children haven't been charged with any crimes so what does he know that we don't know? what is he worried about that we don't know yet that he is worried about?

i think it is an important moment. mitch mcconnell yesterday, prior to the certification vote, said he planned to vote to certify. he said he regarded it as the most important vote of his career and said the reason why, he said to his colleagues in the gop, is we have to exist together and we have to exist in a world in which truth and fact matter and we have to have policies built around that. we will get past donald trump. the issue is, how does the country and institutions like the federal government, the media, the business community and others move forward beyond his presidency and reconstruct the best things that have been lost over the last few years? emily: how likely is it do you think that he will actually be ejected from office or the 25th amendment will be invoked? talk ofre is bipartisan this. it isn't just democrats. i think it is unusual to have

republican members of congress saying they think it is time to get him out of there. i don't think they will be able to impeach donald trump in the next 13 days, but they could begin impeachment proceedings and if he is found guilty, that would prevent him from running for another term. people are considering that. the virtues of the 25th amendment action is that it gets him out of there quicker. but with fewer future consequences. all of these signify to people who are listeners and people concerned about good government, that people on both sides of the aisle don't believe that donald trump is fit to manage the country, and there may be some danger even in the several days that are left, for him to do some damage. emily: in perhaps the most unprecedented development in technology, you have facebook banning trump's account

indefinitely, which was surprising given all of the leeway that facebook has given to him for the last four years. i'm curious what you make of this. we believe he is not suspended on twitter, this, he is not tweeting since that 12 hour suspension he was facing but according to twitter he deleted the offending tweets and could tweet at any time but he is banned on facebook at least for the next two weeks. what do you make of that? tim: it is a bit of a role reversal because prior to this, twitter had been more aggressive towards the president's twitter feed than facebook had been towards the president's presence on facebook. probablynow, there is a great story to be written about what caused this turnaround at facebook. i think beyond each of those companies, the larger issue this

raises is, how do social media platforms also exist going forward? as you know, they would prefer to be regulated as technology platforms and not publishers or media enterprises. for a variety of reasons. they don't want to be liable for damaging information they might publish, and they also don't want to be subjected to the kind during the trump years about the abuse of the platform. andink twitter and facebook their attorneys and federal regulators are going to have to really wrestle this issue to the ground, because social media platforms now are operating in many of the same ways as media companies do and they have the same kind of important social role, but they are not regulated the same way. emily: what is your sense of what happens after he leaves office? maybe he will have access to these mainstream platforms himself, maybe not but his supporters wealth. what happens to the pro-trump

movement, to the republican party, and does president trump my donald trump himself, remain a leader in some form or does the hierarchy reorganize? tim: i think the hierarchy reorganize is. i don't think he will remain a leader. i think he could possibly remain a kingmaker. he has a lot of traction on the far right wing of the republican party. and aa proven fundraiser, caustic and magnetic media presence. tohink he is certainly going start or try to buy a media company and use that as a platform of his own i think for both political, business, and personal reasons. i'm not sure that will be successful over time. he is not someone who has ever demonstrated the kind of patients or strategic vision to actually manage an enterprise to fruition. but they will make an effort and i think that will be an interesting first take on what

he does. i don't think you will be in washington. he will be in florida and i think he will try to be a kingmaker from florida. i don't think mitch mcconnell will have much patience with it. a realery hard to have effect on the game in washington if you are trying to do it from a golf course in florida. that may have a short shelf life. you will see his rallies continue and you will see his fundraising continue and he will be able to throw his weight behind candidates he likes. o'brien, always appreciate and love hearing your predictions of what's to come. thanks so much. coming up, the online personal finance company sophia -- sofi planning for a takeover. we will speak with the ceo about the company's plans, coming up. this is bloomberg. ♪

emily: social finance the online personal finance company is planning for takeover after agreeing to go public. this would be a merger that values the upstart around 8.7 billion dollars. the ceo told bloomberg earlier we want to invest heavily in acquisitions and new growth. joining me now, the ceo anthony noto. and our reporter who covers wall street. thank you so much for joining us. why did you decide to go public, and with the vehicle in particular, a controversial figure in silicon valley? anthony: we were in the process of doing a financing round which we closed with t. rowe price on

december 30 and as we met with investors, some thought we should consider going public at that point. make sensewhy spac is a couple factors. first, we can sit down with investors over a longer time and that is before we become a public company. the last two weeks, we raised the pipe and we will spend the next 30-45 days educating a group of his -- institutional investors on the sofi story. we have a big vision and we are investing in captioning the -- capturing the opportunity. it is important investors understand the magnitude of the investments we have made, the benefits and what will happen over the next 10 years. the second reason it is beneficial is certainty. we are a consumer finance brand. irregular ipo doesn't have the same certainty as a space -- as we closed incremental

capital in the process, 1.2 billion dollars in proceeds. that pipe is closed and will fund when we do the de-spacing process. we are able to give forecast, not over the near term but the next couple years and given the fact that we have three different businesses, the lending, technology platform, and financial services, they are at different growth rates and different levels of profitability. -- being able to take investors through that detail is conducive in ensuring the value of the company is reflected in the price paid. those are three critical reasons. >> you are a technology company and a finance company. finance doesn't tend to get the valuations technology companies do. now that you are entering public markets, how do you expect investors will value you? researchhaving been a

analyst covering the internet ofce, i found the valuations companies is highly correlated with a return measurement. in some case it is return on investment capital or return on equity. companies that drive outside returns -- outsized returns drive higher multiples. our cost bases lower than traditional finance companies and our entire services are being delivered through a technology platform. that drives higher returns than a traditional financial services company. we still have to prove this to investors. that will show over time that we can have outsized returns because we are leveraging technology as the main distribution vehicle for our product. we are running the -- one of the only places that has a comprehensive set across borrow, save, spend, invest and protect on a mobile platform. as awareness grows and our scale

grows we will have outsized returns. >> when you look at the presentation, it is clear your ambitions are big. you want to be an industry leader similar to how amazon is in its own industry or spotify. who are you going after? anthony: we are going after above average household income of $100,000 total household, so that could be two people contributing, with strong credit. that is our core target. we are expanding beyond that as we launch mainstream products our core money but target is the higher earner with strong credit that we call high earners, not well served. the financial services world has left this group behind as big banks have optimized what business they are in based on return on equity goals as opposed to what members really need. our value proposition is simple. we want to be there for every one of them major financial

decision someone makes because if we are not and they make mistake on how they fund a college education or they don't invest in their 20's, it will be hard for them to catch up. we need to be there for those decisions. we can't just do borrowing or investing. it is our goal to have a comprehensive one-stop shop so we are there for the major decisions and the day-to-day decisions, as well. that is an ambitious strategy and i agree it is similar to the broad-based approach amazon took, and we are doing it on a technology platform and we have an enterprise offering as we expose the technology platform to other companies in the sector. an -- has a unique outlook. we see the economy and business undergoing so many major transitions at the same time vaccines are rolling out slowly, stimulus rolling out slowly but still millions of people have lost their jobs, work is

shifting, remote work, we will be doing more of it. what is your outlook on the health of american consumers are 2021? anthony: there is lots of uncertainty. the pandemic had a devastating effect on many. for the first time in their lives, their financial success or income has gone to zero at no fault of their own. we have such a diverse portfolio of product, we have home loans, personal loans, college loans, student loan refinancing and a technology platform, a very large business. we have credit card and brokerage products. and we have sofi money. the diversification has served the community of individuals well because people are stuck at home and you can do that on your phone with sofi. while they hire -- there have been soft spots in the market overall, we had record revenue

and strong profitability because of the accelerating need of people to have to do all of these financial activities at their house, given the risks of covid-19 outside of their homes. from an economic standpoint, the government has done a good job with stimulus. the program that is coming up now is coming just in time and i think it will be positive for the economy if there is additional stimulus through the next quarter. that helped shore up the balance sheets of individuals. , good tothony noto have you back on the show along with our wall street reporter. still ahead, delisting and banning companies. u.s.-china relations heating up days before a big transition in the administration. we talked to an expert on the world's two largest economies, next. this is bloomberg. ♪

emily: the new york stock exchange is proceeding with a plan to delist three major chinese teleconference, the second about-face after the treasury secretary disagreed with the decision to give the companies a reprieve. this has president trump signed an order banning u.s. transactions with eight chinese apps, including alipay and tencent digital wallet. this riles up beijing at -- and we are joined by a senior advisor at the center for strategic and international studies. thanks for joining us. is this going to happen given that trump is leaving office in two weeks? >> the question on the chinese apps is, will it get blessed by the courts?

is -- it is an executive order so it could happen. biden can overturn it. commerce has 45 days to implement it. i believe it will be up to biden. i don't think is -- this is one of the things he will do on the first day. he has a list of things to do on the first day and this is not at the top. it will be out there for a while, and i don't think it will necessarily go away. it is more likely the courts will block it like they blocked the similar orders on tiktok and we chat. course do you expect the biden administration to take on u.s.-china relations? do you believe they will take a similarly aggressive approach, given the level of tension between these two countries right now? bel: i think the policy will the same, the tactics will be

different. he is under a lot of pressure from congress in both parties, his own and the republicans, to take a tough line. he took a tough line in the elections. trump accused him of being soft and his reaction was to be tough. i don't think there is a big difference in the parties in the way they look at china. i think he will be more inclined to use diplomacy and build a coalition, try to get other countries, particularly eu countries, to approach the chinese collectively. i don't think tariffs will be his weapon of first choice, but it will still be in his toolbox. given that you are focused on international relations, i'm curious what you think other countries, how they are looking at the events of the last 24 hours in the united states. this was supposed to be a beacon of democracy. bill: it's depressing on so many

levels. being down here in washington i can tell you, having to -- having worked in that building for a long time, it has been depressing. this is going to hurt our perception with other countries enormous. it is hard to talk about democracy and freedom to other countries when you go through an episode like this. it plays directly into china's hands. this authoritarian model of governance, their argument is, things work better and when we have an episode like this, it helps make the chinese case. it will take us a long time to live this down. it will never be forgotten in this country. i hope it can be forgotten in other countries. outlook whens your biden takes over?

what changes? bill: i think the main thing to keep in mind is, no sudden moves. particularly on trade. he has been clear on that. his top priorities are restarting the economy and dealing with the covid pandemic. he would like to put trade issues off for later. he can't put them all off, in fact you talked about one of them, the executive order that will be sitting there and they have to do something with it in the first 45 days from today, the first couple weeks. he has other issues, like what to do with the wto director general, but i don't think there is going to be sudden moves. it will take him a while to figure out how to approach china. it will take him a while to rebuild the relationship with the europeans, which he really wants to do. that is on the top of his list. those to -- things take time,

personal contact, and it takes a good bit of finesse and planning. emily: we will have to leave it there. bill from the center of strategic and international studies. that does it for this edition of "bloomberg technology." this is bloomberg. ♪

♪ heidi: good morning. we are counting down to hr's major market open. -- two asia's major market opens. shery: president trump is urged to resign following riots on capitol hill. to beesident said weighing wea