>> from the heart of where innovation, money, and power collide in silicon valley and beyond. this is "bloomberg technology" with emily chang. emily: the antitrust drumbeat continues. apple and the hot seat on the hill. lawmakers have their sights set on amazon, facebook, google.

there is a new sheriff in town, lina khan set to take the helm of the ftc. a company reaching a billion-dollar valuation and it is not even public. we will speak to the stripe cofounder in an interview. and, a startup connects patients with providers for telehealth and in person medical appointment. we will hear from the cofounder and ceo, heather fernandez. first, u.s. stocks snapping a rally. >> it is all about the fed when it comes to the stock market. we saw that manifest itself. it has been kind of a position

where we did see tech outperform. today, sell everything, that was kind of the message, pretty traditional when you go into an fomc meeting. we will have to seek -- we will have to see what comes out of that. we have been talking about a low volatility environment. for tech, the most recent, just a little more quickly. we are still above a 20 guage. one we are talking about the volatility for those tech stocks, still not exactly calm. tech is getting another bid. when you are looking at the month of june, for example. we are looking at a different chart here. u.s. unemployment. this has everything to do with tech shares as well because the labor shoring, that is not only

tech but the broader market as well. especially when it comes to the labor market, something chairman powell has been very emphasizing about, that will show up and whether tech gets the bid or not. that is the macro picture. ed: straight to draftkings, the stock fallen by as much as 12% on tuesday, after hindenburg said they would short the stock. as a short seller, set to gain for many drops. part of the report was the tech subsidiary of draftkings, one of the partners in the deal for draftkings to go public. draftkings said it did conduct a review of sb tech business practices. it pared some of the lost around tuesday -- the loss throughout tuesday's session. lordstown up 15% after the

company said it did have enough cash to start production september through next year. they said they did not have enough cash to get the product to market and could go bankrupt. how quickly that story has changed. executives at an event in detroit trying to steady the ship after those minimum changes. amazon could overtake walmart as the u.s.'s biggest retailer as soon as next year. amazon has a lot of strings to its bow. aws cloud services, entertainment with prime video. jp morgan study showing that the pandemic has pulled forward three years of growth and amazon is set to benefit. look how they have moved in lockstep so far year to date until recently. emily: thanks so much.

a big day on capitol hill. in washington, apple back on the hill as government officials raised practices about government privacy practices. they are facing scrutiny over compliance with a trump era subpoena which requested information on more than a hundred lawmakers. apple turned over that eta the justice department under gag order, highlighting the bind tech companies face when summoned by law enforcement. the house antitrust subcommittee unveiled a slew of new bills aimed at curbing tech power over the past week. amazon, facebook, google come with apple, -- google, along with apple, all of them targets. they see it would ensure more competition in the market place. the senate has just confirmed a new member to the top rank of u.s. antitrust enforcement, and that is lina khan, a vocal

critic of big tech, who will serve as chair of the ftc. in a tweet, she writes, "congress created the ftc to safeguard fair competition and protect consumers and businesses from unfair and deceptive practices. i look forward to upholding this vision with vigor and serving the american public." obviously, lina khan, a big addition to the ftc. >> not only was she confirmed by the senate, but she was also appointed by biden to be the chair of the ftc. this shows the direction that the biden administration wants to take antitrust of forstmann, and this is -- antitrust enforcement, and this is much more seriously. lina khan really made her mark with her paper titled "the amazon antitrust paradox." this is something that has been

a hallmark of her career so far and some that we expect to see more of at her career at the ftc. emily: i spoke to professor mark wimbley of stanford earlier today. >> i think that is definitely a further signal that the tech industry is in for some rough sledding on the antitrust front. commissioner khan is someone who has been quite vocal in her desire to rein in big tech. with an early focus on amazon but also a discussion, this idea of platforms, structural separation between the platform aspect and other aspects of a company's business. i think she will be someone who pushes for aggressive antitrust enforcement. emily: so, rough sledding ahead for big tech. how does this change the center of gravity when it comes to big

tech antitrust in washington? anna: it is not just the appointment of lina khan, it is also some of the legislation we have seen introduced, which could have serious consequent as for big technology companies. one could be not allowing companies to have their own products. google maps would not be able to operate on google devices, amazon would not be able to sell its own products on the amazon website. this would mean serious changes for technology companies. although it is kind of an uphill battle to pass legislation these days, one thing that is remarkable is that we are seeing more bipartisan support for antitrust enforcement. we will see how the action on capitol hill will intersect with the action at the agencies being led by lina khan. emily: thank you. of course, a story we will continue to follow. i spoke to california

representative ro khanna, who outlined his concerns around antitrust and how he thinks facebook should be broken up. rep. khanna: i think a lot of the tech companies want regulation. they do not want to be making decisions of what to take down and what to leave up. how can you keep some of the come -- some of the content up on these sites that is inflaming hate and violence? the conservatives say, don't take anything down. the tech companies are getting mixed signals. we need to take the policy -- take the politics aside, making sure tech companies have basic guidelines for what type of content should be removed and what regulations should be effective. until then, mark zuckerberg and jack dorsey get to decide the rules. emily: you are also an attorney by background. i am curious how you are watching some of these lawsuits

against big tech. the doj is suing google, the ftc is suing facebook, apple under fire for how it treats its sellers. from a legal perspective, what are you watching in terms of outcome and process? rep. khanna: we need to see the facts play out. are these platforms overcharging the price of commissions to be able to sell? the other question, are they engaged in exclusive -- keeping out a bing, a yahoo? another thing to look at, have they engaged in acquisitions with the purpose of squelching competition? my guess is there are probably antitrust violations in these companies that have to be rectified, and they should rectify them. that does not mean you take a sledgehammer and say, let's

break up all of tech. recognize what they are doing well, recognize them -- regulate them, and let's move forward with a more competitive marketplace as we did so well in the case of microsoft. emily: do you see reason to break up some of tech? rep. khanna: i do. i would probably unwind facebook from instagram and whatsapp. i think we would be better off if they were multiple platforms. that is an example of the top of my head. i am sure there are other places. it is much harder to unwind than it is to prevent the merger and the first place. i thing we have to have more scrutiny in these mergers that consolidate the tech marketplace. emily: facebook would argue, how can you unwind a merger that happened a decade ago? what is the legal argument there? rep. khanna: it is hard. i don't think that merger should

have been approved in the first place. the argument is that there are not really enough robust, competitive forums, and we want to have competitive forum to social media. having instagram and whatsapp have separate entities would create more of that competition in that space. there is precedent for breaking things up. with at&t, standard oil. it is an extraordinary remedy. but where you don't have any real competition, i think it is worth considering. but it is much harder to do. the data has been interconnected. if you break it up, you have questions of privacy, questions about what about integrated teams? the ideal solution is not to have approved those mergers in the first place. one final the once on that, that is a tough call. -- one final nuance on that, that is a tough call because it is not always clear the products

will be a competitor. emily: california representative ro khanna. that is part of a lengthy sit-down we did together. you will see more of that here in coming weeks. resident biden and putin are set to meet on tuesday. cybersecurity expected to be discussed in that meeting. also on the agenda, the renewable of the new start nuclear arms pact set to expire in 2026. stay with us for all the development. coming up, eight new media property is launching -- a new media property is launching in silicon valley. this is bloomberg. ♪

emily: the venture capital firm andreessen horowitz is venturing into a new area, publishing. the company has launched a new media website called future, aimed at tech industry insights. they will feature a mix of tech analysts from experts. they will compete directly with news organizations for your time and attention. joining us to discuss, margit wennmachers. what are you hoping to achieve? margit: we have long been known for creating content. anecdotally, it seems there is demand for this kind of information.

we are competing with media for attention but we will actually cover topics and areas that i don't think get much attention from traditional media. it is probably a little wonkier and more wide-ranging and more in-depth than sort of the tick-tock of what is happening in the daily news which you do extremely well. emily: so a mix of opinion and analysis. today, i saw stripe's patrick collison, his brother will be on. do you see this as replacing or just complementing traditional media? margit: i see this as a complement to traditional media. there is news coverage we are not suited to do. we have a lot of in-house experts who have first-hand information because they have lived open-source business

models and they have access to fellow colleagues, fellow travelers. we are less interested in all of the stuff you have been covering. i have been watching the segment up until now and none of those topics will be on future. emily: you and i have talked about this a lot over the years as your thinking has evolved. many journalists know that some folks that andreessen horowitz are not fond of traditional media and traditional journalists. some people are wondering, what is the dislike? what is traditional media doing wrong or getting wrong in your view? margit: i think media is getting a lot right, for sure. early on, another unicorn. now we have a deck of cards. the pendulum has swung all the way back to a lot of questions in the vein of -- the answer,

there is no good one. that has changed a little bit. that is not why we are doing future. we are doing future because we think there is a need for the tech curious, those who are participants, fellow builders, those in new industries, entrepreneurs, the future, how to build it, and how technology will built it. emily: i have to challenge that a little bit. most journalists in my view are trying to do their job. they are asking legitimate questions. why does it seem to you that the pendulum has swung too far in the wrong direction? margit: there is lots of off the record reasons i could speculate but i should not speculate. i think it just has and partly i think that is human nature. people have gotten wary of technology celebration and that

is their prerogative. i am trying to accomplish a business goal. our firm wants to advance the future and think technology is a good force in the world. sorry, i think siri just talked to me. emily: we can still hear you. margit: by application, we hope that will because attractive to entrepreneurs. three things that matter in venture capital, seeing the deals, making the deals, and winning the deals. if my function can help us see the deals, then i am making contributions to the future. emily: you are on the show today and it is a pleasure to have you. do you still see value in traditional media? in your partners doing interviews and your portfolio companies choosing between say a bloomberg, new york times, or future? margit: absolutely.

i think there is a bit of a misconception. in the early days of building the andreessen horowitz brand, we did a lot of press work on behalf of the firm. right now, most of the media stuff that we do is in service of the portfolio. the one thing i don't want to do is be the place where we jumped the shark and all we do is talk about ourselves. i think we made a correction that has been useful. we also have now a huge portfolio. trying to get a profile in publication x, and we do that quite a bit. emily: big picture, do you still see value in an independent press covering silicon valley, and how? margit: absolutely, there is value in an independent press. also, i am not in charge.

this question makes it sound like i can make this decision. of course, there is value in independent media. i have several folks in the firm who are my personal news service who send me stories all day long. we consume more media than many organizations. we are voracious readers, listeners, watchers of lots of media. it is a very important function. emily: thank you for watching and joining us to share your story. i know you are hiring at future. of course, it is live now, so you can check it out. coming up, mckenzie scott, the ex-wife of jeff bezos, making a very public statement about the wealth gap and what she is doing about it. we will find out what she has to say, next. and, oracle down and extended trading after sales in its cloud business fell short of expectations.

the company has been focusing on boosting revenue in that area but has continued to lag behind amazon, microsoft, and alphabet. this is bloomberg. ♪ rg. ♪

emily: u.s. commerce secretary gina raimondo has told bloomberg that she is not having specific timeline to complete a security review of tiktok and wechat. last week, president biden ordered the commerce department to review the apps. secretary ray mondo spoke -- secretary raimondo, in a wide-ranging interview, spoke about the need for the u.s. and europe to engage with goals. >> massive job creation will occur in the eu and america in

the coming years in the digital economy. it is incumbent upon america and the eu, which have shared values , to set the rules of the road. we certainly don't want countries like china setting the rules of the road. emily: shop if i will open up e-commerce to all -- shopify will open up to e-commerce to all through facebook and google. it marks the first time shopify has offered a product to those who don't use its platform. billionaire philanthropist mackenzie scott, formerly mackenzie bezos, is giving away billions of dollars to charity. she has given away $8.5 billion. she is worth almost $60 billion. in a blog post, she wrote, it would be better if wealth was not concentrated in a small set

of hands. coming up, the company is still for -- still thriving. what is going on with growth, products, and the future in an exclusive interview with the strength cofounder and president john collison -- with the stripe cofounder and president john collison. this is bloomberg. ♪

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>> i think crypto is the next internet opportunity for the united states. it has the potential to create as many if not more jobs on the internet similar with economic growth, i think it has a potential to square the circle on internet privacy issues with have been talking about with internet companies. emily: that is just part of my

conversation with the coinbase cofounder and also managing partner of paradigm, fred ehrsam . we can catch the full interview on studio 1.0, and thursday across all bloomberg platforms. divisional payment giant stripe is said to gige there conference on wednesday, with keynotes showcasing the latest products and features and $95 billion valuation. the big question remains, will stripe go public? joining me now in an exclusive interview on what is ahead for the company is stripe cofounder and president, john collison. great to have you back. i want to talk about how stripe fared during the pandemic. a lot of business came online, and then there was a lot of business that did not happen because of the pandemic. what are the trends you saw through the pandemic on stripe. emily:? john: it was obviously very interesting time.

on the business side, i would say we saw two really interesting trends. one is that it was clearly very disruptive for small businesses, depending on the sector people were in. the big advantage with small businesses over large businesses is they could turn on a dime. we saw that with a lot of the small businesses on stripe, where if you needed to completely reorient yourself to trade online -- we saw this with jane russell's handmade sausages in ireland, where they lost half their sales overnight and were able to retool and go online. we saw structural advantages small businesses have in the form of agility, actually start to play out. if you look at the numbers, we saw higher rates of new business creation than we had seen previously. that actually went up.

on the larger traditional enterprise side, we saw many more large companies retooling themselves for digital stuff than we had seen previously. you can imagine, say you are working at a larger established company, and you think bringing -- and you have been banging the drum saying we need to take digital seriously, this was the year where they finally got those projects out and really saw massive growth of them. this is actually newer for stripe. we are now working with a lot of traditional enterprises, weightroads u.k., or harris teeter. emily: so your big virtual conference is coming up. what is the next phase of growth as the world reopens? what does that look like?

john: one thing that is interesting to us is we think of the pandemic as a time when everything moved to completely digital. all commerce was e-commerce, something like that. if you look at the raw numbers, it was an acceleration of multiple gears. but the raw numbers, retail sales in the u.s. moved from 11% to 14% online. we are still talking about penetration in the teens overall. there is still so much room to go ahead. i find that exciting. if you are thinking about starting an e-commerce company today it is a fabulous time to do so because there is still only 14% retail penetration, by the has also been a lot of habit-forming taking place in the last two years. we are excited that stripe continues to budge out and grow the set of products we are building. we take an extremely user-first

approach. we have 2 million businesses that joined stripe since 2020. we don't have to overcomplicate this? we just ask them, what is causing them friction, what can make their life easier? he saw two big launches, stripe tax which handles sales tax for businesses, something that is incredibly complex. any business owner hardly enjoys spending time on. and then all sorts of different businesses have a need to do some identity verification and stripe makes it simple for them to do it. emily: and that is so important. speaking of users, back in 2018, you stopped processing bitcoin payments, saying that not enough people were interested in doing that. now we see more institutional

adoption, and obviously a lot more individual investors buying in. has your thinking evolved in crypto? john: we are extraordinarily enthusiastic bitcoin fans>> if you think of the kinds of world that crypto people and we are trying to bring about, it is a very related set of goals. what we are really hung up on is, 22% of commerce today is cross-border. it should be much higher, especially on the internet where it is so easy to have cross-border interactions. yet we are stack at the level where only a fifth of interactions are cross-border. it is hard to have any meaningful interaction. crypto is one of the very exciting directions for trying to solve that. and kind of like what stripe is

doing trying to make it easy for non-us payment methods, is another approach. we should pursue all approaches. bitcoin, in particular, rightly, transaction fees on both bitcoin and ethereum, the two main cryptocurrencies, are still too high. there is work on solving that, like the lightning network and solana, and the new chains. . needs solving, the fact that it is still very hard to have cross-border directions? absolutely, it is a problem, and we are taking an approach to solve that. this is why we are quite -- has been broadly underserved when it comes to digital commerce infrastructure and we are taking

our approach towards solving that. emily: stripe recently raised another massive round of funding. your evaluation approaching $100 billion. wall street journal published a story that there is a ton of investor interest. is the next step being a public company? john: it is a cliche and if you like it happens every time i, the show, but there are still no plans for an ipo. there is a lot of fun stuff to do. we have two big major categories we opened up, so we are having lots of fun building stripe. we have a massive opportunity in front of us. may be redo, maybe we don't. but for now we still -- may be we do, maybe we don't. emily: i am curious how many employees accepted the pay cut for working remote?

john: i don't know the exact number of the top of my head. we saw a major uptake where a lot of people were saying they take advantage of the remote work that was going on last year to be able to move to be closer to their families somewhere they had wanted to move previously. the way we think about stripe, we have not come to our ultimate stance or decision what the exact mix of in-office and remote will be. what we do know is that stripe is a very global company. we are headquartered across san francisco and dublin, important given our irish roots and how much business we do between europe and how that has been growing.

we will have multiple hubs over time. we also have a large remote population. we have always had a large remote part of ours in the u.s.. we opened remote hiring in europe. what the exact composition of those will be right now, we don't know. emily: john collison, thanks for giving us your view, stripe cofounder and president. good to have you here. telehealth has seen a boom amidst the pandemic, and self-help is writing -- solv help is writing that wave. the ceo urges us to talk about how medical care will look different in the post-pandemic world. this is bloomberg. ♪

emily: the pandemic has significantly changed, creating the need to reduce nonurgent, in-person contact. this startup is creating an international online marketplace and, has booked more than 1.5 million telemedicine appointments. for more we are joined by the cofounder and ceo, heather fernandez. her first in-person -- our first in-person studio guest post-pandemic. thank you for joining us. heather: i am trying to control my enthusiasm. emily: it is great to see someone in person. kids needed health care immediately but we could not get an appointment with our doctor. that is a problem that solv is

trying to solve. talk to us about the problem. what is the solution? heather: it is such a good question. our fundamental belief is that everyone deserves to be free of the friction and stress associated with everyday health care. solving those three questions -- where should i go to the problem i have, where can i be seen and how much will it cost me? you think about every industry, marketplaces have been created to connect riders and drivers, yet we don't have one for health care. that is what we are doing. on the supply side, our approach is to unlock the capacity across the country through software. one quick step i am proud of, 100 million americans are within five miles of same-day appointments today across the country. emily: how is this differentthan carbon health or one medical? heather: they are rebuilding health care from the ground up.

let me hire more doctors, put a new footprint in the geography. our approach is hospital systems, providers and urgent care clinics across the country have capacity today, and we use a software-first approach to unlock the capacity so we can get to effectively 100% of the united states in the next few years. emily: you are trying to get all doctors in the u.s. online? heather: we focus very much on everyday health care needs. traditionally every health care need is treated the same way, whether it is my son's rash, even though he is entirely healthy, or my mom's copd. that is no longer necessary. we are focused on the everyday health care use case, whether that is urgent care, primary care, ultimately, mental health, and more of what we need to stay healthy. emily: through the pandemic, you have offered covid testing and covid vaccine appointment. how has covid changed your

business? heather: we build for what we thought was the future of health care and covid in many ways. accelerated all of that for us. and pulled in our roadmap. there were acceleration points for us, first with telemedicine. we went from basically a small number telemedicine visit to 1.3 million in 202011. the second was quoted testing. that meant 100 million americans would need a test and they could get a test if and when they needed. we did 5 million tests, second only to cvs. now the cdc reports 40 million americans avoided health care during covid, and we are positioned to get them back on track. emily: there will be a lot of telehealth going forward. how else do you think that health care system will be changed for good? is it just about getting seen? heather: back to the point i was making, not all health care instances are the same. there are certain ones -- back to my mom, her copd and her

pulmonologist, is a relationship that is important for the longevity of care. there are many things in everyday health care where access inconvenience and an on-demand access via my phone is much more important. digitization, access in real-time for consumers is really important. emily: one of your early backers cares about scale. . how do you think this will be? heather: ultimately we want to build a national network of everyday health care for all. when you think about it day, 50% of working america is paying thousands of dollars out of pocket for the health care expenses for themselves and their families without any tools to decide where should i go and how much should it cost? that is a problem. we should be the everyday health care entry point for every american. emily: one of the things that is interesting about solv is that it is an almost entirely covid-related startup, it happened during the pandemic.

i am wondering if that has changed the business he thought you would be running at this moment in time to the business you are running? your real estate expectations, your talent expectations? heather: we are a covid-native startup in many ways. i don't think about ourselves that way but we more than doubled in size and significantly grew in scale and revenue during that time. a couple of things. one, we are able to take advantage of the best of the future without really being anchored to the past. everything we do exists in the cloud. we have built in rituals to meet the next 50% of our company because we are not in the same geography and have not enabled to meet them in person. there it is something magical about being in person, like you and i here today. so we are really appreciative that we have the kind of organization where we can be flexible to both do the in-person thing when necessary,

as well as scale our team, without geographic constraints. emily: did you get rid of real estate are you going to get an office? heather: we are. today we are basically one-third in the bay area, one-third in denver and a third is distributed. i expect we will continue in that growth. . we are currently an office-unless relation. we really did not need -- office-less population. we did not need the space. we want to enable people the flexibility to live the lives they want to live outside the office. emily: all right, solv ceo and cofounder, heather fernandez. thank you for braving the bloomberg offices to come back. nice. heather: to have you. heather: thank you so much. emily: vacations far from

paradise. how airbnb is making nightmare trips disappear with settlements and has many and why you never hear about these crime-written journeys, up next. and a look at some of the video makers of the day. they are all in the red. meantime, nintendo took center stage at this year's e3 event, announcing its new game. more on that next. this is bloomberg. ♪

emily: airbnb has grown from a funky, couch surfing alternative, to one of the biggest travel companies in the world with more listings than the top nine hotel chains

combined, and a $100 billion market value built on the idea that strangers trust each other. but with so many people and submit transactions, many including meeting in real life. it is inevitable that that will sometimes happen. every personality complex, payment dispute or unwanted and advanced betw host and guest must be mediated. they are treated differently. we are joined by bloomberg tech's olivia carville. you have this piece out today in bloomberg businessweek. talk to us about the starting point for this and what you find. olivia: the starting point of this story was a mass shooting that happened in orlando in 2019. this case reached the headlines, five people killed in this mass shooting, and in the wake of it, airbnb announced a huge raft of changes and updates to their

safety policies. that made me think, what happened inside the company during those conversations? imagine if i had been a fly on the wall, what were we hearing around additional liability or what the company should do when violent crimes occur inside its listings? that got the ball rolling on me trying to take a deep dive into the trust and safety inside airbnb and how the company responds when things go badly wrong on its platform. emily: you and i have talked to brian chesky many times and many times specifically over the last year, he talked about safety being a priority, cracking down on party houses i want to listen to what he had to say on this topic. >> we have band stays with parties with more than 16 people. we instituted a party ban.

. we don't allow people to book last-minute on a single night in the city. we even took legal action against some guests. emily: so, olivia, how has airbnb been handling these more high-risk and potentially criminal at times situations? olivia: the first thing that happens when a violent crime occurs in the listing and someone reaches out to the company is the safety team will take the call. anytime something serious like a sexual assault, something involving children, a wrongful death, murder in the listing, it is transferred directly to an elite team of agents who are trained in trauma care. the team is set up to protect the individual in crisis and it includes spending whatever it takes to get them to safety, flying them around the world, flying family in to support them, offering health

counseling costs. it is set up to not only support the individual in crisis, but also to support the company's public image, because as you heard earlier, airbnb's business model is based on the idea that strangers can trust one another. so while these incidents are rare, they are also potentially significantly damaging to the brand's reputation. emily: of course, readers can read your story for more, what should we take away? olivia: my biggest take away is the amount of vicarious trauma a lot of these agents experience and how airbnb tries to train them and also support them through the work. airbnb established call rooms for these agents to answer really harrowing calls around violent crime. emily: definitely a really important story to check out in bloomberg businessweek.

over bloomberg news reporter olivia carville who covers airbnb, thank you for bringing that story to us. that does it for this edition of "bloomberg technology." tomorrow, more with our interview with coinbase co-founder on "bloomberg's studio 1.0." you don't want to miss it. this is bloomberg. ♪

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♪ haidi: good morning and welcome to daybreak: australia" i am haidi stroud-watts in sydney. >> i am sophie kamaruddin. >> and i am kathleen hays in new york. our top stories this ever, u.s. stocks fall from record highs.

investors waiting for the fed'