>> 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 on the hot seat on the hill. lawmakers have their sights set on amazon, facebook, google. there is a new sheriff in town,

lina khan, voted to take the reins of the f.t.c.. what it all means. a company reaching a billion-dollar valuation and it is not even public. we will talk to the stripe cofounder and president, john collison, in an exclusive interview. and solving problems and solving problems in health care. the startup solv connects patients with providers for telehealth and in person medical appointment. we will hear from the cofounder and ceo, heather fernandez. all those stories in a moment. but first, u.s. stocks snapping a three-day rally. kriti gupta has the details. take it away. kriti: it is all about the fed when it comes to the stock market. we saw it manifest itself really yesterday, in a defensive positioning where you had checked outperform -- you can see the rise.

and then today it fell. today, sell everything, that was kind of the message, pretty traditional when you go into an fomc meeting. we will have to see what comes out of that after what chairman powell says. we have been talking about a low-volatility environment but for attack, it is taking a little longer. the recent slide coming a little more quickly, but we are still above a 20 gauge on the vxn. volatility for the tech stocks still not really at a calm as perhaps the broader market is. tech is getting another bid. i just showed you the two-day chart. looking at the month of june, u.s. unemployment very crucial. this has everything to do with tech shares as well. the labor story and also the broader market, we will hear more on that from chairman

powell. if we start to see defensive positioning when it comes to labor markets, which chairman powell has been emphasizing about, that will show up in whether tech get the bid or not. that is the macro picture. ed, what are you looking at? ed: straight to draftkings, the stock fallen by as much as 12% on tuesday, after hindenburg research said it would short the stock. remember, the short-seller. part of the short-seller's report was about the tech subsidiary for draftkings, one of the parties in the deal for draftkings to go public. in response, draftkings saying it did conduct a review of of sb tech's business practices. and that it was comfortable with the findings. it pared some of the loss throughout tuesday's session. next stock i am looking at is lordstown, popping as much as 15% after executives said

the company did in fact have enough cash to start production in september through next year. this is a company who lost its ceo and cfo. last week they had said they did not have enough cash to get to the -- get the product to market and could go bankrupt. and finally, amazon. interesting report from jp morgan that says amazon could overtake walmart as the u.s.'s biggest retailer essman as this year. amazon has a lot of strings to its bow. aws cloud services, entertainment with prime video. but lots of growth coming from the pandemic. part of jp morgan's study saying the pandemic has full three years worth of e-commerce growth, and amazon is set to benefit. the stock has not done much today. amazon is a little bit lower. but look how they have moved in lockstep so far year-to-date.

emily: all right, ed ludlow and kriti gupta, 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. the iphone maker is facing scrutiny over compliance with a trump-era subpoena which requested information on more than 100 -- 100 lawmakers. apple turned over that eta the justice department under gag order, highlighting the bind tech companies face when summoned by law enforcement. and in more regulatory news, the house antitrust subcommittee unveiled a slew of new bills aimed at curbing tech power over the past week. amazon, facebook, google, along with apple, all of them targets. the legislative power is to ensure more competition in the marketplace, as criticism of big tech ammounts. the senate just confirmed a new member to the top ranks of the u.s. antitrust enforcement, and that is lina khan, a global critic of big tech who will serve as chair of the f.t.c.,

giving democrats a majority of the five-member agency. in a tweet he writes, congress created the f.t.c. to safeguard their competition and protect consumers, workers and honest businesses from unfair and deceptive practices. i look forward to upholding this vision with vigor and serving the american public." joining me now four more to wrap this up is our washington reporter. obviously, lina khan is a big addition to the f.t.c.. what does her appointment mean? >> not only was she confirmed by the senate today, she was also appointed by biden to be the chair of the f.t.c.. this shows you the direction the breaded administration wants to take antitrust enforcement, and that is much more seriously. this is something companies are going to view with a very wary eye, especially since 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 something that we expect to

see more of in her career at the f.t.c.. emily: i spoke to a famed antitrust and big tech professor mark wimbley of stanford earlier today. take a listen to what he had to say about her appointment. >> that is definitely a further signal that the tech industries are in for some rough sledding on the antitrust front. lina khan is someone who has been quite vocal in her desire to raining big tech -- rein in big tech with her early discussion on amazon, but also this idea of platforms and structural separation between the platform aspect and other aspect of the company's business. she will be someone who pushes for aggressive antitrust enforcement in this industry. 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?

>> that is a great question, because it is not just the appointment of lina khan, it is also some of the legislation we have seen introduced, which could have very serious consequences for big technology companies, one of which could be not allowing companies to have their own products. if that were true, 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. serious changes for technology companies. kind of an uphill battle to pass legislation these days, it is hard to round up the votes. one thing that is remarkable is we are seeing bipartisan support for a antitrust enforcement. interesting to see how the action on capitol hill will interact with the agencies being led by the likes of lina khan. emily: it is of course a story we will continue to follow. in more news surrounding big tech legislation, i spoke to

california representative ro khanna, who outlined his concerns around antitrust and explained what he thinks facebook should be broken up. take a listen. 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. the democrats say, well, how can you keep that content up on these sites, that is inflaming hate and violence? the conservatives say, no, no, no, don't take anything down. so the tech companies are getting mixed signals. we need to take the politics aside and have basic guidelines for what type of content should be removed, and what type of regulations should be effective. until we do that, people still have the internet be there wild west, where executives like mark zuckerberg and jack dorsey get to decide the rules. i don't think that is how we should operate. 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 versus epic, amazon under fire for how it treats its sellers. from a legal perspective, what are you watching in terms of outcome and process? rep ro khanna you need to have the facts play out. are these platforms open to all sellers? are they overcharging the price of commissions to sell? another question is, are they engaged with exclusive agreements which each other which are keeping out a yahoo!? one other thing to look at is, have they engaged in a for the purpose -- in an acquisition for the purpose of coaching competition? my guess is there are antitrust violations that have to be rectified but that does not mean you take a sledgehammer and state let's break up all of

tech. it means regulate them and then let's move forward with a more competitive marketplace. we did so well in the case of microsoft. emily: do you see a reason to break up all of tech i? rep. khanna: would probably unwind facebook from instagram. we would be better off with multiple platforms. the example of the top of my head, i am sure there are other cases. . it is much harder to unwind than it is to prevent this merger in the first place. we have to have more scrutiny in these mergers that consolidate tech 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 a competitive forum to social media. having into graham and whatsapp -- having instagram and whatsapp as separate entities would create more of competition in that space. there is precedent for breaking things up with at&t and standard oil. it is an extraordinary remedy. 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? so the ideal solution is not to have approved those mergers in the first place. that is a tough call, because a lot of times it is not clear when those acquisitions take place that a company is truly going to be a competitor, and that is why these are very contextual and difficult

decisions. emily: california representative ro khanna there in part of the plenty sit-down we did together. you will see more of it in coming weeks. president biden and president putin are set to meet in geneva on wednesday. cybersecurity is one of the things expected to be discussed in that meeting according to the white house. also on the agenda, the renewal of the new start nuclear arms act set to expire in 2026. stay with us for all the developments. coming up, a new media property is launching in silicon valley. taking direct aim at traditional outlets. we will speak with andreessen horowitz's managing partner. 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. -- tech industry insiders. it will feature a mix of tech opinions from analysts and experts. it will compete directly with news organizations for your time and attention. joining us to discuss is operating partner, marketing and future representative, margit wennmachers. great to have you on the show. what are you hoping to achieve? margit: we have, as you know, begin 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 in 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 are using the assets that we have. 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 who also have that, and we want to source that. we are less interested in all the stuff that you have been covering -- i have been watching the segment until now -- and nine of those topics would be in 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 at andreessen horowitz are not fond of traditional media and traditional journalists. some of them are asking, why the dislike? what traditional media doing is wrong or getting wrong in your view? margit: i think media is getting a lot right, for sure. i do think there was a pendulum early on, it is, like, oh, it is 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, when do you stop beating your wife? if you think of a possible

answer, there is not a good that is not why we are doing one. future. we are doing future because we think there is a need for the tech-curious, fellow participants fellow builders whether in old industries or new industries or entrepreneurs to figure out the future and how to build it and how technology will help advance it. emily: most journalists, in my view, are trying to do their job. they are not asking about wife-beating, their asking legitimate questions that should be answered. why does it seem to you that the pendulum has swung too far in the wrong direction? margit: there are lots of reasons, i could speculate but i shouldn't speculate. [laughter] it is part of human nature. people have gotten wary of the technology celebration and that

is their prerogative. i am trying to accomplish a business goal. our firm once to advanced future and things technology is a good force in the world. and we -- sorry, i think siri just talk to me. emily: we can still hear you. [laughter] margit: we think that will make us attractive to entrepreneurs. the things that matter in venture capital is seeing the deals, taking the deal and winning the deal. if we can help with that, we can make a contribution to advancing the future. emily: do you still see value in traditional media? value in andreessen horowitz and your partners doing interviews, your portfolio companies choosing between a bloomberg "new york times" or future? margit: absolutely. there is a bit of a misconception. let me state for the record, in

the early days of building the media branch, we did a lot of press work on behalf of the firm. now most of the media stuff that we do is in service of the portfolio, because one thing i don't want is i don't want to to be the place where we jump the shark and all we do is talk about ourselves. i felt like i was heading that way. i think we made a correction that has been useful and we have also now a huge portfolio. lots of companies saying, hey, we are trying to get a profile in publication x, will you help us? and we do that quite a bit. emily: big picture, do you still see value in independent press covering silicon valley, and how? margit: absolutely, there is value in independent press. i am not in charge. [laughter] the question makes it sound like i can make decisions. i don't get to make that

decision. of course, there is value in independent media. 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. obviously it is an important function. emily: thanks for watching and joining us to share your story. they know you are hiring at future and, of course, it is live now, so you can check it out. margit wennmachers of andreessen horowitz, thank you so much for stopping by. coming up, mckenzie scott, ex-wife of jeff bezos, making a public statement about the wealth gap and what she is doing about it. we'll find out what she has to say next. and, oracle down in extended trading, after sales in its cloud business fell short of expectations. the company has been focusing on boosting revenue in that area

, but continues to lag behind amazon, microsoft, and alphabet. this is bloomberg. ♪

emily: u.s. commerce secretary gina raimondo has told bloomberg that she doesn't have a specific timeline to complete a security review of tiktok and wechat. last week, president biden ordered the commerce department to review the chinese-owned apps after revoking the trump-era bans on them. secretary raimondo, in a wide-ranging interview, spoke about the need for the u.s. and you're up to have common goals in the tech industry. secretary raimondo: if you think about the tech economy, massive job creation will occur in the

e.u. and america in the coming years in the digital economy. it is incumbent upon america and the e.u. 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: meantime,, shopify will open up his e-commerce platform to customers selling through facebook and google. it marks the first time shopify has offered a product to those who don't use its platform. billionaire philanthropist mckenzie scott, formally mckenzie bezos, has given away $2.7 billion to a variety of charities. since last july, jeff bezos' ex-wife has donated $8.5 billion. she is worth almost $60 billion. in a blog post, she wrote "it, would be better if wealth were not concentrated in a small number of." hands coming up, payment processor stripe now valued at

$95 billion. but the company is still private. we will talk about what is ahead in an exclusive interview with the striped cofounder and president, john collison. this is bloomberg. ♪

>> i think crypto is the next internet-sized 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 the privacy internet issues that we have been talking about with big-tech companies for the last 10 years. emily: that is just part of my conversation with the coinbase cofounder and also managing partner of paradigm, fred ehrsam. you can catch the full interview

on the full episode of "studio 1.0," on thursday across all bloomberg regions. payment giant stripe is said to kickoff their conference on wednesday, with keynotes showcasing the latest products and features, and in $95 billion valuation. the big question remains, when 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. such a massive amount of business came online and stripe was powering a lot of that, 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. john: it was obviously very interesting and serious time. on the business side, i would say we saw two really

interesting trends. one is, it was clearly very disruptive for small businesses, depending on which sector people were in, the impact was felt differently. the big advantage with small businesses over large businesses is they could turn on a dime. they could really change things. 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 rolo bicycles in ohio, with jane russell's handmade sausages in ireland, where they lost half their sales overnight, but 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 actually saw a higher rate of new business creation durham make than -- during the pandemic 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. say you are working as a large established company, grocery retailer, something like that, and you have been banging the drum for many years that we need to take digital orders seriously, this was the year where they finally got those projects out and really saw massive growth of them. this is something that is actually newer for stripe. we started with startups. we are now working with a lot of traditional enterprises, wiatrose u.k., businesses like that. 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. right? all commerce was e-commerce, something like that. if you look at the raw numbers, it was a massive bump it was an , acceleration of multiple gears. if you look at the raw numbers for a second, retail sales in the united states moved from 11% to 14% online. we are still talking about penetration in the teens overall. we have talked about this before, emily, there is still so much room to grow ahead. i find that exciting. if you are thinking about starting an e-commerce company today, i think it is actually a fabulous time to do so because there is still only 14% retail penetration in the united states, yet there has also been a lot of habit-forming taking place in the last two years. two things we are excited about is stripe continues to branch out and grow the set of products we are building. we take an extremely user-first approach in the products we build.

we have millions of businesses on stripe, we have had 2 million businesses that joined stripe since the start of 2020. we don't have to overcomplicate this. we don't have to be too smart in what we are building. we just ask them, what is causing them friction, what can make their life easier? we saw two big launches, stripe tax which handles sales tax for businesses, something that is incredibly complex. big lift, not something that any business owner enjoys spending time on. and then stripe identity, which as you are familiar with, all sorts of different businesses have the need to do some sort of identity verification and stripe makes it simple for them to do it. emily: and that is so important. as we continue to see these cyberattacks on the rise. speaking of users, in 2018, you stopped processing bitcoin payments saying that not enough , people were interested in doing them. now we have seen more institutional adoption and obviously a lot more individual

investors buying in. has your thinking evolved in on crypto? john: our thinking on crypto has always been fairly nuanced. we are extraordinarily enthusiastic bitcoin fans. if you think of the kind 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. that is it. it feels like it should be much higher, especially on the internet where it is so easy to have cross-border interactions. yet we are stuck at the level where only 1/5 of interactions are cross-border. it is hard to have any meaningful interaction. so crypto is one of the very exciting directions for trying to solve that. but also, kind of like what stripe is doing trying to make it easy for non-us payment

methods, none locally-based methods like ali pay or something like that is another approach. we should pursue all approaches. bitcoin, in particular, rightly, it gets angst in the crypto community that 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. and so we will see how it works. >> but is it a problem that we solve in the fact that it is still way too hard to have cross-border interaction, in the fact that many countries still way underserved? 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 valuation approaching $100 billion. we don't know yet, the "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 i feel like this happens every time i come on the show, but there are still no plans for an ipo. we are hung up on that long-term opportunity. there is a lot of fun stuff to do. we just had two big major categories we opened up, so we are having lots of fun building stripe. there is a massive opportunity in front of us. maybe we do, maybe we don't. emily: we made -- you made some disruptive moves in remote work, giving workers a bonus if they left high-cost cities like new york or san francisco, but also accepted a pay cut. i am curious how many employees took you up on that?

john: i don't know the exact number of the top of my head but we saw a major uptake. a lot of people took advantage of all the remote work going on to be able to move to be closer to their families, or somewhere where they wanted to move previously. the way we think about stripe, we have not come to our ultimate stance for decision of what the exact mix of in-office versus remote will be, because i think that is very hard to make a decision on right now. in particular the huge confounde r everyone has been, working remotely during the pandemic. we do know that stripe is a very global company. we are dual-headquartered across san francisco and dublin. we know we are going to be having multiple hubs

over time. we also have a large remote population. actually, during the past year and a half, we opened up remote hiring in europe. i think it will be a mix. what the exact composition will be is kind of hard to say right now. emily: john collison, thanks for giving us your view stripe , cofounder and president. good to have you here. coming up telehealth has seen a , boom amidst the pandemic, and solv health is riding that wave. the ceo" founder joins us next to talk about how medical care will look different in the post-pandemic world. this is bloomberg. ♪

emily: the pandemic has significantly changed how people interact with the health care system creating the need to , reduce nonurgent, in-person contact. this startup is creating an international online marketplace to connect patients with providers, and has booked more than 1.5 million telemedicine appointments, compared to 9000 before the pandemic started. for more we are joined by the cofounder and ceo, heather fernandez. our first in-person studio guest post-pandemic. thank you so much for joining us. heather: i am trying to control my enthusiasm. [laughter] being in person, i am very happy. emily: it is nice to see someone in person. we have all been in that moment where we needed health care, our 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. it is a huge 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 other industry, right marketplaces , have been created to connect riders and drivers, to connect buyers and sellers, and yet we don't have a similar model that for health care. that is what we are doing. and then, 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 bookable same-day , appointments today across the country. emily: how is this different than 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 that capacity so that we can get to effectively 100% of the united states in the next few years. emily: you are trying to get all clinics and 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. who, she is wonderful, but has a few more things that she is managing. [laughter] that is no longer necessary. so we are focused on the everyday health care use case whether that is urgent care, primary care, women's health 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: interestingly, we build for what we thought was the future of health care, and covid

in many ways, accelerated that for us and really pulled in our roadmap. there were acceleration points for us, first with telemedicine. we went from basically a small n inconsequential number of telemedicine visits, to 1.3 million in 2020. the second was quoted testing. -- the second was covid testing. that meant 100 million americans would need a test and they could get a test if and when they needed. we did millions of tests, second only to cvs. now the cdc reports 40 million americans avoided health care during covid, and we are well-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, who loved very much her copd and her pulmonologist, , is a relationship that is important for the longevity of care. there are many things in

our everyday health care as we think about the health care continuum, where access and convenience and on-demand access via my phone is much more important. that is here to stay. digitization, access in real-time for consumers is really important. emily: one of your earliest backers cares about scale. how do you get there? 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, and they are doing that 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-native startup, in that all happened during the of your exponential growth happened during the pandemic. i wonder how much that has

changed the business you thought you would be running at this moment in time to the business you are running? your real estate expectations, for example, 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. and i think a couple of things. one is, we are able to take advantage of the best of the future without really being anchored to the past. everything that we do exists in the cloud. that is how we communicate. 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 been able to meet them in person. at the same time, there is something magical about being in person, like you and i here today. we are just really appreciative that we have the kind of organization where we can be flexible to both do the in-person things 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? i mean -- heather: we are. today we are basically one-third roughly in the bay area, one-third in denver and a third is distributed. i expect we will continue in that way. we are currently an office-less population. that was helpful, overall, we did not need the space. we want to enable people to have the space to collaborate, to work through the difficult chunky items on your list, and at the same time 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. good to have you here in person. thank you for braving the bloomberg's offices in the real world to come back to the studio. [laughter] it is nice to have you. heather: thanks so much. emily: all right. vacations far from paradise. how airbnb is making nightmare trips disappear with settlements

hush money, and why you never hear about these crime-ridden journeys. and, a look at some of the video makers of the day. activision blizzard and others 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. it has more listings than the top nine hotel chains combined, and a $100 billion market value built on the idea that strangers

can trust each other. but with so many people and so many transactions, many of which include meeting in real life, it is inevitable that sometimes that thing will happen. every personality complex, payment dispute or unwanted advance between host and guest must be mediated. but no matter where they are, they are treated differently. to explain, we are joined by bloomberg tech's olivia carville. epic piece you have out today in bloomberg businessweek. talk to us about the starting point for this and what you found. olivia: thanks for having me, emily. 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 potential liability or what the company should do when violent crimes occur inside its listings? and that is what really got the ball rolling on me trying to take a deep dive into 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 over the last year specifically, and he talked about safety being a priority, cracking down on party houses i . i want to take a quick listen to what he has had to say on the topic. brian: we have banned stays with parties with more than 16 people. we instituted a party ban. we don't allow people under the age of 25 to book book last-minute on a single night in the city. we have elevated the visibility of our hotline to be able to get more signals.

there is a number of things we are doing. we even took legal action against some guests. emily: so, olivia, how has airbnb been handling these more high-risk, difficult and maybe potentially criminal at times, rarely, situations? olivia: the first thing that happens when a violent crime occurs in the listing and someone reaches out to the company, is the elite, highly specialized 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. and this team is really set up to try and 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 or counseling in the wake of an incident. this team is set up to not only

support the individual in crisis, but also to support the company's public image, because as you said earlier, airbnb's business model is based on the idea that strangers can trust one another. so these incidents, while they are rare, they are also potentially significantly damaging to the brand's reputation. emily: so, quickly, what is your take away? of course, readers can read your story for more. olivia: my biggest takeaway is the amount of vicarious trauma a lot of these agents experience , and how a company like airbnb tries to train them and also support them through the work. airbnb has established call-down 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."

coming up tomorrow, more of our interview with coinbase cofounder fred ehrsam on "bloomberg studio 1.0." you don't want to miss it. this is bloomberg. ♪ wanna help kids get their homework done?

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