>> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. ■ç■>> tech star power, jeff bezs came out of the shadows in sun valley and we will have the lehto's -- the latest. and the new trend on tiktok is big business and i will talk to one of the biggest influencers. she is known as robinhood kid

over on twitter. first, u.s. stocks dropping the most in three weeks amid growing anxiety over the covid 19 variant or perhaps just starting to see that data rollover. no place to hide next year? >> absolutely. where did it go? lower and lower and it wasn't enough to lift the tech stocks. wide set -- widespread selling in risk assets, it was a safety trade that was active and it took a massive -- massive hit to the head, whatever you want to call it in the text fear, down 1.2%. that's the sector i want to zoom in on because we are once again talking about the underperformance today and it has been a pattern all week, down nearly 3%. the story from a few months ago was the chip shortage but that isn't the story anymore. they say the trade is overplayed and speaking of trade that may be overplayed, remember the high beta names that were thriving? -- >> widespread selling in stocks. widespread selling in risk assets. the stock index took a massive front -- massive hit. a gigantic hit. that is the sector i want to zoom in on.

we are talking about underperformance today. this has been a pattern all week long, down nearly 3% week over week. that chip shortage was helping those stocks. not the story anymore. they are saying perhaps that trade was overplayed. i remember when we saw those high data names really thriving. not so much anymore. it seemed like that p in february kind of went away. even that is rolling over. >> it is kind of all rolling over. we thank you so much. my next guest because the dd ipo -- didi ipo a #2■ññdisaster. we are so glad to have you here. once again, didi feeling the pain.

the? surrounding who knew and when. why was it such a disaster question mark >> such a disaster because there are a lot of rumors and speculation that may be the founders and ceo both know about the requests. regardless, there is a lot going on. there is a lot of hatred for the founders and the president. it is really unfortunate to see what is going on. in my mind, -- recently, including companies like keep and himalayas, they originally wanted to go ipo in the u.s..

quite the ramifications there, does this show what china wants? does it want to make it harder or more difficult for companies to go to the capital in the united states? >> what is really interesting to me is in the past, people say data is the new oil. the most important internet company for china including alibaba, baidu, tencent music are only listed in the u.s.. that is over 248 companies in the u.s.. the u.s. stock market is really, really important to china and chinese companies. having said that, the new data security law that just past is something that chinese companies really care about and no one is going to get past that, doesn't

really matter how big you are as an internet company. caroline: from your perspective, the data is the issue for the chinese government. can anything be done to get that eased, or from here on if you are a big company in china there will be some sort of east versus west? edith: definitely i think more and more chinese companies because of what's going on and also now more and more they will be thinking about the hong kong stock market and the key thing is we have seen this happen before, in the past, with tencent and the gains not approved by the government, they had to be taken down for a few days and it is something that could be fixed, but the amount of time, it's not going to be fast. it's something that many chinese companies are learning about,

the new data security laws. for the rest of the year it will be tough for chinese companies to go public in the u.s.. 8 what are -- caroline: what are you thinking about as an investor, with chinese exposure and such risk and how they get it? edith: what's really interesting, not just for vc but for many u.s. investors, now more and more even though it seems like it's getting more difficult for chinese companies to get here, it's not really stopping u.s. venture capital or u.s. investors from investing in china or hong kong. so, in some sense i thinkqwl■ flexibility for the investor does more than chinese companies coming over. in this sense it's not necessarily a bad thing for investors, per se, but we are taking precautions and advising private companies to think twice

about where they want to exit or get listed. caroline: and when you say to think twice, what would you advise those companies, those portfolio companies, the small companies who want to build global businesses here? what do you say? edith: think twice means there are a lot of particular compliance and data security laws they will have to comply with. rushing to, if you are getting government warning to do certain things, definitely don't rush to get listed because government can definitely take down your app anytime they want. so, investment is not only about exits, it's really about after going public there being a lot more responsibility that as a public company union -- really need to be responsible for.

not necessarily thinking twice about where to live, but making sure you are in compliance regardless before you go public. caroline: a hard lesson to learn of their -- to learn there, at the moment. thank you for your expertise. in time, the facebook ceo doesn't seem concerned about the lawsuit brought by the former president, donald trump. he's in sun valley, idaho, and they declined to comment on the legal action. trump filed three separate class-action suits over banning his accounts. coming up, going full-circle, we speak with the circle ceo and the concorde chairman. the deal and what it means for the future of cryptocurrencies. this is bloomberg. ♪

caroline: u.s. cc is set to go public, concorde has a value of four $5 billion with a funding round from investors. joining us now is bob diamond, as well as sonali basak. thanks for bringing this about. a while ago we stepped out at the start of the journey. talk to us about why you want to go public right now. >> we have seen incredible growth in the products and services we built around it last year when we grew from 400 million in circulation to 4 billion in circulation and since

january 1 it has grown to $26 billion in circulation with incredible growth. as we thought about the opportunity, we thought about the growing role of dollar digital currencies in the future of payment systems and financial market infrastructures and saw anna norma's opportunity to both raise capital and more importantly build a significant public company with transparency and visibility to the enterprises and financial institutions building on top of us. >> bob, you know a lot of your peers don't believe in digital currencies. so, what do you believe? clearly, you do, right? given that you are buying this asset through a tech deal of your own. you spent so much time on this at a private equity firm. what might traditional finance players be missing?

>> i think the opportunity here, it's right down the middle of what we are thinking about when we issued hours back in decembe■ of 2020. it is stable coin, it is digital currency. it is blockchain that is secure. the internet makes this incredibly instantaneous, so secure, instantaneous. it's all about payments and it's all about treasury transaction services. that's the thought that jeremy had from the position -- from the beginning, how to position the platform so that it can be, you know, a leader in just that, in u.s. dollar payments and services. that's what gets us so excited. caroline: i'm looking at the global presentation and the payment market that is at $35 trillion, long-term addressable markets with 130 trillion in the

money supply, of course. how much do you really think something like stable coin will take on that market? >> yeah, i think it's kind of like asking the question, you know, in the early 90's, how much content would be delivered through the internet web browsers versus physical print medium or broadcast televisionvw or asking how much voice communication and text communication will happen through telephone companies or free internet services? the power of digital currency models, particularly the full reserve stable coin dollar currency models is extraordinary, bringing the power to the internet and in this case giving it tremendous capabilities. we believe over time the benefits of operating in a full reserve currency model are going to be superior to commercial bank electronic money.

so i don't know exactly what percentage of that market will be filled by this and over exactly what time frame. we obviously have a kind of midterm view in terms of how we think it could grow, but clearly the opportunity is in addressing these significant multitrillion dollar markets. >> i'm curious about these competitive landscapes and how you think about closing the gap, such as with tether? >> in general i don't focus on competition. when we started working on u.s. d.c., we had the vision for an open standard and operated within the regulatory perimeter of the united states, the two tier banking system with solid control compliance and accountability both to banking supervisors as well as consumer protection laws. we built something that has a

lot of traction in the broader digital asset ecosystem and have been growing the market share considerably. the important thing is when you think about what will be a foundational technology for the future of dollar payments on the internet, what do large internet firms and technology firms build on to utilize? we think something that is operating within the regulatory perimeter of the united states and in this manner is likely to be what the industry builds around. >> so interesting. the other point you make is that it is not displacing traditional central bank money. you have run global banks before, bob. how important is it that you think the u.s. needs to get their hands on digital asset before china? >> i think we should separate crypto and digital currencies in a couple of ways, but the one

that was most important to me is that we begin talking about this merger. the difference between usdc and stable coins, relative to some of the more speculative bitcoin type cryptocurrencies, taking bitcoin as an example, less than 1% of bitcoin is used for transactions. if you look at the growth of usdc, from the time that we began talking, there may be over 25 billion today and the fact that there were just short of $1 trillion in transactions executed using it, that explains everything. it's about payments and treasury transaction services. that's the platform jeremy has been building. caroline: bob, what about a fed coin? what if the central bank does get in on the act? what does it mean for

competitiveness? >> yeah, i mean, we, we have a lot of thoughts on this. first and foremost, we believe that as these technologies grow and become internet scale technologies that can be accessed on the open internet, the same way that we can use skype as we are now to freely communicate, as these technologies grow, it's going to be increasingly important that the federal government or other national governments are working closely with industry on the right forms of regulatory supervision, the right forms of rules that are needed and obviously we are very focused on that and have been since we got into the company eight years ago . specifically in terms of central bank digital currency, we have been clear in our view, which is that the history of electronic money innovation not only in the united states, but most of the world, is a history of private

sector actors working in consortiums and networks to build interoperable standards and it has given us the international correspondent inking system, the card network, -- banking system, the card network, apple pay, paypal, and other innovations. digital currency is similar and it follows the ark of the internet as opposed to these legacy technologies and i think the open access open market model is what the united states needs and i don't think that the strategy for the u.s. should be to try to out china china. it should be private sector innovation and then i'm confident that in the next few years it will grow significantly in adoption not just in the u.s., but around the world. caroline: on transparency and where you are investing your assets, some say they want to

see more transparency. have you been forced into it? as a public company are you thinking about talking about your approved investments? >> it's a great question and actually, this morning in other public communications, we talked about this. we view the process of circle becoming a public company as creating tremendous opportunities for greater public disclosure. obviously, public disclosure to the scc and the marketplace and our intention is in our public filings. our first public filings associated with this transaction, we intend to include more details about the forward sort of nature and how that is managed and provide the transparency the market is looking for. >> there is this perception that it coin is gold and a question

-- bitcoin is gold and a question about how soon it will be for you to catch up. with a lot of adoption when it comes to a theory of any applications built on it. do you guys believe that ethereum is a better model when it comes to payments? when it comes to just of the way you use it in the applications? >> yeah, the thing about digital assets is that incredibly diverse. bitcoin is designed as a, as a nonsovereign store of value and that's really where the community has focused and i think a lot of the have been, largely. theory and is a more generally purposed platform for wide range -- ethereum is a more generally

purposed platform for wide range , decentralized applications with blockchain's being like a new operating system layer for the internet with competing platforms, hours being the one with the most developers and applications on it that one thing to note about what we have done is that this is a protocol that operates now on five different public blockchain networks and we are committed to bringing it to more. there is a lot of fundamental infrastructure conversation in the new shared trust applications to be built on this. it's not winner takes all right now and we are just frankly excited to how much is taking place with infrastructure that we think we can scale and provide structure not just for consumer payments, but fundamentally the core capital markets as well. >> i was going to say, in addition, the beauty of operating on blockchain, as

jeremy has the business on, it allows the middleman, the person in the middle and the charge to be removed. the security, speed, and confidence that we all have been blockchain allows for that. being on multiple blockchain's is a key part of that. caroline: more thoughts coming from you over at concorde and circle, later this week. thank you so much for joining us today. coming up, china gets the cheaper version of suv's. this is bloomberg. ♪

caroline: welcome back. let's take a look at some of the other stories we are following. in china, tesla has a cheaper version of its locally built

model after publicity might have hurt consumer sentiment. the circle standard range was a little more than 42,000, 20% less then the original longer-range model y. nbc plans to use the upcoming summer olympics to supercharge peacock, they launched it on your ago and hope to leverage the spotlight of the games to drive finance but the pandemic postpone things. now they are looking for ways for peacock to stand out in a fiercely competitive field. coming up, are you making a career out of tiktok or is tiktok influencing a new career in itself? younger demographics are turning to the platform for advice. and from stockpicking to fruit picking, chinese farmers using social media livestreaming to sell their produce to urban consumers.

getting into both of those stories, stocks are down with big tech taking a hit. this is bloomberg. ♪ [ "me and you" by barry louis polisar ]

♪ me and you just singing on the train ♪ ♪ me and you listening to the rain ♪ ♪ me and you we are the same ♪ ♪ me and you have all the fame we need ♪ ♪ indeed, you and me are we ♪ ♪ me and you singing in the park ♪ ♪ me and you, we're waiting for the dark ♪

>> this is bloomberg technology. i am caroline hyde in for emily chang. kriti gupta is here to take us through some of the stories of the day. >> widespread selling and big tech was no exception. for the most part, those record highs did not last. microsoft and apple. i really want to go and show you what is being done to those bank stocks broadly. you have american big tech reaching those record highs. the likes of didi and alibaba, those are holding the stock exchange back a little bit.

that is what this chart is showing. as we are talking about risk sentiment, we have to talk about bitcoin. it is turning into this macro risk sentiment indicator and it has not been doing so well year to date. you are starting to see this decline and you are seeing it as lower. caroline: so much for the diversification trade. overall, a risk asset, it would seem. let's turn to the world of tiktok.

there is uncertainty and that juáhj)q @ platform is turning short form videos into a seriously look at business. while content creators are making money on the platform, there is a significant audience turning to social media to get tips on how to navigate the stock market. how to invest their money. there is even a phrase for it, fintok. you are known as robinhood kid. talk to us about why tiktok is such a great communicator for the world of finance. kayla: going back, a lot of people would say people of my generation have a short attention span. whether it is through longform studies or whatever it might be, to have something in 60 seconds or less, that can be able to expend those concepts that fast, people are really inclined to learn something new. we want to learn something but

it is just we want to spend three hours in a lecture hall doing it if we can do it in 60 seconds on tiktok. >> you said you can go from taking a one hour presentation on market and make it a 62nd one -- 60 second one. why did you get into the world of finance? >> i started sociology in college. postgrad, i ended up basically trying out a few different things and not really letting anything i was doing and my dad who is in finance said i have an improv background and you can keep people entertained by explaining a sick concepts on tiktok and youtube -- basic concepts on tiktok and youtube. i thought if my dad was doing it, i am going to go for so i'm going to go for it. i can't have my dad one of me. it just seemed like there were a lot of young people who resonated. no one even attempted to explain finance concepts to me like this. >> you are saying basic concepts

but trading options is not basic but you help make it basic. there must be a level of responsibility you feel. there is concern that people are going out there on the gamestop bandwagon, perhaps getting themselves into real-life trading options. how do you feel about that? >> out on even think we are at -- i don't even think we are

at that place. maybe people never taught them how to budget or don't even know what the stock market is in general. investing, where do i do that? do i have to call a guy? people are not fiddling with options quite yet but to say this thing made sound really complicated, let's get you feeling comfortable in conversation. this actually sounds really risky and you made it sound really simple. yes, absolutely, let's have this conversation about your finances and we can go even deeper. you can't do that for other complex topics. welcoming people into conversations is a different story. >> it's notable when you said that. statistics are that most people in finance are male. who is coming to you for advice? >> the people i have interacted

with on zoom because our ages 17-25-year-old women. occasionally i have maybe a millennial female. twitter is a little different. twitter is also a male dominated space. >> we talk a lot about meme all those retail investors, what do you make of that? you're dead might feel to some -- your dad might feel to some extent. >> you're asking how i feel about meme stocks in general. >> and the sentiment around it and all of the institutional money.

they are learning new things. they are doing something different with the market. that is a big deal. i personally don't trade meme stocks. they are highly volatile. they scare me. that is ok, i avoid them. at this point it seems like it is catching. i have nothing against it. i think it is kind of scary. i am not a skilled trader when it comes to trading those sorts of things. but i like the storyline, it is kind of fun. >> are you investing in the market?

dare i ask what you were trying to find where your role was. you are making your money from your social media activity, are you making it from the investments that you make on the market? >> i am losing market money right now. i trade -- they are teaching me a lot when it comes to familiarizing myself with the market, becoming comfortable with up at and downward moves. i am understanding things like volatility and options. that has been a huge gift to have the pressure taken off of the learning experience. i also do investing on my own when it comes to more long-term investing. we do trade options on the daily weekly but my goal is retirement, putting more money toward that and not being too creative with starting somewhere. most of the money that i make on tiktok is not from my actual

trades as much as it is understanding how the concepts work. >> we are pretty passionate about financial inclusion and financial literacy. it is interesting to see that that financial inclusion narrative is going across all platforms. thank you for joining. come do it again sometime. sticking with social media, platforms like tiktok are not just creating financial sensations. china is including farming. farmers are turning to online streaming services to show off their produce servant consumers. we have a report on this look at urban consumers. we have a report on this trend

so -- lucrative. >> farmers in every cultural vendor now sell their goods directly to urban consumers through interactive livestream and bite sized videos on platforms like tiktok's chinese twin. [speaking chinese] [speaking chinese] >> rural influences interact with their fans from the field. [speaking chinese] [speaking chinese]

>> this online trend sword -- soared through the covid-19 pandemic. [speaking chinese] >> the number of agricultural contract creators grew more than six fold your on your from july 2019 to july 2020. -- year on year from july 2019 to july 2020. [speaking chinese] [speaking chinese]

>> coming up, raising $34 million to build on health tech. this is bloomberg. ♪

>> as the health care industry continues to grow, this company has taken the initiative to work on a new health based reality. they have raised $34 million to take their health care company to the next level. jonathan bush is here to talk about it. congratulations on the

funding round. talk to us about where you want to take it. it is about building a data set that other startups can build on top of, right? jonathan: that is right. thank you for having me. zus wants to be a platform company. we built a data store that can hold a record for every american and entrepreneurs who want to build software of a set of tools that can be used to build apps. what is exciting in healthcare in the u.s. of late: we saw $15 billion, delivering actionable care with technology. another 8 million just in the first quarter.

a really big explosion in the number of companies trying to enter into this with more digital products. they could work off of a common toolset for the more common assets. all of these things are things you can build on in the zus studios. >> you are the cofounder of xena health. that was my way of communicating with my doctor. why is there a security element to all of this? how do you ensure that is our number one priority? jonathan: anytime anybody delegate anything to anyone

else, they expect more fiduciary duty. if you let one guy look at your records, you need a certain amount of fiduciary duty. i think there were 100 million records, there is a premium on protecting those records. and then when zus gets to that scale, there will be a different approach to dealing with different audiences. these startups will need to be as secure or more. caroline: what you think is the most ripe area for disruption at the moment? not only unify all of the health data -- unifying all of the

health data but what part is most ripe for disruption? >> the office visit. taking half a day off work, then they get a clipboard like they have never seen you before, all of that to talk with a doctor for three or six minutes. the fact that you could just text and have many more interactions at a much lower price point. caroline: isn't that already happening? jonathan: that is the obvious trade. caroline: do you think that is already happening to a larger extent? jonathan: it is in its infancy. everybody got a trial of telemedicine during covid because that was the only way to see a doctor. we all like it. it did well. this thing in the united states, you have the things you think of with health care.

diseases, traumatic injuries. the health care system for that is extraordinary but we don't really spend a lot of money on that. 80% of what we spend is on behaviorally driven conditions. there is no procedure that solves those problems. they need coaching and tweaking and lots of nurturing over time. care needs to move to the computing scenario. most of the companies i am seeing do well and that i am involved with are out there building really impressive ways of touching a lot of patience against the given condition. weight loss, diabetes, alcohol conditions, cancers. that is what is happening right now. >> i will see how that continues

on the platform your building. -- you're building. zus health ceo and founder, jonathan bush, thank you. gains for etsy. there is 20 percent sales growth for the group. this is bloomberg. ♪

caroline: jeff bezos taking a little break from his

spaceflight preparations with a trip to idaho. the world's richest man arrived alongside his girlfriend, that is loretta sanchez. >>z he stepped down as amazon'so earlier this week. not before richard branson takes his spaceflight. make sure you tune in this morning when you're not watching the broadcast. instacart has announced that they will take over as the3lú5fi she replaces the founder who becomes executive chairman. she also leaves behind the title having been the head of a facebook social networking app.÷ he will take over as the new head of the social networking app. first and foremost, was it a surprise that she was leaving? >> she seemed to be well-liked. she is running the main social network and she has only been in that job for about two years. in that sense, it is a little surprising. on the other hand, she is known internally as someone who is

climbing the ladder, she has been there a decade. she has had so many important jobs inside of facebook. she reached to the end of the road because the only person ahead of her at product are not going anywhere. one of them is mark zuckerberg. i think she wanted to leave the company. >> what about the focus of the app?

>> it is always interesting with the core facebook social network. it feels like mark zuckerberg has a hands on approach. this is the thing he created. this is the thing he very much cares about. he cares about the success. the person in charge feels like the day-to-day person. at the same time, this is a huge job. this is a play from that which is more than 2 billion people. anyone who is in charge there is going to have a lot of stuff to3 do. i think their plan is really well-established at this point. especially around traders and video. it will be interesting to see whether tom allison can have the same kind of leadership he did and whether or not he will be accepted. >> i want to go back to a

graphic of who is now in the leadership position at facebook. it is not a good look because we are in an age where we are talking about diversity, people of color, women and many who have been previously left behind in terms of top ranks. right now, i see a non-diverse group. >> it is not just something that we in the industry are talking about, it is something that facebof@ time. they said a lot of public goals -- set,(p alot of public goals around diversity and women and leadership -- in leadership and in engineering. there are a lot of men on that board and she was the highest ranking woman in product. the fact that she is gone and now everyone in charge of all of their divisions is a man and a white man, i think this is a bad look for a company that think -- claims this is really

important. this is a bad look for the products. it is a product that touches a lot of people. caroline: that does it for this edition of bloomberg technology. make sure you tune in tomorrow when we will be joined by the visa cfo. this is bloomberg. ♪ ♪ ♪

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