>> from the heart of where innovation, money and power collide in silicon valley and beyond, this is bloomberg technology with emily chang.

-- caroline: our conversation with him later this hour. while china continues to crack down on big tech and cryptocurrencies, southeast asia is capitalizing on it. how the region is looking to attract innovation. we will get you that and of course the reaction to the jobs data encompassing at bloomberg. the september jobs report showed a continued strain on the jobs report. listen to what he told bloomberg. >> it's about the pandemic and this is not just an american issue. this is an issue with participants in the workforce. we have more work to do. people are concerned about the eltel variant and their health,

and a lot of people are reevaluating their work life balance and changing careers. caroline: markets took it in its stride. take us through it. >> a choppy strip -- a choppy session but not dramatic, compared to some of the drama in recent weeks, a disappointing headline number but the unemployment rate to drop and the revisions to the prior month's were solid. the consensus is it is not enough for the federal reserve to bring its asset purchases. all of the major benchmarks lower, tech leading the way, the nasdaq down .5% for the biggest drop and at least it is down about 5.5% from its peak in early september. but it did eke out its first

weekly gain in five weeks, a small gain about 0.2%. everyone wants to know about tesla, the second-biggest drag on the nasdaq. caroline: talk to us, why? >> companies were saying this supply chain issue is real. elon musk saying he still expects to maintain sales growth about 50% but it depends on the computer chips they need but also -- there spending money flying parts other than sending them on ships. they set a goal for 20 million vehicle sales. the analyst was a little ambitious given how much they

will have to spend their manufacturing -- expand their production footprint, elon musk likes ambitious goals. caroline: we will dig in a little more. the big news is the chips and the headquarters, from fremont, california to austin texas, listen to what you on musk had to say. >> we will be continuing to expand our could -- activities in california, it is not a matter of tesla leaving california. our intention is to increase output by 50%. we are hitting the sides of the bowl. caroline: joining us for now, it's not about california or that feud? >> the big reason is affordable housing. musk moved to texas last year because he is the wealthiest

person on the planet and texas has no state income tax. he has been frustrated the way california has dealt with the pandemic and he has had a feud with a look health officials but this is not about growth. -- is about growth. they have big plans and they are building a factory in austin so it makes sense their headquarters would be where the shiny new factory is. it is kind of like they are moving in their corporate headquarters, but it's not like they were shutting down fremont and palo alto and demanding their california employees move. this is a company that is growing rapidly and if you are a young engineer and what to work at tesla, you can live in austin, you don't have to live in the bay area where the cost of housing is prohibitive. caroline: is the pool of talent rich enough in austin or do they think people will move with them

? >> i think some people will move. if you are a young, talented engineer and would like to buy a house, austin is more affordable than the bay area but tesla draws talent all over the country. i think that musk is consolidating his empire in texas. spacex has a huge base of operations in boca chica, the new factory will be the crown jewel. it makes sense he would try to consolidate and be in the center of the country, easier in terms of trouble. caroline: thank you for breaking down that move. during the shareholder meeting musk acknowledged what mike rubin was talking about. he believes it might abate but it might go on when it comes to the chip shortage, too. he admitted they are adjustably challenged. karen nelson joins us to discuss. let's talk about trips before we

talk more about texas. i'm interested in -- before we thought tesla was sailing through the chip crisis, let alone the supply chain. >> thanks for having me. what you saw last night was elon musk darling back expectations to give themselves more with the ongoing uncertainty regarding the chips. supply chain constraints are very real. but this is not new. tesla has done any credible job navigating headwinds over the last few months and in recent quarters. intel came out in july and it the chip shortage would persist for another one to two years. at that point, a lot of investors woke up to the realization that this is not a near-term problem. it is going to persist well into

2022, perhaps 23. caroline: what about their production goals? what about hitting their targets for sales? garrett: i think why the stock was down today, little over 1%, was that elon musk quietly dial back the expectations as far as first production of the cyber truck as well as the semitruck. he is now saying the first production of the cyber truck by the next year and the semitruck in 2023. he has pushed out the timeline by a quarter or two. that is why the stock was weaker today. i think that is the primary reason. the other concern is tesla has some bona fide competition with electric vehicles. which is competition they have

not had up until now. lucid will have first deliveries of their lucid air vehicles this month. that is a vehicle with a 520 mile epa rated range. that is more than 100 miles higher than the highest range on a tesla. you are having competition showing up in the traditional automakers. caroline: exactly, undercutting in terms of pricing coming from gm, 30,000 to take on tesla's price point. to dovetail, this moved austin, i have heard reporting and some analysis that going to texas will help the cyber truck and help them be at one with the mainstream american insulted them. is that a take? -- and sell to them. is that a take? garrett: it is. texas is the largest pickup

truck buyers in the u.s.. it's mainly about cost-of-living, it also there footprint, geographic footprint. they have lots of room to expand outside of austin. and tesla is not alone. oracle and hewlett-packard left the bay area for texas. this is a broader trend we are seeing. caroline: thank you garrett nelson from cfra. new details about what the white house plans to do about crypto oversight. the biden administration considering an executive order that would direct and coordinate agencies on cryptocurrencies, including financial regulation, economic innovation and national security. the administration is still expected to make public its crypto strategy. coming up, an app that soared in

popularity is being valued at millions of dollars, we are talking to the ceo and coo of notion. this is bloomberg. ♪

caroline:caroline: revolutionizing remote work. the platform notion soared in popularity during the pandemic and with tiktok videos it's also much demand the site was down. it is now up, running and being valued at $10 billion and has raised $275 million in a new

funding round. joining us for more is the coo, akshay kothari. paint the picture of what that mission is at notion, what you are managing to accomplish. akshay: thank you, i am delighted to be here. notion is an all-in-one workspace that brings together essential workflows like sharing a dock, managing product -- projects or -- and we bring it into a sickle tool. what is unique is how much you can customize and modify the tool to the way you work and when we launched a few years ago, we see a lot of individuals and startups feeling empowered with how much notion helped them work. what we are seeing now is we are increasingly getting pulled into the enterprise where these large companies are wanting the same

empowerment in today's world. caroline: olivia, you are the revenue eyes, you've raised $275 million and i'm interested how you got to work to make sure it grows the company in the bottom line. >> absolutely, again, thanks for having us. there are three areas we know we want to invest in and continue to push forward on. first is in the platform and making sure we have an accessible platform so that people really can use us as a place to get entire flows of work done. the second is as he mentioned an enterprise. as our customers pull us up into enterprise and deploy as in thousands and thousands, we want to make sure we are making them successful in putting the resources into do that. third is international. 80% of our users are coming from countries outside of the united states, which is wonderful to

see, and we want to continue to lean into that and make sure we are there for our customers. caroline: interesting, the for your clients and showing you have got their back throughout. what was interesting is, you became almost too popular for your own good, you harnessed the strength of tiktok which everyone centered home wanting to new ways to improve their productivity, it is amazing tiktok became the way. are you at a space where you feel you can take on that demand now, that you have got that base load improved? akshay: we invested a lot in our infrastructure to accommodate fast growth. we have grown about five times in the last year. caroline: one of the numbers? akshay: we are over 20 million users. and it's a product consumers use which is why it is vital growth

from tiktok, but come in he's like adobe are using it inside the company to make them more productive. caroline: i'm interested, olivia, as you grow a business you have to make sure you have the right culture and mission, and morals. you are part of the initiative looking at scholarships for hbcu students. you set an example for a diverse team, how do you ensure that? olivia: as you know, talent is what matters most in any company and how you think about building a team. i joined notion four months ago and i could not be more impressed by the diversity of thought and also the different places folks come from and the innovation that springs up from having an international composition of the team and a different set of ideas. i would say we embrace that in the community.

we engaged in a number of entities that are out there aligned with our mission, also on the nonprofit side. and from our customer perspective, we are incredibly diverse, heavily international and everything from startups all the way to enterprise. it keeps us on our toes. caroline: you are building a product for those working remotely, but also coming back into the office. how are you dealing with notion itself? do you go outside of the office first, i know you have been expanding internationally. akshay: great question. we only had 40 people in the san francisco office before the pandemic. today we are at over 200 people across san francisco and new york but also dublin, tokyo and our newest office. we are using this to stay connected, stay informed and push for innovation and evolve

our product into being this platform across the different offices. it's wonderful to watch how much the world has changed in the last 18 months. some companies want to be in office, some want to be complete the remote, and there are a lot of companies in between. i think we're very grateful to be working on a product that is helping companies across these dimensions and helping them be productive rubber people are. caroline: from a revenue perspective, olivia, where do you find the most opportunity lies? how do you think you will involve the business -- subscriptions, what ends up driving your profitability? olivia: absolutely. as you can imagine, we have had this hyper scale of growth so we are getting pulled in a very

expensive motion. we see a lot of revenue coming from expansion and customers that want to stay with us in grow with us. it is great to see the retention rates that we have, pretty unique. caroline: what are they at? olivia: very healthy. and we of course or driving what is new as well. because people talk about it with other colleagues, talk about it with their friends, we see more and more companies coming on to the notion platform and there is a good, healthy chunk of net new revenue as well. i'm excited to lean into both of those. for me it is a very healthy business profile and one of the reasons i joined notion. caroline: akshay, what is competition like? who do you see is competition and where are you competing? akshay: the long-term goal is to

be as ubiquitous as microsoft office and will suite. these two incredible businesses have been built over the last decades, we think notion is a third generation of productivity software that can get to being ubiquitous. it will take us many years and today is a day of celebrating how far we have come, but come tomorrow we will be back investing into the product and investing in our customers and making sure we can make ubiquity a reality. caroline: great to have time with you, great to have time with you, stay well and have a good weekend. coming up, the fight against climate change, jeff bezos shares his thoughts on what governments and companies can do. you will hear from the founder of blue origin. elon musk and spacex has reached a valuation of $100 billion.

spacex already sits among the world's most highly valued private companies. this is bloomberg. ♪

caroline: that was the moment origin launched jeff bezos and three others into space. he said the trip reminded him that nature is special and he has called for ambitious targets in combating climate change. he told francine lacqua we need

to adapt in order to prove the world. >> will have more jobs of higher quality, consumers will have better products, electric cars are better than internal combustion engine cars. we can do that in every sector of our economy, we can improve our agricultural systems, we can return the natural world to the way it was 500 years ago. caroline: he says governments, businesses and consumers need to adapt and countries need to be more ambitious with chemicals. facebook restricting sales of the amazon, the rain forest. they are banning selling ecological areas. they found huge trump -- chunks of the main force have been listed or sold. the company said it will block

certain listings if they are in protected areas. and beijing finding a food delivery company because of anti-monopoly regulations. it has been ordered to improve its mechanism and ensuring rights of restaurant partners and it will step up protections for delivery writers. a special contingency against facebook, some looking for alternative social media. now a decentralized platform, how it aims to fix current problems. that is next. this is bloomberg. ♪

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caroline: this is bloomberg: technology, i am caroline hyde. hits keep coming for facebook, thousands had trouble accessing site in instagram friday. more than 73,000 people reported robbins with instagram alone. monday, facebook suffered from a broad global outage for about

six hours. entered has been quite the week for facebook. on tuesday, frances haugen, a whistleblower released data about how the website misleads and causes negative impacts. we will talk with senator from virginia -- we talked with senator from virginia about the next steps. >> i have been on this for 4.5 years and it is a total response ability that congress has not done is eagle thing. i would keep breakup as my backstop, i would start with others. if you are tired of facebook you should be able to move your data to a new site for competition. we should know what our debt is worth. the services market our

information, and we have a legal protection called section 2-30 that allows facebook to say that no matter what happens on their side, they have no response ability. it's time for that to be over. i would start these actions because i worry in a global economy when you have chinese competitors, we should start with form but congress hopes this week was the moment where we are going to get our act together. caroline: democratic senator mark warner of virginia. concerns about the experience with facebook, one person things he has it. he recently announced he is the one behind a social network that has decentralized them. current backers include andreessen horowitz, sequoia, coinbase. i want to bring in the creator.

he is known as diamond hands, a man who comes to the fore and lets yourself be known. talk to us about this. what is it? >> thanks for having me. the facebook outage has shown how heavily you've come to rely on a single corporate entity for our information needs in the world and the interesting take we have is that the free market is going to rake up facebook, not regulation, through deso. it is a blockchain that is custom built from the ground up as a social application to centralize social media in the same way that bitcoin and if the area is decentralizing the blockchain. they're showing what happens

when you put financial data and transactions on a social platform but they're not good at powering social applications. they're not good for that. in contrast, deso is custom-built from the ground up and can take a privately held a monopoly over content, which is what facebook has, and turn it into an open utility that anyone can build on and that is important and how the free market is going to take over. caroline: u-boat bit cloud -- you built bit cloud, how does it incentivize people to use this and create on it? nader: but cloud -- bit cloud is an apt build on the use of blockchain. it is one of over 100 apps and we started the fund to start funding even more applications to build on the blockchain because the future is thousands

of developers with thousands of apps and feeds you can choose from, more competition and innovation rather than three companies that control everything. but back to your question, there are two disruptions, the first that taking what is a private monopoly and making it a open utility, but it the second disruption when you use the blockchain to access --you get access to features that are difficult to do. deso supports and fts and social tokens and what is currently a social tip called the diamond where if you like a post you can give a white, but to the right of the like button you can give anywhere from a penny to thousand dollars with a click. that is difficult on a -- if you are not building on a chain native backend like this.

it's up -- it is a business model that instead of menopause and content like facebook, the content is open and creators make more money by directly interacting with fans by these features. caroline: and nft social network you call it, diamond hands is your pseudonym. i'm interested in why this helps against misinformation and content that is not uplifting. sometimes being divisive gets you more likes and can incentivize people to earn more money. nader: absolutely. if you look at content today, it is a monopoly by a handful of companies and when misinformation is spreading, we, the public, the government have very little transparency into how and why it is spreading.

private companies are often misaligned in that they make more money when misinformation spreads because they can show more ads and more effective ads on misinformation or truth. we have put that on its head and made it utility anyone can build on. and suddenly the best machine learners in the world without asking for facebook's permission can build strong models to bind harmful comment -- content we have access to today and there is more transparency. even the federal government can be involved in watching the spread of misinformation when the content is an open utility, and doing something about it rather than relying on privately held companies. caroline: how do you do that whether it be the government or creators? nader: with deso, moderation is

something i've thought about more than any other aspect of the system. when you have all the content on the blockchain, there are thousands of apps made by people all of the world, not just in one country or silicon valley, and when that happens it becomes easier to regulate especially when the content is open. lists can be published of well-known harmful content and the government can pass regular show that say if you are showing this harmful content you are liable to civil war federal litigation and things like that can be done that can be done today when all of the data is closed in private. but can be much more efficient than relying on private companies to police everything. caroline: nader, it is interesting you have attracted funding from the likes of andreessen horowitz who put money in facebook to begin with. how do you feel the tide is turning in terms of wanting a more decentralized social media?

who is coming, financial backers and users? nader: bitclout and other platforms on top have attracted many users, tyga, some investors . what shocks me is that obviously investors want to make money and that is why they backed things, but in the case of deso, there was another angle, not just making money but we need to move the world in a more positive and less divisive direction. you would be surprised how much the people involved with the project other than me, including investors, users care about that mission and are behind it. like i said, the free market is going to break up facebook with new technology like deso and that is a better solution but if you can --and if you have to

regulate something. caroline: nader al-naji, thank you. come back. coming up, china's crackdown on big tech. we will discuss more with someone from the global investment firm. this is bloomberg. ♪

caroline: china smarts and robotics, pai two china horizon robotics, a chip startup. rethinking its plan after china has increased scrutiny.

there were looking for potential is in the united states. the regulatory crackdown has caused one billion in stocks. some are saying there is an opportunity in southeast asia. they've already started to discuss this. we are talking with raj ganguly, co-founder of b capital. at this moment, what opportunity, what positive opportunities are being built by china's regulatory crackdown? raj: i think in south and southeast asia if you look at areas like fintech and health care, there is a huge opportunity. today, fintech valuations in the u.s. have been skyhigh and i think fintech and innovation in emerging markets like southeast asia has been far outpacing u.s. innovation.

caroline: why? it's interesting because we heard today, maybe the white house is eyeing up some sort of regulatory oversight of cryptocurrencies in understanding how and who should be looking at them. is it more clear or ready in southeast asia? is it more clear what the fintech landscape looks like in terms of fostering innovation? raj: i think what is exciting about southeast asia is it is not clear at all. there is so much slack of infrastructure, basic fundamental rails of banking you are missing, it gives you an opportunity to filled companies from scratch that are innovating on how things like payments and credit are being given. investing in a company with accounting software for small businesses. but they do the accounting software to they can understand how the cash inflows and outflows of those businesses work.

they lend to those businesses and help banks lend this businesses if credit ratings don't work as well this markets. caroline: as regulation grows up around it, how do you get them to understand what is going to be fostered? how do you ensure you are on the right side or your businesses are? raj: it comes down to does it do well for consumers. governments understand if you do right by consumers, we are making a lot of investment into companies that are targeting cities in indonesia. india alone has about 300 cities that we would call your two and tier three. people in the cities -- they are helping mom-and-pop stores give access to inventory and credit they would not get access to otherwise. it's hard for governments to

justify regulating businesses like these in an adverse way because they fundamentally help people. caroline: if you are looking at southeast asia as having the beneficial time with investment in china, what about valuation? are you there? raj: we are and we think china is still an amazing market in the long term and we invest in horizon health care and in the next decade you're going to have salesforce and oracle tech businesses in china. our goal is to partner with them because they do not exist today. if you take a long-term view, you will see regulation and china is natural evolution of the fact that technology markets there are only 10 or 15 years old. of course you need data regulation, antitrust regulation and our goal is to be long-term focused on china. caroline: but to ramp up the

industry to this degree, i know you're not talking about education but i am. do you think china's regulation benefits the consumers in the same way as southeast asia? raj: i think it was fortunate for a lot of us. did not invest in that sector not because of government regulation, but part of it was brought on by the fact that there is such immense amounts of money being spent to acquire customers of these businesses had to then find other ways to be profitable. education is a core market, and while it should be profitable and there is still a huge role for government, on the other hand we think health care, higher tech, bio i.t. in china is getting started and our partnership with the government there and our businesses have partnered with the government. caroline: you are truly global, locations in india, but also

l.a., san francisco, new york. what about u.s. regulation right now? raj: u.s. regulation has been evolving quickly with the new administration and you brought up crypto. crypto is a great example. we are investing in the exchange that has let people trade crypto, but we do think there is a lot of regulatory uncertainty today. getting the licenses to the state-by-state issue, and this regulation needs to be streamlined for the u.s. to keep up with what is happening in crypto globally, we need more streamlined regulation. we can't have 50 plus regulatory frameworks in every state. caroline: interesting i'm not seeing latin america. is that an area of opportunity or not the moment? raj: it's an area of huge opportunity, we have invested in let america, we will be in let

america in an even bigger way in 2022. we are excited by markets like brazil. caroline: i love how global this conversation got. thank you, b capital co-founder raj ganguly. disney has announced they are going to charge visitors up to $15 for reservations. guests can pick scope premium rhyme -- rides to skip the line. next, we will talk about the investing giants $100 -- 100 million dollars investing firm. and what more is needed. this is bloomberg.. ♪

caroline:caroline: a year ago softbank launched the opportunity fund, a venture fund dedicated to investing in underrepresented occupant doors. i caught up with their partner shu nyatta. shu: this is very different from other activity because it is predominantly an early stage fund. these take years to mature. what would like to do is experiment and experiment boldly, not just a few dollars, we like to build teams that are addressing the challenge so that in the case of the opportunity fund mentioned before, we built a full team, about 10 dedicated people, more than half women, all with -- almost 100 -- almost 1% of them underrepresented among black, latino and we are

dedicated to seeing the strategy through. this is phase one, find them, put capital in their hand, help them grow, show that you can generate returns with a strategy that is racially focused. if it is done well, there will be a stage 2, 3, four and it will be more ambitious. the hard thing to do is build the team and focus on doing it right and that is the phase we are in. that will last another couple years and then we will think about other ways to expand what we are doing within that space of the founders of color. but the number of companies are raising in subsequent rounds, a number are growing, we are doing follow-up rounds on companies we invested in earlier because they are progressing so we are encouraged by what we are seeing. caroline: what is discouraging to begin with his 1% was the stat of these founders are black. is that changing? you think with

your help and others we are moving the dial? shu: we are not moving the dial. this is the first step. the path for equity is not overnight, it is generational. the important thing is to stick with it. the magic of startups is you create companies that create value and the people from those companies create other companies that create value and building that ecosystem that pays it forward is the magic of san francisco. it's so difficult to replicate. we need to stick with that, fund companies through liquidity events, have them fund other companies, create a flywheel and a community of founders who can relate, inspire, build and that takes time. we are in the first innings of this journey and we can't do it alone. i encourage other companies to follow the example we have set, not just to deploy capital to other people who will then

deploy capital, that is easy. the hardest thing is to build an investment practice and the reason it is important is more helpful than the capital. it validates what they are doing to employees and they are trying to attract, customers they're trying to sell to, and you have a number of big brands, established financial services and other friends who can lend it to a similar way to validate these founders. that is more powerful than giving someone a check. i think it's a very good one. go ahead. caroline: i want to talk about the validation. this is a sensitive topic and i want to address it with as much sensitivity as i can. but the opportunity fund. how many of those they see you find, you want to put their capital in their hands, much to be backed by the opportunity

fund, we don't want to take it because they are a person of color founder, they want to take it because they are great? shu: i relate, you don't want to be the kids table, you want to be at the adult table so to speak. the good news is big firms have a rehab. we don't have an early stage fund. there's no other company that invested that stage. so for many people this is the entry into the softbank ecosystem for these firms. when you talk about where they got the funding they say softbank which we love. it's irrelevant which vehicle. they say we have been funded by softbank and that helps them recruit, sell, feel they are on the right path, tell their communities they are doing something not risky which is important for a founder who does not come from the traditional background. we think that validation is present even in the construct we have built this on. caroline: softbank group

international magic -- manager, shu nyatta. stay for my colleague david westin up next with wall street week. i'm caroline hyde in new york. this is bloomberg. ♪

david: it was a dog that did not bark yet as natural gas prices threaten a collapse and a u.s. debt default reared their ugly heads and went back to sleep. this is bloomberg: wall street week, i am david westin. two treasury secretary's, larry summers on the economic outlook. >> that is accommodation that does not add up to anything other than taking a big risk on the infl