announcer: in silicon valley and beyond, this is bloomberg technology with emily chang. ♪ emily: this is bloomberg technology. coming up, activision blizzard employees taking a stand, staging a walkout. this after a report the ceo was

aware for years of sexual misconduct claims including allegations of rape at an activision studio. we will bring you the latest. it has been an uphill climb for peloton. shares jumping after a $1 billion stock offering brings in major investors. will this take the fitness company over the hump after its grim forecast for sign-ups? roblox shares on the rise after four days in a row, including today. our interview with david bouzouki later this hour. let's get a look at the markets with pretty cooped up. sox -- >> the green in the markets is where we ended up but the question is consumer spending. we got that answer loud and clear, it is. data actually showing spending is higher over month.

and earnings from home depot and walmart signaling monetary support has not gone yet. s&p 500 up. we still saw tech outperformance. ultimately closing with tech as one of the best performers. -- sentiment was sour today. the index is down you saw bitcoin retreating from those record highs. i want to show you a story that caught my eye, riviere and. actually boosting its market cap to pass a major contenders. -- competitors. it is inching its way higher to toyota. this ipo debuted just last week. really an eye watering rally. let's get to top tech movers, peloton actually issued a $1 billion stock offering to raise

more money. you know they have been having a cash crunch. instead of dropping, it actually gained because they got lots of demand. not only raising $1 billion, but an extra one million on top. investors were wanting those shares. shares soaring 15%. qualcomm as well putting out good earnings. most importantly, partnering with bmw for supply chips for their autonomous vehicles. good news for that company in particular, up 8%. activision still dealing with the sexual misconduct story the wall street journal reporting the ceo actually knew about what was going on within the company. employees staging a walkout. the board supporting activision's ceo but it is that tug-of-war that is weighing on shares today. emily: i want to continue on that activision story. workers at the company staging a

walkout, pushing for the ceo to step down after multiple allegations. i want to bring in our tech reporter who has been closely following all of the developments. revelations from this wall street journal story are incredibly alarming. walk us through the new information and what bobby codec supposedly noon -- supposedly new. >> the report was explosive, a bombshell. it alleged that bobby knew about all sorts of things. that he was looped in on an email of a report of a rate of the -- an employee of sledgehammer. it detailed instances where he was looped in and essentially painted a picture of him as hands-on and in control of all communications and matters of the country. -- company. the wall street journal reporting he is a perpetrator of

some of these instances, telling stories about him dealing with assistance in ways they found uncomfortable. one assistant said he left her a voicemail essentially threatening her life, which he and the company claimed was hyperbolic. but, the picture that the wall street journal paints is not pretty. emily: activision has called the reporting inaccurate and misleading. they say they are committed to being an inclusive company, the board standing behind bobby kotick, saying they believe he is appropriately addressing these issues. what is the likelihood that he can survive this, given the direct pressure being put on him by his own employees? >> it is a strange thing. bobby kotick is the longest running ceo in the gaming industry. he has been running activision since 1990 and he has made a lot

of money for that board of directors and shareholders. he has pumped that stock through the roof. obviously, some gains -- losses and gains, but it seems like the board is going to keep him going. today when i saw that story, i honestly thought he would be gone by the end of the day. i was a little surprised to see the board standing by him because it feels like he has completely lost faith of his employees. right now, about 150 people are marching, protesting in irvine, california where blizzard's offices are. they are calling for his immediate ouster. more people are protesting virtually as part of this walkout. it feels like he has lost the confidence of his staff. i am pretty surprised the board is seemingly standing by him. emily: thank you for your reporting. we will continue to follow how

all of this plays out. very shocking revelations and that wall street journal report. if you were trying to listen to music on spotify or get ahead on holiday shopping on etsy, a man -- a massive outage might have slowed you down. websites from home depot to snapchat were down, or having issues tuesday. first indicated on the outage tracker down detector. users report a spike just afternoon eastern, in an incident, the company confirmed it had suffered a global outage and stated they were working to resolve the issues. google said some problems were caused by bad networks configurations they -- and they will publish an analysis after an investigation is completed. coming, how slack is adapting its platform to meet the needs of an increasingly digital environment. we speak with ceo stewart butterfield following day one of its frontiers conference.

emily: eight years after launch, slack is one of the leaders in business communication. as whole companies now shift to remote work, businesses across industries are realizing the need. we'll talk about how slack is adapting to changing trends.

joining me is stewart butterfield. you just kicked off your frontiers conference today to talk about the future of work and more connected experiences. how is slack stepping up to make these experiences more seamless and real? stewart: it is great to be here. there are two tracks, two significant announcements. one is maybe five or six years in the making. we had to give people building blocks they could assemble and reassemble to allow them to deal with hundreds, in some cases thousands of tools. i will come back to that a little later, but everyone is much newer and fresher and has developed a response to what we saw in ourselves during the pandemic. i think about huddles, which launched in july. audio only, more of a call replacement.

clips is for asynchronous video meetings, so people can free up time on their calendar. honestly, it is an exciting environment because there is a lot going on and you really see customers and organizations digging into challenges. emily: one of the things you are doing is you are working to give more non-technical users the ability to customize their experience. i spoke with the ceo of air table, they are working on these applications to give users the ability to build their own apps, even if they do not know how to code. take a listen at to what -- set about the future of work and how it is shifting and why we need these kinds of experiences. >> in the old way of working, you could kind of get away with ad hoc ways of tracking data. you would meet with people, send emails back and forth. tap people on the shoulder. today when you have all these

people, that just doesn't -- anymore. emily: how game changing to you think your new get -- your new suite of products can be? stewart: i think they are more valuable this year. things are a little more concrete. i agree with how we and their integration. imagine you are a recruiter. it is a typical day, you send an offer to a candidate. you sign it, you get an emails, now you have memorized steps. you're going to the tracking -- where you and -- turn the jobless website off. you go to the hr system and say this person has a start date. it is allowing people like a recruiter, or people in the legal, finance, sales, to pull those things together and automate a lot of that work so the -- when the notification comes in, the hr system are all

automatic, or as close to automatic as you can make it. the idea is that the people doing this work have a much better idea of the workflows and can simplify their lives compared to professional software developers. i do believe there is a collaboration between the non-technical users and the people making this offer. emily: while h-mart people are walking -- while more people are working remotely, how do you minimize that friction? who are obviously adopting this in your own workforce, what are the risks of this new work world? stewart: it is hard to say because the pandemic is such a once-in-a-lifetime event. i think we have made permanent changes in their has been a little bit of a revolution. at some point, the actual threat of the disease mitigates and you learn to live with the risks. people want to be able to get

together, but i do not think you're going to get workers to give up the autonomy they've had over the last couple of years. even two days in the office is not a 60% reduction. if you don't have to go for three days. for most people, it is infinitely increased because they are going in zero days. the power dynamic has shifted towards the labor side, so the -- and that is happening across all these industries. i do not think it is going to be up to the leaders to dictate that people have to come into the office. the good news is you can get -- from people all over the world. emily: i don't think we have talked since the salesforce deal closed. salesforce has been talking about a digital hq. what will slack's role be? stewart: a place where everything comes together. there are interesting things, i put myself in this category as well. historically we thought a lot more about conference room

design and office buildout cup -- buildout. relatively little attention to the digital structure of productivity and collaboration. imagine some alternate universe where we were all allowed to go into the office. but, all of the software we used to communicate was taken away. we would cease to exist. companies that have done well over the last couple of years would disintegrate in 48 hours. we have obviously switched the relative importance. it is not digital supplementing in person, it is the other way around. it is time for leaders to start paying more attention to that digital infrastructure and thinking about design and investing in employee's ability to communicate, doing more training. all of that stuff. emily: now that you have have -- now that you have been at this for a year, how -- what have you learned about yourself and how you work that surprise you?

stewart: it has been really interesting. we were talking about this earlier, but i have a six month old now. born during the pandemic. i went on leave and before going on leave i was at home almost every day. i got to spend a couple of months really deep in the experience. but when i went back to work, i was still just at home. i could spend an hour with him in the morning, walk out on a meeting to go see him, very different from the experience of having to catch the 6:13 train to make sure you are home before the kids go to bed. that is one example of something that is not going to be easy for people to get back to. emily: something you didn't know you would miss. i've got to ask you about the meta-verse, what is your view on the meta-verse and what will slack's role be?

are you bullish? stewart: this may be one of those things where i feel like i am getting old because i do not know. i do not mean that i am against it, but the applications are a little bit hard for me to imagine. just the physical setup of having a headset on. perhaps when the technology is more advanced. having said that, there's a lot of applications that are not much about knowledge work, but if you work at boeing and you are wiring an airplane, virtual reality would be a boon. same thing with factories and things like that. slack was one of the partners in the meta-verse launch. ideally, we see something that is less in the mood of people typing at their keyboards and sending messages and more about the button press, the acknowledgment, the notifications coming in and giving people an easier way to deal with it. emily: that might be one of the

most honest answers i have heard yet. thank you. slack ceo and cofounder stewart butterfield. great to have you back on the show. coming up online wholesale marketplace faire says it's goal is to have mom-and-pop shops keep up with amazon. we introduce you to the rise of independent retail around the world. it is now valued at $12.5 billion. on our way to the meta-verse, how big an opportunity is augmented reality glasses? christian ormonde seems to think it will be even bigger than smartphones. >> the reason we are bullish, we believe when you look at your phone today, the screen is the limiting factor. there is so much more you could do, but you are limited by the screen. i see a future when everyone

will have companion glasses you wear. this opportunity could be as big as the smartphone itself.

emily: the online wholesale marketplace faire just today $12.4 billion valuation after closing $400 million in a new investment round. faire is all about putting power in the hands of independent retailers, helping mom-and-pop shops take on e-commerce giants like amazon. let's talk about how the supply chain crunch is impacting with their ceo lauren cooks levitan. how do you give that power back to mom-and-pop shops and help challenge amazon? >> thanks for inviting me. we do that by giving them technology tools that historically have only been available to larger businesses. we give them to -- the

opportunity to shop on machine based assortments. we are confident those products are going to sell in stores, then we give them other tools that are typically only available to much larger businesses. like the ability to return goods when they are not selling in their stores. all of that is something that historically has not been an opportunity for small businesses. we know they can do -- when we level the playing field. emily: how are the supply chain challenges impacting small business owners and entrepreneurs? how are they keeping shelves stocked going into the holidays? scaringe we are a two sided marketplace. -- >> the demand-side is over 300,000 retailers in north america, and now 15 countries in europe. they are facing different challenges associated with the supply chain traffic jam.

on the brand side, they are also able to communicate with retailers about what they have available and in stock. that is something retailers really appreciate. they can come to faire and find out what is available. they can shop based on their values, including made in the usa. that is often something that would be important to them, now they are going to use a shorthand for things they can get more quickly and accommodate customers. we know consumers want to shop with their local retailers. they feel confident they are going to pick products that resonate with them, but they also feel more confident they can move more quickly and adapt to the changes and they can find small goods. they can fill a void in their inventory very quickly. emily: $400 million in new funding. how do you plan to use it? scaringe -- lauren: we entered europe over

the last six months and have been really excited by the progress we are seeing there. we are over 150 mailing dollar run rate. that took us three years to get to that level in north america. we did that in six months. second, we will continue building tools that support both retailers and our brands, to level the playing field. and we will continue building out our team. we have 800 employees and expect to double that next year as we work on all the ways we can support the brands and retailers to chase our dream. emily: $12.5 billion is pretty big. what are your plans to go public? lauren: we are focused entirely on supporting our brands. as it turns out, being -- if it turns out being a public company would serve those dreams, that is something we would consider. but right now, we've got this financing with the right set.

emily: you are passionate about women entrepreneurs and women-owned businesses. how are women-owned businesses faring post-pandemic? lauren: we read so much about how this has been a female recession. the thing about faire is that we provide working capital tools for all businesses. many times those are underrepresented minorities and women. but we have seen from our brand to continue to grow, now over 40,000 of them. our retailers also continue to grow and succeed and drive more volume on the platform. we see them succeeding in a dissent thing all of our employees are proud of being able to support. emily: lauren cooks levitan, thank you for joining us. coming up, expectations were low heading into the first summit between president biden and xi jinping. the virtual meeting appears to be a political success.

we had to hong kong for details. later, i will be speaking with roblox ceo david baszucki, covering their announcements from their investor conference and their push into the meta-verse. this is bloomberg. ♪

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emily: welcome back to bloomberg technology. i am emily chang in san francisco. attached to new york where kriti gupta is watching the markets. kriti: in honor of president biden and xi jinping having a virtual meeting, i think we would walk down memory lane, the trade war of 2018 were you did have a lot of -- actively reflecting on the stock market. stocks in the russell 1000 had a lot more exposure to china. the y line is the russell 1000.

you can see the underperformance, but that gap has seemed to close, telling you that trade war impact was so strong four years ago, but has faded. another place is the semiconductor space. a lot of american companies are dependent on semi's, and a lot of those makers have supply chains that extend all the way back to asia. they have been soaring due to the global chip shortage but it also has a lot to do with the active understanding that you need to chips for ev's and smartphones. essentially, that timeline and the idea the president biden administration is willing to invest in that infrastructure, you can see how big the gains are. the gains only get to somewhere in the 80's, the 30's. that is not bad compared to the s&p 500 year-to-date. i want to end with chinese versus u.s. tech. that divergence is more clear and has less to do with the trade war and more with

regulatory scrutiny. you can see that gap has widened and continues to widen as you see more restrictions on what chinese tech companies can and cannot do. what is that doing to u.s. tech? it is rerouting funds. you can see it is really outperforming the golden dragon index which holds chinese listed adrs. emily: thanks for that. meantime, president biden and xi jinping attempting to stabilize what has been a tense relationship between the world's two largest economies. they agreed to keep talking without letting disagreements over taiwan the reality engagement. the virtual summit lasted longer than expected. stephen engle joins us now with more. give us the big headline. >> we got confirmation from national security adviser james cello that taiwan really did play a large part of those 3.5 hours of discussions.

and for the most part, reading the comments from state media and to the readout from the white house, it seems the engagement was quite positive. as china has been trying to return the relationship to a higher track, a better track, a more productive track for the two largest economies, but taiwan is a flash point at a sticking point. a new development on that front, taiwan being the critical hog -- critical cog in the supply chain. basically they wanted clarity from the bite administration on, does biden support the one china policy? the status quo? essentially biden said yes, we support the one china policy and does not support independence. that is the bottom line.

even state media in china said biden opposes independence for taiwan. let's fast forward a few hours, biden on his way to new hampshire set on one hand he supports the taiwan relations act but at the same time he said "taiwan is independent. it makes its own decisions. i do not know if biden was stepping in it again and misspeaking. he was essentially saying, taiwan governs itself. but, that does not necessarily mean it is independent. this is going to rip off the band-aid from yesterday. what does biden actually mean about taiwan? emily: indeed. what does this actually mean about the future of u.s.-china relationship? it has been frosty. it started under former president trump, but a policy that president biden has seemingly continued. >> it is understandable to a

certain degree why biden would not remove the tariffs, or the specter of this trade war, because then you are removing all of that leverage in the first year of office. am sure there are inclinations to remove the tariffs. it has caused anecdotally, and by the numbers, some inflation. we know inflation is a big problem, but again, if you take away those tariffs, you immediately remove a big lever of leverage with china. at a time when it was at a -- and rebuilding under a biden vision of china, rather than the trump vision. it is still the first year of the administration and they are still trying to figure at what works with xi jinping. xi jinping is the strongest chinese leader we have had now since mao zedong. emily -- emily: how important is to keep the peace right now?

and in six weeks to the holidays? >> absolutely. there is a bifurcation going on in the tech world and supply chains. china is looking a little more inward, trying to be more self-sufficient from chips to other high-tech products. they are looking at the domestic economy, but the united states needs those imports from china and taiwan as well where the supply chain is crimped. an interesting story on the terminal this morning, i do not have time to get into it, but this lengthy piece, i encourage viewers to read it, this new division in china, it is basically government-backed and solely for the purpose of identifying suppliers in china who can supply chin's high-tech -- china's high-tech ambitions. they will be venting and adding

input from the government's perspective about products that need to be made in china by chinese company -- companies so there is less reliance on u.s. suppliers emily: check that out -- u.s. suppliers. emily: check that out on bloomberg.com. thank you for joining us. amazon has decided not to go ahead with a major office expansion injures a city below for matt kelly realty. bloomberg had reported amazon had been close to a lead for roughly 400 thousand square feet on the new jersey waterfront. bloomberg has learned the deal fell apart after amazon backed out last minute. coming up, peloton moving higher after saying it will sell about $1 billion in stock. could this be the you turn the company needs to keep the post-pandemic momentum going? we discussed next. -- we discussed next.

emily shares of peloton rising, the maker of bikes and treadmill saying it will sell $1 billion worth of stock. shares have fallen since peloton/annual revenue forecast by as much as $1 billion. mark joins us now with more. what exactly does this share offering mean? mark: this means there is a secondary market of shares that peloton is selling to investors to build up more capital. they expect to build more than $1 billion in capital. their share price is in the mid-$50 range. the share price they are selling additional shares outcome and at about $46 i believe, somewhere in the mid-40's.

in order to raise over $1 billion in capital. have sort of seen how to get your stock out of a funk, moves like this. emily: is it going to work? do they need the numbers? mark: shares went up today, but closed 16% from yesterday. so it did work from today, people being able to come over -- come in at a lower price. profitable again by fiscal 2023, but investors are going to want to see that happen before they invest heavily in that stock emily: walk us through the challenges peloton is facing, their grim forecast and what you are looking through -- looking for through the holiday season. mark: these are self-inflicted wounds. they should not have provided those forecasts. only three months ago they said

they would be making $1 billion more than they would. but that does not impact the overall business. we just want to know about the forecast. they clearly are anticipating stronger results coming out of covid. they see people going back to the gym, back to the office. they're going to have to invest in marketing and other strategies. the other -- and other types of categories of products to get back to the levels of profitability. next year, they will be releasing the peloton guide, a product that comes in at less than half the price of their bike. this is a home strength training device. that will add more people to the ecosystem as they get more people connected and digital subscriptions, they have a compelling case to make. even though covid is nearing the end in terms of economic reopening's, they're still probably is a place for people working out at home. people have bought treadmills at home for years and peloton wants

to be the king of that. emily: what is the main competition here? other bike makers? the gym? coming out of a pandemic and everyone not being on lockdown? mark: i think it is a mix. -- is there big competitor, albeit more expensive. i think it is the lower end treadmills people are buying for a few hundred bucks on amazon that are a big competitor. i also think complications from covid, a combination of the missed estimation of demand, underperforming supply chain, these are already flags that have basically torn apart the pellet on story for the next few quarters. emily: what is next? what are you watching? mark: obviously the peloton guide coming out. we will want to see reception to that, how that product integrates with other devices.

there are other products in the pipeline, aerobic machine they have been working on. i want to see them come out with a treadmill that is even less expensive. if they can get that down by another $1000, that could be a nice sweet spot for people. i think marketing their financing plans, advertising their different programs versus full purchase price. a stronger push into that, perhaps a relationship with some sort of credit card. really hooking people into the subscription and making it so there is lower turn. all of those things combined can be compelling for the company. in addition to wearables, they are coming without with their first -- coming out with their first wearable. eventually turning that into eight standalone device -- turning into a standalone device. there also whole ecosystems of

accessories they can get hooked onto. also, the requisition to get them into existing jim cosan college campuses, getting the peloton outside the home is a potential strong area for them and that alleviates concerns around, do people really want to work out at home? if it is at home or your gym, it doesn't really matter to the company. emily: thank you for sharing that with us. lots to watch out for. coming up, i speak with roblox ceo david baszucki in an exclusive interview you do not want to miss. this is bloomberg. ♪

emily: roblox on a roll, passing

activision as the world's most valuable gaming company. shares hitting a record high as the company kicks off its investors conference. with us now is david baszucki for an exclusive interview. huge day for you. one of the key takeaways today about where roblox is going. david: thank you for having us on the show, reaching out to our community and shareholders. we talked a lot today about innovation. we had over 21 executives from the company sharing different areas of our product stack. we talked about safety and stability running throughout the whole company and everything we do. talked about our amazing community that powers everything. the millions of experiences all billed by this amazing community. emily: roblox just overtook activision as the world's most valuable gaming company. are we seeing a changing of the guard in terms of the kinds of games people want to play now?

david co. we should -- david: we think of it as a human co. experience category that supports people coming together to socialize, learn, play, work, experience entertainment. we do not usually think of ourselves as a videogame company. that said, our creators make amazing games and experiences on the platform that sometimes our games, and sometimes they are music concerts. i do not know that this is much the changing of a guard as the emergence of a new category. emily: how far away is the meta-verse? how was roblox going to get there? david co. -- david: this term has been in the genre of sci-fi writers and authors. there has been a dialogue over this for 30 to 40 years and we

are actually in the middle of it right now. there's over 200 million people on the platform every month. they do a lot of things, they have an identity, they have an avatar, they do stuff together. sometimes when they can't be together in person, they will go to a party together. we are in the middle of it, but it is such an amazing big new potential category that there is a lot of opportunity ahead as well. emily: facebook changed its name and wants to own the meta-verse. will they? bill anyone company owned this new world? >> i think we are early in this amazing opportunity. i think it is going to change the way people both communicate, share stories. ultimately it is going to allow people to learn together in interesting new ways as more people work remotely, it is going to power that as well.

we are very optimistic about a big civil society emerging on these platforms, but we think we are still actually really early. emily: a keyword you said there, civil. facebook's own cto has warned about harassment as an existential threat in this new world. of course there is concern the worst of society could get replicated in this new world. you were early in thinking about this, what have you learned about creating norms and healthy behavior in the meta-verse and making sure other companies do the same? david: it is super important. within a month of launching roblox, my co-founder and i built our first little civil safety system and we manned the moderation cues. now it is our top priority. we have thousands of people, 24/7, keeping it civil and safe. we have an amazing group of

creative people on the platform, many of them young. we are very proud of how much we have worked to make this a place where people can come together to be with their friends and do things. it is the foundation of our company and we have no tolerance for bullying. emily: you see big potential for education in the meta-verse. you were trying to get 100 million students engaged. can you give me examples? does this mean we can visit for income -- foreign countries or landmarks on the others of the world without having to look at them? david: in addition to the millions of people learning computer science, there are -- there is also this vision that side-by-side with books and video, if we wanted to go to ancient rome, we might actually go together in our class, experience it, interact with the environment and actually see

what it is like. there are three pillars of education. we are also optimistic, even further off in the future, for some that don't have access to education. they may use these 3d type platforms to join a class, dissect a frog, if even -- even when they are not near the school. emily: you have been expanding in china but coming across government crackdowns. how was that impacting you? are you reconsidering any plans? >> we have a long-term view in china. we think this type of technology is going to really connect people all around the world. we are conservative financially with our forecasts. we do not roll china into that. as you mentioned, it is a changing political landscape. we take the long view and everything we do as well as respect our community and we will continue to take a long view on china. emily: roblox had a wide server

outage. they were down for three long days. what lessons did you take from that as you grow? would you consider partnering with an aws or a microsoft one day to use their cloud capabilities? david: we took this very seriously and you are exactly right, three long days. we are going to publish an analysis of what happened and share what we are doing to make sure this never happens again. we were surprised by the outpouring of our community. when we came back up, we didn't lose any of the people on the platform, which was gratifying. but it highlighted the responsibility we have within our community to be a 24/7 utility for them. we will share more about that in the future. we took it very seriously. emily: adoptsme is now the most popular game. you can raise per -- raise

virtual pets. 64 million players every month. what are your favorite games? david: this is almost like asking me which is my favorite child. except, i would have millions of children. all of these are created by our community ranging from hobbyists starting out to large teams that can have 30-50 people. we are approaching the time when one of our teams is going to make $100 million a year. some of the most creative people in the world are working on the platform. i have an affinity for railroad simulation. there is a lot on the platform, but pretty much everything we could imagine we can find an experience like that on roblox. emily: speaking of kids, i am a parent. even though you've got these parental controls, i still worry. are my kids safe?

what advice you have for parents and people like me out there who are still trying to understand how we should moderate our children's experiences? david: we are being very thoughtful and that we are optimistic. as people come together on platforms like roblox, we will be helping with civility and giving hints that we would like to make a world -- make the world a better place for that. for parents, talk to your kids. this is always a discussion. you can use roblox and other forms of media to have a great discussion about this. we always recommend close communication. emily: thank you for that. david baszucki, great to have you back with us. that does it for this edition of bloomberg technology. make sure you turn in -- tune in

tomorrow. i will have the ceo of amazon web services and the ceo of alphabet. and google. just another day on bloomberg tech you don't want to miss.

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haidi: welcome to daybreak: asia. sophie: we are counting down to the major market opens. shery: i am here where global leaders are gathering to discuss challenges facing the new economy. let's get to the markets.