>> from the heart of where innovation, power, and money collide, silicon valley and beyond, this is "bloomberg technology," with emily chang. emily: i'm emily chang in san francisco and this is "bloomberg technology." coming up, historic day in washington and the united states, the first black woman appointed to the u.s. supreme court. what this means and how her confirmation could impact rulings on tech regulation. plus the latest on how the fcc might handle the fcc delay that

elon musk delay in announcing his twitter stake. and we are at the kennedy space center ahead of the all private trip to the international space station, put together by acxiom. we will talk to the star of shares about what how it all came together and what it means for the future of space travel. in my exclusive conversation with the ceo of ebay on the drover e-commerce and -- post-pandemic world, how ebay fits in. all of that in a moment, but first let's get a look at the markets with katie greifeld. katie: we saw some relief in equity markets. the s&p 500, there are 4/10 of 1% higher. brent crude, this was an interesting story, it did finish higher but at one point it was below $100 per barrel, which is remarkable.

bonds meanwhile resumed their selloff, 10-year treasury yield's finishing six points higher. i want to zoom out and look at the relationship between technology and yields. you saw munitions speaking out again, even though we saw yields rise. we have gotten used to that relationship where yields are up, tech is down. there is probably going to be plenty more volatility as the federal reserve continues to tighten. i want to end on hp, this is the big stock story of the day. hp soaring after filings showed yesterday that richer hathaway took a $4.2 billion stake in the company. shareholders definitely appreciated the vote of confidence. finishing almost 15% higher. emily: katie, thank you. well, history was made today. judge could hunt you round jackson, the first black woman

to become a u.s. supreme court justice. she was confirmed with three republicans joining democrats in a bipartisan confirmation vote. joining me now to discuss the significance, jordan rubin, from bloomberg law. how significant is this? i do not think it can be overstated. jordan: that's exactly right, it really can't be overstated. the first black woman on the court, the first former public defender. it is a big and historic day for the court and country as well. emily: what can we expect from her in terms of rulings across a range of issues? jordan: as with prior nominees, the name of the game has been about not giving hints about how that is going to go. justice jackson has done that as well. a bit of a wait and see and another thing that will impact that as well, she going to be one justice replacing a fellow democratic nominee on a court dominated by republican appointees?

as far as the impact in terms of rulings, we will have to wait and see. it certainly doesn't detract from the historic emily: she could -- historic nature of the day itself. emily: she was asked about tech during the confirmation hearings. we have any indication of which way she might lean? jordan: we really don't, not just with tech but other areas as well. she stuck to that script and it is something we will have to wait and see, when a case might come up, tech or in any other area as well. emily: well, we will be watching over the next several decades. jordan, thank you.

it's day three of elon musk on the twitter board in there are risks with the sec looming. did he violate rules by waiting to declare the size of his twitter stakes? mark bergen is here with more on that story. what do we know about whether he broke any rules here? mark: we know that he was meant to disclose his share above 5% and he went several days past that and as soon as it closed, the share picked -- share price jumped up above 50. buying shares at a cheaper rate. the assumption is the market would have, if you had disclosed at the 5% threshold, it would have been a much higher price. we know elon musk has had a history of what i will generously call a casual disregard for the fcc and its rules.

it's unclear if it is intentional or accidental. emily: as i understand it being a little late with your 13 g might not stimulate the fcc but elon musk could be different? why is that? mark: after coming out as a passive investor he came out as an active investor and has since joined the board. there's good coverage in the post about this. certainly he has a history with the sec and probably gets a lot more attention than any other twitter board member. matt levine, probably a lot of the viewers are probably reading great series of columns this week about this and how just singular he is to flaunting the rules, it seems. emily: matt levine, one of our own bloomberg columnists. what could the penalty be?

mark: the fcc, it's fair to say they have been a little toothless thus far and there are certainly talks at for his prior run-ins, he would, if not be removed from twitter, at least old back on some of his unorthodox tweeting. emily: what comes next year? mark: sorry, repeat that again? emily: what comes next here? we are all wondering how he could potentially change twitter. mark: there is enthusiasm from the twitter rank-and-file, chiefly because there share price has gone up. he's a technologist who is very passionate about what twitter is dipping its toes into, decentralized protocols, open sourced cryptocurrencies.

as a reminder, chief -- twitter is chiefly an advertising business. elon musk famously doesn't advertise for any of his companies. they have all of their advertising expertise on the board right now. he is a prolific tweeter with a huge following. twitter has probably outsize drama before this for the size of the company and it doesn't seem like elon musk is going to limit the drama going forward. emily: mark bergen, thank you. lots of unanswered questions. coming up, and exclusive interview with the ebay ceo and how gen z is giving the platform a second life. this is bloomberg. ♪

emily: online shopping skyrocketing during the pandemic and ebay is that with its annual e-commerce were work showing gen z is becoming a bigger driver of secondhand sales. joining us for an exclusive interview, ceo of ebay, jamie iannone. great to have you back on the show. how is gen z boosting this revolution in re commerce? jamie: yeah, gen z is really driving it. just in 2021, 8% of gen z bought online and one third of them started selling online last year. in re commerce really aligns with their values. if you think about that demographic, they really want to make sure that they are finding

unique, interesting items and importantly they really care about sustainability and how important that is. that is why this is so them for that generation and we are really leaning in to support that. emily: they are also typically more price-sensitive. how are they responding with forty-year inflation? jamie: not just gen z, it's across-the-board. katie 2% of people have been selling secondhand goods over the last few years and when you think about high gas prices, ebay is a great place to turn to to sell your pre-loved items. the average household has $4000 of items they could sell and less than 20% of that is online. in there's amazing value there. take our certified refurbished. if gen z needs a new laptop, they can purchase a certified refurbished project -- product with money back guarantee and hasslefree returns.

and it saves your product from going into the landfill -- landfill. emily: you were the ceo of walmart for many years, of sam's club. ebay, how big of a market can reselling really be? jamie: it's massive. a $1.4 billion trend and it is in fact going faster. they will have more growth over the next four or five years. looking at any category on ebay, sneakers, handbags, collectibles , we are high single digits and low double-digit penetrating. there's a lot of opportunity to go after. emily: what kind of marketing is worth it to reverse the trend of a lack of promotions and where does it ultimately settle?

jamie: this is 19 million enthusiast buyers who by 71% of it, growing and spending more on the platform and they are the heart of what aches the plat really healthy. we are really pleased. they are going across category. they may come into the parts and accessories area. enthusiasts will purchase $1200 in parts and accessories and then $1500 on other parts of the site and that's one of the really special effects of ebay and we are seeing that across the board in all categories. emily: some people may not realize that you are pushing for ebay to become a place for luxury goods but the perception for many might be that it is like an online swap meet.

how do you reverse that? jamie: it's changing massively, growing double digits on the backs of triple digits. we are doing the same with handbags and luxury watches. every day incredible products are sold. we sell hundreds of thousands of dollar watches on the platform. it's really changing. things like the certified refurbished program with the ebay money back guarantee and two-year warranty is making people comfortable with the platform and consumers are really leaning in. emily: are there categories that you think are fading because people are going back in person and they won't come back? jamie: not really. purchasing secondhand goods,

they are leaning and even more. people looking at the amazing values on ebay. they just need a little bit of money turned into a business on ebay and in some cases that's a small business. that's a special part of the ebay platform and what we are still seeing. emily: we are seeing accidental entrepreneurs on a lot of programs. how can you use those platforms to drive interest? >> it's interesting how much they are taking to what we are doing. we had a viral campaign on sneakers with 12 million views and 2 million user generated videos just highlighting what's happening on ebay, the great products that we have in the amazing values. it's exciting to see how that community is really embracing

ebay. emily: look kinds of conversations are you having about a tapping of current? jamie: we have financing and invoicing options on the platform and something we are really excited to talk about we just started to have an additional digital wallet with a cash balance so if you have sold products on ebay, the cash balance will be right there to go ahead and purchase the next thing you need on the platform. we think it will be really exciting when it comes to payments on the platform. we are really just focused on the best types of payments that we need that continue to expand the platform and go from there. emily: all right, ebay ceo jamie iannone, thank you for stopping by.

coming up, acxiom preparing for lunch. we will talk about tomorrow's mission and what it means to -- what it means for the future of space travel, next. this is bloomberg. ♪

emily: acxiom and spacex are on track to launch the first all private crew to the space station on friday. the first crew scheduled to take off in the morning docking at the iss on saturday. spacex is providing the capsule for the crew but the texas startup acxiom has brought this all together. cam got far he enjoins me now. thank you for joining us.

i'm sure you are excited about the next 24 hours. you say that this is the first all private into the iss, but the russians have been bringing civilians up there for a pretty penny. what makes this different? kam: this is the first american all private astronauts to the international space station. and you know, we are so delighted that we are able to make this happen. and bring this, you know, altogether. emily: how much it of a market could it be? kam: i think the market is actually growing quite a bit. this is the first time we are doing this but we have pretty much sold the ax two and a x.3 mission and we are now trying to sell some seats on the ax for mission.

it's quite popular and i'm hoping that it becomes even more popular after the mission is completed. emily: the schedule can obviously be complicated. are you planning to add more? kam: yes. just so you know, axios space is a lot more than just bringing private astronauts to the space station. we are actually building our own acxiom space station that will be launched in mid 2024. it will dock with the current iss and will be operating jointly with the international space station until the iss retires in about 2030. then we will separate from the international space station and we will be the first commercial

based space station operating in orbit. emily: how does this differ from the model that roscosmos offered for years? >> they would take an astronaut to space, as you indicated earlier. this is really the first step, the first beginning of many beginnings that we are creating at axios space and it really is a first chapter, very historic, inhuman space exploration and really in a commercial space, taking private astronauts to the international space station. we will have many other missions along with this. roscosmos took maybe one or two in the past to the international space station. by the way, these are private astronauts.

they will all be performing many experiments in space. and will be conducting research, educational activities, clinical research. all of the things that are very different from just taking a tourist to the international space station. emily: the costs for the acxiom trip, what's the costs of a seat at this point? kam: we are not at liberty to talk financials at this point. emily: the post reported $55 million a seat. is that ballpark? kam: yeah, that's about right. emily: the space landscape is evolving dramatically in the war on ukraine has changed things. how is the relationship between private companies in the u.s. government changing as a result of not necessarily being able to use or stay away from russian services and russian airspace?

kam: yeah, so that's a great question. space station collaborations with international workers has been a great thing and has been going on for 20 years and is continuing. it is something that has unified, you know, all the different countries together in the collaboration has been awesome and it is continuing to be that way and we expect it to continue at this point. as far as the other issues that's going on, that's really within the u.s. government and nasa and russian agencies. from our perspective, you know, we are working with nasa very well sleep, working with spacex and are expecting a collaboration with russia and the russian space agency to continue. emily: all right, we will be watching the launch. kam ghaffarin, thank you for joining us.

tech regulation on the minds of lawyers in washington this week as they hold their annual antitrust meeting. the executive vice president of the european commission responsible for competition is one of the special guests who spoke earlier with my colleague, david westin, about what the ultimate goal of antitrust regulation is to help smaller companies grow or protect users. >> as consumers we are poorly served if we have to rely on the big companies themselves. you know? i spoke with a smaller company the other day and they said that our payment solution is so much more advanced than what we are forced to use with the big companies. we want space to show people what we can do when it comes to payment solutions. i think that the innovation thrives and flourishes when you have an open and contestable market.

that is what we need when it comes to technology. to see it move on. not just depending on those who keep the gate. emily: all right, coming, closing the gap in tech equity. that's what carta is trying to do with the help of some celebrities. that's next. this is bloomberg. ♪

emily: welcome back. what do serena williams, kerry washington, and others have in common? they have come together to raise awareness about the power in equity. they have teamed up with carta to offer a free curriculum on how to get started. a lot of people don't understand how equity works. they don't know how to negotiate for equity. why is it so important that

people understand what this means? guest: we think in the era of payroll then labor compensation will be the other one. this started in silicon valley where it would be weird to work for a tech company and not get equity. it's not true in other sectors. what we're trying to do is educate the world about equity as a way to create wealth and compensate people. in 50 years, people will think it's crazy that we went to work for companies and all we got was cash. that we got a payroll system and that was it, we didn't own any of the company that we helped to build. silicon valley is ahead of the world on that and hopefully the rest of the world will follow suit. emily: walk us through some of the lessons were teaching in this curriculum.

guest: last year, half $1 billion of stock option grants were not exercised by employees. if you talk to employees about why, i must always it's because they didn't know how, if they should, what the implications were. a big part of equity education is helping employees understand what equity is, how it best, what the tax implications are, and how to think about exercising that and getting liquidity. such an underserved community, so many employees work as startups and have no idea what the equity or capital structure is of the business. how we help them figure that out is the half $1 billion last year, how to get that into their pockets. emily: serena williams said she did not know about equity until much later in her career. she was not taught this as a child. i interviewed her a few weeks ago and she talked about lessons she is bringing to venture from the tennis court.

>> it is about having a winning attitude and understanding that you have to put a lot of time into this. you have to put a lot of effort into learning. emily: why isn't financial literacy taught to kids at a younger age? guest: that's a great question. when i was in high school, i had to take medieval history. but nobody taught me how to balance a checkbook. i don't know why schools don't teach financial literacy. all the way from how do i plan a budget all the way to evaluating a stock option grant for a company i'm going to join. a big part of the private sector and where we can be helpful is creating education around that and sharing it with the world. emily: carta is an equity management company. you were sued over gender discrimination.

i'm curious what you learned from that. guest: it's a tough one. the story wasn't that we may not have been fair in gender pay, it was that we cared a lot about equality and it's tough when you do these things, we think we are not only a champion of equity but we practice it at home. people are allowed to disagree with that. emily: carta aggregates data about company valuation, payrolls, and in this macroenvironment, hyperinflation, i'm curious what data you are seeing in terms of valuations being under pressure and how that will translate into equity for employees. guest: there is a great price resetting happening in the markets. private markets tend to lag public markets because ceos

don't have to enter transactions if they don't want to. once they see repricing happening, they don't necessarily reprice their companies, they just delay financing and they wait for markets to correct in their favor. at the early and mid stages, we are seeing record numbers of deals being done so that hasn't slowed down at all. in the late stages, we are seeing these deals get pushed out but we have not seen a reprice happening. last year, we did $7 billion secondary liquidity. this year, $10 billion to $12 billion. we have not seen repricing happening. we have seen deals get priced further down. emily: the ceo of carta, thank you for joining us.

coming up, lightning lab out with a new protocol. this is bloomberg. ♪

emily: it is time for our crypto report. robinhood being the latest to support transactions on the lightning network. sonali basak is here with more. >> there has been a lot more talk about the lightning network and lightning labs is the biggest company supporting

software powering the network. let's talk about what it is used for. it is used at places like robinhood. starbucks, pizza hut, twitter. when you look at the payments happening in el salvador, the lightning network is a big part of what's making that possible. to talk about this more is the lightning labs ceo joining us live from bitcoin 22 in miami. thank you so much for joining us. you had this new funding round. what does this help you do and what does this new protocol do in terms of making bitcoin transfers easier? >> thank you for having me. it has been quite a week for us

in the bitcoin and lightning community. on tuesday, we announced our $70 million fund raise. we're building infrastructure for the lightning network. it enables people to send instant high volume transactions for low fees over bitcoin. we also announced a new technology we have been working on. it enables people to in the future send asset stable coins and any other currency without potentially using bitcoin as a monetary network. we're working with investors to understand the long-term vision. >> financial access, how quickly could this start to spread among other countries aside from el salvador that are looking to adopt a coin as a greater rate as a currency? >> bitcoin is global.

what we are seeing is bitcoin enables the internet of money. today, i can embed a photo on any application on the internet. why can't i easily send money? the way i think about lightning is it enables two kinds of use cases. access for those that previously didn't have it and ones that did. if you look at a country like nigeria, 70% of the country is 30 or under. they all have mobile phones, but many might not have access to a bank account or a visa or the traditional financial system.

this will enable people across the world to tap into money. what the internet did previously with something like wikipedia, bitcoin is doing for access to financial services. >> mainstream awareness of bitcoin and cryptocurrency has shot up over the last couple of years, but there is still a long way to go to clarify confusion around digital assets. i'm curious what the themes are at bitcoin miami this year? what is everyone talking about? what are the biggest types and problem issues? >> adoption is huge right now. the way i think about it, the vast majority of users in the future will not even know they are using bitcoin on lightning, they just want it to work. what access. broadly in cryptocurrency, we see a lot of technology but some are in search of a solution as opposed to real problems for real people. what i'm saying now is a focus on real use cases on real adoption and the global element.

i was just chatting with developers today from places like nigeria and guatemala. this is a global community and this is what distinguishes the bitcoin community from other projects out there with the focus on actual adoption and real use cases as opposed to speculation. a shout out to my friend who has written great research and studies this she talks about the ratio and how bitcoin and lightning are utility oriented as opposed to merely speculation. >> jack dorsey is one of your backers. what is it like working with him? >> he believes in bitcoin, understanding its value as the internet's native monetary network. he has tweeted about lightning. we are grateful to have him on board as an investor and a believer. he deeply believes in this mission and sees the potential for the internet and money and sees the global aspect of tapping into this and expanding access for everyone around the world.

>> because twitter was such an early adopter, it was a signal that the creator economy could use bitcoin in a greater way. >> what we are learning is this technology is global and there are some any people around the world with untapped talent. let's say there is someone in argentina or india who is a creator or a coder. if you want to send smaller values, tapping into the global monetary system the fee will exceed the money you want to send. what this technology does is it lets you do streaming fast or the lowest denomination of bitcoin. we see this done with podcasts. you can pay per second. there are aspects where you can pay small values for articles, through social networks, all operating over the lightning

network. what we are seeing is a lot of people around the world are able to tap in. it's early days, don't get me wrong. to the capacity and to earn and be compensated for their creative work as opposed to the legacy system where the fee would be higher than the amount. >> the fees are something i want to get your opinion on. there's a lot of mistrust of the typical financial system, the big banks and credit card companies that is emerging at bitcoin 2022. when you look at the fees being charged for cross-border transactions, do you think the financial system as it exists now has failed us? >> largely, yes. why do i need to send a paper check here in the u.s.? why do i need to wait days for a transaction to go through? in the u.s., we are behind. in emerging markets, they have faster systems.

when it comes to interoperability and the global element, there is not a way that has been widely adopted for people to send the way they are sending data and messages on the internet for them to send value and money. enter something like lightning. today, you can send one cent for less than a fracture of that in a fee. the technology we are building like this new protocol where you can send asset stable coins over lightning opens up access to people and merchants who don't want to pay several percentage points plus the base fee. >> thank you for the energy and

passion you brought to this conversation. cofounder of lightning labs as well as our own sonali basak. >> looking forward to bitcoin-izing the world with lightning. >> next, we will go live to cape canaveral with ed ludlow. this is bloomberg. ♪

emily: spacex's mission to the iss, part of a bigger mission. ed ludlow spoke to nasa's head of human spaceflight.

>> part of our job is to figure out how to do it then make sure we are working with companies and other people so they can learn from us. that's what has been going on over the last two or three years. we've been working with these different companies having them do our lessons learned. allowing them to use the contractor we use for training and continue to bring industry and among the lessons and the 50 years or 60 years of spaceflight we have had so they can do it themselves. ed: you run space operations. what do you get out of this? >> i'm hoping it gives us rides in the future. in 20 or 30 years, i am able to do science and research and technology development on space stations that i don't have to invest in.

i'm buying a ride. what we're thinking about is our future. we are thinking about real economy for the next hundreds of years and this is our first step for us in the future to be able to buy a laboratory in the sky, time in a laboratory in the sky while we are investing in going to mars and dever -- and even further out. ed: so the private sector takes on the cost burden and you devote resources to other projects. >> the government had a vision when it set up nasa. part of that was to enable our commercial economy and the launch economy and space economy. we have been figuring out how to do things, then when we feel like industry is at an advanced enough stage to be able to do it, then we hand that piece over, allow there to be an economic value, then move onto the next thing.

this was an important idea when nasa was set up. emily: nasa's head of humans spaceflight. i want to bring in ed ludlow who is just a few miles from the launchpad on how it's going to go down. what are we expecting tomorrow? ed: we are still expecting it to go ahead. it is stormy here and there's a lot of concern that the mission will be impacted because it's an instantaneous launch window. that means if they have a degree of uncertainty around being able to launch, they will scrub or postpone because the trajectory of the booster rocket needs to match up in a way that he can reach the iss on that trajectory. we heard from officials today that there is a backup window on

saturday morning. emily: is elon musk going to be there? ed: it's an interesting question. he has been on missions before. he doesn't come to every flight. he came to inspiration for and met the crew there. i'm not sure if he will be in the room, although he has a private jet so he could go from austin early friday morning to where i am now. emily: i'm sure he will be tweeting. meantime, things on the international space station are tense given the conflict in ukraine. ed: kathy pointed out that space has always been a peaceful place between russia and the u.s. regardless of what's going on on earth. relations are not good right now.

that is impacted the space relationship. you have the head of the russian space agency saying on saturday that the economic and trade sanctions in place on russia are damaging to the relationship and if they are lifted, we could see russia pull out of the iss agreement. i have been a partnership since 1998. there are three russian astronauts or cosmonauts on the iss right now. i asked nasa does that mean the crew can go say hello to them because there is u.s. european side and a russian side. she said the crew can go and meet the russians if the russians choose to invite them come up that is at their discretion. emily: we know that one seat costs $55 million. that was confirmed earlier in the show. not economical for most people. i assume that cost will come down someday?

ed: yes and also remembered the big cost of a launch is kerosene. with everything happening with oil right now, that's a big factor. spacex has raised its prices on other things because of inflation. it's hard to say on the economics of it. emily: ed ludlow at cape canaveral. he will be there for the launch over the next 24 hours. we will be watching her coverage. that does it for this edition of "bloomberg technology." we will be back tomorrow with the spacex mission from the kennedy space center. also don't forget to check out our new podcast. you can find it anywhere you get your podcast. i'm emily chang in san francisco.

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>> the following is a paid program. the opinions and views expressed do not reflect those of bloomberg lp, its affiliates, or its employees. >> this is a paid ad for csn. >> you know many times i have been out here for a new quarterlies and i have asked for drumroll and a lot of times it has been nothing but hyperbole, but this time i think i really would like a drum roll. and in all honesty, in the past, it has been nothing but hyperbole. but this time, i would really like a drum roll