thank goodness airbnb hosts live in safe homes. it makes it more complicated to advocate on behalf of our hosts in those cities, but i would echo uber's perspective that we have to work with the cities to figure it out. hopefully, we can come up with a couple of solutions that might be applicable to thousands of cities around the world. >> anybody else want to comment? >> chris matthews with lyft. i agree wholeheartedly. we have patchwork legislation across the country. we are dealing with laws written before anything like what we operate was contemplated. in some cases, dating back to the 1800's. what we provide to local governments is the opportunity to move into a new generation of innovation. we work collaboratively with cities and states. i imagine congressional members will get involved in the conversation. for the most part, this is a localized issue. we help them understand how to address mobility. what lyft has seen as a desire to move towards the next level of innovation regulation. we can come to the city of boston and s

demonstrations in new york city over the future of airbnb.re live on the scene later on this hour. "squawk alley" will be right back. recently, a 1954 mercedes-benz grand prix race car made history when it sold for a record price of just under $30 million. and now, another mercedes-benz makes history selling at just over $30,000. and to think this one actually has a surround-sound stereo. the 2015 cla. see your authorized mercedes-benz dealer for exceptional offers through mercedes-benz financial services. >>> for the last week we've been watching the volatility in the currency markets and david faber rejoins us at post nine with a special guest. >> that's right. earlier we got cut off. we want to apologize for an interview that did get cut short in the 9:00 hour and continue it now for you. again while some currency brokers such as fxcm, for example, were hit hard by last week's surprised swiss move others weathered the storm better. continuing his first on cnbc interview is interactive brokers chairman and ceo thomas petterffy. first off, a

challenging the airbnb law. what does this mean for the future of homeaway?we think this is good for homeaway. we are not a -- which is curious. the city decided to argue that we were not a hosting platform that they were trying to regulate. >> they said that we were trying to regulate airbnb. >> this was an airbnb law and we were making sure it was not infecting the rest of the vacational industry which is a 100 euro industry and has operated quite well for the last several decades. >> i wonder what this means for similar struggles that you might face in other jurisdictions whether it is in the u.s. or abroad. >> the one part of the lawsuit that has remained unresolved by saying that homeaway is not part of the coverage, there is a discrimination between residents and nonresidents having equal rights to rent their home is something we need to decide if we are going to press. we will look into whether or not that is something we should be doing. >> i am curious about what airbnb and homeaways mean for the residents of a given city. maybe new york city will no

airbnb is different.t is this mass movement where everyone is staying in other people's houses worldwide. >> we were skeptical and i remember thinking we don't remember what the idea is. these founders are awesome. we are funding them. >> patrick from stripe, i have known him since he was 14. back when he was a high school kid in ireland, he used to email questions and i had no idea he was a kid. >> now these companies are worth multi- billions of dollars, if you look back, would they have sold? >> if someone came along with a big enough offer would have taken it. we do know with drew, actually, because in the y combinator application, we used to ask if someone offered you money, what is the least you would take. drew answered $1 million. it was convenient that no one wanted to buy dropbox early on. >> can you identify the future dropboxes sooner than everybody else? >> we might be able to identify them better than other people, but there are limits to how well you can identify them. there is a good deal

. >> didn't you guys disagree on facebook and airbnb?yes, a partner who is not to be named said this is going to be the death of greylock. with airbnb, a variety of the partners said -- people are really going to rent out the rooms? isn't that going to be weird? we had an argument. he said, fine. i wouldn't do the deal, but you can. obviously, airbnb is doing great. >> you have been called the startup whisperer. what does that involve? [laughter] >> i'm not quite sure. i guess with people who use that term, i don't identify myself that way -- by being an entrepreneur myself, by being a participant in a lot of their early stage companies -- it's not that i know everything. i know some things that are useful. >> we live in an age of four increasingly powerful platforms. apple, google, facebook, and amazon. do you worry at all that anyone one of them- any could become too powerful? >> yes. not specifically one of them, but more as a general system. when you have a navigation of platforms, you have to worry about leaving room for entrepreneu

laws, claiming they were favoring airbnb.t does this mean for the future of homeaway in san francisco? carl, what does this mean? >> we think this is really good news for homeaway. it clarifies that we are not a hosting platform under the ordinance. which i find curious since we are the largest vacation rental company in the world. san francisco decided to argue that we are not a hosting platform they are trained to regulate. that is a pair conclusion. we said it this was -- we said this was an airbnb law. it has operated quite well for the last several decades. >> i wonder what this means for similar struggles you might face in other jurisdictions, whether in the u.s. or abroad. >> one part of the lawsuit that remains unresolved because by dismissing and saying homeaway is not part of the coverage -- intended coverage of the law they dismissed the discrimination. it's something we need to decide if we are going to press. >> i'm curious about what airbnb and homeaway means for the future of a given city. when the residencets

. >> didn't you guys disagree on facebook and airbnb?s, there was disagreements in the partnership. as a matter of fact, a partner -- not to be named -- said 'this is going to be the death of greylock.' and with airbnb, a variety of the partners, including david sze, said -- you know, are people really going to rent out the rooms? isn't that going to be a little weird? he and i had an argument. he said, fine, i wouldn't do the deal, but you can. and obviously airbnb has done great. >> you have been called the start-up whisperer of silicon valley. what does whispering to start-ups involve? [laughter] >> well, i'm not quite sure. i guess what people who use that term -- i don't identify myself that way -- by being an entrepreneur myself, by being a participant in a lot of the early stage companies -- and it's not that i know everything. but i know some things that are useful. >> we live in an age of four increasingly powerful platforms. apple, google, facebook, and amazon. do you worry at all that any one of them could become too powerful?

you are an investor in airbnb, which has a $10 billion valuation.interest, a $5 billion valuation. how are you balancing making those investments and practicing what you tweet, scaling back or being careful? >> to be clear, all of our companies are the exception. [laughter] just to be clear. one of the reasons i said what i said publicly is that this is the same conversation i have with all our ceo's. like i said, it is a cautionary conversation. it is not a conversation that says stop spending, have smaller goals. or anything like that. it is a conversation that says, be aware. learn from history. have an appropriate sense of risk. have good discipline. airbnb is an example that is a commercial success. the business is growing fast. it is really big. it is going to be gigantic. there are other companies where it is a little bit of a balance. the other thing i will highlight, and we harangue them about this, extravagance is a little bit over the top. when you are burning $50 million a quarter as a startup, maybe not having bruno mars play at a conce

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saying consumer laws favor airbnb.ou can watch a streaming on your tablet an online. ♪ >> i'm cory johnson this is bloomberg west. a san francisco court dismissed a lawsuit by home away. challenging and airbnb law -- saying it was restricting short-term rentals in san francisco. with me right now to discuss this is the cofounder and chief strategist. >> we think this is really good news for home away. this clarifies we are not a hosting platform. we are a service. the city argued we were not a hosting platform. we set from beginning that we have operated quite well for the several decades. >> i wonder what this might means for similar struggles in different jurisdictions. >> they remain unresolved. by dismissing and saying they -- they dismiss the entire suit. punishing residence versus nonresidents. having equal rights is still something we need to decide. whether or not this is something we should be doing. >> i'm sort of curious about what airbnb is in a given city. when the residence of these places -- more dense a

airbnb trying to make nice with the government.egin collecting to hotel or occupancy tax in washington, d.c. it will range between 5% and 15%. this could mean millions of dollars for revenue for the city. eventually airbnb has to start playing by the rules. it cannot skirt the laws forever. this is the way to do that and become more legit. airbnb charges taxes in portland and san francisco. >>> want a burger to go with that stock? >> yes. >> shares of shake shack trading on the stock exchange. ipo at $21 a share. it will have an evaluation close to $800 million. that is small compared to mcdonald's which is valued at $86 billion. shake shack has something crucial mcdonald's doesn't have. millennials love it. the burgers are double the price. outside the new york stock exchange on the ipo day, they are rolling out the food cart. >> the burgers are good. the burgers are very very good. i don't know about the stock. i know about burgers. thanks, alison. >>> the deadline has passed to save two hostages held by isis. what will happen ov

looking at in the update the shift in defining lauld of residential is challenged by the way the airbnb legislation which was approved indeed alternates that definition and in the best of our world as the rest of the state uses a slightly he independence i hope what we're doing is indeed fully understand in its consequences by the city attorney who advise the dependent on those matters but i would be interested in the details if they're coming through the in trailing legislation to be issued by supervisor kim's office with early march i'll provide a caution since the department will be spending a lot of resources to update this element we're not taking step 2 before one including checking what the definition of residential could not read and ultimately a linear update commissioner johnson. >> thank you very much a you couple of things real quick i definitely support initially user initiating that item when i started to read the housing element i thought it was like a lot of the general plan they say so much they say nothing they're all very good policies and objectives by what the teeth

. >> a competitor of airbnb will challenge the new san francisco law regulating vacation rentals in private homes. a federal judge dismissed the lawsuit filed by home away and saying the ordinance that legalizes short term vacation rentals was written to benefit airbnb requiring the rentals be owned by those would live there. the judge said that future lawsuits could go forward if they were filed by individual home owners. hole away -- home away will back the lawsuits. >> navy is having a fly over berkeley involving a super hornet like this shown in video provided by armed forces, there was a low level pass over berkeley on tuesday for his brother who is a graduate student at cal and a spokesman said the fighter jet was 2,500 to 3,000' above the background and some felt closer. >> it made a right on university that real. >> it felt like it was 100 feet above us. >> that is kind of cool. hope they don't do it too often. >> fighter returned to the naval air station in the valley. >> there was a time when that was common and they get a minor slap on wrist. those days are gone now it is a major

airbnb, spotify. smash burger. dropbox. a lot of companies. (?) clint, just out of curiosity, you know what it's like to build a business and then sell it. there are a lot of private investors, listen, i don't need to go public. so much vc money swirling around. even fidelity willing to invest directly, what do you think of the ipo market. >> i wouldn't touch it with a 10-foot pole. for regulators to come in my house to tell me what do. it's not my thing. i want to stay private. they're throwing a lot of good money after pretty weak ideas. dierdre: the only reason to go public is if you want to buy a company overseas and you need a ledge myization of your brand. and you need more capital. >> in 2015, there's so much capital available without going to the ipo market. i wonder if it will be less of a euphoric market than they are expecting. some of the markets are operating illegally in a number of cities, states, and countries. dierdre: you want to cough and say uber? >> even ai airbnb. i get confused on the valuation on these guys. despite operati

air airbnb trying to make nice with the government.vice will begin collecting hotel and occupancy taxes in washington, d.c. it will range from 5% to 15%. this could be more revenue for the city. eventually airbnb will have to play by the rules and become legit. this could be a way for the company to do. that airbnb charges the taxes in portland and san francisco. >>> want a burger to go with the stock? shares of shake shack started exchanging on the stock. the ipo was priced at $21 a share. it will have a valuation of close to $800 million. that is small compared to mcdonald's which is valued at $86 billion. shake shack has something crucial mcdonald's doesn't have. millennials love it. although its burgers are double the price. the exchange you can get the food for free. >> those burgers are good. alison thanks. >>> "early start" continues right now. happening now, the deadline has passed to save two hostages held by isis. the negotiations with the terrorists collapsing after isis fails to prove the men are still alive. we have live c

people are just beginning to learn about a b&b where you can stay -- airbnb where you can stay in anrtment or room. i think you will see new kinds of marketplaces and one of the things we are seeing with ubiquity is you will have marketplaces fixing your car or walking your dog. i think you will begin to see those and i think you will see how financial services finally get transformed by the fact we all have a mobile phone and what identity means and transactions. >> that is very interesting hopefully those are the same when you have the same dog walking enterprise. maybe it will work and with that i will throw it back to you, i know you never stayed in an airbnb because you have grown used to five star hotels. >> i have been known to dabble. stay with bloomberg tv. ♪ >> >> welcome back to "on the move." i am anna edwards. we are 30 minutes into tuesday's trading day. we have a green picture coming through on these equity markets. the growth story in china, markets choosing to look at the bright side. we had a little bit of disappointment come some of the biggest forces across europe

including pinterest, spotify, airbnb, spot box, and uber.ll these valuations have been going through the roof. some market watchers are wondering if this is the ultimate sign of the top. now, i have to tell you something, that thought is not far fetched not at all. i'm the only person to say so, the internet rally came to an end in amsterdam when the world online made its debut. although the revenues were only $64. it was the largest -- it was the biggest european ipo. it was oversubscribed 29 times. they go public. everyone is partying. the first night of trading, the company ceo nina is talking. has the champagne in her hand. i sold all my stock for significantly less what everybody in the world had just paid. that was the beginning of the end. all right, guys. that brings us to our next real, real deal. matt, i have to tell you something. you know, i love that these hot ipo are all-american companies. born from genius. backdrop of capitalism. what do you think? is it the sign of a top? a lot of people are saying this is the gold rush. all

. >> you called out airbnb's founders for taking money off the table and not giving employees an opportunityat did you take away from that? >> i took a lot away from that. if there is any way where we could wind back the clock, that's the one thing i wish would never have happened. it wasn't fair to the team. it wasn't fair to me. i said what i said. i wanted them to hear what i said. that's all i wanted. >> do you wish you didn't say it? >> no, but i wish we did not have to deal with it in a public way. >> were bridges burned there? >> no bridges burned. well, probably, yes. it's a bad thing all the way around. >> this is my question. you had a problem with how they were taking money off the table. is silicon valley ethical? is it moral? >> i think it's deeply ethical and morally gray. it's not 100 years old. there aren't defined ways of doing things. we are inventing things every day. people are going to try a bunch of different things. some things will work, some things won't. no one is acting criminal. they are deeply moral. people care to do the right thing. >> the tech community is bei

i assume you know about uber and airbnb but what about this idea?he comfort of someone's home. this- website eat with.com.sh it allows cooks call them hosts to connect with strangers who would like to meet new people at a dinner party. previous dinner parties led to lasting friendships. >> had most entertaining conversations. at the end we just couldn't stop hugging one another. john: would have done this years ago but she couldn't afford that. >> when i would host dinner parties for friend secretly would have been nice if i every time i throw a dipper party i could cover $200 or however much it costs. john: thanks to eatwith.com at this bridge much every guest paid $39. >> here, guys. john: seems good to me. made possible about internet and power of reputation. and also by guy michelin he founded the website eatwith. how did you come up with the idea? >> through travel experience. after many tourists traps i invited was with a local family. was such a profound and amazing experience. i went back home, let's share this moment with millions aroundper

. >>> a competitor of airbnb will continue to challenge the new san francisco law regulating vacationmes. a judge dismissed the lawsuit filed by home away. hole away says the ordinance that legalizes short term vacation rentals benefits airbnb business mohammeds requiring the rentals be own by those who normally live there. the judge hinted that future lawsuit could go forward if filed by individual homeowners. home away will back their lawsuits. >> navy is investigating afully by over the city of berkeley that rattled a nerves. a navy pilot performed a let level pass over berkeley on tuesday for his where who is a graduate student at cal. a navy spokesman said the fighter secret was 2 mison d2,500 to 3,000' before the ground. it came down shattuck. >> it sound like it was 100' before us. >> cool. hope they don't do it too often. say the fighter returned to the naval air station. >> they did taught say if he signals. when he made the town. >> maverick and goose? >> maverick and goose. >> i saw you talking about tweeting how many days >> and it was 35 days ago, christmas eve at only35"

airbnb, all of the regulatory issues that we're working on around the world have to do with the issues- the laws that are hosts that people who rent out their homes have to comply with in their moon pat which has nothing to do with the internet. it enabled the host and morro indicationly than ever before. and land use in our case is regulated at the local level and there's really no way around that. and land use laws have very good reasons to exist. they protect safety, many other things that we as a platform rely on thank goodness airbnb live in homes that are safe for them to live in and safe for their guests. it makes us more complicated to operate in 35,000 cities around the world to advocate on behalf of the hosts but again i would echo uber's perspective. we have to work collaboratively with these cities to figure it out and hopefully we can come up with a couple of solutions that might be applicable to cities around the world. >> i agree with that whole-heartedly. what we're finding is as we have these patchwork of regulations across the country and for us in much like uber, wha

. >> could i ask a procedural question director ram is airbnb alarming their prospective clients they need to them verify such the process is in place. >> i take it mapped they are as of the other platforms they have informing they're using they must comply to proceed. >> i want to ask for an informational hearing how many people are registering is the process working what my enforcement looks like an update to understand how to t this is going i know it's a major topic. >> i forget to mention we're in the process of hiring three staff that will be focused an short-term rentals both the administration of the program and the enforcement of the legislation. >> commissioners commissioners if there's nothing further to item 6 review of past event with the board of supervisors and the preservation commission no update from the board of appeals as they're meeting board of appeals met they didn't take action on anything of interest 30th to the commission. >> the board of appeals met they continued their election of officers such as 3 of the expired commissioners are either reappointed or new

. >> we need the resources we talk about the airbnb their which is great but when you're talking to people their biggest complaint nobody has looked at their file on a relatively small issue if we need resources we should put resources to it. >> that's why we're doubling grateful we had additional positions requested for the backlog from last year's budget and the commission we were not ultimately forwarded to the board because of computing priorities so this year with the funding of the positions budgetary christmas came earlier because of the temporary nature of those positions we filled them immediately as opposed to the positions in this budget we wouldn't be pfeiffer up those positions those benefits will be coming much later. >> so hoping help is on the way. >> may i ask a followup question director ram you mentioned in the previous too cycles we've added permanent positions and this ongoing project team is an interesting innovation but the performance went down in the time you added the temporary staff today feel there you go more hope in the project team and adding the temporary st

class housing and allow people to live here that is not happening in san francisco instead, you have airbnb making money off of the development for speculates i think this commission that's why people are attacking the commission people attack you out in the public and the planning department has attacked the senior workers who want to follow the code and there are suits against the planning department their illegal discrimination against that planning members they've kicked out the senior members of the planning department they want to enforce the code that's what you've done under this manager and the mayor of san francisco there's a excess tefk problem in san francisco this is another example of working class developing development being destroyed this is the awe intense of this being destroyed by the people of san francisco (clapping.) any more public comment on this agenda item there - >> sorry. >> happy new year i own digital television and i'm speaking on this but also on the stadium and a little bit of what the gentleman said i am against the explosion of candle stick. >> sir, i'm s

press or preservation for a second out of curiosity it is out of the short-term rental program and airbnb let's say their tax money into the general fund it is only about $15,000 to we get more general fund. >> we don't it's one million dollars 8 we will - there's no - those funds are not dedicated to this purpose there is a fee associated with short-term rental those who participate have to pay a semi buy in fee. >> an in all fee, if you will. >> it's $50 not a large fee one the elements built into the legislation require us to work with the controller's office in a year after legislation it effective to look at the budget implementation of that program and to understand how it is effecting our budget we think we can fund those are out of our first year but the position is not a small amount of money and $50 foe. >> and if it gets cut the whole new tax revenue will be such a - >> i understand that is as you can see from the trend one of the keith is slides shows you the revenue funds has dropped the general fund going to the department has dropped. >> commissioner johnck. >> yeah. i want

element with the color and everything for the public because we have to do that and the second thing is airbnb is come back with an amendment on march fifth and when it does you may or may not be increasing the problem the problem right now is unit are being taken off the market and by short time hotel folks that creates a problem that is enumeration for the city and creates a problem in housing supply so i will suggest respectfully you do the same day secondarily we passed prop k and have the policy of producing affordable units unless there's a strict condition ask the city attorney for language to ban the unit from being turned around and rented objective unless every unit that's product as new housing has a simultaneous condition placed on 2 it can't be rented out at short-term rentals you're not increasing the supply of housing it shouldn't count against prop m that's it that is rational and the second thing that's going on is we have as you heard from several people this afternoon a major problem with people being displaced and this is not factored into our housing goals you look at the

. >>> san francisco's new airbnb law will take effect in february is requiring hosts of the service to register with the city in person. the convenient rental service is about to get a little more complicated to use for housing hosts. they have to register in person with the planning department. show documents proving they're permanent residents and get a business registration certificate. appointments for hosts start february 2nd. >>> the pope is making some news today for his comments on sex and what he calls responsible parenting. alison harmelin reports from outside st. patrick's cathedral in new york city. >> reporter: pope francis is upholding the church's ban against birth control. but says the faithful don't have to breed like rabbits to be good catholics. [ speaking foreign language ] the pope says instead catholics should practice responsible parenting. the pope made his comments to reporters on the way home from the philippines where a record crowd of six million turned out for his final mass on sunday. the comments come ahead of the pope's trip to the united states this fal

it has funded more than 700 companies including dropbox, airbnb, and stripe.e start of machine is a couple with their own start up story. how did they build y combinator into what it is today? joining me today on the addition

it has funded more than 700 companies including dropbox, airbnb, and stripe.the start of machine is a couple with their own start up story. how did they build y combinator into what it is today? joining me today on the addition of "studio 1.0," husband-and-wife paul graham and jessica livingston. thank you for joining us. paul, it has been six months