emily: dropbox -- in these close-knit private markets, you can do various things to engineer violationemily: do you think companies like uber should go public sooner? sean: something happened post facebook which was the development of this robust secondary market where suddenly hedge funds and private wealth managers and various sovereign wealth funds began to invest heavily in private companies. emily: you started the secondary market? starti certainly did not secondary markets, but we encourage, at facebook, a robust secondary market. ing are open to have secondary market, in part because we had a long-term vision. emily: what do think is the biggest threat to facebook? sean: i think facebook's business has so much growth left in it. .t is really value extraction it is value that has been stored for a long time. there are a lot of very smart people trying to figure out how we unlock that value. it is another 10-15 years until we see what that starts to look like. emily: how big of a threat do you think snapchat is to facebook? sean: there has never been one network that dominated eve

drew houston of dropbox, mark zuckerberg, if you look at mark's career and what he has done with the and philanthropically, you can see that he has learned a lot from andy. he knows the importance of giving back. andy's career was so influenced by how grateful he was that this country took him in as a refugee. at 18 years old, he had nothing. he came over on a boat. he got a few dollars from us and we let him be a citizen. he never, ever stopped trying to repay that. he paid it forward to all of us. it is an amazing thing. that level of gratitude and belief in humanity is what we all try to take from him. emily: ben horowitz, speaking to me about the death of former intel ceo andy grove. now with me to discuss, our intel reporter, ian king. i want to touch on something that ben mentioned, how he became this way. how did he become so great? share a little about his story. ian: he wrote a moving book about that process, his childhood growing up in europe during the war in eastern europe. being jewish, what happened to his family when the nazis occupied hungary, and when it was fought o

emily: snapchat, dropbox.n: it's not clear what any of these things are worth until the market, the public market values them. in his close-knit private markets, you can do various things to engineer the situation. emily: should they be going public sooner? sean: the traditional path would have been to go public sooner. facebook may have played a role in this occurring, which was the development of this robust secondary market where suddenly hedge funds and private wealth managers and various sovereign wealth funds and so forth begin to invest very heavily in private companies. emily: you started that? you started secondary markets? sean: i certainly didn't start everything. i didn't start secondary markets. we encouraged facebook a robust secondary market. we were much more open to having a secondary market. in part because we had a longer-term vision, and you need to give people the opportunity to take liquidity on the way. emily: what is the biggest threat to facebook's business? sean: you know, i think fac

that is the company closest to dropbox's business.: what funds have been most active here, and what trends are you seeing? matthew: there are a few funds we have seen more at it. -- more active than the rest, blackrock, management. one trend we did see happen at q4 end of four was a -- of was a slow down. the other thing we are seeing is some of the funds still fairly active in 2016, tex investments in 2016, oscar, snapchat among them. we are seeing a decline in you invest -- new investments by these all fun -- by these mutual funds. emily: last week we saw a sort of push for mutual funds in private tech companies. mark: that is right. a number of investors piled into facebook. it was the most visible example of a super-hot company that everyone wanted access to and it delayed a long time going public. now that has become the norm. every giant tech startup is doing that. everyone is waiting for uber and these different companies to go public, and now uber is is valued at $62.5 billion, more than facebook ever was as a private company.

i wanted to ask you a couple of questions, google, microsoft, dropbox, dropbox, and other e-mail and service providers use forms of encryption to protect customer data. there encryption techniques are strong. that makes them relatively well protected against outside attack. the reality is that many companies only protect data like your e-mail and ways they can still use it themselves and profit from it. i believe the amount of personal information in the hands of private corporations and what some of those corporations are doing with that data is concerning, isn't it true that private companies can encrypt data so that it is protected from outsiders, but at the same time those same companies can use our personal contact data to target advertisements? >> thank you for raising this important issue. it certainly is the case that many companies on those that you mentioned and others have strong encryption which we think is a very positive thing yet retain the ability to use the data that is transmitted along their systems both for security purposes as well as marketing purposes. so it is

the company cut the value of its dropbox, zenefits market down -- marked down 38%.n't all bad news. others liked it more. snapchat was marked up. -- by 62%. up next, tesla's most important product unveiling ever. everything we know, coming up next. ♪ ♪ cory: thursday could be the most important day ever for tesla. they are lifting the curtain on the highly anticipated model 3. it is the everyman's tesla -- cheaper electric car. tom randall has preview of the model 3 preview. tesla is going to avail of the model tom: this is the big one. three. the car that elon musk says will take electric cars mainstream. here is what we know. we're expecting something similar to the $70,000 model s, but with fewer bells and whistles. it should be about 20% smaller, and there is no word on whether it will have the distinctive oval brand. the model 3 will start at $35,000, but that's before government incentives, which in the u.s. could bring it below $30,000. that's an extremely competitive price for the entry-level luxury market they will compete in. it is promising 200 miles per

drew houston of dropbox, mark zuckerberg of facebook. look at mark's career and what he has done with the company and philanthropically, you can see that he has learned a lot from andy. he knows the importance of giving back. andy's career was so influenced by how grateful he was that this country took him in as a refugee at 18 years old, he had nothing. he came over on a boat. he got a few dollars a month and -- dollars from us and we let him be a citizen. and he never, ever stop trying to repay that. he paid it forward to all of us. it is such an amazing thing. that level of gratitude and belief in humanity is what we all try to take from him. emily: ben horowitz speaking to me about the death of former intel ceo andy grove. now with me to discuss, our intel reporter, ian king. he met andy many times. i want to touch on something that ben mentioned, how he became this way. how did he become so great? share a little about his story. ian: he wrote a moving book about that process, his childhood growing up in europe during the war in east

ability wrote down several andtups, including dropbox others, all taking a tumble according to the privateure. remarkably unscathed, airbnb, snapchat. here to break it all down, liz at chapman -- li chapman. zette >> this time around, it is the latest iteration of what has been generally a down market. first public, now private ones follow. emily: did any particular ones surprise you? don't think this markdown was surprising. there have been markdowns and public shares. withund managers come up valuations looking at the public -- at comps, then they use black box of sorts. they look at, you know, , oniples on revenue audacious growth expectations. that's all what startups are about, along with a look at what the market opportunity is. been markedhat has down by fidelity in the past. this month, did snapchat maintain themselves, or are they above where they were before? >> good question. a lot of times, they may have already taken the cut, maybe a month ago or two months ago. there was no need to market down further. down? net is >> overall? many companies. these are private companies and i

dropbox's valuation still stands at $10 billion but john we're again asking the question of these companiesting so long to go public. they have moi yemployees compen in stock and they're cropping up to be matching investors in these private company shares. the reason why you often see a discount in these shares, sources tell me that a lot of companies have actually allowed their employees to sell stocks through equities and the reason why there's a discount is because you don't get any financial disclosure which is is a big risk for people trying to buy these. >> it is. have to tell you, look at box which is often brought up as a competitor. publicly traded is about $1.5 billion right now. and it was around twice that. and if you're paying north of $5 billion. given box's drive in the enterprise it's ahead of drop box in that front. >> building in margin. it's about to go profitable. we don't know that about drop box. >> i actually asked about their ipo last year and he said look we juan box to do well because we want the industry to do well. we juan investors to view the industry favorably

drew houston of dropbox, mark zuckerberg, if you look at mark's career and what he has done with thend philanthropically, you can see that he has learned a lot from andy. he knows the importance of giving back. andy's career was so influenced by how grateful he was that this country took him in as a refugee at 18 years old, he had nothing. he came over on a boat. he got a few dollars a month and we let him be a citizen. and he never, ever stop trying to repay that. he paid it forward to all of us. it is such an amazing thing. that level of gratitude and belief in humanity is what we all try to take from him. emily: horowitz, speaking to me about the death of former intel ceo andy grove. now with me to discuss, our intel reporter, ian king. he met and become many times. i want to touch on something that ben mentioned, how he became this way. how did he become so great? share a little about his story. ian: he wrote a moving book about that process, his childhood growing up in europe during the war in eastern europe. being jewish, what happened to his family when the nazis occupied hung

the ceo of dropbox, mark zuckerberg, if you look at mark's career and what he has done with the companylly, you can see that he has learned a lot from andy. he knows the importance of giving back. andy's career was so influenced by how grateful he was that this country took him in as a refugee. at 18 years old, he had nothing . he came over on a boat. he got a few dollars from us and we let him be a citizen. he never, ever stopped trying to repay that. he paid it forward to all of us. it is an amazing thing. that level of gratitude and belief in humanity is what we all try to take from him. emily: ben horowitz, speaking to me about the death of former intel ceo andy grove. now with me to discuss, our king.reporter, ian i want to touch on something that ben mentioned, how he became this way. how did he become so great? share a little about his story. ian: he wrote a moving book process, his childhood growing up in europe during the war in eastern europe. being jewish, what happened to his family when the nazis occupied hungary, and when it was fought over by the soviets hen they took it

fourth amendment has to apply to the digital and the information we email and text message and put in dropboxn the cloud has to be protected by the fourth amendment. we're ensuring that the warrant provisions, probable cause, reasonable suspicion, all those things that are important to protecting our fourth amendment rights, that that's being upheld. so my goal is to get this bill passed and to ensure we send a message to this president, to this administration to the i.r.s. that they can't snoop in our emails, can't trample our fourth amendment right, that they will be protected, that there's a new generation of conservative voices standing up protecting the constitution and ensuring the country continues to sthre foundation of law that makes us the greatest country. thank you and god bless you. [applause] >> representative martin stutzman. >> good afternoon. the great ronald reagan in a speech said, this is the issue of this election. whether we believe in our capacity for self-government or whether we abandoned the american revolution and confess that a little intellectual elite in a far di

fourth amendment has to apply to the digital and the information we email and text message and put in dropbox on the cloud has to be protected by the fourth amendment. we're ensuring that the warrant provisions, probable cause, reasonable suspicion, all those things that are important to protecting our fourth amendment rights, that that's being upheld. so my goal is to get this bill passed and to ensure we send a message to this president, to this administration to the i.r.s. that they can't snoop in our emails, can't trample our fourth amendment right, that they will be protected, that there's a new generation of conservative voices standing up prork tecting the constitution and ensuring the country continues to sthre foundation of law that makes us the greatest country. thank you and god bless you. >> good afternoon. the great ronald reagan in a speech said, this is the issue for this election. whether we believe in our capacity for self-government or whether we abandoned the american revolution and confess that a little intellectual elite in a far distant capital can plan our lives for us