emily: steven and bloombergs ellen huet.e should note that bloomberg's investment arm is an investor in slack. up next, our conversation with sheryl sandberg and what she has to say about the new cryptocurrency already facing blowback on capitol hill. and if you like bloomberg news, check us out on the radio and on sirius xm. this is bloomberg. ♪ emily: facebook unveils plans for a new cryptocurrency called libra that will soon launch next year. the former paypal ceo spoke to bloomberg about the goals of the new project. he will now lead the new organization that will help to oversee libra. >> we went to the blockchain about because, by design, we launched 100 different global organizations that will participate in the governance of this new network. 27 organizations. we need a way to decentralize governments does no one company should control a network that is basically a protocol for value on the internet. emily: still, lawmakers are calling for them -- the social network to stop developing until lawmakers weigh in. facebo

stevenson ascii and bloombergs ellen huet.e should note that bloomberg's investment arm is an investor in slack. withxt, our conversation sheryl sandberg and what she has to say about the new cryptocurrency already facing blowback on capitol hill. and if you like bloomberg news, check us out on the radio and on sirius xm. this is bloomberg. ♪ emily: facebook unveils plans for a new cryptocurrency called libra that will soon launch next year. former paypal ceo spoke to bloomberg about the goals of the new project. the newnow lead organization that will help to oversee libra. the blockchain about because, by design, we launched 100 different global organizations that will participate in the governance of this new network. 27 organizations. we need a way to decentralize governments does no one company should control a network that is basically a protocol for value on the internet. emily: still, lawmakers are calling for them -- the social network to stop developing until lawmakers weigh in. facebook coo sheryl sandberg says a lot

bloomberg's ellen huet gave us the details. what does it mean? len: it is coming from people familiar with talks about the deal as they are getting ready for the direct listing next thursday. so we don't specify with whom, but yes, obviously the people involved are the company, bankers, investors, thinking about how much is this company going to be worth when it lists next week? what is interesting is they are doing this math for the $16 billion to $17 billion valuation based off of some projections about the company's expected revenue for next year. so they are looking at this year's projected revenue, the expected growth rate, and forwarding ahead to fiscal year 2021, because of the way the fiscal year calendar works, and expecting basically a 20 times valuation -- or 20 times revenue to make the valuation. emily: well, this sort of brings to mind the headline in which uber was targeting a $120 billion valuation, which as i understand it was floated by company's bankers and had nothing to do with actual demand. so that is far out from the ipo. w

emily: bloombergs ellen huet. as a reminder, bloomberg is an investor in slack.ong kong's falls into chaos as citizens protest and extradition but what does it mean for investing? later, dropbox is coming after microsoft and google. how they aim to evolve from a file storage system to a collaborative workspace. this is bloomberg. ♪ emily: in hong kong, chaos in the streets. thousands of protesters demonstrated against a proposal to allow extraditions to china. this as hong kong's legislative council attempts to debate a controversial extradition bill, saying it would blow up the legal wall intended to keep hong kong's justice system separate from china's. what does this mean for china's business climate, especially at a time when wall street is lending billions of dollars to china's hottest tech unicorns? we explain why exactly u.s. banks are interested in tech in china. >> we have seen that the technology startups in china are tapping into the syndicated loan market at an unprecedented pace. a lot of wall street lenders are taking their playbook into china, lend

emily: stevenson stenofsky there and bloombergs ellen huet. we should note that bloomberg's investment arm is an investor in slack. up next, our conversation with sheryl sandberg and what she has to say about the new cryptocurrency already facing blowback on capitol hill. and if you like bloomberg news, check us out on the radio and on sirius xm. this is bloomberg. ♪ emily: facebook unveils plans for a new cryptocurrency called libra that will soon launch next year. the former paypal ceo spoke to bloomberg about the goals of the new project. he will now lead the new organization that will help to oversee libra. >> we went to the blockchain about because, by design, we launched 100 different global organizations that will participate in the governance of this new network. 27 organizations. we need a way to decentralize governance because no one company should control a network that is basically a protocol for value on the internet. emily: still, lawmakers are calling for the social network to stop developing libra immediately until lawmakers we

emily: ellen huet, we will be watching for your reports over the next week.f bloomberg lp is an investor in slack. lawmakers and business leaders had to london for bloomberg's sooner than you think conference. we will look at the future of the london tech scene as the city looks to redefine its relationship with europe. this is bloomberg. ♪ emily: netflix is the latest tech giant making its way into video games. the streaming company announced it is working with top videogame developers on games based on it s shows. stranger things 3 the game will come out on july 4, the same day the third season debuts and netflix referenced the dark crystal, a game that will debut later this year. netflix's first two games will be available on major gaming consoles as well as pc's. a food delivery service is planning a major u.k. expansion. last month the company secured $575 million in new funding in a round led by amazon, bringing its total raise to $1.5 billion. the ceo says it wants to reach half of the u.k.'s population by the end of the year. deliveroo's ceo and cofou