google took advantage of your a company that relied on your search engine. google misappropriated lyrics and published those lyrics on google's own platform. however, genius caught google in the act red handed. when genius suspected this corporate threat was occurring, the company incorporated a digital watermark in its lyrics that spelled out, red handed. in morse code. google's lyric boxes contain the watermark. after google executives stated that they were investigating this problematic behavior, genius created another experiment to determine the scope of the misappropriation. it turns out that out of 271 songs where the watermark was applied, 43% showed clear evidence of matching. your company which advertises itself as a doorway to freedom, took advantage of this small company, all but extinguishing their freedom to compete. your correspondent values once stood for freedom, a platform that threat capitalism flourish and helped bring countless people across the globe out of poverty. my question to you, mr. pichai, do you think that google could get away with following china's corporate espionage playbook if you didn't hav

to lose google google. and google might find it a living. and i read it if you can see the brandenburg gate behind me and i think. that is it that is rich and easy it is quite funny and fun of me for a range little but i have 5 kilometers if i could. could leave the range will. you know you guys this is me with the quest to take on fortress. there we have brandenburg gate in the background and i am here before on years which means i won the challenge unfortunately it also means that i need to stand on the plane is waiting for him to swap so everybody i just want to show you the latest update the one to the range of $3.00 to go. so here we go red locators coming and 0 kill me and 900 me does joe actually need it and in love that's the end of the treasure. that's all that she is. as a plane it tough you feel it'll be in for iced. over you need to have a few of those kids should close the blinds down at least nobody has the temple i drove out the whole battery i mean i completely squeezed the citrus and i mean. there was no drop. congress. righ

google google. and google like a little thing. and i never made it if you can see the brandenburg gate behind me and i think. that is if it is effectively liquid funny and front of me the range little. high of 5 kilometers and i could see. you could read the range will. you know you guys this is me with the cost to take on for terrorists. there we have brandenburg gate in the background and i am here before on the years between the one the talons unfortunately it also means that i need to stand on the grass waiting for them to swap so everybody i just want to show you the latest updates one to the range $3.00 to go. so here we go red locators coming and 0 kill me and 900 meters to actually needed and then love us and. that's when the fear 'd. as a plane gets up you feel it'll be in for. you this. should clear to be. sometime before i drove out the whole battery i mean i squeezed the citrus and i mean. there was no drop. congress. very good no i didn't look at ok 7 i was just on a budget. if you look. good you might. thank you but

through google google. and google might find it to me. and i mean it if you can see the brandenburg gate behind me and i think. that is it that is if any of these are quite funny and front of me to the range. i have 5 kilometers that i could say. could use the range will. you know you guys this is me when the courts have to take on for tests. there we have brandenburg gate in the background and i am here before on here is between the one the talons unfortunately it also means that i need to stand on the place waiting for him to swap so everybody i just want to show you the latest updates one to me the range is $3.00 to go. so here we go red locators coming and 0 kill me and 900 meters still actually needed and and i have asked and. that's about. half as i am talking feel it'll be in 5 i used. to have you the kids should put it. like nobody had listened to them but i drove out the whole battery i mean i squeezed the citrus and i mean. there was no drop. congress. right. now i didn't look at ok 7 i was there some day somebody. would be look

google. google. google. but what about the problems the digital companies are posing for policymakers for example for years giant platforms have hardly paid any taxes despite billions in turnover. in part because they post profits and losses globally. and the result while top earners in germany fall into a 45 percent tax bracket and in the e.u. conventional companies pay 23.2 percent on average digital companies less than half their 9.5 percent. but that's still far more than what the biggest digital players hand over. to take one example from the us amazon turned a profit of $11300000000.00 there in 2018 and paid 0 taxes on. you must understand little subsets taxpayers who pay half their income like corporations pay a fraction of the title from 10 to 25 years they pay less taxes but i'm completely against waging that sort of trade so everyone pays their taxes in their home country and that's why it always depends what rights do i say and what comes back as it says there is talk of this to demands they shoul

google's brand. so in 2007, google's founders feared make thing change, because they knew it would upset their users. but in 2016, google didn't seem to care. isn't it true that what changed between 2007 and 2016 is that google gained enormous market power. so while google had to care about user privacy in 2007, it no longer had to in 2016. would you agree that what changed was google gained enormous market power? >> congresswoman, if i could explain. we today make it very easy for users to be in control of their data. we have simplified their settings. they can turn ads on or off. we have combined most of activity settings into three groupings. we remind users to go to a privacy checkup -- >> thank you so much for that. i am concerned that google's bait and switch with double click is part of a broader pattern where google buys up companies for the purposes of surveilling americans and because of google's dominance, users have no choice but to surrender. in 2019, google made over 80% of its total revenue through selling of ad placement, is that correct? >> majority. >> ads targeted to each of us as individuals, the mor

believe google is google. and google might find it to me. and i have created if you can see the brandenburg gate behind me and i think. that is it that is if any of it is quite funny and front of me the rain will roll but i have 5 kilometers in that i could see he couldn't leave the range will. you know you guys this is me when the course had time for us. there we have brandenburg gate in the background and i am here before on years which means i have won the talent unfortunately it also means that i need to stand on the planes waiting for them to swap so everybody i just want to show you the latest updates one to the range of $3.00 to boat. so here we go right locators coming and 0 kill me and 900 mi does joe actually need it and then love us and. that's about. as i know it tough you see little i used. to have you this. should put to you you. know but you have to learn sometime before i drove out the whole battery i mean i squeezed the citrus and i mean. there was no drop. congress. the problem was that i didn't want to know 7 if it was yes

google products. now, if they are saying, maybe somebody is installing a google smart security system for the first time, they will probably end up buying more googleices. google will be able to advertise to those people, sell them services, maybe convince them to versusandroid phone iphone. emily: all right, interesting development. thank you so much for giving us the update on that deal. keepg up, snap trying to tempo with its competitors by offering a new music feature. this is bloomberg. ♪ ♪ snapchat is making its way into the music business, landing a deal with tom music companies, securing the ability to add licensed songs to the platform, a feature similar and familiar to tiktok and instagram. joining us, lucas shaw, who covers media and entertainment for bloomberg. important about how this is for snap? lucas: it has been a long time coming. snap has wanted to have some kind of music licensing for years. i think, considering the uncertainty around tiktok and kind of its ongoing competition with both tiktok and instagram, this is a feature that users clearly like. they like sharing videos set to music. if you want to do that now, you have to

top of that oracle has a struggle to find new business revenues as i am and so microsoft and google or google keep dominate in the cloud computing market while there are other contenders here microsoft and twitter what are oracle's chances in really striking a deal. i would say. bigger than twitter says sensing it has a much a better ability to finance that multi-billion deal and he's a macho bigger company also it's a co-founder lottery recent easing good terms with the president trump on the other side though it currently microsoft is the only company that has officially stated it's interesting tick-tock and has engaging and negotiations longer than the last $24.00 to take giant acquisition makes a lot of sense and strategically and it can't afford an operation like these either alone or with the others but there are also concerns of both that because of its operations in continental china and to trust issues at the end big tech it's getting even bigger causalities thanks for now but do stay with us. yours retailer wal-mart posted its biggest growth in online sales in the 2nd quarter as sho

that next to me there's a hi michelle i brought some friends with me if i do if you do a google google that gives us. michelle braman is the science to. rector of the world renowned lowson shipyard in braman in northern germany. one of 3 mega yachts comes from this yard the company has established a solid reputation for the quality of its boats and for maintaining the privacy of its clients. on the eve i don't know how many boats together you know let's not tell everyone more than 20 i'm sure we need to talk. as if this is business so no microphones because you're wearing a mike yes. how come you're taken off the mike. we're talking business the business. has been and michelle know that in this world discretion is king. the by international boat show is an annual event the world's leading shipyards engine manufacturers designers and decorators are represented here and that includes sabrina modeling on air. she enjoys meeting new clients and old friends. that i see. this every day are far more one of the more i know you all thank him and there are many. of the letters we have that are t

high mischa i brought some friends with me if i do if you do a google google that. michelle braman is the sales director of the world renowned lewson shipyard in braman in northern germany. one of 3 maybe yachts comes from this yard the company has established a solid reputation for the quality of its boats and for maintaining the privacy of its clients. i don't know how many boats together let's not tell everyone more than 20 i'm sure. we need to talk is all of this was a. business this is business so no microphones because you're wearing a mike yes. how come you're taken off the mike. we're talking business is business. as spin and michelle know that in this world discretion is king back. to. the by international boat show is an annual event the world's leading shipyards engine manufacturers designers and decorators are represented here and that includes sabrina monteleone. she enjoys meeting new clients and old friends. that i see. this every day are far more one of the more i know you all they can write their own border any. suitable during this battle at that m

google and microsoft. this is bloomberg. ♪ emily: the workplace productivity company coda may be some years away from scaring off google and microsoft, the company not going unnoticed, just raising a huge round of funding, $80 million, bringing million.tion to $630 joining us is cofounder and ceo shishir mehrotra, who worked at google microsoft for many, many years. obviously, work collaboration is in the spotlight with so many workers working remotely, and there is an even greater need for better tools to collaborate. what sets coda apart from google, google docs, microsoft w ord? thanks: hi, emily, wrapping me. as you mentioned, the world is changing really fast, and many workplace patterns accelerating. we are zooming a decade into the future in just a few months. every form of that is being reconstructed. coda is an all-in-one document that once together documents that blends -- blends together documents into one service. you can build docs as powerful as apps. you can close the gap between documentation and the real flow of how your business operates. emily: it seems like the vast majority of people are still using microsoft and google. what kind of traction is coded getting,and -- is coda and how do you see it's amounting these incredibly entrenched giant companies? shishir: to be clear, we work side-by-side

i mean, google, google has an a.i.esearch facility in beijing and some of that technology is also being used to suppress the uyghurs. leland: it was noteworthy that mark zuckerberg was the only big tech executive at the congressional hearing this week who was willing to say that the chinese were stealing technology. when it comes to the debate in the united states about companies under chinese control, tiktok being one of them, the aclu came out with this tweet, banning an app like tiktok which millions of americans use to communicate with each other is a danger to free expression and technologically i' impractical. what's a bigger danger, what the can chinese are doing or going after the app. >> just since covid happened, we know china misled the world on that, they have increased their attacks on the south china sea, invaded japanese waters, crossed over into india and killed 20 indian soldiers. the pla navy has sailed into the taiwan straits. they have aggressive overflights of taiwan. they cyber hacked the australi

google. and google might find a way to tell me. and i mean if you can see the brandenburg gate behind me and i think. that is if it is if any of these are quite funny and from both. the range school. high of 5 to business i could see. you could need the range will. you know you guys this is me with the quad type on for terrorists. there we have brandenburg gate in the background and i am here before on years which means i have won the talons unfortunately it also means that i need to stand on the planes waiting for them to swap so everybody i just want to show you the latest updates the one to the range $3.00 to go. so here we go right locators coming and 0 kill me and 900 meters to actually needed and and love us and. that's. just the shaft as the plane is happy feeling i used. to have you on the skids should close the deal. i would have liked some time before i drove out the whole battery i mean i completely squeezed the citrus and i mean. there was no drop. congress yes it was good but i didn't look at all 7 like you did i was t

believe google is google. here and just like i learned something. and i read it you can see the brandenburg gate behind me and i think. that is it that is it that is me there quite funny and from both. the rain and the over 55 to me doesn't that i could see. you could leave the range will. you know ya guys this is me with the cross have type on forests there we have brandenburg gate in the background and i am hero before on years which means i have won the talent unfortunately it also means that i need. the standard on the plane is waiting for the swap so everybody i just want to show you the latest updates one to the range of $3.00 to go. so here we go read the locators counting and 0 kill me and 900 metres to action then you did. and now that's the end of the treasure. that's how long. as it's up you feel it'll be in for. you the kids should put in the blanks i believe nobody had listened to them before i drove out the whole battery i mean i squeezed the citrus and i mean i'm and there was no drop. congress. right. now i didn't vote at all i did i

google now has access to all the health and fitness data it collects. walk, run, pre-existing conditions. that will feed into google's online ad business. they went to make sure it does not reduce competition. if you look at the share prices of fitbit and googlet really moving today. a lot of this was priced in. there were reports in july google was meeting with eu regulators to allay some of these concerns. in the united states, the government is investigating google for antitrust violations, or alleged antitrust violations. privacy groups have been calling on regulators to do more after the approved facebook's purchases of instagram and whatsapp in the past. wasle's bid at the time $7.35 per share. currently trading below that price. we are not looking for much growth from fitbit. the growth came in the first half of 2019. since then it has been slowing and expected to slow even further. fitbit will reporting second-quarter results tomorrow after the close. amanda? lots ofas you note, focus on this issue in the u.s. what are some of google's arguments? scarlet: what google is saying is this is a deal about devices and not data. looking at the hardware part of the equation, fitbit has 6% market share of the wearable space. apple is the marke

joe: google searches giving real-time look at what is going on in the economy because people don't like to the googleher data much better in low risk states than the high risk states. doingl, recovery trends ok, still improving. but definitely, the virus seems to be having an impact still with the labor market. romaine: will be interesting when we get to a stage where it sort of balances out, where you have recruitment activity in up and people who either left the labor force willingly or were booted out because of the crisis come back in. let's bring in a data scientist with arbor research. what exactly are you seeing in the data that you look at right now that would give any insight into whether we are going to see or get anytime soon a balance in the labor market? ben: sure. what happened in june and the early portion of july was a stagnation and plateau. , stillit in job postings about 21% or so below where we expect them to be. search activity also plateaued. areuitment, how many people searching about job interviews and time-full-time employment. we have seen things improve. within high risk st

what's happening now or email, google, siegel google or microsoft -- that's very convenient for regulators. that have to only go to the facebook and flickr twitter pen discover what a pentagon the 50 or 60 or 100 companies. so by concentrating the power you're getting efficiency but you're getting the uptick for more regulation. that's why think the internet is at this inflection point where we moving to more fragile or political less resilient, less distributed internet. it's generally because of market efficiencies or these great powers aggregating like amazon aggregate. to your original question about china and the united states, i think of it more as there's going to be a sphere of countries that are the rule of law countries. the lost on how to be the same but there will be countries that respect the rule of law, whatever it may be. the respect each other's traditions and democracies. then there's going to be a group of countries that are more authoritarian and they're going to work, it might be iran, north korea, china. they have different system. thank you the world differently and

actions against google at the time google at the time actually had a presence in china and google felt compelled to leave china at the time the u.s. state department including secretary hillary clinton actually talked about the importance of internet freedom the idea that information should flow freely between countries across borders without in her section and that's sort of reflecting you know the offline 1st amendment freedom that we have enjoyed in much part of the united states in the united states in large part of the world that idea of a free flowing of nation as we have seen recently has come under a lot of pressure because of the chill political rivalry between the united states and china. this is this this notion of freedom is an interesting one is it because what should the internet bridge free why shouldn't national governments control information that flows into its jurisdiction and out of its jurisdiction as it does with telephones for good right and by we have recognized over the past decade or so that the internet is certainly not an unmitigated blessing while you could

actions against google at the time google at the time actually had a presence in china and google felt compelled to leave china at the time the u.s. state department including secretary hillary clinton actually talked about the importance of internet freedom the idea that information should flow freely between countries across borders without in her section and that's sort of reflecting you know the offline 1st amendment freedom that we have enjoyed in much part of the united states in the united states in large part of the world that idea of a free flow of nation as we have seen recently has come under a lot of pressure because of the political rivalry between the united states and china. this is this this notion of freedom is an interesting what is it because what should the internet break free why shouldn't national governments control information that flows into its jurisdiction and out of its jurisdiction as it does with telephones with electricity with whatever why is the into that different. well this is an interesting notion that i think we have been debating for a long time an

making a comeback during the pandemic google is using its google doodle to promote mask-wearing and social distancing its home page animation shows the letters of the googleame were in brightly colored masks and the letters kind of shuffle around to create distance. the letter he sends a heart emoji into the air indicating it is an act of compassion to follow the guidelines you click on the animation and it will take viewers to google's covid-19 prevention page for safety tips. we are just about done here for the kron 4 evening news at 6. but the news never stop so kron on ella sogomonian is standing by in the newsroom with more on what they're working on l a catherine coming up in the next hour, the people of lebanon were already infuriated with the leadership. >>because their economy has been tanking for the last few years. well now they're blaming yesterday's deadly explosion near a major port in beirut under negligence as well next at 7 we're going to hear from residents on the ground as they search for their loved ones. >>all right alex thanks so much happening tomorrow all eyes on professional golfer focus to here in the bay area. the pga championsh

google is thinking twice about acquisitions. the adt investment, 6.6% of the company, it raised some eyebrows. i think that googlegoing to have to find ways in a few places where they have used acquisitions to beef up their strategy. it might not be a tool we can use the current political climate, which could change any time. emily: all right, gary to thank-- gerrit de vynck, thank you for the update. coming up, we will take you to space. a huge milestone for nasa the past week, launching a robot that will be heading into mars and bringing back bob and doug, the two astronauts, via spacex. this is bloomberg. ♪ astronautsfirst nasa to be launched from u.s. soil by a spacex rocket and capsule are back on her. yesterday i spoke with the nasa deputy administrator about the new space age and the spacex splashdown. >> it is a huge milestone. you think about just what we have accomplished. we haven't done this in 48 years as far as having a splashdown goes. we did it with a commercial enterprise for the first time in history launched humans into space and safely brought them back. it is a new era in our space age, and t

google. but we know what jeff bezos' relationship is with the trump administration it would seem almost impossible that amazon would emerge as the buyer here and in google's case, googleyoutube, so the potential antitrust implications of owning both tiktok and youtube may be a non-starter there. i think part of the reason why oracle is even involved here is that there are so few companies that could buy this asset. to ed's point, while tiktok loses money today, it's a huge growth asset and it's an area where oracle has struggled for years. where is the growth? you could be buying this as a forced sales price that is sort of a deflated price because of the circumstances and end up with a jewel of an asset even if it doesn't have any synergies to the rest of your business. it just could be a good purchase on the face of it, and i'm sure oracle is interested for that reason >> ed, i'll give you the last word here, and as we're talking about what that sale price $30 billion is being floated i imagine someone, some of have to come up with a number this is one of the strangest deals we have talked about >> what's whatever will satisfy the staple this year >> it's not just t

google with google play china is an unbelievably important market for apple given the increasing depositions betwe tension between the u.s. and china, apple risks being a pawn in that battle that makes me nervous. i think apple has done an amazing job of balancing itself through all of that but things are getting really weird right now. the issues that we're raising about tiktok are actually largely true of google and also data brokers in the united states. that is, china already has our data that's not what this is really about. i suspect that deep down underneath, sarah cooper amay also be a factor. >> in terms of how apple navigates this, tim cook obviously has a good relationship with the trump administration, also has a pretty decent relationship with china. i'm wondering how they sort of get through this and what ta. >> i wish i knew the answer. the obvious answer would be for the united states to have a less emotional foreign policy relative to china. i don't see any sign that's going to happen in the near term so i do think we need to be cautious as investors about what the risk is here you know, i think apple is amazingly well-positioned for the issues that are going on right now. the probability of greater regulation of privacy favors them the probability of greater regulation of other aspects of internet platforms, particularly safety, that also favors them. but the klechina thing is

google agreed to purchase the health tracker fitbit in november 2019 for a cool $2.1 billion, but the deal has since faced regulatory hurdles. later today it's expected to be announced that google's bid will face a full—scale eu antitrust investigation. googleds," saying the deal is "about devices, not data." but privacy advocacy groups argue google could exploit fitbit‘s data collection capabilities to strengthen its online advertising business. joining me now is ross sleight, chief strategy officer at global digital agency somo. ross, good to see you. this is becoming a real theme, isn't it with mackay don't know if you heard my conversation with thomas, talk us through the deal between google and fitbit. do you believe google when they say it is not about the data? do you believe google when they say it is not about the data ?|j think that the device marketplace, and wearable devices are growing rapidly. there's half a billion people on this planet with a wearable connected device, so you can understand when your major competitors like apple which has the lion's share of that market and also some of the chinese manufacturers, are in a position whereby google are thinking, i need to be in this marketplace, it's important for my business m

an issue for a very long time the monopolistic nature of apple through the app store and google's with the googleplay store. you know they hold such between those 2 it's a vast majority of the market you know there's no there's nothing around that perhaps it's possible that something different could be. innovated in the future but you know i think it really just speaks volumes that this huge company that is epic games is having to use all these resources to to do this and you know many people are saying that they are bullied out of actually joining this play on the side of the big games and have been forced to kind of fall in line. is there an outside chance this could all backfire against fortnight and it's make his. of course you know this is something that they believe they can win or else they wouldn't have done it because again taking on apple i mean taking on apple no matter who you are almost is a very much near david and goliath site you know apple's a huge company which is established itself for so many years and innovated in a way that has made it basically untouchable at this point. yo

google because google is the default search engine on ios. it's apple care, and so it's a really diverse set of businesses it's recently install base driven, and when something is install base driven, it doesn't have as much as a transactional element. you're not going to see the big highs, and the big lows like you do on iphone sales, and that's part of the reason why you didn't see a beat this quarter on the transactional businesses, demand was better than the street had forecast. the service business is more install based driven it's a diversified portfolio, it came in line with expectations we believe this business can continue to grow at double digits for the next several years. >> tony, it's david. you know, a broad question here, if i might we were speaking in the last hour to david katz, a long time value investor, and questioning multiples. i believe you downgraded tesla based on valuation what kind of conversations are you having with clients in terms of how you look at things and whether there's anything to be gained by downgrading on valuation, when it seems it doesn't matter given how much momentum is behind these names. >> sure. david, i think you raise, you know, a couple of interesting points one is more broadly, the kinds of conversations we're having with investors are, you know, when is tech overdone. tech is out performed now seven years in a row this would be the 8th year it's dramatically outperformed this year, and we are seeing multiples, particularly for growth tech stocks at very elevated levels versus history, and so i think investors are struggling with the fact that fundamentals are clearly better for tech but at the same time, valuations are much higher there is increased risk in technology, and i think investors are struggling with that there's also been this big rotation within the market, sort of the largest rotation we have seen in the last 20 years, growth stocks versus value stocks, and that's also a question specifically around tesla, we just had a disconnect. we believe in many of the attributes and advantages that tesla has, but we were really struggling to justify valuation that was more than $900 a share, so we had a disconnect with our rating, which was a neutral rating and a target price of $900, and we had to bring those in sign. we didn't change our view on tesla. we saw the stock run up an enormous amount and try to be true to valuation approaches and that resulted in an under performed rating. >> yeah, well, it's a lot higher than 900 bucks i mean, do you really believe it's ever going to retreat to a level like that? >> look, i think there are market factors that work, and execution factors that work. we, you know, as i mentioned had an enormous rotation, and out performance by growth oriented stocks and, certainly if we had a rotation away, we could see underperformance from a lot of growth stocks, and tesla is the poster child for growth. manufacture, expectations are getting heavier and heavier. that's certainly possible, but that expectation is now built into numbers, and the higher the multiple a stock is, the more penalized it might be if it does fall short of expectations tesla could continue to do well, if it ultimately executes and if the market continues to reward growth there's much more risk with the stock at these levels than there was three and six months ago. >> tony, how much of that risk is around these new competitors getting into the market. we have been talking about niccola, how much does that play into your $900 price target? >> not all that much the eb market, a little over 2 million units per year is going to go up 20 fold over the next 20 years there's lots of room for competition to grow and in parallel with tesla. i think where our valuation is centered is what you have to believe. to get to $900 a share, which is our price target, we have to believe that tesla sells 6 million cars per year in 2030. that's more than the combined size of mercedes and bmw today, and we have to believe it becomes the size of volkswagen, which is the largest car manufacturer by 2050 and we would need to have 10 to 12% margins at tesla so tesla is basically saying we're going to be way more profitable we're going to be a mass market car dpacompany, and we're going be may more profitable than a mass market car company by 2050, and that gets us to a valuation of around $900 a share that's purely our concern. it's not that, oh, tesla won't be a significant player going forward. it's that the market is baking in tesla being a very large player and having, you know, wildly profitable margins on top of that. >> really putting that $900 in context. we really appreciate you joining us today. >> thanks for having me. >>> we'll take a break here. still to come, he's got the third largest follower count on tiktok digital content creator zach king is going to join us next to talk about you know what in a moment we love our new home. there's so much space. we have a guestroom now. but, we have aunts. you're slouching again, ted. expired, expired... expired. thanks, aunt bonnie. it's a lot of house. i hope you can keep it clean. at least geico makes bundling our home and car insurance easy. which helps us save a lot of money oh, teddy. did you get my friend request? uh, i'll have to check. (doorbell ringing) aunt joni's here! for bundling made easy, go to geico.com. hello? what happens whene easy, puts its customers in charge? well, the good news gets shared. and it gets rated #1 for customer satisfaction. but don't just take our word for it. take theirs. it's your wireless. your rules. only with xfinity mobile. call, click or visit a store today. >>> the future of tiktok continues to be one of the key stories of the week. joining us to talk about that, the platform and what a ban or a sale might mean for the tiktok community is zach king, a tiktok influencer, currently has the third largest amount of followers on the platform. zach, it's great to have you thanks for being with us today. >> yeah, thanks for having me. >> you're no stranger to how this all works you were already a king on vine, and clearly now on tiktok. let me just start by asking what the community is saying about what may happen to the platform, whether it's a ban or a sale >> yeah, so when the news first broke, you saw a lot of tiktokers, half of them started saying follow me on instagram, you tube, all these socials, because you don't want all your eggs in one basket for followers. you see people a little confused on why the ban i think a lot of the young generation doesn't understand the idea that there could be security risks and wondering if those are true or if it's for, you know, other reasons. >> if it went to another large cap tech player. microsoft obviously the most obvious example at the moment, would that mean a big migration in terms of content creators >> i think you're going to see, i mean, we love the platform tiktok, it's got so much engagement on it that's where our audiences are, a large portion of them right now, and we hope the best for that platform. if it means going to a company like microsoft to bring that to the u.s. and make it more secure, then that's great. i mean, there's other worries, though, like can you do that transfer and have the management work with such an innovative company at the moment, which is tiktok, or will that actually be a killer in itself so there's kind of both camps there. >> we're looking at some samples of your work, and anybody who hasn't seen it already, should definitely it's not the typical, you know, kid with their parent dancing on tiktok, you take a lot of care in this stuff. is it your view right now that the technology or the platform allows you to do what you do better than any other platform >> yeah, the algorithm is incredible what it's done is it's levelled the playing field. if you're trying to crack into you tube right now, it's such an impossible game. it's doable but would take so much work. you have tiktok allowing people, i have even had staff members at my studio who have created accounts and gone viral and have several million followers for themselves creating whatever their niche is i think that's the power you have people like kambucha girl, and that goes viral, and now he's got a whole career out of it, and can transition to other platforms like you tube. so i think the fact that the algorithm picks up a user, sends it out, starts testing it among other people, and if it's good content, it keeps spreading it it's got a different level of viralty than we have ever seen in a platform before. >> julia boar sthere, a questiot transitioning from viralty, and you're also on all of these other platforms. i'm wondering how your experience is on tiktok in terms of making money from these followers, in terms of these other platforms. it seems like that ability to make money is what would be crucial to the long-term success of tiktok. >> you're absolutely right as a creator you have to be able to financially work a brand deal or commercial in there, like you tube has done so well, having a partner program that pays for ads, and that's incredibly important to the ecosystem whether it was in the conversation with tiktok getting banned if tiktok didn't get monetization in place this year anyway, i think you would start to see a migration from the platform, so it kind of comes at an interesting time where microsoft may be able to back them and help build that creator fund even better than, you know, they have announced now. >> and zach, i know some of your fellow tiktokers have left for a start up called triller, the number one app on the app store, similar to tiktok, same concept. what do you think about the idea of leaving for a start up where you might have more control of the money coming in? >> ultimately all the platforms are a wash in that way to me as a creator, you're not in control of your audience i tell young creators, you have to come up with other ways to directly engage them, whether it's e-mails or tech services where you can be direct communication to your followers. at some point, what facebook did years ago to make it their business was, we only have access to 1% of our audience, if we post without boosting it or incentivizing that post. even if we have 45 million followers on tiktok, forever, it won't always be a direct to everybody like it is now that's why i'm encouraging the younger creators, mid tier to smaller tier to capitalize and bring their audience, even if it's smaller to a dedicated place where they can talk to them >> hey, zach, it's david faber tiktok may get shut down for the chinese government for lack of a better term, spying on its users. do you have concern about that for yourself and the people following you? >> i don't have any concerns on that i'm not sure what access they have with the data i would be curious if microsoft bi buys it and they're able to look into that. i'm personally not i'm one of 300 million in the u.s. i don't think they're tracking me specifically, but i think what i have noticed in myself and the younger generation, we don't care as much as privacy, we would rather have open information for people, and technology >> right and again, back to this larger question of where you would go, where do you think you would spend the bulk of your time so to speak in terms of a platform if tiktok were to get shut down? >> well, there's two parts to that there's the creator's time, and the audience time, and the audience attention does have to go somewhere, migrating, disney plus, netflix, hulu or social, and that's going to go to probably you tube attention or instagram reels they're launching this at the perfect intersection there's a lot of interesting things in the ecosystem for creators i'm mostly going to be bummed because i think the space does need a lot more competition in it both to change the ad rates, to have options for creators, and where they can build their little ecosystems, and so i think that's out of the whole situation, if it gets banned, that will be the biggest bummer is that, you know, we lost a solid competitor in the industry >> right well, speaking of losing solid competitors, i wonder if you are as nostalgic for vine if i am, and if you ask yourself why some of these other ideas that seemed to have so much promise were taken away from us >> what's so interesting about vine was, you know, it was bought out by twitter a few years before it died, and i love the people at microsoft. i just spoke with them on a virtual event last week with trevor noah, and there are such innovative people there. it is the problem you're going to have, can the management let tiktok, whether microsoft or another tech company, can they bring that in house but allow them to do their magic and what's really working. that's going to be the question. >> yeah, i mean, we talk about that all the time, sort of absorbing different types of assets, keeping the culture in tact, rarely has it been with a public example it's going to be fascinating to watch if it happens. zach, we hope you'll come back great insight into technology that few understood up until a few months ago thanks >> later >> carl, that question could tiktok go the way of vine. more on microsoft's potential acquisition of tiktok. straight ahead, angel investor, jason calcanis weighs in and tells us why the app should be banned stay with us >>> welcome back, everybody. i'm sue herera here's your cnbc news update at this hour. in north carolina, a tornado spawned by tropical storm isaias levelled a mobile home park destroying at least ten homes and leaving only two standing. meanwhile, isaias is speeding up the eastern sea board at 35 miles per hour it is now approaching philadelphia sustained winds remain at 70 miles per hour just below hurricane strength. >>> in southern california, authorities say burning soot from a diesel truck likely started the so called apple fire which has now burned more than 26,000 acres and forced evacuations. and three people were shot and one of them was killed at a mansion party in the beverly hills area of los angeles. aerial footage shows dozens of people celebrating without masks or social distancing for that matter police did not break up the party, but they did issue parking tickets to cars lined up outside the mansion. >>> you are up to date that's the news update this hour carl, i'll see you later send it back to you. >> sue, thank you very much. >>> we'll continue our conversation about the future of tiktok with angel investor jason callicanis, when "squawk alley" continues in just a moment - [narrator] at southern new hampshire university, we're committed to making college more affordable. that's why we're keeping our tuition the same through the year 2021. - [student] i knew snhu was the place for me when i saw how affordable it was. - [narrator] find your degree at snhu.edu. >>> wii going to keep a close eye on shares of disney after they trade after the bell, after the close. we will get earnings from the entertainment giant. one key is what does the future look like for the theme parks. they have been opening for a period of time, and julia, somebody who covers the company as closely as you, i don't know to what extent we're going to get a forecast from bob chapek, the ceo, in terms of what he expects next year. do you have any sense? >> disney does not give tradition that will guidance, but usually give a sense of how theme park bookings are looking generally. i think it's interesting that the orlando park just started its reopening in july. we may get a sense of how that's going so far, and how much people are booking sort of near term versus long-term. so carl, it will be really interesting to watch that, as well as those streaming numbers for disney plus. >>> yeah, which continue to be years ahead of schedule as you know julia, i did notice this morning that bemo reiterated disney as a top pick but i'm not sure, david, what you think is most important. i mean, we know sort of the loss of the cash burn that comes from keeping the parks open at low capacity but it would also be good to get production back up in at least for, you know, get the backlog going for next year, and of course advertising the weakness continues to get reflected in names like google and our own parent last week. >> without a doubt advertising is still an important component. certainly we're going to want to see what's going on at espn, what ratings looks like. what the distributors feel like at this point, whether they want to continue or their subscribers want to continue payinghigh fees for limited sports programming. at least there is sports programming. we know court cutting is occurring at an even more rapid pace it's been accelerating, at least judging from the numbers we have gotten from large cable companies. carl, your point on production is an interesting one. you do begin to wonder julia, you may have insight on this as to whether there's going to be a large gap in terms of new programs on disney plus, on hbo max, on netflix, amazon prime, you name your provider, but it's a long period of time where there was nothing new in production, and a lot of people have had plenty of time to work through the libraries on all of those platforms. >> certainly prod

do we make cities greener how can we protect habitats we can make a difference google ideas fundamental series against google $3000.00 on g.w. and on line. of the magic kingdom lost some of its luster disney reporting a nearly $5000000000.00 for lead lost its 1st since 2001 so why are its investors in such a good mood. and what to do when you can't torah watch those parks in person do it virtually.

do we make seat is greener how can we protect habitats we can make a difference google ideas or mental series again google $3000.00 t.w. online. welcome to news from the world of arts and culture the design of a brand new museum about exile has been presented here in berlin also coming up today. with a lot down easing in moscow artists are emerging with you were able to inspire the coronavirus with demi. has that ever been a drive through museum before while there is now in rotterdam. butts we begin with the announcement this friday of the winning design for a new museum here in berlin it is a museum about exile which of course hundreds of thousands of germans experience themselves in the 1930 s. under the nazi regime the nobel prize winning author i have to move initiated this idea for a museum in the 10 years ago and she was there on friday with a number of dignitaries including the former german president you often go patron of the project as they set everything in motion. more in a minute after a look back at how this all came up arms. germany under the nazis hundreds of thousands fled towards an unce

think this is a tricky one google -- they could force google to spin off youtube and other services it is hard tore er to do with a. they will break up any meaningful way but google might move first. if they change their policy there is suddenly significant pressure on apple. they have a larger revenue share. and the second one which i think is more important to someone like tim cook that cares about the perception of apple is when the consumers revolt this has been a battle with the chief technology officers, and now 14-year-olds are going to say what the hell, fortnite is no longer available in the app store and that pain will not be insignificant. >> what epic games has done here is, i think, unique. they put the consumer in the middle i said that it doesn't matter because to the consumer the app store works great. i might also argue that there is a huge amount of users that will be upset about fortnite. what about we chat in china, right? that is a whole country that could soon not have access to that app that is arguably a lot more popular. do you think that will have an effect too will apple make concessions for ten cent because they had to >> we chat is mo

google is spending $450 million to buy a 6.6% stake. the two companies plan to create the next generation of smart home security. google's nest hardware -- googlengs its nest learning hardware -- nest hardware and machine learning. alix: the japanese owner of 7-eleven convenience stores is betting and expanded u.s. footprint will deliver growth in the midst of a pandemic. they agreed to by marathon speedway gas stations for $21 billion. also what's important is what it actually means for marathon, which has quite high leverage within the market at 4.4 times ebitda. it could be good short-term, but longer-term, perhaps losing a real stable source of cash with the virus hitting gasoline demand. coming up, we are 2/3 of the way through u.s. earnings season. estimize founder and ceo. this is bloomberg. ♪ you say the customer's make their own rules. let's talk data. only xfinity mobile lets you switch up your wireless data whenever. i accept. 5g, everybody is talking about it. how do i get it? everyone gets 5g with our new data options at no extra cost. that's good. next item, corner offices for everyone. we just have to make more corners in this bu

google to 30% by 2025. but do you need to make that specifically about black people in setting goals for black employees specifically at google? >> so, poppy, at googlely set aspirational goals across underrepresented minorities, including black people, and i think it's important that we're informed by data to see where we have gaps and what we need to do to get better what, we need to prioritize, so actually i think it's critically important to set those goals, to measure ourselves and to learn from them as well. >> dr. cole, yes, please, go ahead. >> our letter specifically says we stand in solidarity with all allies' community, but there is specific need, especially at this moment in our country, for corporate america, for all organizations, to address systemic racism that many affects black people, and i don't see a contradiction in calling for that and standing simultaneously with all marginalized communities. >> yeah. it's a very important point. i wonder, melanie, to the extent that you're comfortable speaking about your own experience, because one of the things that i was moved reading about your comments is that you say there's a real differ

how do we see the screen how can we protect habitats we can make a difference google ideas into a series of google news and on and on line. this is good news is coming up today voices of protest growing louder in thailand. protesters gather in the capital bangkok demanding new elections and a reform of the monarchy but there's also those who don't want any changes. in india the number of total deaths from the coronavirus fos is $50000.00 but the government says the mortality rate is still low and it has the situation in hand. and no place to call home i don't shift struggles to call people abandon more and more pets during a covert pandemic. i'm british welcome to do you. glad you could join us for testers in thailand have rallied at the weekend demanding a change in government and greater democracy in the country the mostly student activists are also demanding reform of the thai. the 2 to boost subject under the country's strict. laws protests began in february this year up to the dissolution of a popular opposition party here's more of the movement that is fast. becoming a headache for the thai

google services including gmail and google docs hit by a worldwide outage. some users report unable to log in to gmail accounts and new e-mails aren't showing up and issues with uploading videos to youtube. googleis now investigating this problem. more than 2 billion users rely on gsuite of apps and services. >>> air bnb about to go public. the company has not revealed any financial details or when or where it may list its shares. the move underscores a rebound of the travel industry hit hard. last month air bnb said customers booked more than one million nights on a single day. that is the first time that happened since early march. travelers trying to stay closer to home a big factor for that dropoff. kari hall, back ov >> thank you, frank. >>> right now at 4:45. let's look at our current temperatures as you get hereadyo head out the door. we still see mid to upper 60s for the inland east bay. we'll see how high the temperatures get today and talk about what is ahead for the weekend, coming up. >>> and the commute is light right now, but there are still issues that will affect your roadways whether they're opened or closed. i'll clarify some of what you're hearing about coming up. >>> breakin

google, there was yahoo! and other search engines, right? the government came in and allowed google to move up. and now, google goes out and quashes many times any new small company from rising up. that is a place we should really look at, and make sure there is a level playing field, there's competition, and someone is not controlling the market, but utilizing it to control what people see and what people think. mike: to put a bow on this, you are saying washington is more concerned about the tech companies than they were a year ago? rep. mccarthy: yeah. tech companies control more every single day. think about it. from instagram, from google, from a search, from youtube, from facebook, those are four big companies. but those are two. they are controlling so much of our life and so much of what we see and know. in the world of covid, you are relying on technology more because you are not going out. that is concerning to me and everybody else. the influence of what they are -- they are determining what trying to do to make people -- they are determining what free speech is. i have not seen a ban in china on wh

google. he was working on googles self driving car project when he let left the company. he brought thousands of confidential files along with him to uber. at a plea hearing today a federal judge called the case the biggest theft of trade secrets he's ever seen. >>> in the meantime uber is the latest company to extend its work from home land today. they announced corporate employees will have the option of working from home through next june. >>> a measure that could save caltrans is heading to the november ballot. it's seen ridership drop 70% because of the pandemic. after weeks of negotiations, officials have come up with a plan. the measure would raise the sales tax rate by an eighth of a cent giving the struggling railway a guaranteed source of income for 30 years.>>> on the storm watch, tropical storm isaias is losing a little steam as it reaches canada tonight. it's first hit, north carolina, sparking floods, fires, twisters, and at least 20 tornadoes as it moved up the atlantic coast, packing 70 mile- per-hour winds as it ripped apart homes and at least four people

google competing with amazon. google has 40% of the smart home market. amazon has about a 35% market share. googleup until now, did not have a distribution network, does not have a retail sales network like the way apple or microsoft does. it also does not have a marketplace like amazon does. now it has a network to build this out. vonnie: scarlett, thank you for breaking that down for us. still ahead, black on wall street. our conversation with the youngest female trader to ever work on the new york stock exchange floor. lauren simmons joins. this is bloomberg. ♪ vonnie: this is bloomberg markets. i'm vonnie quinn. the latest edition of bloomberg markets magazine is the diversity issue, highlighting the untold stories of black men and women on wall street. lauren simmons was the youngest female trigger to work on the nyse floor, only the second black women to do so when she took a job at rosenblatt securities. thatround her use to bet she could not pass the series 19 entrance exam. she did. she now has two podcasts and a book in the works. sonali basak is with us now. >> thank you for joining us.

another example is google with not only their applications, but now google uses videoconferencing, as well as googlelassroom, which is a management system. we see more and more interest on the part of bigger technology players and k-12 education, because education in general is the second largest industry, second only to health care. as we see these companies continue to grow and look for growth opportunities we think they will look to education. alix: thank you so much, it was great to get that take. do have breaking headlines from robert tack -- kaplan. as all the other fed officials have been pushing about the government doing more about the virus in terms of stimulus, what i found interesting was his read on inflation and he is willing 2.752 2.37%. to all of that ties into the inflation story looking at the 2, 5, and 10 year break even. something similar with influence -- inflation expectations rising as well. if that continues what kind of higher yields can we see. this mass matt -- mismatch we saw yesterday. we will continue with more hints as they cross. this is bloomberg. ♪ guy: it has been

do we make soup is greener how can we protect habitats we can make a difference google ideas environmental series in google $3000.00 on d w and online. do unicorns really exist we sent your remarks reports of like a coup got to germany's unicon capital to find out more on that a little bit later. but 1st a warm welcome to another edition of euro max here's what else we've got coming up for you today. is on the island of lands a rossi broke wine in the deep crater. on top of a polish photographer captures stunning images with his floating gallery up obscura . but 1st off we're showing you a beautiful was a full switzerland's spectacular rhine foals dazzle with their 150 meter wide stream of cascading water they've already inspired numerous artists including german poets you involved on fungus a and have been drawn photographed or painted from all possible perspectives but the swiss artist bet on yolo has managed to create another unique way to showcase the rapids an immersive experience that leaves the viewer completely dry. powerful water masses and foaming spray the rhine false portrayed in a 360 degree w

google. you know, google was only private for about five years so from the time it was founded until the time it reached the public markets, it was actually only five years, which is amazing in hindsight to look at how long these companies are deciding to stay private today so, i think there's a lot of things that factor in. you know, number one, companies are staying private longer because they're able to realize their dream while not being in the eye of the public markets and under the scrutiny of all the filings that are required and trying to manage to the expectations of analysts so that's a positive in that we're seeing these companies come public in a much stronger financial position the ability to have a solid customer base and to be able to kind of chart their own path moving forward so i think that a lot of companies are exploring this as an option. i think there's also a lot of regulatory process that's required to go a traditional ipo where as it's a little lighter with direct listing technology already exists obviously there's also the talk about the pop on an ipo and whether or not that is money being left on the table. you know, is it the case when the ipos are priced by the bankers, you know, is this pricing actually reflective of the demand that exists in the market and the company doesn't really realize any of that additional ipo pop. so i think that's another consideration. >> yeah. no, that's a great point in fact right now the s.e.c. is on the tape voting, commission voting to ease rules on the disclosure of risk factors maybe in some ways responding to the trend that direct listings had become the other big topic for us this morning is this etsy piece on amazon this new blog post in which josh silverman argues that amazon is trying to wipe out its competitors by backing california's consumer protection bill and says amazon supported the bill as an abuse of market play amazon, lo, is one of your top holdings how much leash do you give etsy on something like this >> well, there's the process of thinking of marketplaces as a way to connect buyers and sellers. and so i think what etsy and josh is saying and josh is an ebay alum and ebay was the inventor of this model i was an ebay alum as well and there are already laws in place to be able to protect buyers from sellers that are selling fraudulent goods, counterfeit goods. and this particular bill, the way that i read it, it really is focussing on online marketplaces and kind of carving online marketplaces out from some of the other methods that connect consumers directly to sellers in a gathering. think about an antique shop. think about even a flee market those are the same types of dynamics it's just that these marketplaces do it online. so, you know, look, we all have to realize that amazon is in the business of trying to sell as many products as possible. amazon started selling directly to consumers and then the technology was so good and it built out such robust infrastructure it made sense to open that up and allow third parties to be able to access that infrastructure and process as well. and i look at the ability for these other marketplaces, like etsy, that are competing on a different level. you know, they're bringing more homemade and craft types of goods. historically those have been able to compete kind of showing that even going back to ebay the originator of the model, there were these certain vertical needs. but, you know, i think, look, it's tough to be able to compete against amazon it feels like amazon is coming after every particular type of industry that sells goods directly to consumers. so i can certainly understand the frus tlags and viewing this as potential play for amazon to be able to further its depth into the consumers as the place to turn. >> more broadly, lo, along those lines, though. we have this public market that has given trillion dollar plus valuations to five or six of these massive entrenched incumbents that now potentially could be -- it could be argued are anti-innovation or they're basically exploiting their advantages of scale in a way that maybe make them targets of regulators or other competitors. how do you think of that as you look at your own investments and how you think it will play >> yeah. we're investing at a much earlier stage when companies are just getting started but these are actually the questions that we have to assess when deciding whether or not to go after a particular opportunity. these are the types of questions that entrepreneurs and investors are asking themselves as companies get started. will this ultimately lead a company down the path to being in the crosshairs of one of these larger companies like a facebook or a googlean amazon and so i think when there's that level of wanting to understand whether or not this is going to be something that a company can do to achieve or will it just get wiped out by one of the larger companies, that's going to open the eyes for anyone especially on the regulatory side who want to really understand if there is a level playing field for companies to be able to compete so i don't think we'll see a slow down. you know, what we're seeing is the recognition that technology is woven into the fabrics of our lives. i think in this post covid environment, one of the things that we've seen aside from the unfortunate effects on our human lives is that we have a dependence on technology it's interwoven into our lives in every aspect. and so we want to continue to see the innovation that happens from these early staged companies. i think it's fine for the larger companies to want to partner, potentially acquire, but we want to make sure these young companies are able to compete.

google was the original home for this. do you see it having a broader base than inside google? could it be used by everybody? rebekah: without a doubt. a 20%nt started as project inside googlee a few of us got together, thinking through how we could make a difference in this space. now we are outside of google, they are a partner, but we are not inside google, alongside bbc, nasdaq, and bloomberg. we are going to be voting that partnership and the exponent alliance in the coming months. everyone is coming to the table to really help lift one another up. this is not really a new conversation, it's been going on a long time. do you have are new to making progress on this front? rebekah: i do. as a business person, i know firsthand gender equity is a business imperative. fortune 500 companies with at least three female directors have a return on equity at at least 50%. is, thesey of it numbers, these data points have been telling us the same information for a long time even i think there has been a renewed sense of urgency to actually pay attention and take action. i do have a lot of hope that we that all to be sure areas and ways that people are disenfranchised will be moving

and we have heard a lot of news about the platform with facebook, google, and one reason they worked with google, they want googlemaking low end hand seths for india. it will be difficult for xiaomi to maintain its position and at he same time provide services. shery: 2021 is supposed to be the year of 5g if it weren't for the pandemic. where does xiaomi stand here? >> we expect they'll continue to do well this year. a lot of consumers may prefer more affordable devices which xiaomi can offer. but when it comes to more mature or later stage, it comes to r&d is still xiaomi's not as good as huawei's. one may argue that given what ,appened to huawei's u.s. trade xiaomi will benefit but at the end of the day quality is a very important thing. without its own chip making capabilities, it would be a challenge for xiaomi to compete in the high end for 5g. so more applications -- when more applications come in, how do they experience differ across different ventures, then xiaomi would have to come up with roducts to be competitive. shery: we're also hearing that there's changes at the top, they just appointed credit sui

google manage their app stores and eric schmidt talked about it a little bit on "squawk box. let's listen to what he had to say. >> in china, for example, google does not have a single app store because of regulatory issues and there's always been issues, is the app that you're using certified and so forth i would be careful about breaking up the app store model as it does provide some security and protection we can quibble about how they're managed but the important thing when you use an app store you can rely what's on it is represented to be what it really is think of all of the viruses not not getting through the app store. >> think of all of the viruses you're not get how much of a risk to these stocks do you think it is that regulation might end up changing now app stores operate >> well, all of the tech players are very nimble. and they're going to be responsive to whatever the regulation that comes in certainly across, you know, the apple app ecosystem, the android app ecosystem, even the mobile web, there's opportunity for all of the players to continue to innovate i would make sure we don't lose sight as to what the users kind of need and want and make sure -- i agree with eric, i certainly wouldn't break up that app store and pose that. but i think there's plenty of opportunities for companies to be nimble and use technology to navigate the playing field >> with the innovation, i'm curious about so much with the profit margins because so much of what's happening here, you see epic pressuring apple to take a lower cut from its app store. you see various pressures across these certain ecosystems say, amazon's third party is pressuring them on how they're treated. how much of a risk do you think it is for investors that there will be changes that impact the bottom line? >> i think it's -- i think change is inevitable but, certainly, from a standpoint of the profit margins, a lot of these companies are getting tremendous economies of scale so, i think you've got this ongoing tension between the profit margins that i can get. ultimately, what's going to allow them to preserve and continue those revenue streams is to continue to innovate for the customers so the customers are coming to their ecosystem. >> i'm sort of surprised, greg, now, you're in the venture capital world and you're seeing more early stage companies are you saying that companies like apple don't represent a competitive threat for the companies that you're investing in >> no, it's actually quite different in tapa capital, they rely on that for distribution. there's an ongoing fly wheel for apple. even if the time conditions change across those ecosystems, i think they've got a tremendous opportunity that's coming from investments that are very early-stage innovations. >> greg, stay with us. we want to get to our julyial borinstein who has got news from another tech giant, facebook julia. >> john, facebook is making its biggest push into e-commerce yet. facebook shop, it's a shopping destination on the flag stipulate app. to browse on a similar destination like facebook. similar to the single shopping destination it launched in july. before this, consumers were only able to shop on facebook either through a business's page or veeial ads on the newsneed on instagram, the checkoutal allowing consumers to complete purchases is now rolled out to all businesses in the u.s. and allowing to sell directly from instagram live and videos facebook will be waiving all selling fees through the end of the year the real value for facebook is getting small businesses to make the platform the center of their e-commerce strategy which would drive ad revenue wells user engagement today, ubs raising its price target writing in a report that facebook's shopp allowing facebook to sell on its properties is a potential $10 billion revenue for facebook in the next five years. and the e-commerce trend as well as the ability for its ads to drive the e-commerce sales now, that report was issued before facebook announced this new shop destination which further shows facebook's interests in profiting from social commerce. john, back to you. >> julia, thanks greg, you've got firsthand experience when it comes to rolling out e-commerce features. i also think about facebook. they launched facebook watch that didn't really explode on to the scene. marketplace, not sure how well that's done. what do they need to do with these shops to make sure they have kind of a bigger impact than maybe some of the other efforts have >> well, again, i'll be interested to explore what they've done further however, certainly, what, you know, customers across the entire kind of global e-commerce ecosystem are looking for is great selection, great prices. so, you know, from the facebook, they've been dabbling with the marketplace. and, you know, as has googleknow, as google recently also lowered their commissions and waived seller fees so, i think what you'll see, the pandemic has provided some tremendous tailwinds for e-commerce so, you know, we have to remember, retail is a $25 trillion market globally so facebook has tremendous opportunity to kind of lean in and experiments with different ways of making their marketplace effective. >> so, greg, do you think this is good for, say, a player like shopify or bad for them? because shopify is positioning itself as the central dashboard. the control center for its own business they have their own shop there, they decide whether to send it out to amazon, facebook, where they're going to put up store fronts as well i imagine in one sense, facebook is trying to steal thunder from other marketplaces but on the other hand, the small business that wants to control its destiny and maybe dabble in facebook might need that control center more than ever. >> yeah, obviously, facebook and google and walma

>> you googled it. you googled it. you weren't even alive for the ghetto boys. >> who, me or angela? >> that's a lie, cuomo, and here's the thing. >> look at them yelling at me. bring it on. >> your mind's playing tricks on you. ♪ >> here we go. >> okay. >> i can move. don't sleep on it. >> hey, listen -- all right, listen, i hate to break up this whole thing, but i do have to say, angela, i think you're right about the criticism about aoc. chris and i have been talking about that. some of the more progressive members of the party. they may try to get it right before the end of this convention. let's see -- let's see if they do or at least add a couple more voices. they took chris right off the screen. whoop, like that. he's gone. so, thanks -- >> i took all karen's time. can karen say something? >> karen? >> the women have been bringing it. so the pressure is on the fellas to kick it up several notches. >> why do you think i have both of you on? karen, don't call the cops on us because we got to go. >> i'm talking abo