max: much of what has happened can be dated back to the travis kalanick regime. executive whose name was on the license was the head of their u.k. operation who had been there when london took away the license, so i think you can kind of what this on travis kalanick. i think we still have a few months, maybe even another year before people start to blame dara, but again, it is an unforced error. you helped this does not keep happening. isly: same time, uber getting a huge investment from singapore's largest taxi operator. it looks to be a similar isuation where uber retreating. do you see a broader pattern emerging here? max: this is something that started even before the kind of blowup earlier this year with travis kalanick, but uber had been on this long march to take over the world and were planning to basically dominate every single market, and over the last year or so, beginning with this deal in china, they have a sickly been on the retreat. they have been cutting deals with local players, trying to find ways where they can sort of cut their losses but stil

that led to the resignation of travis kalanick. could argue that a lot of the conversation that has happened since then has been driven by the tech industry, so that's one. the other would be the role of social media in misinformation. it's easy to remember, a couple years ago, we were really starry eyed about things like facebook. cory: the belief that twitter was going to lead to this ,errific new spring in press society, and so on. what we are seeing is quite the opposite. russia and north korea have been able to use social media to actually spread their oppression. max: when you talk to people in silicon valley, the mood is just not as optimistic as it has been, and i think some of that has to do with -- we've been in a period of growth for a long time. there is a feeling that boom has wound down a little bit. series a rounds, the earliest rounds are not happening as quickly as they were. people are not as enthusiastic. there is a feeling, even among people who are real believers in tech, that maybe we need to think about tech'

what we're learning is that enough of the early investors , howleyart capital travis kalanick who stillof the company, they've offered to sell their shares to softbank, making soft rank -- softbank one of the biggest investors. they get enough shares to match? you say they did. >> they wanted about 1/5 of uber, about an $8 billion investment. it'd reached the threshold which means the deal can go forward. david: and they can get cash, even if they leave money on the table. >> liquidity has been a long, hard journey for the country -- company. the ceo of uber says 2019 at the earliest for an uber ipo. this is the best chance for liquidity, to sell some of those shares. those that of been on the ride for more than five years and hell over the last year with the resignation of travis kalanick and the controversy and turmoil. david: are these shares worth more to the softbank people than isthe uber shareholders? there something they can do with this interest? >> that's a good point. softbank is optimistic about the ride hailing sector. they've invested in india and china. competition has be

battle ceo travis kalanick resign. dozens of executives left.urfaced of sexual out allegations by employees. that was not all. uber's top rival lyft continued to eat away at market share. one of uber's investors announced he is suing uber over trade interests. uber wasout the year ruled a transportation service in the eu, and continues to face legal battles from all over the globe. uber is trying to turn the corner. with new ceo dara khosrowshahi bringing in legal heads and the ceo -- coo to try to right the ship. meeting with angry regulators worldwide, bringing goobers skeletons -- bringing uber's skeletons out of the closet. the hack of 50 million accounts that were covered up for more than a year. could reach 37 billion for the year. that is up from 20 billion in 2016. still, the company lost a massive amount of money. they years losses could reach over $4 billion. what is on khosrowshahi's to do list? -- cutting losses and redundancies. that legal matters little large. uber faced off in court over self driving technology. into five differen

we don't know yet about travis kalanick. he still owns 10%. the founder of uber. this was a year of controversy, and a year of ambiguous or economics for uber. negative they lost $4 billion in 2017. there was a belief in the company for a long time that they could raise money and conquer and kill all the little guys and regional players, but that is not happen. they are seeing competition in india, singapore, and brazil. they had already done deals in russia and china. this deal can help alleviate some of that competition because softbank has invested in other companies as well. cory: let's look at the things in uber has bailed on this year. they bailed on a chinese investment. they got out of that deal pretty good. they also bailed on their ceo. theirere executive -- and executive suite. the seamlessness of the transaction, get in the car and get out is gone. brad: i would describe it as a year with a manifest destiny of uber to be a monopoly of ridesharing around the world, is gone. that happened because of the controversy, but happened beca

travis kalanick step down five months ago because of investor pressure and allegations of sexual harassmentand was replaced by a new ceo. the scandal did not and there, last month it was revealed that they had suffered a data breach in 2016, impacting 57 million users. and the company continues to lose money, reporting a loss of 1.5 billion us dollars in the third quarter of this year. earlier, a spoke to about‘s chief business officer for asia—pacific and i started by asking him what the new partnership in thailand will mean for the company. this taxi partnership that we will announce today will give riders more options in bangkok, give riders opportunity to increase utilisation and it is a great partnership brought together by our technology. are you planning to do more of these partnerships with taxi operators around southeast asia 7 partnerships with taxi operators around southeast asia? we are, today, in bangkok, we're seventh. we had a big announcement with comfort in singapore on friday and today in bangkok will be truly exciting as well. over the past mac two years, you had uber ret

we don't know yet about travis kalanick. he still owns 10%.he founder of uber. i want to add to what she had said. this was a year of controversy, and a year of ambiguous or negative economics for uber. the company lost $4 billion in 2017. and you know, there was a belief in the company for a long time that they could raise money and conquer and kill all the little guys, the regional players, but that just hasn't happened. uber is facing competition in india, singapore, and brazil. they had already done deals in russia and china. the softbank deal can kind of alleviate some of that competition because softbank has invested in other companies as well. cory: that is one of the things uber has bailed on this year. they bailed on a very big chinese investment. to me it seems like they got out of that deal pretty good. but also they bailed on their ceo and basically their entire executive suite. the seamlessness of the transaction, get in the car and get there, get out, is gone. brad: i would describe it as a year where the manifest destiny of uber

emily: what do you think travis kalanick's role should be at the company?im: i think the board will decide that. emily: so he is on the board. some people think he should not be on the board at all. jim: i think the board and travis will decide what his role is going forward. i suspect travis will remain a large shareholder of the company and hopefully a positive player in the company's evolution. emily: has your position on travis's role changed? because tpg did not sign that original letter asking for him to resign. curious how your own position as a main investor has a fault. -- has evolved? jim: we have a huge amount of respect for what was accomplished of the company and what was accomplished for ridesharing generally. companies have to evolve, so we have then in favor of evolution positive ways. i don't think that is necessarily a focus on any individual, but we are are pleased to see the company moving forward on a number of fronts in the way that they must. emily: what is the lesson tpg has learned from the way uber story has unfolded? jim: uber wor

so much of what is happened since he got there, you can date it back to the travis kalanick regime. e head of their u.k. operation, who had been there when london took away the license. you can put this on travis callan it. monthsl have a few before people start to blame dara, but it is an unforced error. >> same time uber is getting a goodlifet, this is not for the singapore grand prix. it looks to be a situation where uber is retreating. do you see a broader pattern, again, emerging here? max: two things are going on. been on this long march to take over the world. they planned on dominating every market. beginning with the deal in china, they have been on the retreat, cutting deals with local players. this story also has a clean-up component because uber sold to a taxi company in singapore, funding a joint venture. that company had been embroiled in a scandal, so it was another potential problem area for the ngmpany that by selli majority interest it is a way to make things a little tidier. to move on from that scandal and also have a better shot of competing in southeast asia. >>

emily: what do you think travis kalanick's role should be at the company?im: i think the board will decide that. emily: so he is on the board? some people think he should not be on the board at all. jim: i think the board and travis will decide what his role is going forward. i suspect that travis will remain a large shareholder of the company and hopefully a positive player in the company's evolution. emily: has your position on travis' role changed? because tpg did not sign that original letter asking for him to resign. i am curious how your own position as a main investor has evolved. jim: we have a huge amount of respect for what was accomplished of the company and what was accomplished for uber and ridesharing generally. companies have to evolve, so we favor of evolution in positive ways. i don't think that is necessarily a focus on any individual, but we are are pleased to see the company moving forward on a number of fronts in the way that they simply must. emily: what is the lesson tpg has learned from the way uber 's story unfolded over the past tw

its influence, former ceo and founder, travis kalanick.rook. >> hena doba at the new york stock exchange. thanks, hena. >>> coming up, relief for parkinson's. we'll show you how this game could be helping patients with the disorder. for a visibly whiter smile. ten four shades trust your smile to colgate optic white. with a great selection of our armost popular models. like the adventurous rav4, well equipped corolla, sporty new 2018 camry and more. and that means huge year end savings for a very short time. right now during toyotathon. get great year end savings on a huge selection of our most popular models. offer ends january second. for great deals on other toyota's visit toyota.com this is short too. toyota let's go places. versions of the i- phone... what else the company plans to do about it. homeowners across the country rushing to pay property taxes before the new year. we'll hear from experts trying to clear up the confusing process. and final preperations are under way for new year's eve celebrations all around the globe... how l

great report thank you and you know it makes me think about the when you mention the executive travis kalanick you know when these leaders of these companies leave they have to have what we used to call in government a coop plan which is continuity of operations mean you need a plan to figure this stuff out otherwise as you say it could cost them a lot of money and do you now in provinces case it's because he there were a lot of sexual harassment allegations against him and forced him to resign earlier this year and experts are saying the value of hoover is not the same now that he's gone now according to experts places like hero price and other mutual funds they've slashed the value of their stocks and when it comes to our band gard vanguard had seven point five billion dollars u.s. growth fund that own shares in hoover and they've selassie their stocks by at least fifteen percent now experts are saying you know while some investors they haven't touched their stocks others have but this is as a direct result of travis's resignation you know. i like to see these folks go down but i want to see

we know some investors like benchmark, travis kalanick owns 10% of the company, some will sell some shares is a great strategic investor. it owns shares in companies other -- where uber is competing very hard, they have lost $4 billion this year, and softbank also opens its pathway plan in a lot of countries where uber is losing money. julie: and it is shareholders that are selling this. the cash will not be going to the company at health, right? it sounds like they could probably use some. brad: this is accommodated deal, and there is $8 billion in liquidity from existing shareholders at this discounted valuation, but softbank is adding a $1 billion valuation to the earlier 70 billion valuation, so there is an earlier discount on the valuations, a 20% cut, but uber would be getting an infusion of cash from softbank. competitive environment that is losing a lot of money, and that is a benefit of the deal. shery: we are talking about cash, money, capital, but this could also signal some reform at uber. what changes could we see at how bloomberg is governed? >> a great point. this is a compa

it is clearly reforming, and i admire that, but the uber that existed under travis kalanick was apparently lawbreaking organization or certainly an unethical organization that took the risk of breaking the law very readily and did not abide by normal standards that we would consider what any company ought to abide by. i think because of that there are a lot of skeletons, as i said before, likely to continue coming out of this closet, which is tragic because it's a great company in terms of the service it provides. emily: right. well, i know you all will keep us posted. joel, you will be watching for that letter coming out any it. thank you so much. david kirkpatrick, my guest host for the hour, you are sticking with us. tencent has agreed to buy a 5% stake in china plus superstore costing about 3900 -- $39 million following alibaba's $2.5 in aon purchase of a stake chinese grocery retailer. it's chinese fourth i just hypermarket operator and already has a tech industry investor. coming up, bitcoin closes at a new record right before futures start trading. we will talk about the continued c

that led to the resignation of travis kalanick.an argue a lot of the conversation that happened to then has been driven by the tech industry. that is one. the other would be the role of social media in misinformation. a couple years ago we were starry eyed about things like facebook. cory: and the release of twitter would lead to a terrific spring in a pressed societies and so on. what we see is quite the opposite. russia and north korea have been able to use social media to spread of their oppression. max: we talked to people in silicon valley. not as optimistic as it has been carried at some of it has to do, we have been in a period of growth for a long time. there is a feeling that boom has wound down. the earliest rounds are not happening as quickly as they were. you talk to people, they are not as enthusiastic. there is a feeling even among people who really believe in tech that maybe we need to think about tech's role in society. cory: let's put on our optimistic hats, ones i do not wear. what about 5g? max: it is easy, espec

aily: outside investor with relationship with travis kalanick.an imagine that she must have felt as if this is a person who had power and influence over her and that perhaps she wanted to maintain the cordiality of that relationship. shervin pishevar taking a different approach than some of these other men who have been accused. he has outright denied some of the allegations. through his attorney he said they are confident the allegations will be shown to be untrue. his lawyer also represents bill o'reilly and the l.a. chargers. we are doing as much is possible to get more statements from the people who are still connected to him. thank you guys so much for joining us. and for a team effort on this story amazing bloomberg tech , team of reporters. ok, coming up, the largest proposed tech deal ever still has not gone through. we look at the latest delay in broadcom's effort to acquire one of its rival chipmakers next. this is bloomberg. ♪ ♪ ne emily: "the new york times" is revamping its pay wall access. the paper has scaled back the number of fre

emily: what do you think travis kalanick's role should be at the company?k the board will decide that. emily: so he is on the board. some people think he should not be on the board at all. jim: i think the board and travis will decide what his role is going forward. i suspect travis will remain a large shareholder of the company and hopefully a positive player in the company's evolution. emily: has your position on travis's role changed? because tpg did not sign that original letter asking for him to resign. curious how your own position as a main investor has a fault. jim: we have a huge amount of respect for what was accomplished of the company and what was accomplished for ridesharing generally. companies have to evolve, so we have then in favor of evolution positive ways. i don't think that is necessarily a focus on any individual, but we are are pleased to see the company moving forward on a number of fronts in the way that they must. emily: what is the lesson tpg has learned from the way uber story has unfolded? jim: uber works in reverse dog years. b

this is down to the biggest likes biggest investors travis kalanick himself, right?> there is a misconception that they have a say in what happens next. there are a handful of people and mostly investors who have always say of what happens next. we are just along for the ride and we hope it is a good one. emily: eric, what kinds of negotiations are going on behind the scenes? eric the documents contain : financial information and risk factors. of a hack mention that happened, and say, ok, you are selling your shares and you need to know something about the values of the shares to assess. softbank is making a calculated decision about the share value. former employees and other sellers will have to do the same. emily: we also wonder what we don't know. the other skeletons in the closet. lane, would you make of the hack?f the big lane: i do not believe in a coincidence and this came out two days before thanksgiving in the middle of this deal. it is a little too perfect and there is some intention to make investors make a quick deal with softbank. emily: eric, another t

this is down to the biggest uber's biggest investors like travis kalanick himself, right?> there is a misconception that they have a say in what happens next. there are a handful of people , maybe eight entities, a couple employees and mostly investors who have always say of what happens next. we are just along for the ride and we hope it is a good one. emily: eric, what kinds of negotiations are happening right now behind the scenes? eric: the documents contain financial information and risk factors. probably a mention of a hack that happened, and say, ok, you are selling your shares and you need to know something about the values of the shares to assess. softbank knows a ton about uber at this point so they are making a calculated decision about the share value. former employees and other sellers will have to do the same. emily: we also wonder what we don't know. the other skeletons in the closet. lane, you are communications expert. what do you make of the news of the big hack? lane: i do not believe in a coincidence and the fact that this leaked out two days before tha

the deal curtails the influence of ousted ceo travis kalanick the founder. >>> renters are paying a recordmount for housing. zillow says renters paid more than $485 billion this year. that's about 1% more than last year. the cities where rent rose the most are las vegas and minneapolis and charlotte, north carolina. in those cities the total rent paid spiked more than 7% just this year alone. >> that's a lot. a lot of renters here in the bay area feeling the pain, as well. seems like you can buy anything online these days. what's this about a skyscraper for sale? >> reporter: yeah. the 37-story, 500-foot building in chain has been listed on popular auction website how bow owned by alibaba. the listing price for the repossessed building is $85 million. that isn't much for a skyscraper but here's the catch. it hasn't been fully built. there are floors piled with construction materials. the buyer has to finish the skyscraper himself. the building will go on the auction block next week on january 2nd. >> all right. >> back to you. >> happy bidding for those who can afford a skyscraper. >> repo

lot of voting power to the early backers and by extension, reduce the cofounder and former ceo travis kalanick'she will also get something out of the deal. and the 10% stake company, but as part of the agreement, early investment benchmark will drop its own losses. that will put to an end all this internal infighting that has set the company back in 2017. manus: how important is a stake in uber for softbank? pavel: over the past year, they emerged as one of the biggest investors in right hailing the portfolio includes didi in china, 1999 in brazil. until now, it looks like an empty uber allies. now getting uber on board makes things interesting. markets excepte for china, cooper is competing with his other investments and this competition tends to be destructive. it comes in the form of subsidies to drivers or free rights for consumers -- free rdieides for consumers. it remains to be seen how active shareholders will be and whether he can strike deals in some of these regions and avoid costly fighting. manus: let's see how active softbank intends to be. thank you for joining us from tokyo. to th

as a result, it would seared -- severely reduce the influence of the x ceo and cofounder, travis kalanickalso get something out of the deal. we don't know if he is selling any of his 10% stake, but benchmark capital agreed to drop their lawsuit against him. in the end, hopefully this will help the company and the that have marked 2017 and let it go back to business. guy: there have been a lot of scandals surrounding the business. good for uber, bad for lyft, right? that's right. it is part of the $9 billion investment, most of which will go to original investors. at 1.2 5 billion, that will go to uber itself. that will help them try to catch up with lyft in north america. plus, help them catch up with their investments abroad. they have been in the middle of very aggressive global expansion. guy: very quickly, do you think 's management were anticipating the idea that softbank could invest in their business rather than uber? he has certainly made it public that his interest was in both public -- companies. it was never clear if you seriously considered lyft, but it paid off as a scare tac

remember the software engineer at uber that started the ball rolling at uber that eventually led to travis kalanick there's talk that the metoo movement has gone too far that it could hurt women in the workplace. >> well, we are starting to see the backlash and have seen genuine concern from men including one of the "times" columnists over the weekend saying, we don't want to get to the point where we are making what are not serious allegations of people, or blackening people's names when we don't have all the facts and sort of ruining careers. and his bigger point was it could erode the social culture to where marriage and dating are discouraged. i don't know if i agree. i only bring that up to say there's clearly a cautious counterpart being made here, i think. >> but the positive outcome is more women managers and more women leaders. and that will change the culture from the top/down. this is changing from the bottom up. but the real change is that women have to be running all the different places. >> and the message i took today by the person of the year and also by the "time's" latest investig

he is very close friends with travis kalanick. lawsuit by the benchmark.stor in airbnb. he has his own fund now called sherpa capital and is also the one, whichhyperloop as you know is an idea put out by elon musk, and he put up the funds to make this futuristic technology a reality. we have been calling folks all been callinge have folks all day long and will update you with more information as we get it. julie: you said these women do not want to give their names out of fear of retaliation, which is interesting given the wave of women we've heard in different industries, some of whom have named themselves and some of whom have not, but what does that say about still the environment in silicon valley that they did not want to reveal their identities? relationships are everything here, and many of these women expressed concerns for their careers. there is something that makes lotshervin pishevar story a more, located. he was arrested for sexual assault in london in may. he was released and no charges were ever filed. he later filed a lawsuit against a comp

more specifically, of the former ceo and cofounder, travis kalanick., benchmark, one of the biggest investor in uber, will drop the lawsuit. hopefully it will end a lot of the internal strife that held the company back in 2017. betty: 2018, hopefully a clean slate. and what will uber do with this money? the $9 billion softbank toinvesting will go directly shareholders. but the $1.25 billion will remain with uber. there is an aggressive global expansion. if you look at the list of cities where they offer a service, they have had a strong year in north america. but you also find it in pakistan.like $4't forget they lost billion this fiscal year, all while investing in self driving cars. pavel, david here in hong kong. softbank acknowledged they have a stake in uber. they also acknowledged they have a stake in competitors. what does that mean? softbank already has a and grab,e in didi which covers southeast asia. uber had been waging a war against local companies, which was hard for everyone involved. pulling out,s uber striking a deal. it would certainly

a boys club culture in silicon valley taking on several executives including former uber ceo travis kalanick members in positions within in positions that they meet to movement gains steam. the year ends with a question everybody's asking. it's bitcoin bitcoin a bubble or the real deal. the crypto current explosion in 2017 serving europe $1000 incredibly crack in the $20,000 range. workers from here will be a major story next year is to close at a truly remarkable business. 27 team. i am maria bartiromo. fox business network new york. cheryl: still ahead, the future of retail. not heading to the malls over select a shot. of the real estate market is changing the way we live and shop in the next hour of "mornings with maria." ♪ .. .. good morning. the top stories at 7:00 a.m. eastern time. before the castle put in place. unwanted gifts present to retailers. the companies that benefited the most. we have futures pointing to a slightly higher open. they are back open after the long holiday weekend. in asia overnight markets are actually mixed. shanghai was down nearly 1%. dream of a white chris

shareholders that has favored ,eavily early backers specifically the former ceo and , whonder travis kalanickoming ceo as well. biggestof the deal, the venture capital benchmark will drop its lawsuit against the company, hoping to put behind the strife that has burden the company in 2017. rishaad: what is uber likely to do with this cash coming from softbank? >> the $9 billion will go to existing investors. there are 1.2 5 billion directly into the company. cashis not ask actually strapped, but that is not to say they could not use the money. for one, and they are engaged in a struggle for the north american market with lyft. they are also in the midst of an aggressive global expansion. you would be surprised to find it is not just europe and north america. in ecuador ander malaysia, so for sure the money could be used to promote their self driving research, which they are pushing out against companies like google and automakers. does it mean then for softbank to have this stake in uber as well as some of the competition there? over the past year the founder masayoshi son emerged as the bigge

billion dollars the deal also good news for upper new ceo, he is taking over, for ousted ceo travis kalanickne are users apple apologizing for older uphones upcoming more slowly, the company says that it would not intentionly did degraded the experience to encourage to buying new iphone has taken 50 bucks out of the barometer replacement for next year brings cost to 29 dollars for anyone with iphone 6 and that starts in late january, then a software update available in the new year, too that should extended the battery life. >> take a look at apple shares, in premarket trading not moving much you can see see a stock trading 171 dollars. >> ally holmes is going to sue -- amy holmes, for the battery. >> like -- >> this. >> i am with you, right i mean there you go. >> i guess so -- >> stock on fire, but what do you make really this is for them, for anything. >> i actually applaud this i think coming clean not going to stop further allegations from happening, people -- apple has been under pressure recent week or so there is bad checks coming from some asian suppliers some very sensationalist i

say who gave the okay to pay off the hacker and cover up the breach, but, it claims then ceo travis kalanickes. more bad pr for uber. >>> politics. a new "cbs poll" shows only 35% of the people approve of the tax plan. it is not just democrats. independents do not like the plan either. only 35% approval, how about that? andy puzder with us, policy advisor for america first policies. what is wrong here, are the republicans and president trump not selling it right? >> it may be the republicans not selling it or almost insanity with the left with democrats how they react to the bill. nancy pelosi claims it is end of the world. kurt eye connect at "newsweek" said america died. tax committee, scored this 8% will see a tax increase. tax policy institute say 12%. those are basically rich people. another thing people in this poll thought that was 69% thought that the bill would benefit rich people. it does not. it is not a sop so the rich. i don't know any rich people think they will fet a benefit, particularly people in high income tax states they will pay a greater percentage. there is a lot of mi

travis kalinik's power in a major way. one requirement following uber's investment deal with softbank is the ride hailing company drastically reduce kalanick's authority. according to "business insider" he seems okay with it especially because softbank could have put its influence behind uber's competitor, lyft, instead. investors pressured him to resign after scandals rocked the company. he still remains a major member of the board of directors. >>> celebrations are happening across the bay area. it's not because of the new year. it's because of what is happening come new year's. and that is the commercial adult sale of recreational marijuana. abc 7 news was at harbor side in oakland. it there was a long line of people. many of them were stocking up before new taxes take effect. >> they're not insignificant, so the price of cannabis could go up as much as 30%, 40% on certain products and that's, i think, going to be a shock to folks. >> customers must be at least 21 and have a valid i.d. only shops with local and state licenses can sell recreational cannab cannabis. remember, it is still illegal to smoke marijuana in public or anywhere toba