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tv   Bloomberg Technology  Bloomberg  July 15, 2021 11:00pm-12:00am EDT

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♪ >> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang. [audio drop] emily: this is "bloomberg technology."
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i am emily chang in san francisco. coming up in the next hour, the race to space. we look ahead to jeff bezos' flight crew. betting big on gaming. more on the company's decision to tap a former ea and facebook executive to lead the charge. former head of google ventures is putting a billion dollars to work at the intersection of technology and life sciences. where he sees the biggest problems that need solving as we emerge from the pandemic and how he is putting his money to work. all that in a moment, but first let's take a look at the markets with kriti gupta. kriti: a risk off day in the markets. you really saw it in the stock markets. the two extremes of the recovery trade, economically sensitive small-cap stocks and big tech growth stocks, both in the red. that is really where you are starting to see that large breadth of selling. s&p 500 down 0.3%. where is the money going? right into treasuries. those yields dropping about four basis points but that is not the
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trend you have seen this month. very much an intraday basis, because this month, you have seen that diverge. you have seen growth outperformance. those small caps that were rallying so much after joe biden's election, after the pfizer vaccine announcement in november, this month, not doing so well. and really, you're starting to see that divergence signaling there is a little bit of a safety trade here. what is the driver between this? this is where i want to point to the 10 year yield. that is the white line in the middle. you can -- excuse me, the yellow line. you can really see the russell 2000 and the nasdaq are both moving in tandem just as the 10 year yield is as well. as you see the yield dip, it really starts to impact the selling that you see in those two indexes, emily. emily: all right,, kriti, thanks so much for the roundup. meanwhile, jeff bezos has picked an 18-year-old to fly to space.
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blue origins saying oliver daemen will be the youngest person to fly to space if all goes to plan. blue origin saying the anonymous bidder who agreed to pay $28 million for the seat has a scheduling conflict and will fly later. want to bring in bloomberg's senior executive editor of global tech. everybody knew the day was july 20. that is what this bidder bid on. what happened here? >> boy, emily, there is very little about this billionaire race to space that has been normal over the past few months. i mean, first, you had jeff bezos announcing he was going to go first on new shepard, despite blue origin employees two nasa astronauts. then, richard branson beating him to suborbital space last week. maybe it is not unusual things are once again kind of screwy. they held an auction for the fourth seat on the new shepard.
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somebody paid $28 million to go to space with the world's richest guy and they are saying he has a scheduling conflict. it does not really add up. but the bottom line is that it has moved to kind of the second highest bidder. that is this 18-year-old, or his family. he is going to make history in a way by being the youngest person to go to space. emily: right. as i understand it, this 18-year-old's father won the -- was bidding for that seat that ultimately went for $28 million and blue origins says he chose his son. oliver daemen, i understand he is planning to study physics in college next year in the netherlands. who is he? >> you have essentially said everything we know about his biography. his father is a prominent dutch private equity investor. and you know, they did not even think they were in the running. here they are the second runner-up. he is having this big moment, or
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at least the son, in suborbital space next tuesday. emily: looking at oliver's instagram account, he is a kid. it will be interesting with jeff bezos, mark bezos, wally funk, who will become the oldest person ever to go to space, all of them on board together. what do you make of the fact that richard branson had a successful launch over the weekend? jeff bezos thought, i believe, he was going to be the first of the billionaires to fly to space. he will be second. last but not least, right. what are your expectations for the event? >> first of all, i don't think jeff bezos viewed it as a race with branson. he picked july 20 because it is the 52nd anniversary of the apollo 11 moon landing. it was not to beat anyone out of the gate. wally funk was a member of the mercury 13, these female astronauts that did not get to
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fly. she fulfills a lifelong goal. with oliver as the youngest person to go to space. for jeff bezos, this is symbolic. he wants to reinvigorate interest in spacefaring, a sense of swashbuckling adventure. this is more kind of a symbol. it is really a symbol of the remarkable trust he has in this company, blue origin, because he is putting himself out there as a bit of a guinea pig and no human being has flown on this thing. it is a bit breathtaking in a way. seeing his face popping out of the crew capsule if and when it returns safely i think is going to be an important moment for blue origin, for bezos himself, and people's interest in space travel. emily: absolutely. we are hoping for a safe and successful launch and we are going to be talking about this i am guessing every day until that happens. "bloomberg tech's" brad stone,
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thank you for your perspective. netflix is making its first bid beyond television and movies, planning to expand into video games. netflix has hired a former top executive from electronic arts and facebook. the goal is to add games to the streaming platform in the next year. joining us now is a former global head of strategy at amazon studios. great to have you back with us. you predicted netflix would get into gaming years ago. how big can they be in this business? >> well, thanks for having me. i think the starting point is to acknowledge how large they are today. they have 200 plus million subscriptions. they've said previously they have 3.5 accounts per subscription. that is over 700 million people. many of whom use the service on a monthly if not weekly or daily basis. that makes it one of the most popular, most used platforms globally. that leads you to the question, what is next? what's more? no one can launch a media experience today to more people than netflix. emily: so, how do you imagine
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this to rollout across netflix? will they be producing their own original games? will they be licensing games? how robust do you think the offerings will be? >> it's a good question. i think the best way to think about this is to take a look at the historical progression of netflix. they said that they started their test for streaming in the early 2000's. they launched in 2007. they developed the netflix originals brand in 2009. launched their first licensed show in 2011. by 2017, 85% of new spending was for their originals. they will start likely with licensed titles. it is clear based on what they have said that this is a long-term trend and they will eventually move farther and farther up the stack into more and more creative. emily: now, your predictions have been good thus far. you have also said "fortnite" is
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netflix's most threatening competitor. how so? >> there are two ways to think about that. number one, reed has always said their competition is leisure time. they described their biggest enemy as sleep. they said their competition includes not just looks and podcasts, but having -- books and podcasts, but having a glass of wine with your partner. this has become a common way to describe competition in entertainment. today, there is no segment of the leisure market that media companies lose to more often than social gaming experiences. you cannot dominate leisure without having a meaningful offering in social gaming, in multiplayer, online gaming. emily: what does that mean for netflix, the traditional competitors that we think of when we think netflix like disney plus and hbo? >> this is a great example of trying to stay ahead of the market. they were years and years ahead
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of the rest of the market into going into global competition, binging, many of the things that defined the streaming wars they solidified by 2013. it is clear gaming is the next big thing and reed and the rest of the company seem focused on what the company looks like in 2025 as the market tries to replicate what netflix was in 2013. emily: we are going to continue to follow your thoughts and your portfolio. you just had a company focusing on interactive technology raising some new funding. appreciate your insights. managing director, former amazon studios. thanks so much for joining us. another story we are watching, taiwan semiconductor is underscoring its crucial role in helping alleviate a global chip shortage. tsmc expects sales to rise more than 20% this year. the company makes chips for apple and many of the world's largest carmakers. coming up, the blank check boom
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is not over. we hear from coastal ventures founder whose firm is sponsoring multiple spacs next. this is bloomberg. ♪
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♪ emily: the ipo market has never been hotter and while spacs have cooled off since the year's earlier surge.
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-- surge cooled off, the blank check boom is not over. berkshire gray, a warehouse automation company, plans to list on the nasdaq later this month. coastal ventures was an early investor in the robotics company. the founder joins us now. great to have you back on the show. you have sponsored multiple spacs. given the many years you were a founder of micros systems and you have been an investor for some time, what is the opportunity in spac's you see that is new? >> spac's offer another opportunity like an ipo or private equity funding. it is just a different vessel. if you look at the biotech industry, they have been able to do ipo's 5, 10 years before revenue. they need to project into the future, explain their future. ipo's have been available to them. there is many more areas of technology that fit the same model. and for them, spac's may be a great alternative. we announced nextdoor recently
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as a spac. berkshire gray is a great example of an opportunity. it is a technology company that has to be explained. and so, spac's play a larg role in these kinds of opportunities. emily: let's talk a little bit about berkshire gray, one of your longtime portfolio companies, planning a spac. this is a warehouse robotics company that counts target, fedex, walmart among its clients that helps to automate the supply chain. what do you think is so disruptive about their technology and what does that disruption mean? >> we started with berkshire when it was one founder alone. the opportunity came from the following fact. amazon is a serious technology company, has developed a lot of automation for itself. in a world where consumers are demanding immediate shipments
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and very low cost delivery, every part of the supply chain, from e-commerce to retail fulfillment to grocery to third-party logistics, they all have to be deeply automated. amazon is doing it for themselves. the opportunity for berkshire grey is to do it for everybody else who cannot keep up with amazon on the technology and to get an integrated solution. traditional supply chain suppliers do not understand technology and robotics. there is a lot of startups with mixed solutions. berkshire offers really the only complete solution that is next generation ai to compete with amazon. emily: basically, it sounds like you consider berkshire a way for
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everyone else to compete with amazon? >> absolutely. they have to. their cost structure depends on this. their delivery times depend on it and that matters a lot to consumers, so it is the alternative for everybody for the technology that amazon is developing. they have done a lot of automation for themselves. somebody will have a large opportunity in doing it for everybody else, whether it's their customers you mentioned, walmart and target, or others. emily: when it comes to robots, there always is this question about robots taking jobs from humans, not necessarily filling jobs that need to be filled. and i wonder, has technology actually progressed to that point? and if that happens, is that a good or a bad thing? >> well, i think robots will switch the kinds of jobs that exist.
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one of the larger opportunities in all of industrial america is inverting the supply chain. a lot of manufacturing happens in the -- in china. that needs to be done locally in the u.s., and so, there is a large opportunity here, so i do think robots will do automation and increase e-commerce, and in fact, partly increase employment. there is a certain ratio of humans to robots that would generally be deployed. emily: now, you have become famous over the years for your sort of black swan thesis of investing that the best and biggest technologies, those are the ones to invest in, even if they have a high percent chance of failure, but the key is not being afraid of that failure. as we emerge from a pandemic,
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what do you think are the black swan technologies of the post-pandemic era? given that the pandemic is something that certainly most people did not see coming. >> in fact, pandemic accelerated a lot of other opportunities. i think inverting the supply chain and strategically not being dependent on china is one major opportunity. there's opportunities in construction, opportunities in food, opportunities in almost every area i look, whether it's insurance in fintech or health care. technology driven opportunities will be very large and berkshire grey is a great example of completely renovating supply chains to meet consumer demand for instant delivery of everything and at almost free cost to allow people to compete with amazon prime. it is just one of -- broadly, it
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is part of inverting the supply chain for local everything. emily: ok. as you mentioned earlier, you are also sponsoring a deal with nextdoor. obviously, nextdoor, we have needed our communities more than perhaps we ever did through the pandemic. it was our only touch point for months as people were under lockdown. nextdoor, while it has great potential, has also been struggling with racism and hate, neighbors not helping neighbors. how do you think netflix -- nextdoor, excuse me, balances those challenges going forward? what do you see as the potential for nextdoor? >> this is the problem with the online world. nextdoor has a very unique advantage because it is both online and off-line in the community. sarah has been emphasizing the community aspects of it. it is much harder to be mean if
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you know the person you are talking to and see them face to face at the coffee shop, or in a park picnic. i think nextdoor has this unique opportunity to add community because it is one of the only net books that has this online, off-line connection. we all talk about the sharing economy, but which online network is best equipped to share a pasta maker you might want to use one hour a month or a lawnmower you might want to use one hour a week? so, we can substantially enhance community, enhance communication, and the tone of the online and off-line communities. i think nextdoor has a large role to play. sarah came first -- from square, where sarah and i worked together for seven years.
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that was a purpose driven company and sarah has very much made nextdoor a purpose driven company, going after building community in a way that other online networks can't. emily: the ceo of nextdoor. i have only 30 seconds left and i am curious what you think about whether silicon valley as we know it is sort of over now that so much more, so many more startups are distributed, people have less silicon valley because of the flexibility that pandemic allowed or do you think people need to be here to produce amazing technology? >> more than anything, it's a culture, a state of mind. i think that culture, the more broadly it spreads, the better it will be. having said that, i don't expect the importance of silicon valley to decline, but i do expect other regions to also go up with this remote work. i think it is generally a good thing for the country and society in general. emily: all right, vinod khosla,
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thanks so much for joining us. coming up, alexa, how about a new voice? we will find out who amazon has secured to become the new voices of the personal assistant. this is bloomberg. ♪
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♪ emily: a few other stories we continue to watch. facebook has seen a decline in female representation across its workforce. women made up 36.7% of staff by the end of june. that's actually down .3%. this is the first time that number has dropped since the company started publishing data. facebook says it is due to the social network's overall
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increase in technical roles, which is dwarfing recruitment for other types of jobs. england soccer star has criticized twitter, facebook and instagram for not doing enough to prevent the posting of racist messages on their platform. the 19-year-old player, along with two other teammates, started receiving racist abuse online after missing penalty shots in the world cup final lester can. twitter and facebook say they have been removing posts and disabling accounts since that game. amazon alexa is getting a makeover. you can replace the default voice with shakeel o'neill or melissa mccarthy, for a price, of course. once purchased, they can tell you the weather, read a poem, tell jokes. they follow in the footsteps of samuel l jackson, whose voice was made available to alexa users a few years ago. coming up, and indian hospitality start up took some tough heads during the pandemic and is now seeking 600 million
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dollars in funding to refinance debt. we are joined next in an exclusive interview. this is bloomberg. ♪ and there you have it -
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♪ emily: welcome back to "bloomberg technology." i am emily chang and francisco. let's get another look at the markets with kriti gupta. kriti: widespread selling and daytrading. you saw big tech take the brunt of the hit today but you are releasing the other side of the world, those china's tech adr's, actually in the green but was notably risk off. you see the stoxx index dropping with the broader risk tone. i want to highlight, when it
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comes to the stoxx index, you are seeing a bit of stagnation. this is the start from the march bottom all the way to know. look at that rally. it has been a straight line up. a few corrections in the middle but a straight line up. this idea that a global chip shortage will really keep that sector bolstered, but here's the problem, emily, it is stagnating. you can see the nasdaq 100 breaking out really a little bit of a bullish pattern. on the stoxx, it has been a straight line. is this going to be how the stoxx index is going to be trading from here on out or can those chips really catch up to the rest of the tech sector? emily: thanks so much for pointing that out. we will keep watching. counted as the airbnb of india, oyo is an online marketplace for small hotel owners and customers looking for affordable accommodations. like most in the hospitality industry, the start up was hit hard by the pandemic but it is
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starting to get to the other side and hopes demand will pick up improving user experience through technology. joining us now, oyo's ceo, ritesh agarwal. great to have you with us. there's no question the pandemic was tough for the travel industry. the ceo of airbnb told me it felt like being hit by a giant torpedo. how did it feel for you? ritesh: oh, i think -- first off, thank you for having me here. but the feeling was close if not exactly the same. it was i would probably say a cyclone, given in our part of the world, there is cyclones. our company was growing for -- double digit percentages for two years. our numbers dropped by more than 56% in a time of three days. we built something for six, seven years and it took 30 days for that to drop by 66%. it took a little bit of time to get your heads together, but at the same time, i think the
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crisis playbook is always the same. it is cash, cost and innovation. i think we really have pushed the lever on innovation quite a bit for the last year. emily: meantime, obviously vaccines are now available but not to everyone. india itself has been struggling with variants of covid-19. what sort of travel trends are using now? ritesh: i think, emily, first off, i think around the world there is a big transition that we are seeing. if there is anywhere where there is more than 40% first jab vaccinations, we have seen travel bookings rapidly accelerate, and that's the case around the world. we are lucky to see this in all the countries that we serve around the world. we are market-leading in india, southeast asia and europe. i can share transfer these markets more specifically. what you are seeing is in europe, the european summer is looking very good, even though there is a slight rise in cases.
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we are seeing that european travel is looking very strong. india went through a temporary challenge due to wave two of the virus, but our transactions are back up to the pre-wave two levels. u.s. is ahead of pre-covid levels. we had one of the best memorial day weekend earlier this month back, and of course around the world, wherever vaccination rates reach 40% plus, we see the trend. india has been doing vaccinations of anywhere between 5 million and 10 million people per day, so fingers and we will hopefully have more vaccination rates in times to come. we innovate. emily: now, as i understand it, you know, you had to do some layouts, you pulled out of some geographies, you change your
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business model, some of your partners were not happy with that. where do the business fundamentals stand now and where do those relationships stand now, given that is so critical to your business? ritesh: absolutely, emily. like i mentioned earlier, those challenges allowed us to innovate and make changes that are very critical to the company . to begin with the investors, we look at what works for our business, customers and owners. we saw that owners like our software. today, over 100,000 merchants use it. there was some feedback that we received on pricing in various areas. i would have personally last year would have been spending 70% of my time in product and
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engineering and trying to make sure we are constantly innovating and staying ahead of the game. i held weekly town halls with our owners. sorry, emily, go ahead. emily: i was going to ask about the finances, because this proposed issuance for $600 million, it was oversubscribed. you are looking to refinance existing debt. many people think it looks like what, you know, some of the moves grab made, some of the moves airbnb made before they went public. is this a precursor to some serve go public event? ritesh: most of the companies you mentioned, we are lucky to have them as partners and shareholders and have always been inspired i their progress over the last year. i think of course, clearly, we see this as a very critical point in a company's journey because it is important for us for three things. it widens our shareholder base.
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we have fantastic shareholders, sequoia, lightspeed, softbank, airbnb, all great investors. it brings a new set of capital providers around the company and widens the capital holder base. we are probably the first indian company to be able to get rated. i think it sets the validation of a company which has been rated by moody's and various other well-known agencies. the third is the response we got is very important validation of our performance. we went to the market for $600 million. we have now allocated the upside to $660 million, so we are announcing the raise. it clearly is a very important -- from a public company
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perspective, i think we have for the recent couple of quarters we have started operating like a public company with a border that is primarily nonexecutive. really, we are already operating like a public company. when we go public is up to the board. emily: the company was, i believe, before the pandemic valued in the area of $10 billion. where is that at now? ritesh: i think, emily, we will leave that to the public investors to decide. my job is to put my head down, serve our customers. emily: ok, i had to try. give us the one your outlook. one year, hopefully more people are vaccinated, hopefully more travel is happening. what does that look like for oyo ? ritesh: i think both for oyo and the travel industry, i think things are never going back to what it was earlier. our customers and merchants are actively transition.
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70% plus of our merchants today have never, ever used any online source for getting demand. with oyo, that is changing. we feel that the advent of online from a merchant perspective will be huge. from a customer perspective, staycations, long-term vacations, holiday homes versus hotels, big hotels will not be en vogue. value will be in the game. the combination of these trends are what we are noticing coming into the future. we will be innovating and bringing the best features and announcing them to make sure that we are leading. on the employee side, we are also making changes. as we saw people having substantial [indiscernible] we are trying to make changes in
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terms of how we collaborate online. i think fundamentally, the world is going to be a very different place and we are hoping to lead some of the trancelike sta ycations. emily: ritesh agarwal, ceo of oyo. i know it's very early on your side of the world so thank you so much for getting up to join us. appreciate it. coming up, how technology can help prevent the next pandemic. we are going to hear from gv, formerly google ventures, co-founder though merit about his fund's new venture. this is bloomberg. ♪
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emily: covid-19 underscored the need for innovation in biotech, health care and more. section 32 is a venture capital firm investing in technology and lifesaving medicines. bill maris, who founded gv, formerly google ventures, left in 2016 start this new firm, which has since raised three funds and has over a billion dollars in assets under management. he started his career in biotech studying neuroscience and is back with me now. good to have you back here on the show. obviously, it has been a roller coaster of a year and a half, and certainly in your business. as we come out of the pandemic, where do you see the biggest problems that need solving, and how do you put your money to work to do that? bill: yeah, i don't think i've ever seen a more opportunity rich environment as an investor than now, but that's because we face tremendous problems and challenges, and i think it stems
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from the fact that unwell people have always co-opted the tools of science and technology to do harm to others, whether it's setting fires or using a gun. but now, those same people have access to tools and technology that literally create extinction level event. and i think we need to take that seriously, and there is a lot of opportunity to invest around it to address a major existential problem for humanity that i think is completely not understood or widely accepted. emily: so, what do you mean one you say we face existential extinction level threats? that's obviously a very dramatic statement. bill: let me give you an example. canadian researchers re-created the horse poxvirus using dna and rna sequences that they ordered
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through the mail for under $100,000, which was done years ago. that same experiment could be done for a lot less money and using technology that is readily available. a lot of it is available in high schools. to build a nuclear weapon takes a lot of people, a lot of scientific expertise, and is very difficult from an engineering perspective. to engineer a perfect virus is a lot easier. and if we think that there aren't people who will be motivated to do that, we are sadly fooling ourselves, and i don't think we're any better prepared for the next pandemic than we were for this one, unfortunately. the fact of the matter is that this was the most benign and benevolent pandemic that you could imagine. and so, a lot of people died unnecessarily, and a lot of money has been spent, and most of it not well, to be honest,
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but, you know, a less than 1% mortality rate, if you compare that to sars at about 10%, the flu at about 16%, if any of those were to catch hold in the same way as covid, you are looking at a 20% mortality, civilization shuts down. people don't go to work, the power grid shuts down and we are in a lot of trouble. at 60%, i don't think that's necessarily recoverable from a humanity point of view. the world will be very different. emily: ok. so, that obviously sounds terrifying, but you know, it may be -- and may be creating a virus is easily building -- easier than building a nuclear weapon, but it by no means is easy. it takes phd level skills,
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resources that teenagers in high school definitely don't have, and may be creating smallpox in a lab is one thing, but a deadly virus that can be used as a global bioweapon, isn't that something on a completely different scale? bill: i wish that were the case. 15 years ago, that would have been true. now, that's not true. it is not technically difficult. and mistakes happen, by the way. my guess is that there is a very good chance that the next pandemic, by the way, stems from something humans have done, whether intentionally or something escapes a lab than something nature puts forward. there's a very good chance of that. whether it's by mistake, there are many -- emily: ok, bill. if that's the case, then why is it so hard to find patient zero, for example? bill: with regard to covid? emily: yes. bill: i think that there is not clarity, let's say, on where this virus stems from, whether it came from a lab. there are many examples of level
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five bio security labs having leaks and accidents, or maybe something intentional. or did it come from nature? i think the chinese government has been far less than cooperative and forthcoming about the origins of what we face. emily: ok. so, ok. given that this is your thesis, this is where you are coming from, where do you see the next frontier of opportunities for investment in terms of putting your money to work to solve what you believe are these big threats? bill: yeah. doesn't sound like it, but i am an optimist, which is why i do what i do. and i think that if we make a serious and sustained effort to invest in defenses for these people threats, to paraphrase rob reed, that we stand a great chance of preventing or blunting the effect of the next pandemic. there are, you know, detection,
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diagnostics, antivirals, anti-bodies, vaccines, new diagnostics, there are a lot of ways to tackle what we face. and i am optimistic that we can do it and we should do it. will we actually do it? that will take more than just me. that takes a will of humanity and society to really invest in detection, treatment, vaccine development. and i am not seeing, outside of the world that i exist in, a global interest in those things, unfortunately. so, to answer your question -- sorry, i was just going to say. emily: let me ask my question and then i think your answer will also apply to this question. you said four years ago that the sun is setting on the golden age of silicon valley. where is the sun now? bill: i think i was right about that.
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i think the sun has set, in large part. by that, i mean the disruptive fund, quirky companies that were challenging the established dynasties and monopolies are now seeing in large part, or trade as the evil empires sucking up people, capital, private information. at least the public perception of that has really turned, and you know, those companies that were up and comers are now the dominant incumbents, who will eventually be disrupted themselves. emily: so then, let's talk about where the money goes, right? you are obviously looking for companies that have a chance against the giants of today. where are those opportunities? bill: i think if you look at the top five or 10 largest companies today versus the five or 10 largest companies 15 years ago, 20 years ago, you will see a pretty stark difference.
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there are a lot of companies like hp and compac -- comcast, those were seen as leaders. there's a lot of turnover when it comes to leadership. there will be a company that disrupts google and facebook and amazon, it's just a matter of when and where they come from, and they are likely not -- big companies are not likely to disrupted themselves. i am always looking for, on the technology side, the companies and the entrepreneurs who really have a vision to hopefully improve upon where we stand, whether it's from health care perspective or from a technological perspective. because frankly, we are in, i am going to paraphrase david sacks, we are in a race between the acceleration of technological advancement in the world and the deterioration of our political and social systems. and i have not just faith, but a
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deep belief that technology can help us to address those problems. but it doesn't look great sometimes, and i think we need to have accelerated pace of investment in some of these areas. emily: all right, bill maris, whenever you come on the show, we know it's going to be a provocative conversation. thanks so much for giving us your view of the world and how you're turning that into investments. thank you so much, bill maris, section 32. coming up, another tech company calleds for ftc chair lena connick to be recused from an antitrust case leveled against it. we will find out why next. jack dorsey has taken to twitter to announce his other company, square, is creating a business line to help developers create financial products august on bitcoin. the sole goal is to make it easy to create noncustodial permission lists and
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decentralize financial services. the name, yet to be determined. this is bloomberg. ♪
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♪ >> i love capitalism, but i always believe that you need to put some guards around it when it comes to ensuring capitalists -- capitalism works. emily: amy klobuchar talking about the need to ensure a level playing field in the world of technology. that is part of my conversation with her for our special show where we take a deep dive into the renewed calls for the regulation of big tech. we also look at some of the big players, including the new ftc chair, lina khan, who has been a longtime critic of big tech companies. just this week, facebook called for her to be recused from participating in decisions about the agency's monopoly lawsuits against the social network, given their concerns of her bias. amazon previously made a similar
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request. who is lina khan? why are these companies so concerned? let's take a look. at just 32 years old, lina khan took the helm of the ftc, setting the stage for a showdown between washington and silicon valley. khan is one of the most outspoken critics of big tech, which see that she says has gone too big and should be -- and should face tough questions. before the ftc, she served as a columbia law antitrust associate professor and an advisor to the house judiciary subcommittee taking on antitrust issues. she is perhaps best known for her award-winning article calling for greater scrutiny on the e-commerce giant amazon. all eyes are now on how she puts her views of big tech's so-called monopolistic practices to work. you can catch up on our special show on bloomberg television throughout the weekend, starting 7:00 p.m. friday wall street time, 4:00 p.m. right here on the west coast.
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you don't want to miss it. if you have had trouble following all of these cases going back and forth, this is your way to understand what's going on. that does it for this edition of "bloomberg technology." i am emily chang in san francisco. join us tomorrow. ♪ [ "me and you" by barry louis polisar ]
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♪ me and you just singing on the train ♪ ♪ me and you listening to the rain ♪ ♪ me and you we are the same ♪ ♪ me and you have all the fame we need ♪ ♪ indeed, you and me are we ♪ ♪ me and you singing in the park ♪ ♪ me and you, we're waiting for the dark ♪ (announcer) back pain hurts. you can spend thousands and still not get relief. now there's aerotrainer by golo. you can stretch and strengthen your core, relieve back pain, and tone your entire body. (man) and you're stretching your lower back on there. there is no better feeling. (announcer) do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to work out. look at me. it works, 100%. (announcer) find out more at aerotrainer.com. that's aerotrainer.com.
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>> the following is a paid program. the opinions and views expressed do not reflect those of bloomberg lp, its affiliates, or its employees. announcer: the following is a paid presentation brought to you by rare collectibles tv. the california gold rush is considered to be one of the most impactful events to affect america's young economy during its first 100 years. and it has certainly had a long-lasting impression in numismatic history, as well. the people of california soon needed a way to standardize the value of the new gold, so they set up assayer's offices.

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