12 Burst results for "Elevation Partners"
Bloomberg Radio New York
"elevation partners" Discussed on Bloomberg Radio New York
"News that Cheryl was leaving I take no joy in Sheryl Sandberg's resignation as COO of meta For me it's a really complicated situation because Cheryl was for many years a friend of mine and somebody I advised when she worked in the Clinton White House She was responsible for introducing me to my future business partner Bono And for that I'll always be incredibly grateful And I tried to reciprocate She came out to Silicon Valley in 2001 hung out in my office for a few weeks and I introduced her to John doerr who was on the board at Google which began the process of her going to work at Google and creating the Ed engine behind AdWords which obviously put Google on the map up economically So Sheryl and I were really close And when she made it clear to me that she was thinking about leaving Google I thought that Facebook was the right place for her And so I talked to mark about it for months And he definitely wanted a strong number two And I think he was trying to figure out in its own mind what factors would really matter But Cheryl had I thought two things that really were decisive The experience at Google was the closest you were ever going to get to the business problem faced at Facebook And secondly you know she had a maturity and an experience both in the political and the business realm but I thought would really complement Mark strings And keep in mind I think when she went there they had fewer than a 100 million users And so it was for me at least not possible at that time to imagine the kind of harm that eventually came out of Facebook In part because the business model that did the harm wouldn't be invented for another 5 years And so I look back on it and I go oh my God what could have been Cheryl was so talented You know she could have both made a very successful company at Google and been a hero for democracy and public health How could she have done that How could she have done that roger Well let's take a few simple examples So in 2017 Facebook was implicated by the United Nations In an ethnic cleansing that took place in Myanmar a country in Asia in which Facebook had no employees on the ground had almost no employees that spoke the language and they certainly had no expertise in either the politics or the culture of the country And it became clear that the product was being used by bad actors to instigate an ethnic cleansing And a different company a different group of people might have taken that as a warning It might have said you know we really shouldn't be doing business in countries where we don't have an economic interest in having people on the ground Or we're not willing to invest in the language where we're not willing to invest in the culture That kind of thing is super obvious The FBI warned Facebook in early 2019 that QAnon was a very dangerous extremist group And they weren't Facebook that there was a lot of recruiting going on on Facebook And Facebook ignored it between 2019 spring of 2019 the spring of 2020 about a one year period Roughly 2 million people were radicalized into QAnon on Facebook And again that's based on Facebook admitting that there were at least 3 million members of QAnon groups by 2020 And internal Facebook reports released by the whistleblower that showed that 64% of the time when people join in extremist group on Facebook It's Facebook recommended And so they were responsible for that Those are things that are different group of people Would have said you know what We don't want to be involved in that Because if they've taken action on QAnon they might have prevented the insurrection because the people who participated in the insurrection had been radicalized into QAnon first And again all of these things are about the culture of the company Do you prioritize the well-being of the people who use your product Do you prioritize the well-being of the people affected by your product And the reality was they viewed shareholder interest As the only thing that mattered and so when it came time to thinking about their users or the other people affected by it that just wasn't a consideration And that's certainly not unique to Facebook What was unique to Facebook was the impact that it could have on those people either in a pandemic or in an election cycle or related to some kind of extremist So clearly you think her legacy is complicated and I think many people would agree with you Let's talk about where Facebook or meta is now going I asked her about this pivot to the metaverse and whether having to create a whole new business model or evolve Facebook's current business model for a future that doesn't yet exist was one of the reasons she's leaving Take a listen to what she told me when we spoke We have a current business which is our current apps connecting customers to businesses And I think there's a lot of opportunity there right now but also over the long run And then the metaverse is a much longer term business opportunity And it's going to take some of the same form and I believe we will be a place and then the men of ours will be a place where businesses and consumers can act But I think the exact form that takes is something that will figure it out over the next number of years Much longer term How optimistic are you about meta realizing this future of the metaverse turning it into a business And what do you think the company looks like without Sheryl Sandberg as it moves towards this new but very uncertain future Emily I think Facebook's near term Is complicated enormously by apples application tracking transparency and whatever things that follow that which give iPhone users the ability to opt out of having their data shared with Facebook and others Facebook's already said that that's going to be a 10 million 10 $1 billion hit to revenue this year And it wouldn't shock me if the number got bigger than that because I don't think apple's done Secondly Instagram which is really been supporting the growth of the business is under assault from TikTok And I do think that TikTok is essentially locking Instagram into the group of users that has today by siphoning off all the new entrants into social media And that's really bad for Facebook's growth long term And then you get to the metaverse where I think Facebook's current concept of the metaverse is insane I mean to my mind virtual reality is a brilliant idea And if you focus narrow if you say focus on video games for example the opportunities are unlimited But the way Facebook's looking at it where they're essentially going to try to replace reality with a virtual reality across every possible domain entertainment work sports the whole 9 yards To me that's just that's never going to work And the amount of money they're spending on it today I just think it's certifiably insane If I were a shareholder I would be incensed about this because it's not that the metaverse is a terrible idea It's that their idea of the metaverse is a terrible idea And I don't think it matters how long they take They're just by the time they get there it won't be interesting Roger mcnamee elevation partners always great to have you here roger Thank you for sharing your thoughts with us Take care Emily Thanks for having me now Coming up venture capital and Silicon Valley We're going to take a deep dive on the relationship between the two and whether the center of.
Bloomberg Radio New York
"elevation partners" Discussed on Bloomberg Radio New York
"I'm Emily Chang in New York and this is Bloomberg technology coming up in the next hour He helped introduce Cheryl Sandberg to Mark Zuckerberg and the rest they say is history I'll be joined by roger mcnamee to talk about that meeting Sandberg's legacy and where the company goes from here Plus he sat on Facebook's board for 7 years He's no Sandberg for more than 20 My exclusive conversation with Don Graham on Sandberg's role in building the company and where meta goes from here An inflation keeps raging no relief inside according to President Biden This as the market and tech and crypto stocks in particular keep whip sawing We will be joined by Sebastian malaby author of a new book the power law about whether Silicon Valley can hold onto its role as a center of power Later in the hour all of that in a moment but first I want to get a look at the markets and Microsoft giving the market a scare by revising its outlook in a changing world Bloomberg's at ludlow has all the details Microsoft the market story of the day Yeah we really started Thursday with some nerves the stock down as much as 4% or one point they're saying that the stronger dollar and rising interest rate story of course has been a real headwind so they revised their outlook for both revenue and earnings of $460 million hit on that strong dollar unfavorable currency conditions in the quarter If you look at how the stock traded throughout the day and by the end of the day we kind of shrugged it off even some saying it was bullish that they were able to revise their guidance so modestly in the face of that currency headwind closing it up 8 ten to 1% also news breaking after the bell end on Microsoft that they've adopted principles of organization of course they're acquiring Activision one of the first union shops in the gaming industry You wonder how preemptive that move is in the context of the unionization movement that's happening broadly across technology We saw tech stocks throughout Thursday have a rally and essentially it was those areas of the market most punished the mega cash Look at the NASDAQ 100 It names like Tesla and video seeing really significant gains Chief among them meta the parent company of Facebook This is fascinating The context of what's happened in the last 24 hours when we think about meta at one point on Thursday we break the news that Sheryl Sandberg's leaving meta parent company to Facebook The stock falls as much as 4% pairs declines to around 2% then on Friday we're surging as much as 6% biggest jump since the end of April You see the stock actually up 8% over a two day period The street really sanguine about this then basically saying on the sell side look the timing was right there's a shift to the metaverse Javier olivan is a very capable insider who has experienced he might take more of a backseat and the market reacted positively I would say though that matter was kind of caught up in this broader feel good environment that we saw around the mega cap tech stocks All right Ed thank you I do want to stay on Sandberg's exit now from that end What it means for the company going forward I'm joined by Jasmine emberg principal analyst for insider intelligence She covers social media and influencers look Jasmine from a business perspective Controversy about the business model aside how confident are you that meta can keep the money machine running without Sheryl Sandberg Well I think you know first of all we have to address how powerful Sandberg was able to build meta's ad business when she started in 2008 We at the market are now insider intelligence estimated that Facebook's worldwide ad revenues were just $250 million Now within two years that figure had grown to $1.3 billion and flash forward to today meta is the second largest digital ad seller in the world after Google I mean it's safe to say that the new leadership certainly has their work cut out for them to continue growing meta's business but it's still in a pretty good place despite all of the headwinds that it is facing right now One Bloomberg take put it like this Cheryl Sandberg is leaving Facebook at a perilous moment What is your outlook on how fast Facebook and Instagram and WhatsApp can continue to grow while the company is making this massive pivot to the metaverse And you're absolutely right I mean meta is in the process of undergoing this massive shift towards the metaverse And you know it is going to be something that is pretty far down the line It is still years and years away for the metaverse to become a reality And right now there are some really immediate challenges that Facebook has to grapple with and Instagram has to grapple with as well that is an ad revenue slowdown That is a slowdown in user growth It is also slow down in time spent on Facebook Now Instagram of course has been able to pick up the slack for Facebook for quite some time That's proving to be more difficult So it's going to require quite a bit of discipline and innovation to continue growing all of meta's platforms Jasmine emberg insider intelligence principle analyst thank you Jasmine obviously lots of remains to be seen Now Sandberg might never have been at Facebook if it wasn't for my next guest He was an early investor and a mentor to Mark Zuckerberg Here's roger Mac Demi describing how he helped broker their partnership It's Sheryl Sandberg Have you ever met her He said I think I shook her hands once at a party I don't know at all And I said I want to try to get her to come and talk to you about being your chief operating store And the next thing you know she goes there is the chief operating officer At which point basically they didn't need me anymore I mean she's way smarter than I am I mean one of the most one of the most capable people I have ever met in any way Joining me now roger mcnamee cofounder of elevation partners and author of the book zucked waking up to the Facebook catastrophe so roger we all know that your feelings about Facebook have changed over the years I'm so curious what your first thought was when you saw the.
Bloomberg Radio New York
"elevation partners" Discussed on Bloomberg Radio New York
"A serial violator of securities laws is being allowed to do one of the largest go private transactions in history without any scrutiny which is disappointing but I think not surprising this environment And I just think of this as shareholders The problem of going private transactions is that the people doing the buying know what they're going to do And they have a plan to create value The people doing the selling are not party to that And there's something fundamentally unfair I do believe there's a lot of opportunity on Twitter to create value And I really believe the public shareholders would go along with it if somebody told them what the plan was and did so in a convincing way the same way Jeff Bezos has done You could lay at Amazon And the way that Reed Hastings was repeatedly at Netflix Now what's interesting is this could never have happened at Facebook this way given the dual class share structure and the power that Mark Zuckerberg still wields there And I wonder if you think that's a good or bad thing given how much you have critiqued Facebook Well to be clear I think dual class equity is a terrible idea and should not be permitted I just think it's totally contrary to the shareholder interest And again in the case of Twitter I believe the company has been very badly managed I mean this board allowed the company to operate with a CEO who had a full-time job at another company It's now accepting a transaction from somebody who I think is the CEO of what four other companies you know I just look at this as a massive policy failure at every level And again this is nothing to deprecate Elon Musk He may have a great plan In fact I hope he makes Twitter a lot better But at the same time the things he talks about most are actually the areas in which Twitter is most flawed And the proposals he's offered for fixing those things are not obviously fixes in a world where Twitter monetizes through advertising using algorithms to amplify the most extreme speech Interesting you mentioned Jack Dorsey and his role He tweeted earlier that thanking Elon for taking Twitter out of a quote unquote impossible situation which is certainly interesting commentary given that he was the one in charge for so many years Roger mcnamee of elevation partners always great to have you roger We could continue this conversation for hours We'll have to leave it here Coming up how silvergate bank is betting on digital finance We'll talk to them about stablecoins micro strategy and even Facebook slash metas DM next This is Bloomberg The markets in focus every business day The Bloomberg markets podcast with Paul Sweeney and Matt Miller Are there some sectors that you want to have more or less exposure to it We've got to vaccinate the whole world Analysis of the day's Wall Street action What's the thought on apple here for Bloomberg and diligence Bloomberg opinion and influential newsmakers The bond market was the boss Bloomberg markets with Paul swinney and met Miller Subscribe to day and Bloomberg radio dot com The Bloomberg business app or iTunes Before and after the pandemic Is it driven by politics or by science There may be how we keep track of our lives from here on out What do you think the political effects of that impatience will be And through it all there's been Bloomberg We begin on Capitol Hill the most accurate business world and healthcare news before and after The fundamentals do not justify this price action Bloomberg radio the Bloomberg business app and Bloomberg radio dot com Bloomberg the world is listening Would you say it's more important to gather information fast or to have it first or to be the most accurate They can really move the needle when it comes to programs The point is only surely is the level of support you get from companies for this What if you don't have to choose It also has enormous importance for the labor market How do they get ahead of different administrations We see this move towards digital currencies Bloomberg radio the Bloomberg business app and Bloomberg radio dot com Bloomberg the world is listening We used to take our freedom of movement for granted not anymore It's not just the people who work for the airlines and its natural to feel grateful for the things that kept you going Does America have a chance to lose our advantage Can we get to herd immunity fast enough so that will be in good shape But really we were just doing our jobs Oxford University is starting a study on patients who've recovered from COVID Bloomberg radio the Bloomberg business app and Bloomberg radio dot com Bloomberg the world is listening Time.
Bloomberg Radio New York
"elevation partners" Discussed on Bloomberg Radio New York
"The AI technology that's needed to combat hate on a global scale What do you think I think we have three areas we need to regulate and they need to cover not just Facebook but all of technology We need to have safety regulations Something that functions like the FDA that sits there and says wait a minute Facial recognition deep fakes have no valid commercial use They shouldn't be allowed in the market until they prove a valid use The same way would be true of the pharmaceutical And companies like Google and YouTube and Instagram and Facebook would have to make changes in their business practices to make them safe for people And that would be something that this FDA like thing would look at every year The second area is privacy This whole notion that companies are allowed to use data to manipulate the choices and behavior of people That is really not an American idea I mean it's basically taking away to self determination So it's like child labor it's the sort of thing that we should ban out right And then thirdly on antitrust I think the rope thing is to allow for competition To me if you're going to break them up that comes downstream But first you have to open up markets and prevent companies from monopolizing the way everything takes place in the economy You saw what happened when Facebook went down The millions of small businesses depend on Facebook or shut down by that And that's what monopolies do and that's not good Roger elevation partners roger mcnamee always appreciate you joining us to talk about this We could talk about it for hours I'm gonna have to let you go but appreciate you taking the time to stop by and continuing to help us break down these very complex issues Coming up no interest in Pinterest PayPal says it's not pursuing an acquisition of the social platform We.
Bloomberg Radio New York
"elevation partners" Discussed on Bloomberg Radio New York
"To be known as the Facebook files a trove of internal documents taken by whistleblower Francis Hogan and now obtained by 17 news outlets including Bloomberg They painted darker and more dangerous picture of the social network and to just Facebook has been hiding key information from investors I want to bring in elevation partners founder and early Facebook investor roger mcnamee who's been sounding the alarm on Facebook for years even wrote a book about it roger It's great to have you back on the show I'm curious what you find most alarming about these documents that have been obtained by Bloomberg and also the revelation of Francis haugen over the last couple of months What troubles you the most So to me Francis haugen is incredibly courageous for bringing these documents out The impact of them is that they've shifted the conversation about Facebook from a focus on free speech issues to where it really belongs which is on a business model that essentially puts 3 billion people onto a network with no boundaries and then unleashes a business model that promotes inflammatory emotions So hate speech disinformation and conspiracy theories are given an economic advantage on Facebook And the result is that ideas from the French things like antivirus and white supremacy have been mainstreamed And that's under my democracy It's undermined public health It's undermined privacy And this is a huge problem And if you're an investor Facebook's been a great stock for you but on a looking forward basis you have to ask the question if the U.S. loses its ability to be a democracy And if each one of us loses the ability to make our own choices because they're being made by Internet platforms is that a good trade right I think that's the real question that comes up here And if you're an investor in Facebook today it was a great day for Facebook Facebook up at the close Facebook up three and a half percent after the close on the back of these results that are mixed and on the same day that these thousands of pages of documents have been poured through by multiple different news organizations If that's not going to send Facebook stock down what is Well to be clear I don't think the stock's a good measure of what's going on here I think the stock market operates in a completely different time scale And so I think investors are making the correct judgment which is the numbers were terrific Police relative to what you would have expected Looking at snap the other day the impact of Apple changing privacy had a dramatic effect on step At Facebook they have a lot of dials to turn They can lower the quality of the ads that they show They can allow people of new users onto the site that if you will or not authentic there are lots of dials that are available to them to make the numbers look good But that's very short term And I think investors have a super short time horizon here Whereas the stuff going on with government is going to take time to process You have legal issues relative to the SEC with disclosure relative to insider trading There's a big case in Delaware 6 large pension plans that are accusing Facebook of insider trading around Cambridge Analytica These things are felonies There are Department of Justice cases relative to price fixing additional advertising related to there should be an investigation of the whistleblower's information about human trafficking or about the January 6th insurrection where again Facebook has been implicated time and again in both the radicalization of people into QAnon and into stop the steel and then allowing them to organize the protests and then the insurrection itself on Facebook And it's obvious management know about all of this stuff And they always prioritize profit Does time spent on Facebook among teens dropping 16% Does that alarm you Is that something that Facebook should have been more transparent about Is that something that investors had known coming directly from the company itself would the stock be continuing to rise Would revenue be continuing to grow $30 billion quarter after quarter So I think the issues that Facebook really faces is that in North America and Western Europe It's most profitable markets It has reached saturation of the population And there's no question that TikTok is draining people away from Instagram And I look at this and the bad press that Instagram is getting right now should accelerate that departure And I don't think there's anything Facebook can do about it that's legitimate They love to change the conversation to the metaverse but that technology is not good enough to replace the whole that is being left in their business Facebook is a mature company It's not going to grow as rapidly and the numbers are higher in the short run That's coming out of the future And investors just need to be more careful They should really make an opportunity Do you think the metaverse actually is for Facebook roger I mean Mark Zuckerberg wants to bet the future on this a potential name change on this I mean is that going to pick up the slime chain has nothing to do with this The name changes about distracting us from the fact that the company is going to face a series of legal problems and zuck personally is going to face the legal problems here And this is a real test for our system We've allowed this company in Google and others to run without any supervision They've caused tremendous harm They've made investors a fortune And investors are incredibly thankful but the rest of the country is pretty unhappy about it And the question is are we going to do something to try to restore some balance or are we not going to do so And the metaverse is literally a dream And if you look at the demos they're horrible And combine mind Facebook is going to spend so much time dealing with the problems that are being exposed now both in court and in Congress The metaverse but if they ever get it to work it's going to come very late And you're not going to want to wait from here to there on the hope of the metaverse The name change is literally a distraction It's literally something that they're just trying to do two things To get us to look elsewhere and they want to somehow find a way to insulate Mark Zuckerberg from legal liability for the problems that have already been created And at this point at this point roger what kind of regulation do you think is realistic and right Reid Hoffman and investor in Facebook in the early days just like yourself told me that he's disappointed in Facebook as well But he thinks that breaking up Facebook is the wrong approach because that'll make it even harder to centralize all of these.
Bloomberg Radio New York
"elevation partners" Discussed on Bloomberg Radio New York
"With David Weston on Bloomberg radio Facebook was a blower Francis hall gun a former product manager in the civic integrity unit testified this week before Congress about some of the dangers that Facebook poses Facebook knows that it's amplification algorithms things like engagement based ranking on Instagram can lead children from very innocuous topics like healthy recipes I think all of us could eat a little more healthy All the way from just something innocent like healthy recipes to anorexia promoting content over a very short period of time For his takeaways from the testimony I talked to early Facebook investor roger mcnamee cofounder of elevation partners and author of zucked waking up to the Facebook catastrophe Roger told me that Francis haugen had an extraordinary amount of access in her role at Facebook She was absolutely at the center civic integrity was responsible for addressing harms to users So she was in exactly the right place She's just utterly convincing in everything she does I thought her testimony was exceptional I can not tell you how much of a relief it is to me that she has come forward because we have known about these issues but what her work has done in bringing out tens of thousands of pages of documents is to eliminate Facebook's argument that they didn't know It is incredibly clear from these documents that Facebook crafted a business model based on attention It was designed to maximize profits at any cost which is an understandable thing in capitalism So it's completely understandable that it would work that way But at the same time in this case the harm that was done to public health to democracy to teenage girls has been incalculable and the core point is they knew it was there They knew it was going to happen It was they were warned about it and they chose to just continue to optimize profits And again in capitalism that's understandable but it really does cry out for regulation the same way that when the food industry was unsafe in 1906 we created the food Drug Administration when chemicals were unsafe in the 50s we created the environmental laws This came to our attention in part because of The Wall Street Journal reporting based on the documents that miss Hogan and it had to do with children and with the Facebook new or believed about the possible risks to children What do we know about that And what does Facebook know So Facebook has known this since the day it brought Instagram The goal of Instagram from the beginning was to make young girls look better than they really are And through that process to by making the look better the effectively create a whole culture of envy And that is the business model And there's nothing you can do to change that It's been there from the David and scream was created and it is a threat to the psychological well-being of an entire generation of young women and the key thing to understand is this is not a business model that exists only at Facebook It exists in various forms at Google that Amazon and Microsoft and it's now being adopted throughout the economy How much of this is because of the algorithms and the way they're designed Well a 100% of it is The way to think about this is that this is we're dealing with a business model based on attention and the best way to get people's attention is either the scare the more outrage So roger it really raises in my mind the question is is this a bug or a fix I mean could they fix this without really substantially undermining their business model No No no you can't You can still have Facebook and Instagram But you can't have them at their current profit levels because profit maximization is what essentially leads to all the harms What can be done by Congress or by creation of an agency you mentioned before perhaps an agency I think we already have enough information to design And we need three classes of things We need to think about safety and there I think something that looks like the FDA that simply looks at every technology product On a regular basis not just once but continuously to make sure that they are safe And it effectively creates a way for consumers to go to the government and say I'm sorry this is not working out for me here are the reasons why.
Bloomberg Radio New York
"elevation partners" Discussed on Bloomberg Radio New York
"Haugen a former product manager in the civic integrity unit testified this week before Congress about some of the dangers that Facebook poses Facebook knows that it's amplification algorithms things like engagement based ranking on Instagram can lead children from very innocuous topics like healthy recipes I think all of us could eat a little more healthy All the way from just something innocent like healthy recipes to anorexia promoting content over a very short period of time For his takeaways from the testimony I talked to early Facebook investor roger mcnamee cofounder of elevation partners and author of zucked waking up to the Facebook catastrophe Roger told me that Francis haugen had an extraordinary amount of access in her role at Facebook She was absolutely at the center civic integrity was responsible for addressing harms to users So she was in exactly the right place She's just utterly convincing in everything she does I thought her testimony was exceptional I can not tell you how much for relief it is to me that she has come forward because we have known about these issues but what her work has done in bringing out tens of thousands of pages of documents is to eliminate Facebook's argument that they didn't know It is incredibly clear from these documents that Facebook crafted a business model based on attention It was designed to maximize profits at any cost which is an understandable thing in capitalism So it's completely understandable that it would work that way But at the same time in this case the harm that was done to public health to democracy to teenage girls has been incalculable and the core point is they knew it was there In various forms at Google at Amazon at Microsoft and it's now being adopted throughout the economy How much of this is because of the algorithms and the way they're designed A 100% of it is The way to think about this is that this is we're dealing with a business model based on attention and the best way to get people's attention is either the scare the more outrage So roger it really raises in my mind the question is is this a bug or a fix I mean could they fix this without really substantially undermining their business model No No no You can't You can still have Facebook and Instagram But you can't have them at their current profit levels because profit maximization is what essentially leads to all the harms What can be done by Congress or by creation of an agency you mentioned before perhaps an agency I think we already have enough information to design We need three classes of things We need to think about safety and there I think something that looks like the FDA that simply looks at every technology product On a regular basis not just once but continuously to make sure that they are safe And it effectively creates a way for consumers to go to the government and say I'm sorry this is not working out for me here are.
Bloomberg Radio New York
"elevation partners" Discussed on Bloomberg Radio New York
"The reasons why Secondly you need to think about privacy This business model of surveillance capitals invented by Google around 2000 adopted by Facebook Microsoft Amazon And now by auto companies banks and just about everybody else in the economy is really about using data Creating a model of your life based on every digital footprint you leave behind no matter where you go So it could be financial transaction can be a medical prescription or a medical test It could be your location for your smartphone whatever you do on the web whatever you do an app All of that is freely available And people construct these models use them to predict your behavior and again very specifically if they have exactly you and then on top of that to manipulate the choices of milk to you and ultimately to manipulate your behavior Thanks to roger mcnamee cofounder of elevation partners Coming up I talked to doctor Anthony Fauci for his thoughts on booster mixing and matching That's next you're listening to bounce of power on Bloomberg radio This is Bloomberg Carol master whatever you're funny peacock's got it exclusively Stream classic sitcoms like The Office Parks and Recreation and two and a half men Plus catch peak out original comedies like AP bio and save by the bell For all your exclusive comedy phase go to peacock TV dot com and get started Okay we're at home with Jen who is taking out the trash That's right and goodness Look at that designer sweater and jeans combo She is nailing that cozy casual look Oh she's opening the can And the trash is Angie is working that driveway Well with Marshall's amazing prices on designer fall fashion no one can blame her for feeling this fabulous Wow Just look at that lipstick Better get to Marshalls I'm leaving right now Fabulous brands Feel good prices At Marshalls.
Bloomberg Radio New York
"elevation partners" Discussed on Bloomberg Radio New York
"President Donald Trump is taking aim at President Biden's agenda calling it the Democrats socialists Bill speaking at the Iowa state fair Trump says Biden's infrastructure Bill is a naked power grab The president's son is facing backlash after a New York City art gallery received more than a half a $1 million in taxpayer funded COVID relief aid the New York Post reports public records show Soho to George bare just as gallery that represents Hunter Biden received a $150,000 disaster assistance loan from the small business administration last year then in July the administration approved another $350,000 loan A watchdog group found that of the more than 100 galleries in New York City the bear just gallery received by far the largest SBA windfall Arizona is reporting record numbers of west Nile virus cases this year currently Maricopa County has 361 cases of the virus in humans surpassing the previous record of 355 set in 2004 I'm Chris garageio And I'm to these Pellegrini in the Bloomberg newsroom a sweep in reporting Austria's Chancellor is stepping down That's as the 35 year old Sebastian kurz struggles with corruption charges He's been a rising star of European conservatives He's suspected of funneling federal funds to a newspaper publisher to help his political rise A U.S. investigation into the collapse of Bill Huang's Archie goes capital management is now looking at possible market manipulation and we get more on that from Bloomberg's Charlie pellet Sources tell Bloomberg the SEC is scrutinizing the firm's trading activity including whether it concealed the size of its bats on public companies Those sources say authorities are reviewing whether archer goes bought multiple stakes in the same companies across several banks in an effort to avoid triggering public disclosure rules The opening of an SEC probe is typically a preliminary step and does not mean whang who has not been accused of wrongdoing will face and enforcement action Charlie Bloomberg radio Thank you Charlie Elon Musk says Tesla's electric car plant near Berlin We'll start making model wise as soon as next month He commented from the factory site as thousands gathered for a Tesla hosted October pest there And funnel preparations are underway for impossible foods to roll out new nuggets at restaurants on Monday We get more on that from Bloomberg's Larry kasky Burger King is adding an 8 piece order to the menu in restaurants in Boston Miami and Des Moines engadget says for now this will be a limited time item and come with a choice of dipping sauce that could indicate the companies or experimenting for a wider rollout The nuggets are made of soy protein and sunflower oil and impossible says they have far less fat and sodium than animal base chicken nuggets Thank you Larry And global news 24 hours day honored on Bloomberg quick take part by more than 2700 journalists and analysts in more than a 120 countries I'm Denise Pellegrini And this is Bloomberg You're listening to balance and power with David Weston on Bloomberg radio Facebook was a blower Francis Hogan a former product manager in the civic integrity unit testified this week before Congress about some of the dangers that Facebook poses Facebook knows that it's amplification algorithms things like engagement based ranking on Instagram can lead children from very innocuous topics like healthy recipes I think all of us can eat a little more healthy All the way from just something innocent like healthy recipes to anorexia promoting content over a very short period of time For his takeaways from the testimony I talked to early Facebook investor roger mcnamee Cofounder of elevation partners and author of zucked waking up to the Facebook catastrophe Roger told me that Francis haugen had an extraordinary amount of access in her role at Facebook She was absolutely at the center civic integrity was responsible for addressing harms to users So she was in exactly the right place She's just Was to make young girls look better than they really are And through that process to by making the look better the effectively create a whole culture of envy And that is the business model And there's nothing you can do to change that It's been there from the David and scream was created and it is a threat to the psychological well-being of an entire generation of young women and the key thing to understand is this is not a business model that exists only at Facebook It exists in various forms at Google at Amazon at Microsoft And it's now being adopted throughout the economy How much of this is because of the algorithms and the way they're designed A 100% of it is The way to think about this is that this is we're dealing with a business model based on attention and the best way to get people's attention is either the scare the more outrage So roger it really raises in my mind the question is this a bug or a fix I mean could they fix this without really substantially undermining their business model No No no You can't You can still have Facebook and Instagram But you can't have them at their current profit levels because profit maximization is what essentially leads to all the harms What can be done by Congress or by creation of an agency you mentioned before perhaps an agency I think we already have enough information to design We need three classes of things We need to think about safety and there I think something that looks like the FDA that simply looks at every technology product On a regular basis not just once but continuously to make sure that they are safe And it effectively creates a way for consumers to go to the government and say I'm sorry this is not working out for me here are.
Bloomberg Radio New York
"elevation partners" Discussed on Bloomberg Radio New York
"Takeaways from the testimony I talked to early Facebook investor roger mcnamee cofounder of elevation partners and author of zucked waking up to the Facebook catastrophe Roger told me that Francis haugen had an extraordinary amount of access in her role at Facebook She was absolutely at the center of civic integrity was responsible for addressing harms to users So she was in exactly the right place She's just utterly convincing in everything she does I thought her testimony was exceptional I can not tell you how much of a relief it is to me that she has come forward because we have known about these issues But what her work has done in bringing out tens of thousands of pages of documents is to eliminate Facebook's argument that they didn't know It is incredibly clear from these documents that Facebook crafted a business model based on attention that was designed to maximize profits at any cost which is an understandable thing in capitalism So it's completely understandable that it would work that way But at the same time in this case the harm that was done to public health to democracy to teenage girls has been incalculable and the core point is they knew it was there They knew it was going to happen It was they were warned about it and they chose to just continue to optimize profits And again in capitalism that's understandable but it really does cry out for regulation the same way that when the food industry was unsafe in 1906 we created the food Drug Administration when chemicals were unsafe in the 50s we created the environmental laws This came to our attention in part because of The Wall Street Journal reporting based on the documents that miss hug and it had to do with children and what the Facebook knew or believed about the possible risks to children What do we know about that and what does Facebook know So Facebook has known this since the day it bought Instagram The goal of Instagram from the beginning was to make young girls look better than they really are And through that process to by making the look better the effectively create a whole culture of envy And that is the business model And there's nothing you can do to change that It's been there from the David and scream was created and it is a threat to the psychological well-being of an entire generation of young women and the key thing to understand is this is not a business model that exists only at Facebook It exists in various forms at Google that Amazon and Microsoft and it's now being adopted throughout the economy How much of this is because of the algorithms and the way they're designed Well a 100% of it is The way to think about this is that this is we're dealing with a business model based on attention and the best way to get people's attention is either the scare the more outrage So roger it really raises in my mind the question is is this a bug or a fix Could they fix this without really substantially undermining their business model No No no you can't You can still have Facebook and Instagram But you can't have them at their current profit levels because profit maximization is what essentially leads to all the harms What can be done by Congress or by creation of an agency you mentioned before perhaps an agency I think we already have enough information to design We need three classes of things We need to think about safety and there I think something that looks like the FDA that simply looks at every technology product On a regular basis not just once but continuously to make sure that they are safe And it effectively creates a way for consumers to go to the government and say I'm sorry this is not working out for me Here are.
Bloomberg Radio New York
"elevation partners" Discussed on Bloomberg Radio New York
"A blower Francis haugen a former product manager in the civic integrity unit testified this week before Congress about some of the dangers that Facebook poses Facebook knows that it's amplification algorithms things like engagement based ranking on Instagram can lead children from very innocuous topics like healthy recipes I think all of us can eat a little more healthy All the way from just something innocent like healthy recipes to anorexia promoting content over a very short period of time For his takeaways from the testimony I talked to early Facebook investor roger mcnamee Cofounder of elevation partners and author of zucked waking up to the Facebook catastrophe Roger told me that Francis haugen had an extraordinary amount of access in her role at Facebook She was absolutely at the center civic integrity was responsible for addressing harms to users So she was in exactly the right place She's just utterly convincing in everything she does I thought her testimony was exceptional I can not tell you how much of a relief it is to me that she has come forward because we have known about these issues but what her work has done in bringing out tens of thousands of pages of documents is to eliminate Facebook's argument that they didn't know It is incredibly clear from these documents that Facebook crafted a business model based on attention It was designed to maximize profits at any cost which is an understandable thing in capitalism So it's completely understandable that it would work that way But at the same time in this case the harm that was done to public health to democracy to teenage girls has been incalculable and the core point is they knew it was there They knew it was going to happen It was they were warned about it and they chose to just continue to optimize profits And again in capitalism that's understandable but it really does cry out for regulation the same way that when the food industry was unsafe in 1906 we created the food Drug Administration when chemicals were unsafe in the 50s we created the environmental laws This came to our attention in part because of The Wall Street Journal reporting based on the documents that miss hug and had you with children and what the Facebook knew or believed about the possible risks to children What do we know about that And what does Facebook know So Facebook has known this since the day it bought Instagram The goal of Instagram from the beginning was to make young girls look better than they really are And through that process to by making the look better the effectively create a whole culture of envy And that is the business model And there's nothing you can do to change that It's been there from the David and scream was created and it is a threat to the psychological well-being of an entire generation of young women and the key thing to understand is this is not a business model that exists only at Facebook It exists in various forms at Google at Amazon at Microsoft And it's now being adopted throughout the economy How much of this is because of the algorithms and the way they're designed A 100% of it is The way to think about this is that this is we're dealing with a business model based on attention and the best way to get people's attention is either the scare the more outrage So roger it really raises in my mind the question is is this a bugger effect I mean could they fix this without really substantially undermining their business model No No no you can't You can still have Facebook and Instagram But you can't have them at their current profit levels because profit maximization is what essentially leads to all the harms What can be done by Congress or by creation of an agency you mentioned before perhaps an agency I think we already have enough information to design We need three classes of things We need to think about safety and there I think something that looks like the FDA that simply looks at every technology product On a regular basis not just once but continuously to make sure that they are safe And it effectively creates a way for consumers to go to the government and say I'm sorry this is not working out for me here are.
Bloomberg Radio New York
"elevation partners" Discussed on Bloomberg Radio New York
"Stocks gaining, led by tech shares as we await results from some of the biggest tech Cos. This week for more on the market's gonna get straight to Bloomberg's pretty hooped. Chrissy Walk us through the day. Well, thanks, Emily. You saw the defensive trade really take place in the market today, a lot of nervousness around simply the $1.9 trillion deal that Biden has promised this idea that maybe that deal couldn't come as soon as it was promised that once again, you take a look at some of the indexes. S and P 500 underperforming the likes of the NASDAQ and the New York banging next. Once again, those big tech companies really outperforming that notable purple out performer on the Blue Wave trade, the Russell 2000 small caps essentially the beneficiary of that stimulus bill really underperforming today really showing you how much nervousness there is in the market? Flip up the boards and you'll see one of the other pieces of the narrative today was that virus risk this idea? Joe Biden has actually talked about a delayed vaccine. Roll out some pickups in that process as well as installing or reinstating. I should say some of those travel bans across the world. So you're seeing like the Madonna Visor AstraZeneca on the green Moderna really outperforming after saying it's vaccine will protect against two known virus variants. Nevertheless, that need for those vaccines really giving the sector boost. Flip up the boards one last time. And it brings us to the stock of the hour. One of the biggest stories today, driven by those retail traders. This idea that game stop in three days nearly 100% gains to the upside by retail, then pulled back a little and still able to maintain 96%. Emily. This really shows you the power of the retail trader at how the amount of short positions that were against the stock has really been squeezed out. All right, Pretty. That volatile and remarkable. Gamestop rally certainly want to watch. We'll be following that for the next few days. Bloomberg's pretty Gupta. Thank you so much for that round up. Now, as I mentioned this week, we're going to continue to see a big tech results Tuesday. We hear from Microsoft Am D Texas Instruments Wednesday comes Apple, Facebook and Tessa earning season at a sort of awkward time as the relationship between silicon while Valley in Washington, D C kicks off President Biden has promised to get tough on tax. But the question is how with more when I bring in Bloomberg's Austin Carr, who wrote about the evolving relationship in the latest fully charged piece, Austin walk us through the clues that we actually know so far by men talk a lot about Tech on the campaign trail, but it's certainly been In focus. Yeah. I mean, that's why you because Biden didn't talk about it too much on the campaign trail. You are seeing a lot of people trying to read the tea leaves of Biden's digital agenda based on some of the appointments that they're making just whether that might signal Repeat the coziness between the Obama administration and Silicon Valley, which was largely Sena's friendly with big tech or whether he's going to be a lot more aggressive and reading them in on sort of mark a new chapter between the Beltway in big tag Interestingly, you know, so far we we do have a number of roles that are being reported for for people with ties to Google and Amazon, and then you know there was Apple executive on the transition team. Which would signal sort of a continued coziness at the same time, you know by Biden is also designated Jessica Rosenworcel, acting sheriff FCC who's a strong advocate for net neutrality and closing the digital divide. That might be one area where big attack in Washington could probably work together on another acting chair, doesn't he would be repped Rebecca Kelly Slaughter. Who, you know, there's a great article on Bloomberg law. Just talking about how she's been an advocate for consumer privacy, Strong data protections, which would likely raise some alarms for for a company like Facebook on been more recently, we've just had yet reports of the White House concerning an antitrust star. There's an FTC commissioner reportedly in the front running for Lena Khan, who served as legal counsel in the antitrust committees. Investigation, which again that would be another signal that he might get more aggressive on raining big check in, But a lot of this is TBD. And that's why people are sort of reading the tea leaves because there's been a vacuum of information about technology tech policy from buying during the campaign. Right. You mentioned the big ones. Jessica Rosenworcel acting FCC chair at the moment. She's been on this show a number of times and as you said, a big supporter of net neutrality. Then there's Rebecca Kelly Slaughter, acting chair of the FTC. On, of course to organizations that are going to have quite an influence. And the big question now is, you know not just the power of of Apple, Google Facebook, Amazon Twitter but also in the wake of the deep platform Ng of President Trump. You know, he has been suspended indefinitely from Facebook banned permanently from Twitter. And you know, there are concerns about the power of these companies, not just from Republicans, but on both sides of the aisle. And I wonder if that makes tech, eh? A unique issue here. We spoke to Roger McNamee of Elevation Partners, who said Biden has no choice. He can't avoid tech reform. The question is what it looks like. What are the sort of signals we got from Biden on the campaign trail. I know he took some actions on Facebook made some critical remarks, but it wasn't necessarily a distinct steer. Yeah, it was definitely not His concrete or aggressive is is sort of the Elizabeth Warren wing of the party into in terms of talking about breaking up big tech companies biting and talked sort of generally about the arrogance that Silicon Valley has He really focused is a lot of his criticism on what he called abuses of power. By social media platforms, reserving a lot of iron for Mark Zuckerberg on Facebook when it comes to issues like this information, and the most specific thing he did talk about was him supporting a repeal of section 2 30, which is, of course, the legal shield. That protects Internet companies from liabilities of content published on those platforms on do so, Yeah, it's the question remains, though. Will that be something that they actually pursue? More seriously in the coming months with covert 19 being such a focus of the administration or world that take a little bit longer to get to and likewise how much It. Will he support the any trust enforcement efforts, which you're right does seem to have some sort of bipartisan support. But again, we just have not heard from Biden in terms of how he will support those efforts. Although the big tech earnings Coming up might change that. Right, And these companies have honestly this talks have continued to climb, even as the rest of the economy has suffered. So I wonder. How does earnings earnings happening this week Kick off the relationship and could that impact Dialogue. Yeah, I mean these companies just between the Apple, Facebook, Google and Amazon. They collectively delivered about $67 billion in that profits over the past two quarters, even while so many parts of the economy are struggling, and that's gonna put a ton of pressure on Biden to respond to these issues and maybe set the tone for how he's going to deal with. Silicon Valley in the next couple years. You know, Amazon and Apple, for example, are you know, analysts expect them to deliver as much as $100 billion quarter each, which are sort of massive, compared Toc sort of the struggles other parts of the economy or seeing And with Trump. You did see you know him taking credit for those strides, And the question remains, whether that will be the right tone for Biden to strike with Silicon Valley or that's going to put pressure on him to sort of rein them in the more aggressive and say, You know this, this cos are two dominant at the time that others are struggling. We need to get serious about writing the men. All right. Bloomer, Tex Austin car urge you to check out his fully charged newsletter. Thanks so much Austin for weighing in so much to watch and so much to come, all right, coming up. Google is investing $150 million to make sure they say we all have equal.