tv Best of Bloomberg Technology Bloomberg February 24, 2018 4:00am-5:00am EST
but first, to our lead. russian bots were found to be targeting certain hashtags, including gun control now, gun reform now, and parkland shooting. it makes compromise even more difficult. this has happened with past issues like that nfl anthem debate and the 16 presidential election. this ultimatum -- ultimately led to robert muir's indictment of 13 russians. facebook and twitter are doing more to expose these bots and fake accounts. are the tech giants doing enough? we spoke to the senior policy advisor for the counter extremism project from washington. >> not only did you see that russian bots come out in full force after the tragic of it in florida, but you also saw the miller indictment -- robert
mueller indictment. the tech companies have a number of problems on their hands. divisiontry to create with divisive rhetoric and fake news conspiracy theories. the real concern here is that the same tactic and strategy is going to be taken again in the samerm election and the tactic is also taken by terrorist organizations on the platform. right now isseeing another area that russia is trying to exploit. they clearly have the ability to do so despite the minor reforms that were made. >> ticket -- take us through it step by step. someone at the project who has been tracking this and he says it was almost exactly the same as what happened in vegas. the bots are tweeting and
returning the breaking news -- read tweeting the breaking news tweeting the breaking news. by date three they start to promote conspiracy theories. this is something that we have seen over and over again. you mentioned earlier the nfl anthem issue and the presidential election, so the fears that this playbook will be applied to the midterm elections coming up. >> how big of a concern is it that this could move to fabricating real-life events. we now know that the russians were behind creating a real-life islam protest in in texas? could we see more of that? >> absolutely. it is easy and they have been affected. gettech companies need to
down content that violates their terms of service, and there are other measures that they can take. you aren't going to be able to control every individual does online if they do not cross a particular threshold. congress is pushing them to take certain measures going into the election. bots stillre so many operating on these platforms? if twitter was serious about that measure, i have seen a different levels of reporting, i think 15% of accounts are bots. in any case, there are enough that there are -- they are amplifying the messages of these counter intelligence operations, russian propaganda that may influence our elections. there are clear measures that they can take to crack down on this, unfortunately we have not
seen that yet. >> you cover twitter extensively. how are they actually cracking down here? twitter is doing all that it can come but they have multiple constraints. they have had financial issues. they also -- they only recently just reported their first profitable quarter. actuallyot heard them take steps to hire new people to address the problem. another issue is that even though these algorithms that twitter has are getting better, these bots are changing their tactics much faster than twitter can keep up. i spoke to some who used to work there who describe it as a whack-a-mole problem. that's the challenge that they are up against. they have made steps for
transparency. they're standing an advertisement -- they are starting an advertisement transparency center. they are going to try to keep it as free from russian meddling as possible. >> when you hear that twitter is doing all that it can come do you agree -- can it, do you do you agree? theseyou look at companies and the amount of money and the size of these companies they are sort of technical wizards. they are able to do a lot with your data when they want to do a lot with your data, and i think they can address some of these problems. particularly when the line is been crossed, and i would argue that laws are being violated, in terms of what was happening with ad buying.
companiesink the tech are going to have the luxury any longer of being able to operate in this free space where laws are potentially been violated -- being violated. i think what is going to happen here is that you are going to see not just the public start to get fed up with it, but your sink other parts of the private sector, most notably advertisers, threatening not to buy advertisements on these platforms. to be frank, at companies don't running onisements platforms where there is russian bots undermining our elections. it is bad form for advertisers. i think you are going to hopefully see the tech companies step up. i think your seeing pressure out of the u.k. they crawled tech executives
here in bc -- grilled tech executives here in d.c. >> robert muir has indicted hurting companies and three individuals enrolled -- robert mueller has indicted 13 companies and three individuals involved in russian meddling. >> what russia is doing is much more sophisticated than what congress could have even imagined. i think that made these tech companies and congress fearful. they had very sophisticated measures to try to cover their tracks. they were buying servers in the u.s., computers here, and all sorts of very sophisticated tactics to cover up what they were doing. you are many tactics that these companies could employ that they are not doing. someone from the foreign policy research institute said that
twitter should ban all social bots. this is not something that they would do, but there are obviously more drastic measures that they could take. these companies need to integrate and talk to each other more, and have some sort of shared database about these bots , and figure out how to target them more effectively together. >> that was the senior policy advisor for the counter extremism project. the federal communications commission officially published that they are rolling back obama era net neutrality rules. the move is likely to open a floodgate of legal challenges from parties opposing the changes that empower internet service providers. mozilla and vimeo have already filed challenges to the sec's repeal. a loss for at&t and its time warner deal.
says itice department does not have to identify if there were communications between the white house and jeff sessions. at&t has suggested that president trump's addict -- dislike of cnn's way to the decision -- cnn suede the decision -- swayed the decision. elon musk looks to offer broadband internet around the world. that story next. how silicon valley can push back on income inequality. this is bloomberg. ♪
it wants to ensure it has enough of the key ingredient in the midst of it shortage. x rocket carrying three satellites roared into space yesterday. it is part of a system that would provide internet access to remote regions. >> this particular launch is exciting for a few reasons. one is that it carried two of their -- the test satellites for mega mega-correlation -- constellation. it is going to give people options to the current cable providers. most importantly, space x is still going to mars, so this is going to be a key piece in their
financial architecture that is going to get them there. >> talk to me about this effort to bring internet access to the farthest corners of the world. is this something that -- this is something that other companies have shied away from. how is what elon musk is doing is -- doing different? de antellites provi alternative that go beyond the uav based and balloon based things that we have seen previously. typically these communication satellites are in geostationary orbit. that is very high up. these 4000 satellites going to be much closer to the earth, which gives you a smaller distance that the signal needs to carry. this is going to be incredibly fast broadband connection to the farthest reaches of the planet, on par with new communications
innovations coming online. , alsoh of these launches there are new learnings and progress when it comes to rocket reasonability. what did we see here today? >> this is very cool to see. space x continues to push boundaries and keep us all interested. even in the shuttle and apollo years we sought viewership start to fall off, and it is because people want to see what is coming next. spacex continues to push the envelope. -- that shield the satellites can back to earth and they attempted to catch them with a giant net on a boat. they missed, but they came very close, and it seems like they have a good plan to catch them next time. >> they talked about space entre nous are ship at the space council meeting --
entrepreneurship at the space council meeting. what kind of progress are using seeing there?ou >> it was good to be in the room yesterday to hear the conversations. it is good to your the emphasis on streamlining regulation and licensing. the future of space is commercial. focus in thatg meeting was really about space entrepreneurship and how the government can continue to partner with them as a customer. mode, -- mode, given -- mood, given the messaging from president trump? thet is good to hear
government getting on board with that message. i think the data is starting to back up the story here in a major way, and i think we have reached a tipping point where the government has really started to pay attention. >> what are the safety concerns and regulatory concerns that you expect to see pop-up? >> net is a great one with the spacex watch that we can talk about. one is the fcc licenses for spectrum. this unprecedented amount of data back down to earth, and then also how do you navigate the ever increasingly crowded highways in space?
space is very big by a lot of the key orbits are in demand, so how do you monitor all these things? they provide a lot of opportunities for startups. we are seeing startups address a lot of these concerns with laser communications to bypass the radio frequency spectrum, new communications that allow them to steer them electronically, where debris tracking seeing companies come in and really do this in a way that we have never sink before -- never before. anderson, space angels ceo. chris hughes joins us on his new book. why he says the american dream
emily: japan's softbank is working with nomura on what could be in $19 billion ipo. softbank may market most of the offering to japanese individuals. that ipo would be japan's ingest and two decades -- two decades. since stepping away from facebook, hughes has become increasingly aware of what inequality in the united states. we caught up with him and began our conversation on his new book about income inequality. take a listen.
>> i do think that my story is unfairness atan work in the american economy today. three years worth of work can lead to have a billion dollars in financial reward should give people pause, particularly in a moment where medium -- median wages have not budged in 40 years. we have not created full-time jobs in decades. work has come a part and income any quality is only getting worse. it is important to be honest about the unfairness at work in --er to assure is -- assure --.r us into emily: why should we listen to a 1%-er about this? >> a lot of the people i grew up with have told me the american
dream is on life support. $400 in the't find case of an emergency, you cannot find the gas money to go interview for a job, for child care, health care, all of these sorts of things. a lot of us on the left and right are asking what we can actually do about it to change it. that is where i think the guaranteed income comes and -- comes in. wealth,s you came into how did that shape your ideas about any quality? did you have your own personal transition. >> i think particularly in my case where we started facebook and over the course of nearly a decade it grew and grew and grew. wasseveral years after i not at the company.
i was working on different projects, i was working for president obama, i was doing a lot of different things, and yet the world kept growing -- wealth cap growing. it gave me pause. way after personal facebook's ipo, my husband and i decided to give away the vast majority of this money come up because it feels like it is the only way to address the money, because it feels like it is the only way to address the unfairness. emily: tell me about that discussion? >> you think about where this comes from, where did i get it, why did i get it, and what i owed this to particular people. there is a sense that we should always think about what we are one another. emily: silicon valley has
created an kirk muller -- an incredible amount of wealth and somewhat say it comes with a sense of entitlement for some of the richest people. do you think silicon valley is too arrogant these days? i do think there is a sense, particularly among people who have made a lot of money, that it is all because of one's own actions. i think we tend to underestimate the power of these macroeconomic forces behind it all. things like automation, globalization, the rise of finance. over the course of 10 years before it went public, facebook raised over $500 million in venture capital. that kind of financing was not possible 30 or 40 years ago. it is specifically because of financial changes that we made in the 1980's.
emily: in the meantime, the birth has raised -- uber has raised billions of dollars. there are many things that are happening that are creating this wealth in addition to anyone individuals contribution to it. emily: silicon valley often prides itself on being a meritocracy. do you think it is a meritocracy? chris: i think we love the idea of meritocracy in america, this idea that one person can work her way up and be successful. mark zuckerberg said it in a speech that the fact that he was able to learn how to code in high school was because his parents had jobs was an incredible lucky break that made it possible to be at harvard and to create facebook collectively.
i think it is a complex interplay between the role of luck in the role of work -- and the role of work. all of these successes are you competition about. emily: that was facebook cofounder chris use -- chris hughes. rubric ceoak with and microsoft chair john thompson next. all episodes of bloomberg technology are live streaming on twitter. this is bloomberg.
♪ to the "beste back of bloomberg technology." rubrik has grown rapidly since being launched in 2014. it hit unicorn status last year and still interest from investors. now it is picking up the momentum with the help of microsoft chair john thompson, who is advising company. we spoke with rubrik ceo and cofounder. we built rubrik to have a single software fabric that goes from one premises to the cloud. this unique architecture has made rubrik into one of the
largest enterprises for people that want to manage their data. emily: what stood out to you as special here? john: every 15 years or so there is an inflection point in every segment of our industry. no innovation had ever entered this particular segment for the last 20 years, so my view was it was time. when i got introduced to him, i thought why not make an investment into him? it is time for a change in the sector. emily: why is this versus what amazon or microsoft better than what they have to offer? >> just because applications run in the cloud does not mean that the need for data protection management goes away. amazon and microsoft have a
deeper partnership with rubrik and we go to the market together. emily: who is going to own what? when does the partnership not make sense? when does it make sense to own as much territory as possible? clear, the would customer owns the data. -- as time goes on it will become an issue of, who has the strongest share in the enterprise? clearly microsoft has a pretty strong position. aws has done very well. with early-stage companies looking for a cloud-based platform, for those enterprise customers who really want to move their data and apps to the cloud, they have chosen to opt for microsoft as opposed to other alternatives. i think it is a good thing for microsoft and to those clients
as well. emily: what does it mean for the up and comers like rubrik? rubrik knowledges and recognizes that a certain amount of the data is going to remain on it -- and a certain amount of it is going to move to the customer cloud. emily: where do you see the cloud industry going? there is all this talk about hybrids, but at a certain point, again, it is about ownership, right? which clout will be bigger, private cloud or public cloud? will this hybrid model endure for the long-term? >> at rubrik the way that we think about our business, we want to manage customer data, enterprise data, whatever their data is, it really does not matter to us. what we're seeing in the marketplace is large enterprises are looking at public clouds and asking, how do i gain a
profitability by going into the cloud? rubrik's growth is kind of based on the growth of the public cloud. a new cfo and john join me on the board -- joined me on the board. variousnvisioning that companies will rock to run the application -- want to run the application. emily: you are making a huge commitment to protect your customer's data. is this environment more unsafe than ever before? there is so many bad actors out there. john, how would you characterize this threat environment and the importance of protecting your data with a product like this? john: there is no question that
the landscape has changed quite drastically since when i joined back in 1999. there are more experienced hackers attacking us and there are more geopolitical attacks that are going on, which are hard to separate from someone who is in it for profit, versus someone who is in it for intelligence, if you will. one of the things that rubrik has done is that they have integrated not just data management, but security management into the platform so customers get the benefit of both when they go to the rubrik platform. to the rubrik ceo and cofounder as well as microsoft chairman john thompson. citigroup is a financial powerhouse and the fourth largest bank and united states -- in the united states. next aims to compete with -10-x is aiming to compete
with --. >> would think it is really important at citigroup to constantly focus on bringing the outside in. how do we make sure we stay involved in cutting edge development? so much of that is being present where entrepreneurs are present. we work with entrepreneurs who might eventually want to be also work withe entrepreneurs who are thinking about expanding overseas, and using citigroup's global footprint to understand the market. that is all aimed at how do we bring in that outside diverse perspective back into the bank. >> you have e-commerce investments, machine learning data, analytics, so how would you describe the portfolio strategy here? and are you shifting?
>> it is aimed at both infrastructure type investments, so things like cybersecurity. that is incredibly important to all financial institutions. but also, more and more since i commerce -- fin-tech commerce payments. >> what do you think you have on vc; ypical silicon valley 's? >> we can really leverage the history of the company and help entrepreneurs of gold their businesses -- entrepreneurs build their businesses. what can you do to help them reach new consumers and reach new markets? distribution is a big challenge for many companies.
i think there is a place for all different kinds of investors in the ecosystem. tot we find is that we tried work with companies to not only help them grow, but help them learn to navigate working with a large complex organization. it is not easy to know who makes the decisions or when to go in. we think of it as someone guiding you of the mountain. it is not enough to say to talk to selena when you get to the top. we do a lot of those ventures to help a trip was meet their success -- entrepreneurs meet success. >> a lot of these companies are targeting aspects of traditional banks. how are you looking at the threat that these fin-tech's pose? >> we don't think of it as a threat. what is really opposing
change is changes in technology and changes and customer expectations -- changes in customer expectations. it opens the door for new players to come in. are seeing over the last several years is not again, butch come incumbent banks and fin-tech working together. people talkingd about how bitcoin is volatile. what is your position on bitcoin and blockchain is a future technology? >> we have been experimenting with blockchain for over five years now. it is a very new technology and experimenting is the most important thing.
it is easy to say experiments with blockchain. it turns out when you're a big financial institution you have to build a lot of internal capability and internal muscle, which we have done through investments in places like chain.com that are focused on helping large institutions figure out how to use the technology. we don't think that blockchain has any one single use. it is more about exploring multiple ways that it might help us deliver better for our clients. >> what are some of those ways? i think a lot of people see blockchain as a panacea for all olympics problems -- for all of bank's problems. >> i think it is a tool in the toolkit. it is fundamentally a network distributed technology.
it is one example that we have used is cocreated with our clients. we do not believe that we can go off and create products and services on our own and keep up with the pace of change. we believe we have to be working with clients creating and figuring out how to meet their needs. over the coming years and decades we will all find that uses are probably multiple of new technologies like blockchain to meet with clients. need. broadcom slightly lowered its $79 perr qualcomm to share. that is down from its best and bid of $82. $82, --
emily: the go at it alone approach in japan is not working. he announced he is now looking to forge partnerships with local taxi companies. japan'sit clear that taxi market is already high quality, but it could be more efficient. he traveled to india afterwards, where uber is competing against a local ride hailing start of. is officially launching a new feature, uber express pool. the express pulled launch is
bringing a change -- pool is bringing a change to the current model. the idea is to make up -- make pickups for drivers just as cheap as they are the passenger. to walk ad writers little and wait a little in order to have a much better writer. ride.both -- better ride.a better >> how many trips in the u.s. are actually uber pool trips at this point? >> any moment we are going to cross one of billion total uber pulled trips -- one billion total uber pool trips. what are the percentage of people who request the strip to actually get matched --
request these trips actually get matched? >> i don't have those numbers, but we are trying to get three people in the car at the same time. i'm sure all of us have experienced those rides what we are the only passenger in the car on the pool. over it means that we cannot offer such an affordable price. increases our likelihood of making a high-quality match, which means that we can offer that affordable product overtime. emily: gizmodo said honestly, just take a bus. how do you respond to that? >> that is actually a pretty good article that talks about the differences between expressible and a bus test -- express pool and a bus. public transit works very well on very high-capacity roots
where you can wrench -- routes where you can run large vehicles. uber is good for those complicated, cross city journeys. riders a lot of love it but a lot of drivers do not. hard ands are working would love to make more money, so we have actually introduced late last year pickup and pool.ff fees specific to looking at the nonmonetary component, there have been some things that we have done in terms of how we manage the service that made it less fun to be a driver. we were trying to make a match
iders who were not necessarily most compatible. we wanted to make it better for drivers, because if you feel uncomfortable sitting in the backseat of a shared ride your driver does not feel any better about that either. emily: how much money does uber actually make on it uber pool pool?- make on uber >> that is very difficult to know. wee of the public financials released recently showed that the curved is a pretty nice on. we can continue on a path to profitability towards a future idea. emily: how much does it actually tntribute to the brewers -- uber's profits?
iswhat i love about uber that the combination of the mission of making cities work better and provide transportation i think is going to be tremendously profitable business overtime. pool is an obvious component of that. emily: as uber starts to think like public more transportation, how does --? does this move you closer to bus systems in cities? >> one of the things that we are very good at doing is providing highly dynamic transportation options. the other is building software. things areh of those wonderful compliments to a public transit agencies tend to do. think there are many different
ways that we can partner with cities in the future. we have a pilot the city of cincinnati. we're starting to explore different ways that uber can come clement public transit -- can complement public transit. emily: you joined uber 11 months ago. >> i did. a verythis is just as long series of dramatic moments kicked off, as well as leadership changes. there is a new ceo. what has that been like for you as a new employee? abouthose to join it one year ago because i knew many people there who were working very hard on the future of transportation. it was a mission that excited me.
we had it to mulch with your last year -- a tumultuous year last year. i think the new ceo has been phenomenal. i'm very excited to be working there. emily: that was the uber product manager. coming up, carmakers looking to capitalize on your data. the possible regulatory hurdles they may possibly face. that's next. this is bloomberg. ♪
consumers or risking backlash from washington? >> current companies collect a lot of data. and knows how my people are in the car, because the airbag sensors have to know who is seated, and where. it knows somebody is sitting in that city and it probably knows the weight. the weight tells the car whether beep beepbe at you -- to at you. it might even suggest your home or work as a frequent destination. if you are driving a certain route it might say to stop for that sandwich, here is some specials on beer and wings, whatever that is. all that is possible. the car companies are not selling your data at this moment. they do work with some third parties, but they are not
something dated and amass -- data en mass. we are talking about this being focused on the actual navigations screen. we have talked about distracted driving. is there a safety issue here? >> it could be. general motors has launched something where you can make restaurant reservations, or order coffee. some safety organizations have picked up on this and wondered if we are getting into the area of too much. is there a safety issue? gm has made the system pretty simple so you don't have to spend a lot of time staring at it, but the safety groups are really starting to take notice. they are not in favor of it. emily: who are the big players trying to get in on this? >> there has been a battle
between the automakers and companies like google and apple. , thereystems right now is already a fight about how much data those systems can access. your apple phone will plug in and it will basically go on screen, but only certain apps will work with your car. that is the car companies way of mining allgle from of your data in the car. e, it knowssing waz where you are and it does flash pop-up ads. it does not have to get in the car itself to track your data and give you pop-up advertising or market to you or just know where you are. emily: have regulars weight in
on this yet -- weighed in on this yet? >> not yet. it is kind of like the wild west out there. people are giving up a lot of their information for different services online and cars are kind of the same way. right now car executives are saying they don't want to sell your individual data to marketers, they will not do that. a couple of them said they don't want to make that statement forever. they just said they are not doing that right now. emily: you can read this story on the bloomberg.com hyperdrive. that does it for this edition of "best of bloomberg technology." tune in next week when we will from barcelona and mobile world conference. from barcelona and mobiletune in every day, 5:00 pn new york, 2:00 p.m. in san francisco. all episodes of bloomberg