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tv   Bloomberg Technology  Bloomberg  July 1, 2022 5:00pm-6:00pm 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.
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♪ ed: i'm ed ludlow in san francisco, in for emily chang. coming up, signing an option to buy a crypto lender. an exclusive conversation on synergies between the two businesses. misinformation moment. one week on from the u.s. supreme court overturning roe v. wade, doctors tell bloomberg, potentially deadly abortion advice is spreading online. and a tesla test. the ev maker expected to report numbers this weekend and a hot streak of records as shanghai shutdowns lead wall street to cut forecasts.
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first, look at the market, stocks staged a late friday come back, ending april start of 2022 on a slightly positive note. here is bloomberg markets reporter katie greifeld. katie: happy friday. it was a bizarre friday in the market. this chart shows you why. you had bonds in a huge rally, 10-year yields dropping 13 basis points. cash bonds closed early ahead of the long weekend and stocks took off. the s&p 500 finishing over 1% higher, nasdaq 100 up 17%, but stocks, the philadelphia semiconductor index down almost 4%. the first half of the year was bad for tech stocks and the nasdaq 100, but even worse for the chip industry. look at this next board, because it was bad all around, really. hardware and software falling more than 20%. look at semi conductors, down
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close to 40%. a brutal first half of the year for the chip sector. and today come the pain continued, micron warning demand is cooling perhaps for smartphones and computers. that weighing on micron, shares finished almost percent lower. qualcomm bragged down as a result, even more than 3%. it will be interesting, ed, i am confused as to why we saw such a big move when you look at alphabet, and meta-. finishing on a sloppy note. ed: thank you, katie. it has been a week. crypto, fdx signing an agreement to purchase a crypto lender for as much as $240 million.
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a co-founder spoke with bloomberg about the ftx deal and how the companies align. >> there are a lot of ways our products can mesh together in a way that is better than either would be independently. and i also say that they have been working really productively with regulators on building out regulated yield products, which we are excited about. and excited that they have been doing it in a regulated way. that is a healthy way to do attend is going to serve them well in the long term. and it is something we are ok with as well. >> you told politico ftx was looking to bailout or would otherwise be underwater. but are you worried about
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whether bailing out in industry may not -- bailing out a company may not be good for the industry at large? >> good question, i guess you are getting at, does that bail out a company that shouldn't have been bailed out? first, i am excited -- way more excited to bailout customers that shareholders. so, the focus of this is not how we deliver as much shareholder value to troubled assets as possible, but it is how we protect customers. i think those are quite different things. that is one thing i will say. and i think one of those is way more important and the other is a hazard. the other thing is that we are try to find who are the responsible players who are developing out a good business,
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and have a sustainable model and could use short-term liquidity, and that that could help protect customer funds, we could potentially build a really valuable business that has something real to offer customers, rather than which companies should never have existed, probably. as of today, maybe we should just let them die a quiet death? ed: joining me now was bloomberg's sonali basak. this is a guy who is strengthening his grip on this industry. talk to us about the importance of this deal? sonali: it is an interesting deal because there are other firms, a lot talked about
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blackfi being able to make it through and be there for their clients in the midst of these tumultuous times. i want to point out what is happening with voyager. they are suspending certain operations. they have the withdrawal issue as well. and another sam bateman identity has lent them a credit line as well. the question of moral hazard is a real 1 -- who will make it through and to won't? ed: it is interesting about block fi, it seems out of much lower valuation. sonali: it went from 3 billion dollars to potentially $1 billion and now much lower, $400 million' credit line and the money you had been talking about come at hundred $40 million with the option to purchase. think about it, when we spoke to sam, he said upper tunis to buying, valuations were a big reason. but he hinted that some firms will simply not get back their
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former glory. ed: on the bloomberg terminal, i am seeing this guy's name over and over. what did he have to say about m &a's? let's listen. >> we would do a large acquisition if it made sense at all the parties were aligned. we could, in theory. we have a few billion dollars on our balance sheet right now. we are profitable and are able to further capitalize if we need to. ed: no name check, what is your take away? sonali: the idea he could buy something for billions of dollars, not $30 billion, but billions of dollars if possible. ftx has traditionally built for. robinhood, fast growth company with a lot of employees and ftx runs really, really mean.
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does that fit at the end of the day? he has a lot of ambitions. remember, a firm like robin hood, he also talked about the scrap -- distressed crypto miners. at the end of the day, and has to be a dental fit. you wonder about robinhood, blockfi option to purchase, crypto minors. the end of the day, the question is who does sam want to be? you look at a company merging tradefi and d5 and looking at the future of the new market structure under a new regulatory regime. ed: bloomberg's sonali basak, thank you. crypto will also be on the minds next week, of the road trip for us, a number of great guests including sophia, kevin hart from eventbrite and many others.
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you don't want to miss it. coming up, as women lose access to abortion in the u.s., social media is offering treatment and advice. some of it could have deadly consequences for plus, how some social media is handling the abortion debate. this is bloomberg. ♪
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♪ ed: today marks one week since the u.s. supreme court overturned roe v. wade, which allowed women access to an abortion if they needed one. in one week, medical professionals have told bloomberg they have seen an uptick in the number of social media posts promoting various cures and tonics and other dangerous substitutes that are not viable substitutes for abortion. for more, i'm joined by our bloomberg reporter and david fitzpatrick, founder of economy.
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what are dr. seeing adware? >> these doctors are sounding the alarm earlier, maybe because they are used to this pattern. we have a health issue. saw it with covid. we saw it with baby formula. and we have social media where people go to find the latest hack. we are seeing some of these actual solutions start to bleed into health issues like lack of abortion care for women. in less than a week, at-home tonics, herbs, things that bloomberg doctor -- that doctors bloomberg talked to said are dangerous and maybe fail. we have seen these pop up across twitter, facebook and instagram. it is basically everywhere if you know where to look, or if you happen to be passively scrolling through your feet and have what doctors would call misinformation in your social media.
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ed: i get what you mean on twitter and instagram or any social media platform, something that doesn't seem to have substance and is packaged in a lighthearted way. david, how many times have we had this conversation about a number of topics? are you surprised the platforms weren't active in thinking about this kind of misinformation and how it is being shared? david: that is an understatement and as alex points out, we have all unfortunately gotten used to this pattern when it comes to any kind of misinformation. for several reasons, social media generally and meta's companies in particular have designed their systems in ways that make it very hard to detect and remediate any misinformation prints secondly, they have a disincentive to do so because they get revenue from eyeballs and also from ads, many of which
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should not be there. meta allows prescription drug ads to go to anyone about 18 in the u.s. they don't have to do that, they could have set a much higher limit for that. prescription drug ads are only consumer-directed in the u.s. and new zealand, of all developed countries. so, we have a of problems. ed: alex: when bloomberg was speaking to medical professionals, they raise the issue that it is often easier to seek information or advice online than it is to book an appointment to see your practitioner. can you explain concerns doctors have with that respect? alex: i can break it into a couple of group spread let's say you are in a state that still has access to abortion, it might take several weeks to see your primary care doctor. but if you're seeking an abortion into state where it is suddenly not available, you don't know your options are
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where to look, but you're used to getting your advice from everything on how to style your output to the healthiest meal -- your outfit to the healthiest meal, you are going to turn to social media. it is there. it is passive. and the misinformation is packaged on this -- in this entertainment meets advice pathway through your eyeballs into your brain. it feels like it has more levity than the seriousness of the information. even if you are somebody who still has access and you see a quick fix or something that is a really serious health issue, folks are used to getting this information in this way right now. ed: alex, i want to move to another story, tiktok confirming that chinese nationals will have some access to u.s. user data. can you explain the latest, does a story you have been company? alex: tiktok responded in a
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letter today tonight senators who asked tiktok a lot of questions that we are starting to hear in regards to the company -- who has access to u.s. users data? to any china employees have access? what about the chinese government? and what about the algorithm? where is the fall? there was a big report a couple of weeks ago, the senators sent the letter and the tiktok ceo came back today with a response clarifying that yes, some employees in china do have access to publicly-available data of tiktok users like videos, comments, but also saying the company is developing something called project texas. this is the solution that they are working with the u.s. government to cordon off u.s. users' data, but only specific u.s. users' data. names and addresses and identifiers are what we can expect.
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they are saying this is where we stand. the letter came through today, folks in the u.s. government are already coming back saying this is not enough. i can guarantee as we inch closer to the midterms and questions around the veracity of information, and is there influence of china on -- from china on u.s. golder's start to sneak into the ether here, these questions well got louder from u.s. officials. ed: david, your reaction? david: i seldom agree with anything marsha blackburn says, but she is quoted by alex in his story saying if you use tiktok, assume your data is in the hands of the chinese government. that is a lot -- that is what a lot of us observers have known for a long time. the fact tiktok management is confirming that today any fact, is what is really news here. it amazes me that people are more concerned about this. this is an area where republican
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congresspeople and fcc members are focusing on a real issue. ed: david, news just crossing the bloomberg terminal -- google saying it is going to begin deleting location history in its systems that it identifies as personal information. it gives the example of certain medical facilities, for example. the change do in coming weeks pay facilities can include counseling centers, domestic violence shelters, abortion clinics, fertility centers. it seems to be linked to search and maps and where one might be seeking a destination. what is your sense of how alphabet and google are handling data privacy? david: that is really good news. glad you told us that. i think google is handling data and privacy better than it used to. i think it is feeling a lot of pressure from apple, because apple is rigid and so principled about privacy.
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so come i think it is great to see alphabet and google moving more verbally in the direction of, by default, trying to protect user data. ed: give me your big tech outlook, the one thing you are watching. david: the exaggeration of the metaverse is the thing i find most satisfying. there is an absurd overpromising going on now about where the consumer internet is going. there is no way it is going to be metaverseian anytime soon. i find that amusing. there is plenty going on, stocks are not great opportunities in the short-term because they are so highly valued. ed: economy co-founder david cofactor and my mate at bloomberg, alex barinka, thanks to you both. tuesday, we will have fcc commissioner brendan car on the
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show and asking about tiktok. coming up, spotify's bet on podcasting rather than music streaming. has it paid off? this is bloomberg. ♪
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♪ ed: let's look at spotify. the music streaming lot form's stock is down almost 60% this year, even after its move into podcasting made it the world's biggest audio service. it focuses on explosive material, forces on the tech giants to carry its surface and creates a music stream other labels can't touch. why is it in trouble? bloomberg's reporter wrote a fantastic piece on this. is the strategy working? >> it is a mixed bag right now.
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it is working in the sense that more people are listening to spotify podcasts, about 85 million, 90 million of spotify users listen to podcasts. the revenue is growing. but spotify has spent a lot of money, more than $1 billion so far, and podcast makes up 7% of listening and 2% of revenue and they have expensive deals with big-name talent that hasn't gone anywhere. a lot of people are questioning where the money is going. ed: at the heart of any story is a name, a person. for spotify, that is don ostroff -- dawn ostroff. lucas: she is the chief content officer, longtime tv executive who did not have a lot of background in music or podcasting before spotify. she is part of the connective strategy. people who work for her are instrumental and it, but she has been a big driver of deals with big-name talent, the obamas, the
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royals, filmmakers, social media celebrities, kim kardashian, and there have not been a lot of big shows to come out of those deals. ed: big names are important, joe rogan, raymonde green show has been big for me, the obamas -- what is the path forward? signing more names? alex: a lot -- lucas: a lot of it is going to come down to how big the advertising business can get and how much spotify can replicate a service like youtube. big-name shows are great for getting people in and for marketing, but the core of the spotify business is supposed to be the mass of podcasting. they host 4 million podcasts right now. they said by 2025, they want 50 million creators on the platform. that is a lot of people. they think you're coming they have that many people posting, they will hoover up all the demand and will be able to sell ads against these users.
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the ad business is growing, but still only 15% of the pie. ed: bloomberg's lucas shaw out of l.a. with all things spotify. coming up, tesla having one of its worst streaks. what the company is due to turn it around -- doing to turn it around, next. this is bloomberg. ♪
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♪ ed: welcome back to "bloomberg technology," i'm ed ludlow in
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san francisco. tesla in the green, but it is one of the worst weeks of the year. the company is still delivering with delivery issues with it shanghai factory in lockdown. for more, i'm joined by bloomberg's john o'kane in austin. what are you looking for? , quarterly figures this weekend? sean: we are talking about a quarter that is about 40,000 or so deliveries short of around where the last two quarters work. elon musk -- quarters were. elon musk, at the end of q1, said he expected a no quarter change. if there is a drop, we should see how much we attribute to shanghai lockdowns in trouble they have had at that plant. ed: what is the latest on what tesla is dealing with? elon musk has not sent any tweets in a wild.
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it shanghai, things have been tough. sean: their story is still about growth, as it always has been. they have open factories here and in berlin -- here in austin and in berlin. musk commented that both of these factories are money furnaces, he said they are losing billions of dollars right now. the point he was trying to make is that they had to base up the scale of production to 1000 vehicles a weekend will be spending far more money building up the factories for those vehicles then they would be making money from them. i think a lot of people looked at that as possibly negative. the thing to keep in mind is that that is the nature of it and it is not good to slow tesla down. tesla is still working on expanding the factory here in texas even though it doesn't have production up to the level
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he wants left. ed: sean is in austin on twitter at @fokane1. talk to me about austin, how much is the tesla factor changed the city? sean: it feels like when i was in reno and the gigafactory was in its first few years, the original. i certainly see more tesla cars here every day. but it is now a topic of conversation. it is an easy conversation to strike up with people who have lived here. everybody has an opinion. but it is a very large facility and looms metaphorically in people's minds now that it is up and running, even at small volume. it is changing what is going on here. the bigger question about what elon musk wants to do still
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isn't answered, although we have seen reporting including from sarah mcbride at bloomberg news about all the things he wants to do with other companies and has more plans than he has let on to for the city. ed: bloomberg's sean o'kane, thank you. let's go from public market pain to private market gain. a wild week in the world of venture capital. despite recession fears and volatility, new funds are popping up around the world. sequoia capital is what really trying to raise 2.25 billion dollars from investors for two new funds in canada. innovation banking launched a new $1.5 billion venture fund and money seems to be flowing around the world to earlier stage startups. joining us to discuss is kathy. you come as a venture capitalist, how are you seeing things? >> is great to be back here, ed.
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it is july 1. ed: we made it. >> we made it. the past six months of been the worst six months in the stock market for over 50 years. there is turmoil in the markets. i always say uncertainty is a follow -- is a foe of the markets. but on the public markets, we haven't seen the impact on public markets low into private markets. ed: this chart shows the number of rounds of venture backed startups bringing fundraising. between the first and second quarters, there is ed dip. we see it on the screen, pronounced in the early stage, but there still seems to be money flowing to the early stage. where are you looking in the world? is now a great time to fund young startups, or are you looking at later stages? cathy: that is complicated. i focus on series b all the way
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up to pre-ipo stage. when we think about volatility, everything from record high interest to rising inflation and even geopolitical risk, we saw that impacting public markets. the next group of assets to be affected are late-stage private markets, companies like instacart. and then it is my stage. my stage is a little bit frozen right now because, on one hand, a lot of companies raised a lot of money in 2021. they might have 13 months of runway. they need to raise now. on the other hand, you don't know where the valuation is going to settle yet. ed: to that point, down rounds, we have seen a few, what is your read? not necessarily a bad thing. what is your take? cathy: it is not necessarily a bad thing. i think it was inevitable given some of the runoffs in 2021. and with all the headlines around layoffs and things like
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that. but this is an opportunity for companies to reevaluate what they are worth and compare themselves to future rounds they may have to raise. ed: we just showed some of your portfolio companies on the screen. what are you telling your founders? what advice are you giving them if there are process -- if there is a recession looming? cathy: in times of uncertainty, there are many things they can't control. what can they do to gain ball control to control their destiny? number one, cash is king in a recession. keep a sharp eye on cash. and a related matter, focus on efficiency. take a hard look at your go-to-market and burn efficiency and make changes if you have to. it is also an opportunity to play offensive. ed: that is why i like you, you come in with a smile, you are optimistic about opportunity. where do you see opportunity? cathy: i am very optimistic.
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at a high level, we are bullish on general cloud-based. i think it is in the early innings and there are many pockets i am focused on in my firm, sapphire. i think they are going to be doing well regardless of any markets, things like cybersecurity, always a hot topic, future work, health care, how technology can transform health care. ed: cloud, cybersecurity, those things come across in a lot of abstract but are present in our everyday lives. how do you determine what is a real company whose product is going to thrive, with those things being important to the world? cathy: we look at two things very closely, the first being how customers actually use a product. do they love the product? this is where being a later stage investor is easier than an early-stage investor because companies i am looking at have
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real customers. we have spent a lot of time talking to customers and understanding, is this solution solving an important pain point for you? and are you willing to pay for the solution? this second thing we look at is a proxy of how strong the pocket -- the product market it is, that is how efficiently you can sell your products. ed: are you -- are you optimistic about the second half of 2022? cathy: it is going to take some time for changes to flow through the market. we are in for hard times, two, three quarters or more. get your health in shape and be ready for the future. ed: sapphire ventures cathy gao . thank you. deceitful marketing to pump and dump schemes, wyatt there is an uptick in investor lawsuits, and the app do not pay. this is bloomberg. ♪
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ed: how do you take on a crypto
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lawsuit? people are dying to know. one lawsuit reference to bloomberg article. listen. >> people who lost $1.2 million and want to file a lawsuit have the right. couldn't find a corporate entity to file this lawsuit against. ed: crypto has generated more than two hundred class-action lawsuits in private litigation cases are up more than 50% since the start of 2020, according to law firm was -- morris and cohen. our next guest is the ceo of do not pay, a bot that wants to help the average investor get their money back. our own contributor sonali basak is back with us. joshua, how do you tackle a lawsuit like that?
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joshua: everybody talks about class-action in all these companies like celsius and they say you can soothe them in federal court. but there is a loophole that says you can soothe them in small claims court. my company automates small claims court lawsuits. thousands of decentralized crypto lawsuits. ed: i went to law school, bring me back to begich -- active basics. what is a chat bot lawyer? >> do not pay's commission is to it -- mission is to empower the consumer to fight act. we have been taking on companies like equifax. when they don't refund your money, consumers come to us and we decided why not help consumers get justice against crypto companies? sonali: why have you chosen to move to crypto companies? there are a lot right now
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and many are freezing withdrawals. if you are a crypto customer that is part of that pain, it is not like you have a lot of money left over to spend on a lawsuit like this, so why have you moved over from other forced arbitration clauses into this world? joshua: small claims court can get consumers between $10,000 and $25,000 and it is a very easy ross s. a judge will often side with the consumer in their local jurisdiction because they feel bad for them. if celsius doesn't show up to all these small claims court lawsuits across the country, the consumer wins by default. because it is such an easy process, it only takes a month or 21 allows the consumer to get justice before these companies declare bankruptcy, which is looking likely. sonali: what is the likelihood of recouping funds and how
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costly will it be for celsius? joshua: celsius has to sentence somebody has to send somebody in every case, even if it is $1000. there are 1500 lawsuits against celsius in the country, even in rural towns, and they have to send a lawyer just to defend themselves. in my opinion, i don't think they will end the consumers will win. at an average $10,000 a lawsuit, these are going to cost them millions. these are small retail investors getting their money back. and once a judgment is gotten in small claims court, you are at the front of the lining a bankruptcy proceeding, so it is good that small retail investors can be ahead of institutional investors if things go bad with these big platforms. ed: can we talk about what are? -- talk about winter -- twitter?
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there is a lot of tweeting about cryptocurrencies, elon musk being the easiest example, but markets seem to move on tweets. what is your take? joshua: everything you say on twitter has to be legal and have the same standards as everything you say in real life. people think just because it is an online platform, they are not held to the same standards, but they really are. we have seen this in crypto fraud. we have used tweets in the past and lawsuits and it is the same with sec violations and things like that. sonali: that is a fascinating question about tweets in regard to customers getting money back end distortions in the market. there are questions about even some of the advertising crypto firms had done prior to pausing withdrawals. what evidence does not create for the retail investor in terms of being encouraged to put their money into something that was not going to work out later?
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joshua: if it seems too good to be true, it probably isn't a lot of these platforms weren't advertising the risks of getting a 20% interest rate properly. they were saying things like your money is safe, you can get it back quickly, and even though they are buried in the terms of service, they have all these special clauses. that is not clear written consent based on my ftc guidelines. if you are not clear with the consumer, you will face this litigation and regulatory problems if things go badly. ed: a pretty ugly chart is on the screen. bitcoin year-to-date, one year, down a lot. that is part of the story. to use sonali's favorite word -- regulation, do you think we will see more regulation in the space? joshua: i think we will. so many people will lose so much money, people will write to their congressmen. do not pay does that as well. sonali: what is do not by asking
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for regulation here? there is a sense the sec might come hard -- might come down harder on the enforcement side than the regulatory side and create new rules. joshua: crypto companies generally have money transmitter licenses, which is a low standard of regulation. they are being a broker-dealer. at least, we would all want to be licensed as broker-dealers versus money transmitter said that would lead to more disclosures and consumers feeling better protected. and there are a lot of companies like coinbase who would go in that direction but players like celsius that speculate with funds might not survive. ed: joshua brown are of do not pay and bloomberg's sonali basak, thank you both. coming up, more changes in the app store landscape. apple making a deal with developer. is it time for google to follow? this is bloomberg. ♪
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♪ ed: more news in the app store ecosystem. google reached an agreement with developer holes -- developers who would let consumers subscribe to companies outside its lay store. our bloomberg reporter joins us. how does this impact google? >> thanks for having me. it doesn't impact google that much. they are going to start allowing, like apple recently, they are going to allow if you are a third-party developer, to point users to the web to
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subscribe to your services. i think a lot of people are going to want to subscribe to services within the actual lap themselves, which then they still have to use the google play processing engine which will give google a percentage. most consumers are not going to go to the web to find their applications. i don't think it is going to hurt google long-term. obviously, a $19 million payout is probably an hour' is worth of revenue for google. that is not going to hurt them elsewhere. they also decided they are going to keep the 15% revenue share long-term for developers who make up to $2 million per year on the google play store. they never said they would get rid of it, but now they have been writing as part of a settlement that they are not going to get rid of it, so you won't see 50% go up to 20% soon. that is an interesting piece of the pie. ed: that is the business side. this is about consumer choice. draw the parallel with apple --
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what has the difference been since apple made that mood last year? mark: right now, apple and google because of their app store distribution and their policies, are nearly at an identical. the only difference is the apple 15% program where they charge a developer 15% instead of 30%, that is only up to $1 million in sales. google's is about $2 million in sales. that is the difference. your sink the ability of both companies now to allow developers to advertise lower pricing outside google play store in the apple app store. you are seeing where they can go to the web to sign up for subscription services, you see that on both platforms. they are on equal footing now. ed: in terms of consumer behavior, as it made consumers make different choices than they would have otherwise made if
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they were forced to stay in those platforms? mark: consumers only really care if they are going to be paying more money or less money. if netflix is charging $10 a month if you sign up through their rapport $10 a month if you sign up through their website, i am going to sign up through the app because it is easier. apple and google already have my billing information, i don't need to make an accountant put my credit card information in again. from a consumer choice perspective, i don't think that is changing much. i think developers need to adjust pricing and tell consumers, if you go to the web and input credit card information through the web, we charge you seven dollars a month instead of $10 a month. but if pricing is equal on both platforms, any normal consumer is going to go to the app store or google play store. ed: bloomberg's mark gurman in l.a.. that does it for this issue of
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"bloomberg wall street week." -- for this issue of "bloomberg technology," "bloomberg wall street week," is next. next week, bloomberg and sun valley, you definitely don't want to miss it. we will be there tuesday onwards. this is bloomberg. ♪
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