emily: noah phillips, commissioner at the federal trade commission. thank you so much for joining us on a big day. thank you. good to have you. coming up, the year of big tech ipos continues. wework could be hitting the public market at the end of the year. we will have that story next. this is bloomberg. ♪ emily: wework is listed in -- looking to september in what could be the second largest ipo of the year. they are targeting a sale of about $3.5 billion. softbank is their biggest investor. it values the business, which is still unprofitable, at $47 billion. another setback for the self-driving car company. -- industry. the general motors unit is backing off plans to deploy robo taxis by the end of the year. the performance will not be able to be examined in time. coming up, tesla sputters. shares of the electric carmaker fall in after hours trading after the company reports a worse than expected second-quarter loss and backtracks on a profit forecast. facebook's earnings call still underway. take a listen to mark zuckerberg telling investors abou

emily: noah phillips, commissioner at the federal trade commission. thank you so much for joining us on a big day. good to have you. coming up, the era of big tech ipos continues. wework could be hitting the public market. we will have that story next. this is blue. -- this is bloomberg. ♪ emily: we work is listed in september if what could be the largest ipo of the year. they are targeting a sale of about $3.5 billion. at $47iness is valued billion. another step back for the self-driving car company. general motors cruise unit is backing off plans to deploy robo taxis by the end of the year. the performance will not be able to be examined in time. coming up, shares of tesla fall in after hours trading after the company reports a worse than expected second-quarter loss and backtracks on a profit forecast. facebook's earnings call still underway. take a listen to mark zuckerberg telling investors about the $5 billion fine his company will be paying the ftc. >> i want to talk about the recent news that we reached a settlement with the ftc over privacy

we will talk to ftc commissioner noah phillips next. plus, facebook is reeling over its cryptocurrency plan on capitol hill as it continues to generate opinion. i sat down with the ripple ceo. this is bloomberg. ♪ emily: federal trade commission chair joseph simons announced what we knew what was coming, the $5 billion settlement between the ftc and the facebook for years of privacy violations by the social network. >> this settlement is the result of an exhaustive investigation which concluded that facebook betrayed the trust of its users and deceived them about their ability to control their personal information. emily: some terms of the deal, increased responsibility by the board to protect user data, but little impact in facebook's lucrative ad business. the agreement was approved by the ftc with a 3-2 vote. the data settlement was made public. facebook is now being investigated by the ftc on antitrust concerns regarding social media. i spoke to ftc commissioner noah phillips who voted in favor of the settlement from washington. >

we will talk to ftc commissioner noah phillips next. plus, facebook is reeling over its cryptocurrency plan on capitol hill as it continues to generate opinion. i sat down with the ripple ceo. this is bloomberg. ♪ > emily: federal trade commissin chair joseph simons announced what we knew what was coming, the $5 billion settlement between the ftc and the facebook for years of privacy violations by the social network. >> this settlement is the result of an exhaustive investigation which concluded that facebook betrayed the trust of its users and deceived them about their ability to control their personal information. emily: some terms of the deal, increased responsibility by the board to protect user data, but little impact in facebook's lucrative ad business. the agreement was approved by the ftc with a 3-2 vote. the data settlement was made public. facebook is now being investigated by the ftc on antitrust concerns regarding social media. i spoke to ftc commissioner noah phillips who voted in favor of the settlement from washington.

we will talk to ftc commissioner noah phillips next. plus facebook is reeling over plus facebook's grilling over its cryptocurrency plan on capitol hill continues to generate opinion. i sat down with the ripple ceo. this is bloomberg. ♪ ♪ emily: federal trade commission chair joseph simons announced what we all knew was coming wednesday, the $5 billion settlement between the ftc and the facebook for years of privacy violations by the social network. >> this settlement is the result of an exhaustive investigation which concluded that facebook betrayed the trust of its users and deceived them about their ability to control their personal information. emily: some terms of the deal, increased responsibility by the board to protect user data, but little impact in facebook's lucrative ad business. the agreement was approved by the ftc with a 3-2 vote. the data settlement was made public however. facebook is now being investigated by the ftc on antitrust concerns regarding social media, adds, and mobile. i spoke to ftc commissioner noah ph

we talked to ft see commissioner noah phillips next. this is bloomberg. ♪ emily: the federal trade chair commission had announced what we knew what was coming, the $5 billion settlement between the ftc and the facebook for years of privacy violations by the social network. >> this settlement is the result of an exhaustive investigation which concluded that facebook betrayed the trust of its users and deceived them about their ability to control their personal information. emily: some terms of the deal, -- increased responsibility by the board to protect user data, but little impact on facebook's ad business. the settlement was made public. however, facebook also announced it is being investigated by the ftc on antitrust violations. i spoke to the ftc commissioner who voted in favor of the settlement from washington. >> in 2012, facebook committed to us and to the american people that it would take certain steps with respect to privacy, in particular that it would not misrepresent the kinds of sharing going on without app developers, a

emily: i spoke to your colleague, noah phillips, told him about your response. he voted in favor, of course. take a look at what he had to say about your suggestion that a lawsuit would have been a better route >> i don't think that is accurate of the state of play. the changes we are making to state -- making to facebook are very likely to have been achieved during a court process. the certainty of less versus the chance of more. in this case, the certainty of more in the uncertainty of getting even less. emily: what is your response to that? rebecca: respectfully, i disagree with him. i don't think that the terms and the settlement were enough to guarantee that facebook would change it did it impose any public accountability -- would change. it did not impose any public accountability or transparency. i think the process of public litigation can make a big difference to how a company behaves. if our goal is to turn the company from doing something wrong and -- is deterring the company from doing something wrong and other companies from doing something wrong, a

emily: i spoke to your colleague, noah phillips, told him about your response. he voted in favor, of course. take a look at what he had to say about your suggestion that a lawsuit would have been a better route >> i don't think that is accurate of the state of play. the changes we are making to facebook are very likely to have been achieved during a court process. in a normal litigation, what you are weighing is the certainty of less versus the chance of more. in this case, the certainty of more in the uncertainty of getting even less. emily: what is your response to that? rebecca: respectfully, i disagree with him. i don't think that the terms and the settlement were enough to guarantee that facebook would change it did it impose any public accountability -- would change. it did not impose any public accountability or transparency. i would rather take the chance in court, and i think the process of public litigation can make a big difference to how a company behaves. if our goal is to turn the company from doing something wrong and -- is deterring the company f

federal trade commissioner noah phillips joins us to discuss facebook's record $5 billion penalty to put privacy violations behind it. facebook has announced it is being formally investigated by the ftc on antitrust.

. >> that is part of my conversation with noah phillips. as you can imagine, there was no shortage of opinions on the ftc and facebook settlement. i got insight from bloomberg an associated director of research at the electronic frontier foundation. >> i think that the challenges that the order and the stipulations don't necessarily require facebook to prioritize privacy overall else. it simply requires that the company be truthful or not be iteptive in the ways collects consumer information. to your point, they could actually request phone numbers, the same phone numbers they used , and use them for targeting. they just couldn't do it under lely fore of so authentication. acyclic, companies can't lie about their practices, but nothing prevents them from being transparent about their practices and going ahead and doing so. >> there are other things coming down that facebook has already said it is going to do like merge the backend of whatsapp, messenger, and instagram. i know you believe this is problematic. issuesher major privacy do you s

of my that was part conversation with ftc commissioner, noah phillips. there were no shortage of opinions on the settlement, as well as the antitrust probe. ctot insight from former and director of research at the electronic frontier foundation. >> i think the challenges that the order do not require facebook to prioritize above all else, it requires the company be truthful or not be deceptive again. to your point, they could actually request the same phone number they use for two-factor authentication and use it for targeting. they just cannot use it under the guise of solar collecting for two-factor authentication. this is basically companies cannot be deceptive about it, but it does not prevent them from being transparent about their practices and going ahead and doing so. emily: there are things facebook has already said it is going to do like merge the back end whatsapp messenger and instagram . i know you believe this is deeply problematic. what other major privacy issues do you see down the road that have already been basically teed up? >> one hug

federal trade commission or noah phillips joins us to discuss facebook's record $5 billion penalty to put privacy violations behind it. facebook has announced it is being formally investigated by the ftc on antitrust.