The air and b b ceo talks to us about entrepreneur sugar on the role and is backing up Hillary Clinton. One of the biggest deals and tech history, the microsoft acquisition of linkiedin. We caught up with reid hoffman and has to one convince them to backup the deal. The first month we launched it, when i was talking to my cofounders. Hat will be the dream thing we do a lot of things on news and these are considered thoughtful conversations. Text backing, some of which will be very useful. Artificial intelligence, cover your assistance you should learn this, look at this. We dont have that. Microsoft has great technology. Ourl, what should her internet play be, being productive . That is linkedin. You have a very natural synergy. It has been emotional for him. This is your baby. You have been building it for so long. What was alike emotionally for making that decision and letting it go . I have always let go. The mission matters. Rather than being in the ceo, that is the reason why, cofounder like jeff. It has always been a mission. Changing, kids joy out the college, but the mission matters. Emily did you worry that they were vulnerable . Slightly more. There is strategy for downside and upside. Do function as a how do you grow, more it ise impact what we can accomplish is more impactful. Emily do you see a state of tech m a . Whether or not because of this, do you see that in the pipeline . I think it is likely folks will make the some folks will make that decision. Ok, what is the best way i can accomplish my mission . If ill live with these other actors who are really good, these other kind of business models, therefore i can amplify those and amplify what im doing, when you get those things, i think it is more natural. The ipo was what makes me important, no, it is the mission that makes me important. Emily i will talk about facebook do you see twitter selling as well . Unknown when is you read that midstage which is. Ot just i think it has prospects but it could go either way. In the next year when it comes to Silicon Valley, we talk about valuation. A big holdup in ipos, a pickup and and the name, what does the next year hold for us . I think there will be more m as. People tend to jump to the new trend. I still think we are playing through mobile phones, networks, big data, so i think that i still in play. Artificial intelligence will amplify that and i think the Global Trends by which there are global footprints will also be intensifying. I think you will see more of that. We invest in marketplaces, i guarantee you the next 10 years, there will be a new interesting network and marketplace that will be huge. That maybe now, like right here. Emily is there another interesting social market . For sure. One of the trends is there are billions of dollars, what happens . Capital is venture a good time to be spending a lot of money. If you dont see the clear companies, part of what your lps pay is to be awake. Make the goodto investments, not just invest in 2016. We invest until we think we have a good portfolio. And then we raise a ther fund. Emily what is happening with an come right out . Some people are actually laid off. We have seen benefits scaling back. Is that going to happen . What happens is its on urve. Mooth c there are corrections. That is planning for the longterm. T, will correct it fear emily that was reid hoffman. Coming up, another major deal. What tesla by solar city. All of that is coming up next. Emily 2. 68 million, elon musk is the main investor and many are worried about the company. Anticipated,y teslas financial liability depends on getting that ball out right now. Cory johnson walked us through that. Pg e,if ford is buying or exxon mobil may be, this is a very strange thing. Yes there is a commonality in terms of clean energy and more portly yunnan must is one pany that can bailout and elon musk is another company that can they another, but showing us how crazy this is. If you look at how much cash tesla has and you have a company that cannot afford solar city. Tesla has 1. 4 million in cash. 2 billion in debt. You look at the cash. Valium,ook at the total 1. 4 billionne billion dollars dollars and they can somehow acquire more money . Emily they are making batteries. This is something we have been debating and thinking about for a year and a timing seemed right. Doesnt make more sense . John most people dont have use for it. The principal uses the fact and is coming at a plant in nevada. The notion they are in the power supply business is ambitious but at the carmaker. Shares of plummeting. On sure they will say wait a minute, there is Great Potential but they lose money maybe it is something we can profit from. Emily the ceo. Cory the notion that these companies it is good for him to recuse himself but i dont think they are completely without influence or dont follow the desires. Emily why now . Tesla has been focusing on that. At thisthe impetus moment for them to make this offer . Financially, both Companies Need a big change. Tesla does not have the cash indians and where to build extra plants to support the production goals they have announced. The notion that they will open factories in china. It seems to me like where are they going to get money for that . It is very expensive for them to do that so they have problems, maybe rearranging and an opportunity for tesla to a masivsive rearranging. Coming up, our interview with aaroirbnb seo. Ceo. , emily major tech leaders behind Hillary Clinton. Eo caughtm, airbnb ci up with him and the u. S. Secretary congress to spread the valleys of entrepreneurship abroad. Everybody asks me if i traveled the world, how can we have an ecosystem our own Silicon Valley . I think it is fitting the last ges the president will be a is in the heart of innovation. You and your cofounders added your names today the twitter supporting secretary Hillary Clinton for president , why agger voices . We felt very strongly. We met with her and she is really really focused on investing. These are core things to create the foundation for entrepreneurship and technology to create better jobs. We felt she was deeply committed to what we were doing. Do you think other programs might be in peril under President Trump . Demand is soe great that i think any future president will be embraced it. This is about growing our economy. Growing relations around the world. Airbnb is very hope pro global doesnt it feel like the antirhetoric around the world is at a high . The challenge is to separate what is really going on. The anxiety is up and i think it is because we are globalization, animation because we have disruptive companies. Blameds getting unfairly because if you step back and think about how we make progress and goods and services, we need each other. Most things that are made in the u. S. Have some part of it whether it is a watch a bicycle or some machinery. There is some component that was made and so trade is really critical for the vibrancy of the American Economy and we have to take apart the economy and do a better job of what we are doing to address the challenges of automation of globalization. Income disparity and focus on that as opposed to not trading with other countries. It will make it worse. I imagine a child to them the way they grow up, do you think they will be more closed will the future be increasingly connected . Or the world will be smaller than today . We have about 3. 2 billion 3. 2 billion people online which. Oes to five billing we need to have trading that can engage with one another beside can go a long. New york state, a big party business, passed a law made it illegal to advertise a bee irbnb. What do you think about the bill . I think we have done a number of proposals with how they feel about it and the vast majority believe it will continue to stay. The middleclass family cannot advertiser home is really going to not be taxed for new york and i feel like Governor Cuomo will see that. This experiment is being played out all over the world. We have agreements with a hundred 60 cities all over the world and this is an idea that is here to stay. Like cities and states and countries governments around the world are struggling to regulate these new companies. What would be your advice of the governor or new york or any other regulator to make this work for everybody . The digital economy, technology is creating a whole new set of issues governments have to deal with. We have to engage with one another. Leaders of Innovative Companies are working with governments and governments are reaching out to the private sector and saying we better understand what are the challenges that are being freed for government and for society by airbnb. The government needs to understand the benefits that are being brought to communities because of them. Communicate, the more we can get the policy right. That was the airbnb ceo speaking with us. News, like bloomberg check us out on the radio. The best of bloomberg west continues after this. The top investor has chosen an unconventional path. Hes focus on solving the hardest problems but he launches but we cut up on the Global Entrepreneurship function. Lets start with microsoft. Complex laughing for microsoft, andallows them to compete it probably extends the outlook because of the thing about integrating peoples profiles, their profile data, and usability i think it becomes more useful than it is today. Linkedin, it gives them space to operate. This past quarter, by demonstrating how fickle they were, and the second thing is the best thing for them is i probably inc. The presumptive ceo is here to stay. Aggressive. T and do you think he will replace him . In five to 10 years, he will be in his early 50s. If you give him a half trillion dollar cap company and a couple hundred billion in cash, he will do great things for microsoft. Andy you went on a rant linked and is one of the biggest offenders. Is that ok . I think what is happening the short answer is no. Short Companies Like amazon and facebook are moving the conversation to the primary metrics that they report and force every other company to do the same thing. The post i wrote was about making sure entrepreneurs and ceos and the investor classes who were not very intelligent and you seessue sometimes what companies will do to commentate. I think ceos and founders will internalize how will i pay my if you tell your goal ultimately, screwed it all the way, you have to make more money than you spend, many will have the physical look on their faces. They will have that quizzical look and do not really understand that economics, profitability, the ability to have a Proper Company that makes more than it sells, you have to sell. Going through and getting up ipo was not the endall beall. The rumor was, which fonts go signc, i think that is a if you are not truly, truly sure of the longterm economics of your business. And they committed years and years. Which is in order and make. It is easier spent on facebook. Nd it is twitter user growth fixes itself, the revenue is the next shooter. That means pressure. Emily you sit amazon could be a 3 trillion company, one at apple . It is the Safest Company where i know next year, next will be easiery than today. Emily . More than facebook . They have to deal with snapchat. Anybody. They have secular tell ones. Pushing them forward naturally. When they become so ingrained in defined byey are not their success or failure. It is a realization that they dont have enough in the pipeline to satisfy Consumer Needs to drive an upgrade cycle so now there are two things compounding negatively. The first is the unit prices on apple products keep going up, google keeps going down, but the gap is going down. You cannot distinguish 8 a. M. Song between an iphone anymore. Meantime, your left off. You cannot figure out a new product. The ceo. At was next up, the u. S. Secretary of state john kerry him elself. Emily posted by president obama and the focus was entrepreneur ship on other countries around the world. I got to sit down with john kerry to talk about why entrepreneurship is such a priority. From the day i was nominated, i said that Foreign Policy is Economic Policy is Foreign Policy. Globalized and things move so rapidly and there and youcompetition better be creating jobs, new stayology tuesday ato had ever occurred. Jobs for tensave. F millions of young people emily there was a summit like. His in terms of communication and speed, the reagan to invest, the. Ature of risk taking there are raging capitalist enterprises going on in authoritarian government and countries with authoritarian governments. China is an example. It is competing around the world. I think china has some challenges because internet policy commands the nature of risk taking and partnerships required. Emily is donald trump threatened . Getects it is not my job to in the middle of the election. And i reviewed to say that everywhere i go people are asking me about his statements and they are expressing grave concern but they had the fight that i. Emily Mark Zuckerberg was recently photographed he taped over the camera and the microphone, what does that say about the statements of security . It is a challenge. If you are not aware of what you a telephone could be a listening device as well as communications device. And a camera. And the camera could work different ways so people need to be aware. We are working hard with countries to establish the norms and have rules of the road. We have made progress with china. All arechallenge and we particularly such ties. Emily eric holder said it is a Public Service by exposing this debate. Do you agree . I mean, im uncomfortable saying it is because i think he expose secrets about intelligence gathering and soelligence work that puts you can look and say well, i know about these things more but it should not have happened painted it with a recklessness and im not comfortable with that. Said theye fbis found a workaround do you still. Elieve there is no reason why they can go across those records which is lawful subpoenas, lawful availability where it meets the standard of probable cause. That is while we have severed branches of government because the act indefinitely. I invite people people need to go back 20 years and examine what privacy we had. You can buy criminal records of people publicly. You can get bank records, finance records, mortgage there is an incredible amount of loss of privacy taking place long before the internet came to being. People were subjected to something that did not know about so i think people need to be aware of the threats we face in the world. Our government has been remarkably, remarkably faithful to our fundamental beliefs and our rights and has been very careful which require standards of judicial review, different productions in order to secure peoples rights and freedoms and i am proud of that. We have gone overboard in many limitent ways in order to the intrusiveness but at the same time protect the american bluntlynd i will say that there are number of double digits of plots that have been interrupted when many lives were takefor not our ability to massively gathered, not individual, but massively gathered and analyzed information to make sense out of it. And anonymously gathered. Emily the Breakout Technology companies that ran into a host how do you balance local interests with the relentless rise of new technology . That is what makes it exciting. That is fun and went. This is always been driven. Cotton gins came along and we first had the steam engines. New standardss, were applied as of the rules. That is why we have rules and about leadacco or paint or any number of things, seatbelts, things. The whole development of older standards. From always be attention. It is going to be a teen gang gang a yielding and yan a ying and yang. It finds its ballast, i think. People in the United States of america are a hell of a lot safer today than they were 25 years ago, 50, 100 years ago. They live longer as a result. Less injuries, all kinds of benefits. It works its way out in the end. Emily my interview with john kerry. Instagram asceo of the company crosses a major milestone. Emily now its instagram four years ago, they bought it for a billion dollars and it seems like it is paying off. The community has more than doubled in two years and now there are 500 million active users daily and we sent them with the cofounder for a wide ranging interview. I asked him about passing the one billion user milestone. I think the last only talked, we had a couple of million users. That has been over five years. Its breakneck speed. Its been 13 people now to 500. It is crazy the scale. We have nearly one out of three people in the United States using instagram every single month. It is ubiquitous. Emily youve added the last 100 users. Talk about the 100 million. One, images are a universal language. Globally us to grow and if there is any company to learn from, growing very quickly. That has helped. Are averaging 4. 2 billion likes a day. Give us an idea of how fast instagram is. A lot faster than we first talked. What is interesting about growth the now is it is happening you are seeing android take a lot more shares now so it and you seeowth amazing people doing arts and crafts in france, a Diverse Group of interests and that is what is happening today. Emily who are these people . Is a range. Teenagers,ust for not just for established tech. Olks, it is who you want to be emily being part of a larger company, some said, would validate your company. Orwhether it is on your logo advertising or choosing big changes we make usually turn out and we take these challenges one by one. I like to think getting to 500 million users is an amazing milestone for the community and us. Emily what do you think is that about instagram that makes it so universal . Or inan or somebody else a community in brazil . Very early on, we had a you go on that clearly dazed and you saw depending on the time that day, there were different people posting photos, in international community. Messily speakdnt the same language but understood a common image and that is what was most powerful and why it affect people overseas. Emily which countries or cities are incredibly popular . Brazil is one of the biggest countries. That is a different culture especially with different using phones, but they are totally in social media and love sharing their lives through social images. That is a great example. Emily mike is from zero. What are your plans for harnessing that . The olympics is a big moment. We have all the interests from Different Countries. It is so big and so global and i think it is a great platform. That youywhere else, would perhaps see growth skyrocket . It is easier to point out places where it would not because it is growing so quickly or other world. You see it very strong in millennials, in text centric communities. We are taking it one by one. Onare 25, 30 people focusing how to be light of specific countries and make it amazing for it on around the world. China is one of them. It. By bit, we work on we understand will be can grow or cant and where local communities need. You need to localize. It is not about in your product in there and growing. You need to decide what changes to make for the community either featuring the account or locally relevant ideas. Emily on china, facebook is up there. Do you think the Chinese Government is using facebook as one in the same or instagram has the tidal . You have seen linkedin, google, twitter, all of us are in the same idea. What matters to us is we can bring the products we love that allows people to share images, connect with their interests to anyone in the world. Emily Tech Companies have complained about challenges of working in europe for variety of reasons. What was your reason . How much my job has changed. I did not realize how complex it was. With 30 million something users around the world and now 500 million taking each country on its own with local laws, regulations and understanding them. We want to be available so we are working really hard to we have a big team. It has been one of the most interesting things. Emily what about the European Market . Im not sure there are specific aims are other than we have a team and we learned about the various rules in each market that are very, very different. Its not my place in europe, it is many Different Countries with many different laws. Emily my interview with kevin system. That does it for the best the bloomberg west. We will bring you the latest, including an interview with no icola demarco. We will see you then. 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