And asking the question, where is larry . Sandberg speaks. The facebook coo weighing in on the cryptocurrency. First, to our top story. Slack is hitting the Public Markets with a direct listing on thursday. We are waiting to see what the Reference Price will be. We could get that at any moment. Will the Software Maker find itself in the beyond meat camp with a sizzling debut, or will it be more like a sizzle like uber and lyft . To discuss, i want to bring in a partner at venture partners. Before that she was the head of product growth that slack. Under her watch slack grew from half a million to almost 6 million. And, a new column out on slack. I will start with you. As a former head of growth, you have a beloved product, but Revenue Growth is slowing down. At this can that be point reaccelerated . Potentialas a lot of in front of it. A generation of people are used to communicating synchronously, using the internet, are coming into the workforce. Emily you think that it could reaccelerate and start to grow faster than it has . I cannot make predictions on how slack will do but i am excited but i am excited about the collaboration space and slack is poised to continue to be an outlier. Slackse have heard projected valuation anywhere from 16 billion to 20 billion. How does that compare to the crop of enterprise Software Makers trading him a Public Market . On the Public Market . A lot of these young and fastgrowing companies are treating at what seems to be historically rich valuation at least compared to their revenue. You mentioned the column that i wrote about this new stratosphere of valuations of multiples of revenue. Trading atrd 20 times forward revenue, which i do not think we have seen it before, historically. A lot of promise, but investors are paying a steep price to get in. Emily zoom went public and had a big pop. It is profitable. Profits are slim, but they are there. Slack is unprofitable. When you were there, how much of a priority was profitability . How do you imagine it is today . We were focused on driving up retention and the top line growth. We were confident that people would pay for slack overtime. Emily that is another question. I know that you think this is one of the risks. In a macroeconomic downturn, or a volatile market, will companies simply decide that they dont need slack . Is it nice to have or it is a need . To be fair, i have to give slack credit in that there is a lot of slack envy in the silicon valley. And014, 2015 and glow growth really accelerated, people thought it might be the next chatter or other messaging software is that came before slack and didnt last and slack has. But you are right that we have not seen a lot of these Software Companies tested by an economic downturn. What happens if the company decides that they need to trim the budget . They look for areas to cut and may be messaging software that is an addon to email or other longerstanding, entrenched Technologies Companies by may be no longer necessary. I think that remains a risk for all of these young companies. Emily we live in the silicon valley. Many people cannot live without slack. Do you think it is in the nice to have category or need to have . If you believe it is in the need to have, our big legacy business is going to recognize that . I think it is in the need category. We cannot imagine a World Without email, texting, instant messaging and things like slack. Slack is wellpositioned to continue to be that because it is the winner today. Emily talk to us about the vfl sub the company. It is very unique. The ethos of the company. It is very unique. You have a blog post out about the ceo. The unique ways that he would kick off a Company Meeting and how that has been integrated into the product. Is everybody going to get it . The process that process that went into building slack is different. Looking forslack is is joy, engagement and for people to love it and i think it has been successful in that. Emily are investors going to buy this story . They havent marketed the shares in the traditional way and are relying on their good name and the folks who know what the product is like to buy in. It is a wildcard when you have this process. It is a little bit less handholding by bankers and other financial professionals, but at this year, if you look at business Software Companies, this is a category that investors love. You saw what happened to zoom video and pager duty. Companies that were warmly greeted by investors. What you have seen is that people who were stock buyers understand the Business Model of software service. They see predictable Growth Software youiption can model it out for years and years in siri. What you have seen so far is that these business Software Companies are the stars of the stock market. Emily we will see if they buy into slack. We are waiting for the reference pricing at any moment. Thank you so much. I should note that bloomberg lp is an investor in slack. Oracle recorded Quarterly Sales topped estimates, marking the secondlargest Software Makers return to growth. Sales from Cloud Services and atense support was unchanged 6. 8 billion in the quarter. Oracle announced an alliance with microsoft, forging a partnership between them. The alphabet annual Shareholder Meeting became a moment to call out the company. We will look at what workers and activists want google to answer for. That is next. This is bloomberg. Emily alphabet shareholders asking the big question, where is larry . Protesters descended on the meeting location in sunnyvale, california, holding up signs reading not ok google. Google workers, shareholders, and activists protested a range of issues, including payouts to china, contractor rates, and payouts to former executives accused of sexual harassment. They said their massive size comes with a deep sense of responsibility to create things that improve peoples lives. He added google benefits society as a whole, but the alphabet ceo was not there. To tell us more, here is garrett. Where was larry, garrett . What could be more important . Garrett i do not think he was sick. I do not know where he was. The chief legal officer of google did respond to one question, saying that he was busy. Larry goes to every board meeting, he is engaged with the company, but that was not enough for quite a few people who felt like this was the only opportunity that a lot of smaller investors get to ask questions to the ceo. At a meeting like this, once a year, most ceos of even Holding Companies do show up to keep up the appearance, but he did not show up to this one. Emily none of the proposals passed. The proposal calling for google to clawback the compensation of executives that have gone and have been paid out, despite sexual misconduct. None of those passed. Is there a sense that the relationship between workers and shareholders and google management is fraying . Good track of a how google employees are feeling. There are tens of thousands of google employees around the world and tens of thousands of contract workers who do not have all the rights the core employees do. When you look at some of the activist employees, leading these protests against the company, they are a small portion. It is difficult to know what the actual feeling about the company is. I talked to a lot of googlers and they are a small share of the overall but it seems at least the ones i talked to, i try to talk to a wide range of employees who support these activists, they say everything is changing. This isnt the company it was five or 10 years ago in terms of everyone being on the same page. Emily talk to us about how change can happen. If it is not with these proposals passing, to be fair, these proposals almost never pass. How can employees, shareholders push for change at a company where even the ceo does not show up to the general meeting . It is not is sort of, just google dealing with this where we have these founders who have complete control over their companies and may not be involved daytoday. Mark zuckerberg is the public face of his company, and he can decide what happens. He can theoretically fire the entire board if he wanted to. As these companies are at the center of a lot of political and societal questions, people want accountability and it is difficult when it comes down to one or two people who may not even show up to an event like this. Googleas been change at over the last few months. They have gotten rid of forced arbitration in response to a lot of protests and noise being generated by these people. So i think the company is still very aware of its perception. It believes, like the quote you showed, they are in the world to do good, they are a force for making the world a better place for people. I think most of the people that work there including executives elite that. When you call them out like this, it is a way to slowly make change at the company. The pace of change isnt as fast as some of the activists want it to be. Been there certainly have some changes but many more being called for. Thank you for that update. Meantime, the slack Reference Price just posted. 26 a share. This is not an opening price. This is a direct listing so this price will merely serve as a guide. Believe 26math i per share would give slack a valuation in the range of 17 billion, what the company was targeting in the lead up to this, but it is more than twice as much as the valuation slack back insed money at august. We will be watching to see how the opening price compares to the Reference Price when shares start trading tomorrow. Meantime, quibi, the new streaming service from Jeffrey Katzenberg and meg whitman, is not launching until 2020, but it is already raking in the ad dollars. The service hit when hundred Million Dollars in ad revenue. Ceo meg whitman sat down at the conference in france to discuss what is drawing people in before quibi is even taking off. Meg this is a mobile only platform with hollywood Quality Content in quick bites, married with a fantastic tech platform that allows video to be viewed on mobile in a whole new way. They are excited that it is targeted to the millennial audience in a brand safe and geyer meant environment, targeted to millennials on the go. They think it is a unique opportunity, and that is how we were able to announce today that we have six of the most iconic, Innovative Brands as launch partners. Caroline over 100 million already signed up. Million you want from advertisers. Quibi is also a subscription model. How will the Business Model be bit be divided . Meg one is 4. 99 a month, plus advertising and 7. 99 a month without ads. Our estimation is that 75 of customers will pick the ad supported version because it is cheaper and we think the advertising will be highquality. It will match the content on the app. It is similar in some ways to the hulu pricing model. About 70 of their users have chosen the adsupported version. Caroline some of the supporters are hollywood makers of content. When you have disney supporting you, disney is also launching disney plus. Will you be friend mise frenemies . How do you see the competition . Meg the top hollywood studios. Re all investors in quibi they made available their best show runners and i. T. And they successful. E they view this as a Growth Opportunity for the studios. They are launching their own ott Subscription Service but it is highquality, longform, living room oriented television. We are short form, on the mobile, on the go viewing. We dont actually, we dont think this is competitive. It is an additive thing for their studios to make money. Competitionybe the is the likes of you tube or facebook. Interesting that you brought up your distinctive factor is that there is brand safety. Everything is chosen by quibi. How are you seeing the reaction from capitol hill and consumers . The power that social media has, and how that fits within the social media and advertising realm . Meg advertising has gone through a major disruption in the last decade. Whenever there is a big change, regulators want to see what is happening. We said, we have a very clear view of what we want to offer consumers. We thought something that hasnt been offered is a mobile only, brand safe environment where we are being quite conservative on how we are using data and share data with advertisers. Id orl not share device personal information and we want to be conservative. Advertisers, some of them wanted access to that but they understood that this is a different time and place for a brandnew platform and we have a chance to go from the ground up. Ceo meg whitman speaking with Caroline Hyde. Coming up, are you packing your suitcase . It is one of the busiest times of year for the travel industry. And markettrade war volatility impacting summer plans . Our ceo with mark conversation with Mark Okerstrom is coming up next. Later, Sheryl Sandberg speaks out. Our conversation with her covering all the hot topics. Sheryl we are calling for regulation. Not just saying we will deal with it reluctantly, but we are calling for it. We dont just want to be at the table, we want to be of knowledge and that Companies Like ours shouldnt make as many decisions as we do. We know that. Emily last week we learned that airbnb is expanding its expedia experience business and doubling down on tourism. Seek tort they broaden Revenue Growth in advance of an ipo likely next year. Are trying players to be a onestop shop for vacation needs. How are traditional travel sites trying to compete . We are joined by expedia ceo, Mark Okerstrom. You might not like the use of the word traditional. Mark whats up with that . We are the future. Emily exactly. Airbnb is one part of it. You have startups like lyric that are doing alternative accommodations. How do you compete and keep up with that . Mark we have always been at the forefront of travel. We have been at this for 20 years. One thing that has been consistent emily hence the word traditional. Mark how about traditional . One thing that has been consistent is this is an incredibly competitive industry. Despite the competitive forces, expedia did bookings multiple the size of airbnb and these players. Topave thousands of engineers and data scientists in the world focused on travel, and that is how we stay ahead. Emily lets talk about the shortterm rental business. You recently rebranded. Mark what do you think . Know. I dont mark you will get used to it. Emily why . Why not consolidate homeaway . Mark vrbo has been around for a long time. If you go back in time, people used to talk about getting a vrbo for the weekend. As we went through ended a 10 of research in the u. S. And internationally about all of the different names we could call the new vrbo, vrbo was the one that resonated the most. So we decided to put all of our effort behind that brand. We are excited about rolling it out globally. Emily will we be seeing you make acquisitions and investment in this phase . Mark it is always part of the playbook, so i would never say never. But we are pretty happy with what weve got in alternate accommodations and we are pretty excited about all of our efforts behind vrbo. Emily lets talk about macroeconomic issues. It is june and peak travel season. Trade have a u. S. China war, market volatility, an incredible amount of Political Uncertainty around the world. How is that impacting traffic . Mark so far, so good. It looks like a healthy travel environment to us. Recent Research Done by expedia here in the u. S. Says 85 of people in the u. S. Are planning on taking a trip this summer. 15 was for budget constraint. This is consistent with what we have seen. Americans are traveling, and Global Travel industry looks pretty healthy. So far, so good. Emily are you thinking about it . Do you have a plan b for if things go south . Which, who knows in this environment . Mark we are fortunate that we are a global business. In good times and bad times, we definitely see the shift in travel patterns, but people often just take their trip as the last thing they cut. Maybe they will take a trip closer to home, they wont take the trip overseas, but they travel. If you look at the results 10 years ago, they were some of our strongest years. Emily you are looking into how ai can change the travel experience and boost your numbers. What are some early things you are finding . Mark we sit on reams of data. 750 million visits to Expedia GroupProperties Every single month. That gives us an incredible amount of understanding around what travelers are looking for, how we can tailor our search results. How we can tailor the recommendations we give, the advertising we show. And that is just the beginning. We are using ai to help with informing lodging partners with pricing tactics, to help them price more effectively. Both in alternative accommodations and the traditional lodging space. And honestly i think we are just hitting started. Emily as you have gotten more one stop shoppers, google is doubling down on travel as well. How well positioned in 10 seconds are you . Mark in 10 seconds . Amazing. We have been doing the onestop shop before it was cool. We have been doing it for 20 years. About search and booking and taking care of people during the trip and no one else can do it. Emily ceo of expedia, Mark Okerstrom, thank you. Coming up, our exclusive interview with Sheryl Sandberg. What they are doing ahead of the 2020 election to avoid a repeat. This is bloomberg. Emily this