More on his life and story at oracle. And making the rounds a day after telling georgetown students and faculty he wont Police Political speech, Mark Zuckerberg talks to political outlets. What he had to say. First, our top story. Weworks valuation sinking lower. We have learned that softbank is putting together a financial play for wework. It may value the company below 8 billion. That is a fraction of the valuation it commanded as recently as january. Since its initial public offering, they have been considering plans from softbank and j. P. Morgan chase. A partner from manhattan vendors, and sarah mcbride, who has been tireless on all things softbank. What did we learn about this new valuation . Lower thans even expected, around 8 billion, and as you said, that compares to around 47 billion at the start of the year. A huge drop in under 12 months. You take a look at 8 billion, are we close to fair value . Andrea i think we are. Overall, something i like to consider, being in a late interspace what will carry over , to retail . With an 8 billion valuation, it shows wework has a real business, but there is still time to tell what ends up happening here. Taylor is the 8 billion valuation something retail could be looking at if there would be an ipo . Andrea i think so. In that sense, wework is a strong player, but there is a lot of cleanup that has to be done. Operationally, management and otherwise. I think it gets a lot closer to fair value. Taylor sarah, with this deal with softbank, what we know about terms . Does softbank want control or not . Sarah well, everything is still in flux, but part of what is under discussion is preferred shares with nonvoting rights. Basically at this point anything is possible. They still only have two board seats, so things could go in any direction right now. Taylor you have been nodding your head. What do you make of that . Majorityowned shares, seats on the board. And otherk at wework companies, how important is that in terms of getting this company to the finish line . Andrea i think softbank knows where they stand and where they can come in and save the business. But i dont think they are the type of firm to step up and say we have the abundance of experience to take this business to the next level. I think with softbanks power, they are going to look to identify the right Leadership Team. Taylor there was a dueling offer. Talk to me about that. Sarah Jpmorgan Chase is putting together a group of investors. They are still shopping that around among potential investors. The advantage for wework in a debt deal is they wouldnt have to give up as much control. It wouldnt be diluted. Softbanks terms would be. The thing with the Jpmorgan Chase package, it would take so much longer to pull together. Softbank could come up with the money very quickly. That is the advantage there. Taylor i want to look at a chart that i am showing to our bloomberg terminal audience. We know the story. The bonds are trading down to about 84 cents on the dollar. Yet that is a far cry from 30 cents to 40 cents that you typically see when youre looking at recoveries. When you look at the jpmorgan bonds, 15 coupon, i know we dont know much about price, but is there a sense that there is a general market appetite for a big highyield deal like that . Sarah yeah, i would say so. They have found potential investors. Nothing is firm yet. But just the notion of a possible deal, then weworks existing bonds were higher this week. They had been trading lower. If you price something right, you can always find a market for it. Taylor what are your takes on the jpmorgan competing deal . Andrea i think overall as we have seen in the real estate market, bondholders really do enjoy a strong real estate play. What we have to keep in mind is with bondholders, they are looking for steady income. With weworks business, if they can turn it around in a longterm strategy play, the bond would actually perform very well. But that is it taking the bullish perspective. A lot has to happen between now and that turnaround. Taylor and sarah mentioneded the jpmorgan deal would take longer and one of the benefits with softbank is they could get it quickly. How quickly does this company need cash, and if they get it, how long can it last them . Andrea if they can minimize a lot of the overhead with sales and marketing, which i think is trailing on the Balance Sheet right now the business could , sustain a little longer than we were all expecting. However, they do need about 3 billion in cash going into q1 of next year. Taylor looking at the softbank side, how much of their reputation is at stake here . Sarah the thing is, people wonder how much this will affect the vision fund. But people forget of the more than 10 billion that softbank has invested in wework, only about 4 million comes from the vision fund. Some people exaggerate the fact it would have on the vision fund. But overall, softbank has invested 10 billion. That is a lot of cash going into a company that has seemingly careened out of control. I think it is appropriate that they are stepping up with a plan for how to try to turn things around. They have a slate of executives that they think might be able to help run the company. Its a difficult situation for them now, but they still potentially could turn things around. Taylor and what is the significance that it is softbank and not the vision fund that is stepping in here . Andrea well, with that information, it allows the vision fund to prepare for the second fundraise they are ramping up for. I think the plans for that were a little premature. They wanted to see the returns on the portfolio. But with softbank as the organization stepping forward, it alleviates some of that burden and stress on the vision fund in particular. Taylor we were also getting news that the creative chief of wework is said to be resigned. At what point does it become hard for this company to retain talent if everyone keeps leaving . Sarah well, it is going to be very difficult for them to retain talent. But at the same time it offers , an opportunity for them to reinvent themselves a little bit. Say thisa new plan and is our plan for turning things around. They can turn that to an advantage as well. Taylor this is the story that keeps on giving. Thank you both. Over to mark go hurd, the chief executive officer of three Major TechnologyCompanies Including oracle, and he has passed away. Oracle announced last month that hurd was taking a leave of absence for unspecified Health Related reasons. Chairman Larry Ellison said hurd was a close and irreplaceable friend and a brilliant and beloved leader. Mark hurd was 62. For more i want to bring in brad stone to talk about hurds legacy. What is hurd going to be remembered for . Brad well, taylor, mark hurd has really been just an extremely visible, productive ceo in Silicon Valley really for as long as i can remember, particularly starting in 2005 at hewlettpackard, where he expanded the company through acquisitions. He made it a lot smaller through layoffs and relentless costcutting. A tenure that was marked by some controversy. If you remember, the pretexting scandal where they were trying to identify the source of leaks, and he left under a haze of controversy around expense account improprieties. To answer your question, i think the legacy is really one in helping to steer oracle from this traditional Business Model licensed software to a cloudbased company that now has to compete with the likes of amazon. Taylor hurd was instrumental in taking the company from the legacy business into the newer cloud model. Are they set to be able to do that in his absence . Brad i think so, but he was important. One, he articulated the need to move to the cloud early. In the early 2000s, Larry Ellison called Cloud Computing a fad. Mark kaman and put a flag in the ground and drove the transition. He has also been the public face of oracle, and that is where they are going to struggle to replace him in the short term. The coceo really operates in the background. Larry ellison, the chairman and the visionary, we only see him a couple of times a year. Mark was the guy talking to customers, talking to us in the media. He was delivering the key notes at oracle world and i think they are going to struggle to find a rereplacement there. Taylor talk to me more about what oracle does here. Does from here. In that september earnings statement, they highlighted they have a deep bench of leadership that is qualified to take this company into the next stages. How prepared are they, given stafford katz and Larry Ellison are there how prepared are they and frankly, do we know anymore about oracles Leadership TeamGoing Forward . Brad i am probably not the person to talk about that. I have heard Larry Ellison talk about deputies as replacements. They hit a stock high earlier this year. The stock is up 20 . But there are some existential questions. Amazon, now a competitor, made a big fuss last week when they announced they moved the consumer business from oracle into their own cloud services. Clearly they have some vocal rivals that are creating stir in the marketplace. Where hurd was good was he could give as good as he got. Now they need a chief general on this battlefield that has become Cloud Computing. Taylor Bloomberg TechnologySenior Executive editor brad stone. Thank you for joining me. We will have more when we come back. Taylor lets get a check on the top analyst tech calls. Starting with microsoft, the price was raised to 160 from 153 at rbc capital markets, which called the stock one of the most likely outperformers over a multiyear period. The analysts hailed the company as the king of cloud. Shares of snap fell friday even after analyst at bank of america upgraded the stock to a buy from neutral on strong monetization trends. The Company ReportsQuarterly Results tuesday. And shares of tesla fell friday after an analyst lowered the price target to 372 from 386, saying it reflected a toning down of the optimism that was reflected in original near term estimates. At in Quarterly Results in wednesday on wednesday, the Analysts Expect a 2019 loss per share of 2. 94. Those were your top tech calls. Now ant financial, the finance giant controlled by jack ma expects Credit Demand to remain strong despite a decelerating economy. We sat down with an exclusive interview and started by asking if dealmaking was in the companys future in competition. I think our philosophy is very straight forward. We are only doing strategic enhancement. The Portfolio Company is in line with our overall strategy. [indiscernible] we are really focusing on strategy management, number one. Secondly, we are focusing on management. [indiscernible] we need to finish by closing together. One of your key partners is pay tm out of india. Are you looking at increasing your investment there . They are looking to raise maybe 2 billion. I think ptm is doing well. I am happy to to be a partner of them. If you remember, back to about five years ago when i first looked at the company, i really liked it. The founder and ceo of the company, the first time i am looking at the Company Actually , i dont like the business of the company. I liked him because he is so energetic, very passionate with a strong vision. Overall i think india, the whole economy also developing very healthy and fast. I think ptm is in a good position to capitalize. Tom when do you plan to i. P. O. Ant financial . Last year we just did a new run of financing. The company is very healthy in terms of cash flows. We are happy with our overall business momentum. Fore dont have any plans Capital Raising or any plan for an ipo for now. When we have the plan, i will let you know. [laughter] tom would it be realistic to think that you would be ready to pull the trigger on an ipo in 2020 . We dont have a plan right now. When the time comes, it comes, you know. We will let you know. Tom ok. Add, is that ipo is not the ultimate goal of the company. It is just one stage of the company. Ntylor that was a financial ceo eric jing. Videogame stocks traded lower on monday. On monday, Lower Software sales for consoles and hand held devices fell 12 in the last year. An analyst said the deadline was partly due to the launch of sonys spiderman a year ago. We was the fastest selling First Party Playstation title in history. Coming up, Mark Zuckerberg is still out there pushing back against facebooks critics. This time he took to fox news saying there was no antisocial anticonservative bias at the network. And Bloomberg Technology is Live Streaming on twitter. Check us out. And follow our global breaking news network at tictoc on twitter. This is bloomberg. Taylor facebook ceo Mark Zuckerberg was again defending his social network, this time on fox news. Much of that was the same set of talking points he offered at georgetown the day before. He also continued to make the case for why facebook is involved with political advertisements. Should we be in political ads at all, or is it something we should block completely . From a business perspective, the controversy that all this creates is clearly not worth the very small amount of our business that is based on political ads. It is not anywhere near a big part of what we do. But the reason why i have stood up for this, ads can be an important part of voice. Taylor joining me to discuss, the man who literally wrote the book on facebook. It is David Kirkpatrick in new york. Give me your thoughts to what you heard there about facebook being in or out of political ads. David well, you know, one of the things that zuckerberg kept saying both in the fox interview and in his speech at georgetown yesterday was that in a democracy, the people should decide. In other words the users of , facebook, the people, should decide what they think is true and not true and they should not be sort of treated condescendingly with the company ng for them. But in reality, the way that people, citizens, in a democracy decide what they want is by voting for politicians, who then set the laws. The thing that i feel was most missing from zuckerbergs talk and interview is the recognition that he has to work with government in order to figure out what the best way to handle these things is. He keeps saying i decided, i believe. It doesnt really matter. One man shouldnt be making these decisions. Taylor i thought it interesting that he also said they shouldnt be in the political ad business. It is a smart portion of revenue and they dont need it for business reasons. Then why are they . David he believes it is empowering for the community have a logicians at all levels, from the local school board to the president , having the ability to have a voice on facebook. I dont disagree with that. There are many points he makes about how empowering social media and facebook in particular have been for ordinary people and politicians at all level, Small Business, etc. That are right. It is true that ordinary citizens at all levels have more of a voice today than ever before. But i dont think he is fully owning up to several things. One of them is the degree to which the only way this can properly be resolved even on an ongoing basis where it is continually being refined, is if government is at the table along with the companies. Taylor and you know who else is at the table, and it is china. He talked a lot about china and facebook needing to be able to take on them or else we will all lose out. I want you to react. Take a listen to what he had to say. Mark china is building its own internet focused on very different values, and is now exporting their vision of the internet to other countries. Until recently, the internet has been defined by american platforms with strong Free Expression values. But there is no guarantee that these values will win out. Taylor is that a valid argument or is he just speaking his book . Argument and valuid it is also very opportunistic for him to be making it. Facebook came this close to launching in china a number of years ago. I think it was in 2011 when the Chinese Government decided after arab spring that they were not going to allow it. If facebook had launched in china in partnership with a local player as they intended to do, they would have sacrificed a lot of their supposedly absolute values that he is now defending. He will do what is useful for his business. I also think one of the things he is leaving out of all of these discussions is the extraordinary profits he is taking from the entire ecosystem in the midst of all these controversies. It is one of the reasons why so many people are so suspicious of him and why his reputation is mud both among informed citizens and politicians. Taylor quickly here, about 20 seconds. He continues to say breaking up big tech doesnt solve the problem. Thoughts . Ofid i am not a proponent breakups, per se. I am not ruling it out. Government has to get more informed and figure out what to do with the platforms by figuring out what to do with them. Breaking them up is too easy. Taylor david, you will be sticking with me. Coming up, we continue it talk facebook in our look back at our week could. We will look at plans with cryptocurrency and libra. That is next. This is bloomberg. Everyone uses their phone differently. Thats why Xfinity Mobile lets you design your own data. You can share 1, 3, or 10 gigs of data between lines, mix in lines of unlimited, and switch it up at any time. All with millions of secure wifi hotspots and the best lte everywhere else. Its a different kind of wir