Carriers from entering the country in the mist of the covid19 pandemic. This as protests continue across the country after the death of an unarmed black man, george floyd at the hands of minneapolis police. Additional officers are being charged. The original charge has been upgraded to seconddegree murder for officer derek chauvin. Some cities are planning to relax their curfews tonight with the president suggesting that the military be deployed. It is still sparking. I want to bring in abigail doolittle. Our markets correspondent who has been following the ups and downs, mostly ups. I still dont get it. Record, assing a closing high. What are investors saying that the rest of america is not . It is extraordinary. Psychological level, it is hard to believe that we are seeing stocks climbed day after day. How does that happen when we have this sort of social unrest in the United States . A possible second wave of the virus. U. S. China trade tensions, it does not make sense. It tells you that traders believe the corporate profit outlook will not be too much worse than theyre expecting. On the day, tech had a solid finish. Although it looked like we had the nasdaq up about 8 10 of 1 . Zoom put up a big quarter. The chip sector was up despite the u. S. China trade tensions. From a technical standpoint, there could be some sort of a dangerous pattern there suggesting that this may be a bear market rally, too early to say whether or not that is the case. Right now, it is simply unbelievable the way that stocks are climbing. Must take a look at social media stocks. There has been so much controversy surrounding facebook decisions. Facebook ending the day down, twitter and in the day way up. Ending the day way up. We will stop promoting the president s counts as we move into the twitter account. Twitter cap. Snap as you just mentioned, it will not promote President Trump on their main page there, similar to what they would do for other highprofile people such as Governor Cuomo and kim kardashian. President trump doesnt really need that. It is more about talking the talk then walking the walk. If they were going to take a hard stance, they may do something more like twitter. They might label his tweets. Nonetheless, they are taking some stance. This book is not taking a stand. They are placating some people but this is unlikely to affect the bottom line. Here they are, out of the march load. Up 135 since march 18. All of these stocks are up more low. 40 out of the march the disconnect on the idea that they put up less bad quarters, that advertising was not as bad as expected. It will be interested to see if that trend continues. Have seen someou activities surge on snap. So many of us sheltering in place. Abigail doolittle, thank you so much. As abigail mentioned, Mark Zuckerberg facing mounting criticism after Standing Firm on. Is decision to leave a post employees walk out. Tim obrien is weighing in on this, saying that zuckerberg has now reached a tipping point. Your lineit to hear of thinking. This is the first time that we can remember that facebook employees have so publicly called out their ceo. Simmeringas been beneath the surface at facebook for the past four years. They became concerned with what role the platform played. It was the cambridge analytical scandal. Some seniors have left the company. Reallyckerberg has reasserted himself at the company. He shuffled his board. He put in people that are more friendly to his leadership and point of view on the board. Social come to this crisis by the pandemic. People really scrutinized facebook, the employees are scrutinizing facebook in terms of the role of the platform plays on the world. I dont know what to do, i know that doing nothing is not acceptable. I am not alone inside of facebook, there is not a neutral position on racism. Zuckerberg is trying to say that facebook doesnt take a stand on space where a normal Facebook User might take action on that speech. Why should politicians be given special treatment on facebook itself . I would argue that they should not. To add to the list of examples remember, toided, zuckerbergs credit, when the coronavirus pandemic began, he recognized it as a threat very early and he actually requested facebook employees to police the site for false or misleading information about how to combat the coronavirus. He set up a Coronavirus Information Center on facebook itself. For is clearly a choice veracity and highquality information. I dont think any subject or person on facebook should be immune from that, including the president of the United States. I think the fine line Mark Zuckerberg is trying to walk here is not really about free speech. He has thought it through. He said he believes all speech should have a place on the platform. That is a classic free speech dissent. As the Supreme Court has said, you cannot go into a Movie Theater and falsely scream there is a fire. We limit some forms of speech. Identifying this as a Free Speech Movement when dangerousally about and violent this information death respire onto a moment of great social unrest. In the hands of the president at this moment but in the future, it could be in the hands of someone else. I think zuckerberg wants to keep the debate about speech because he does not want to get regulated as a news provider. He would prefer that regulators see facebook as a Technology Platform and not a news provider. Then he would have to engage with all the responsibility through regulatory regimes that come with being a responsible news provider. Havecebook does regulations worry about with the antitrust. Twitter is a much Smaller Company but now that twitter has taken a stand, there are bound to be more controversial stands that twitter and facebook will have to take at the president keeps up his behavior, calling americans hoodlums and thieves and losers and low lives, calling in the military, what you think what battle do you think this sets up going into a very controversial election when facebook has already been asleep at for falling the wheel during the last election . That goinge said into the 2020 election, they dont plan to vet political advertising for veracity. That is a problem. I dont think this comes from a principal place of free speech protection. I think this is essentially mark not wanting expenses to go up and to have to hire people and to go through all of the processes to monitor content. He could solve this very easily by simply labeling content as false or misleading but he is not even going that far. Think there was a recent study conducted internally by facebook, commissioned by Senior Executives to look at whether or not the site and way that users interact on the site is really grounded in polarization and division. And their own internal study reached a conclusion that indeed there is not only a lot of it things forne of the facebooks being. It is a place that people gravitate toward because they. An cited out facebook killed that study. A Senior Executive said that measures that counteract that behavior was too paternalistic. I think that is essentially facebook giving it up giving up its responsibility to be a good member of society and put the commonweal ahead of the bottom line in this case. Emily all right, timothy obrien. Ip should you calling and sharing your thoughts with us. Coming up, 14 trillion in reparations for black americans. That is with the founder of Black Entertainment Television is calling for. We will talk to him next at this critical moment in u. S. History. This is bloomberg. Emily bob johnson is the americas first black billionaire. When he sold bet to viacom in 2001. Now he is calling for the payment of 14 trillion in reparations to africanamericans. Tojoins us now, so great have your voice here on the show. We will get there but first i want to get your thoughts on the state of things. We have the death of an unarmed black man, george floyd at the hand hands of police. Our own president saying he will use force to contain looting. What are your thoughts on the state of america right now . Bob the state of america goes up and down depending on pressure events that happen in american lives. It tends to show itself in terms of a reaction from the black community. It is built not only around the events, in this case, the tragic death of george floyd but built around frustration, a little bitterness and anger at some of the factors that separate them from the American Dream in this country. Of mix ofet that kind events, attitude and problems, you have what we have here in minneapolis and around the country. I think the same thing happened in detroit when you had the detroit riots. We are living into nations, blackandwhite, separate and unequal. From yearsething ago. You go to ferguson or mike brown was killed, these things happen not just because there have been other tragic deaths but because there is a brewing frustration among africanamericans that they are not living the full extent of the American Dream. For 14 trillion in reparations to the black community. Walk us through your thought process on that number and what that would solve. Bob let me deal with the thought process on the number. From African American slavery through jim crow is him and the denial of certain equal rights, it has been it has led to a chasm of economic inequality. That inequality came about because wealth transfers took place from africanamerican slaves to white owners of farms and otherwise. Onn they use that money additional law throughout the country. You have another transfer whenever and americans were denied equal education opportunities. Rumor we had separate and equal education . Education being a path to wealth. You add another wealth transfer when you take into account the Homeownership Development in the u. S. Who haveo are at home a mortgage can deduct to their Interest Payments on the mortgage. Against their taxes. People who have to rent because they dont have the money to pay for a home and dont get the mortgage, they pay rent but their taxes are based on their income. Africanamericans are subsidizing white homeowners. You move forward to today, the network of a median White American family is 170,000. Median worth of a African American family is 17,000. You have a wealth gap. Is a way to close the huge wealth gap between africanamericans and White Americans. Trillionillion 14 is an analysis that says if you can bring equal homeownership, equal in education, wealth, semis and investment, that it comes to a quality would get paid out in cash to over 40 million africanamericans and it would equal approximately 14 trillion. There is no reason to argue about why africanamericans wealth transfer was made, it was under segregation and under racism. What is the problem . I did the math on the bases. Lets say you paid over 30 pers, it is about 11,000 africanamerican sold in the United States. I say to my white friends, what is wrong with doing what people did in germany after world war ii and the nazi harbor . They paid reparations to jewish people. The armenians were constantly reparations. We paid reparations to japaneseamericans who were interned because of the war with japan and the attack on pearl harbor. Reparations is not new. To me, to White America, why not instead of paying welfare, Child Support . Support. Stamps of paying food and section a low income housing, that is money coming out of the taxpayer, no doubt. Of averagehe hands americans and let us implement our own destiny using wealth much like every White American did in this country. Ofrankly dont see the issue pain reparations. Paying reparations. You also get White Americans saying i am sorry for what we did to you. Emotional change and shift when americans begin to see a capitalistic nation as equal. In the meantime, as we have been speaking, president obama was speaking at a virtual town hall about bases him and he said the pandemic has exposed healthcare vulnerability, inequality and also that these events are as profound as any he has seen in his lifetime. I do want to get your thoughts on what is happening on social media because so much of commentary is pouring out on social media. You have twitter taking a stand against the president s remarks, facebook letting them stand. Which company is making the right call here . The key issue that americans should understand, those two platforms are so dominant and so ubiquitous. They have the potential to change humanity and feelings and ideology. With that goes some responsibility. Responsibility, if that is measured by where you sit, you can get the kind of flow of information that is based on the platform. Control the i take the position that if they keep going the way they are going, the government may declare them a common carrier or a Public Interest property much the way they do Broadcasting Companies who use the public airwaves. If youre going to look at one person and say what youre only am iwrong, not saying what youre saying is wrong, i have the Fact Checkers backing me up. If they pick where they think is right and they hire the Fact Checkers to back you up. I think both twitter and facebook need to take a long, hard look at what they created and the monster they created in terms of business may come back to bite them, in terms of just ideology about what is in the best interest of the american people. I want to get your thoughts on what is happening in the Entertainment Industry, blackout tuesday, the was trending on social media. You have artists donate into the cause and they are calling on music labels to do the same because they say the industry has profited so much off of the backs of black artists. How do you think the music and the Entertainment Industry in particular can make a change . Are taking the point i have been making all along. Africanamericans have contributed mightily to this excess of this country. Obviously, labor. Obviously, going to war when you did not have the right at home, fighting against naziism. Have paidericans their price to americans. Notice time for americans to pay the price for africanamericans. I know so many artists who basically perform and wrote great music and copyrighted it through all of that contracts and control that was put on them by the record company. This is not new. Blackout tuesday or we have to do something about the entertainment world, the entertainment world has the same kind of behavior in many ways that other businesses in america do. Redlining is a bank problem, much like stealing music is a music problem. Education ise full a problem. Nine people equal justice under law is a problem. The question we keep going around is how you absolve it. I am frankly tired of hearing politicians, in some cases, blackandwhite engaging in platitudes about we must come together and make sure everybody has justice. We are america, we are better than this. To me, that is a can to on aanging the deck chairs racial titanic. This will only be solved whenever can americans and when americans see each others as equals financially, opportunity wise and both creation. It will never be solved if africanamericans are always. Ehind when americans if you look at it that way, africanamericans can say we will never be as wealthy or well off or have the opportunities. What do we do . Resign ourselves to being inferior . If you do that, when americans will say is the reason that we treat you like this is because you decided you were inferior. My thing is change that attitude, give africanamericans what the capitalistic economy has given to everyone in this country. Much of what White America has financialse of a huge wealth transfer from black workers. It is still happening in many places. A hardre going into commercial break. I am so grateful to have your voice on the show. Thank you for sharing with us. That was the founder of Black Entertainment Television. We will talk about Companies Going public. This will be a fresh wave of ipo. When you say what youre in the mood for, the xfinity voice remote will find exactly that. Happy stuff. The groups happy, im happy. You can even say a famous movie quote and it will know the right movie. Circle of trust, greg. Relax, the needles are jumping. You can learn something new any time. Education. And if youre not sure what youre looking for, say. Surprise me. Just ask what can i say to find more of what you love with the xinity voice remote. Welcome back to bloomberg technology, and emily chang, talking about ipos and warner music, shares of the country shares of the company jumping on the first day of trading. It is the biggest week of the year for u. S. Listed ipos. Phil, especially over the last week, we have been dealing with the protests raging across the country. The markets have been going higher and higher. It turns out that today was a good day for warner music to be going public. I dont see how investors are not rattled by what is going on outside of wall street. What is your take on this . Agree, i think theres ipo really showed was a big divide in this location between the overall cap, a versus the market couple thousand Public Companies and the strength of this ipo. Others a sense you are that, it is a bit perplexing. It seems to be a bit of a new normal between what has been going on over the last weekend and also the coronavirus. Lets start with one of music. Lets start with warner music. Why the optimism . This is a company that could go out as a public listing in the current environment. They were prepared to do so. Warner was basical