‘Bloomberg Technology’ Full Show (07/01/2020)

published on July 17, 2020

welcome to boomer technology I'm Emily Chang in San Francisco Facebook shares rising almost 5% despite this being July first the first official day of a massive advertiser boycott more than 400

Brands have now pulled their ad dollars from Facebook for at least a month in protest of how the social network is and is not handling hate on its platform some advertisers have already said they don't plan to spend on Facebook for the

Rest of the year Facebook executives have been meeting with advertisers and Mark Zuckerberg himself has agreed to meet with civil rights leaders to hear their concerns but he's had such meetings before so

Will another meeting change anything joining us now to discuss Color of Change vice-president arisia hatch part of the folks who have been pushing the stop hate for-profit campaign aresia thank you so much for joining us we're

Now hearing that Mark Zuckerberg has agreed to meet with folks like yourself to try to hear you out what are you expecting to hear from him given that you have met with him before and his position hasn't necessarily changed and

Thank you for having me and we're hopeful that in a meeting with Mark Zuckerberg that he will finally hear our real concerns about how the platform is operating we've obviously been in conversations with the corporation for

Years and our demand still remain the same but we're hoping that in light of this new pressure from corporate advertisers from across the globe that he will actually hear out and see to our demands of a permanent civil rights

Infrastructure at Facebook now in your view how successful has this campaign been I mean it certainly seems like an unprecedented number of major brands taking a stand which I don't believe we've ever seen before yeah it's a

Really big deal that so many brands are following up many of their responses and support black lives matter and response to the recent uprisings with some real action in this moment they don't want their advertisements

Next to hate speech I think we're all in the middle of a very transformational moment in this country and it's amazing to see so many brands actually put their money where their mouth is here now that it is July 1st how many more advertisers

Do you expect to get on board we're we're still plugging away more than 400 corporations are now joining us and our calls on Facebook to meet this critical moment in history with meaningful action we're still in conversations with dozens

Of advertisers about their spending on the platform and we are hopeful that over the course of the next month we can get to a place in terms of our conversations with Facebook about their commitment to an internal permanent

Civil rights infrastructure as well as releasing the civil rights audit that they've promised to release for a while now still there are a number of companies that aren't on board for those who don't take a stand what does that

Say I mean I think it says that they're willing to profit despite the hate speech that is happening there they're willing to profit in this moment or leverage Facebook when civil rights organizations across the country are

Calling for a pause and advertising we're not calling for anything more permanent and then pausing for this month and so it really I questioned the commitment a lot of corporations who on one day we'll post black lives matter on

Their Instagram or Facebook pages but not be willing to stand with us and join us in this moment Facebook's head of global policy Nick Clegg posted a blog post today you know sort of reiterating Facebook's position

Stating that Facebook doesn't profit on hate in his view he also said we understand that many of our critics are angry about the inflammatory rhetoric President Trump has posted on our plow and others and want us to be more

Aggressive in removing his speech as a former politician myself I know that the only way to hold the powerful to account is ultimately through the ballot box that's why we want to use our power to empower voters to make the ultimate

Decision themselves on Election Day Facebook has been focusing on this voter information center getting four million more Americans registered to vote what do you think of Facebook's response here certainly you don't feel it's enough

Absolutely not it's more of the same from Facebook the same denials the same excuses and it seems like they refuse to take responsibilities for the ways in which their platform is being leveraged to undermine democracy globally and

Enable a culture of hate but Nick Clegg has the audacity to say that Facebook does not profit or benefit from hate less than 24 hours after a buzzer II BuzzFeed report described in detail how Facebook has profited four months from

Boogaloo ads promoting civil war and unrest speaks to how little they respect the intelligence of the American people and even after marks disingenuous announcement that they would remove disinformation from politicians

Facebook's PR crew scrambled to add that even with the rule changes Trump's content would still not be removed and so while it is great and a testament to the true power of Facebook that they are making this commitment to register

Voters and provide voter information that effort to uphold democracy is under undermined by their unwillingness to actually check some of the rhetoric that spreads implement misinformation about our democracy and did you mention

Boogaloo which is a you know complicated situation Facebook did ban that group in particular from Facebook but perhaps you know some of the damage was already done which is the very heart of the problem I do want to note that we've got president

Trump's reelection campaign and Vice President Biden's campaign still spending on Facebook advertising they have not joined this boycott though they have both taken fire at Facebook what do you make of that

Well we're actually calling on corporations major corporations to pause Facebook spending we know that there are a lot of small businesses and nonprofits that use Facebook for their causes and we're really looking for folks who are

Spending the most money to sort of take a stand to a visible brands in this moment to take a stand in terms of the Trump campaigns and willingness just pause bending like we wouldn't expect them to do that they're spending

Millions of dollars a week to spread misinformation and hateful content with the intent of suppressing black voters and so many other voters across this country and with the intent of motivating a set of voters to

Participate in this upcoming election because of racial animus so our focus is really on major corporations that are spending and we hope to add more folks to that growing list of more than four new corporations that have joined us in

This call so what exactly at this point do you want Facebook and Mark Zuckerberg to do what would satisfy the demands you're making yeah it's really very simple and we've made these demands clear for years to both mark and Sheryl

Sandberg at Facebook we remain steadfast in our call for Facebook to develop an internal permanent civil rights infrastructure including executives at the highest levels at the c-suite level ready to

Apply civil rights laws and First Amendment definitions to every department from products to policy and staffing also it is urgent that facebook immediate release immediately released the final results of their civil rights

On it we're tired of the stalling and sick of the excuse excuses Facebook employees civil rights groups like color change and now more than foreigner corporations are calling on Facebook to meet this critical moment in history

With more meaningful action and they can they cannot continue to profit from hate speech hate speech in this way meantime I assure you in the past have talked about how mark Mark Zuckerberg just has too much power

Running a company of this size how do you see that in focus at this very moment I think it's incredibly important especially as Facebook continues to fight regulation it is clear that they are unable to police their platform it

Is clear that they are so big that it is important that power isn't centralized and one person and each moment that we have with each new post by the president that Facebook refuses to deal with with each new ad or piece of different

Disinformation that spreads that undermines our democracy there will be growing pressure for government to take a really strong look at how Facebook is operating and whether it should be regulated

Do you believe Facebook should be broken up what kind of regulation do you believe is necessary here I I think more and more signs point to some form of regulation being necessary mark zuckerberg just has too much control too

Many voting shares and it's that much power shouldn't reside in his hands Facebook has more users on its platform than Christianity has adherence the impacts of its decisions and its practices are

Wide-ranging and it is so important that there is oversight that keeps in mind the human rights of many of us users is it possible this campaign could extend for more than a month would you or are you anticipating or considering pushing

For that we're hopeful that it doesn't have to we've asked for this month from corporate advertisers to create the space to engage in meaningful conversation we feel like the demands that we're making a Facebook are

Incredibly reasonable that they've been on the radar for years and it's just time for them to step up and make the right decision there needs to be a civil rights infrastructure that is thinking about

The impacts of their products on their users and so we're hopeful that we were we will get there we are hopeful that we have gotten their attention but we are absolutely not naive about the power of Facebook all right

Arisa hatch Color of Change vice president thank you so much for joining us and sharing your views with us we'll obviously be watching to see how this campaign unfolds thank you now as we've been talking Facebook actually came out

With an update to its business policies and has said that it's shared some data longer than GDP our policy allows mistakingly sharing some user data with app developers this somewhat Arkin's back to the Cambridge analytical stick

In a scandal we're gonna continue to dig through this and figure out what this means aresia hatch thank you so much for joining us all right coming up we're gonna take a broader view of the markets

What happened today Tesla on top surpassing Toyota as the world's most valuable automaker can Elon Musk keep up the momentum more with Tesla bull Cathy wood ahead this is Bloomberg

You US stocks rising today on positive vaccine development early trials of a vaccine showing they did safely produce antibodies to fight kovat 19 that said

Cases continue to rise across the country google has postponed its return to the office joining us to talk about how it all impacted the markets today our Bloomberg Markets reporter Abigail

Doolittle Abigail a bullish day again talk to us about why you know so it was a bullish day but when we lift the lid just a little bit Emily not everything was quite as constructive as maybe we would hope but starting out with the

Positive we certainly did have the major averages except for the Dow the Dow had finished down slightly having a nice surge the Nasdaq finishing at a record close if you can believe that happening that did in fact happen

On the day the S&P 500 up for a third day so that is certainly positive some of it might have to do with the better than expected is I'm number the ADP number while missed the formal estimate stock futures came off the low at that

Point telling you that traders thought that it was better than expected on the other hand the Sox down sharply down one and a half percent the Russell 2000 the small-cap index down 1% there's still uncertainty around the virus and what it

Will mean for the economy and the situation here in the US and one way to take a look at this of course stay at home sectors versus cyclical is if we take a look at the Nasdaq versus the S&P 500 on the year

The Nasdaq with that all-time high continues to lead the way whereas the S&P 500 is lagging some would call that a bearish divergence suggesting that there could be some sort of trouble ahead unless the S&P 500 quickly catches

Up some are saying that this is the new Dow Theory relative to needing to see both of these indexes put in a consistent highs together not happening right now so stay tuned to see whether or not that can happen Emily or

Continuing a look at what's happening state-by-state in Texas we just got some new numbers new cases they're topping eight thousand deaths jumping the most in six weeks and certainly still a lot of terrifying news happening out there

Meantime Apple diverging from the overall trend today down slightly Apple closing more stores again and does this worry you that does worry me and worried me about two weeks ago when they announced that they were

Initially gonna be reclosing some of their stores it reminds me of February back when he had stocks going sharply higher here in the US all-time highs in fact but the virus was raging out of control in China the economy closing

Stock simply going higher Apple was one of the first stores in China and Asia to close their stores there so if they're an early tell on some of the big companies here in the US that may reclose in some of the hotspot areas

That could be troubling plus the technical is on Apple conversation for another day not looking great so it was a small decline but stay tuned to see if Apple if those if that stock does go down and again as a tell on other

Companies potentially doing the same as for the state home stocks though Emily and some of the other momentum stocks all-time highs for Amazon Netflix Tesla Facebook not an all-time high but a third up day in a row and Tess let's

Really pretty immediate amazing you were mentioning we have Tesla now the largest market cap company for a vehicle company surpassing Toyota what's so interesting there Emily Tesla's estimated revenue for the year

Twenty six point five billion dollars versus Toyota when put in dollars two hundred and thirty four billion suggests that many investors valuing Tesla more like a tech company probably than an automaker all right well we are going to

Talk about that right now Bloomberg's Abigail Doolittle thank you so much for more on Tesla I want to bring in Kathy woods CEO and CIO of arc invest in a well known Tesla bull though Tesla remains the firm's top holding however

Arcs lashed at stake in the company over the last several quarters which included a more than seventeen percent reduction in ownership as of March 31st Kathy joins us now so Kathy gotta get your take on Tesla overtaking Toyota the

Company only produced I just want to get the numbers out a hundred and three thousand vehicles in the first quarter or about four percent of the 24 million made by Toyota does Tesla deserve this well I think Abigail did get it right

This is not an auto company sure it is an electric vehicle manufacturer but this test Tesla is evolving into both the ride-hailing company which we think they'll launch that sometime this year with human drivers and

Ultimately an autonomous taxi network provider so it's it's much more of a more like a software as a service company transportation as a service than it is a vehicle manufacturer although of course that is the starting point for

Their model so why has arc then been cutting at stake obviously I know you're bullish sure well we trade around controversy all the time disruptive innovation which is our focus is is filled with controversy and

Therefore the stocks can be quite volatile last year around this time Tesla was in the 170-180 range and we were buying aggressively as many were fearing Tesla was going to run out of cash which which was not going to happen

The markets had not shut down so we bought aggressively we can buy up to 10% we cannot buy beyond that we can let it run and we do let it run a stock like that up to the 12 13 % range at which point we will then start taking profits

If we had not taken profits in Tesla it would have ended up in the 20-something percent range in our portfolio so from a portfolio management point of view not very sensible the other reason we trade around positions is that it's a very

Profitable thing to do so Tesla in the 170s 180s last year we went up to 10% as it kept going down we went kept taking it back to 10% and today it's at 1,100 so again we take profits but I think the most important thing and you said it is

It still is our largest position certainly in the flagship fund MA okay musk tweeted overnight that the idea of a stock split would be worth discussing at an annual meeting does it matter to you of

Splits it shares technically it should not matter however I actually discussed this at our Britt our morning meeting I think a lot of young people would like the idea of owning one full share that we are moving to a fractional share

System I know a lot of firms like Schwab and fidelity are offering fractional shares you can buy a piece of one share of Tesla but I think human nature we've seen this with a Bitcoin space is to prefer to own one whole one it might be

Just psychological so I think it would encourage more people to buy the stock now there's been some controversy about around how much the board members at Tesla are being paid specifically Robin denim the chair of of Tesla's Bohr and

You've got a proxy group recommending the shareholders not reelect her to the board where do you stand on her reelection well I've known Robin for a very long time she was the CFO at juniper Networks when we were one of the

Largest shareholders at the time so got to know her very well she's probably the most you know the she's extremely fair very straightforward in her approach very disciplined and I think Elon Musk respects her I respect her enormous ly

So you know to be the chairman or the chair of Tesla is it can be quite challenging at times and has been quite challenging for her as a director prying prior to becoming chair so she knew what she was

Getting into I think she deserves you know all the compensation she gets meantime Kathy you've got other big tech holdings as we've been speaking just got a headline from recode which is reporting that the CEOs of Google Apple

Amazon and Facebook will testify at a house antitrust hearing we know that the antitrust subcommittee has been looking into these companies there's regulation being considered does that impact your outlook on the sector given that

Generally or bullish on technology sure well we our flagship portfolio holds none of the Fang stocks and and and this is one of the reasons as companies become very very large and take increasing share they come under more

Scrutiny now I this is not to say we don't we think they're going to be bad stocks we we actually think they're going to be good stocks it's just we're very focused on moving into the fangs of the future and and and less so these

Mega cap companies interesting so what are the fangs of the future in your view well ironically I I think they're going to be in the genomic space I think we're looking at curing diseases and that the market isn't pricing the stocks that we

Consider a part of the genomic revolution correctly just because this has really never happened before but now we have the convergence of DNA sequencing artificial intelligence and CRISPR gene editing the convergence of

Those powerful technologies and I think two things we're going to happen not only will we be curing disease but the returns on investment for healthcare companies and especially those embracing these genomic technologies are going to

Increase we're going to go back to the golden age of healthcare I believe the last golden age was in the 80s and 90s when Genentech had discovered recombinant DNA and the returns on investment skyrocketed they have

Suffered for the past 20 years and and are down to 7% for more than 20% those are the returns on R&D we think they're going back to north of 20 percent because drug failures are going to diminish as we

Bring these new technologies together and the time that trials need is going to diminish as well and then of course we have CRISPR gene editing which if you cure disease it's pretty obvious that it's cured and we're seeing the first

Signs of that with sickle cell disease CRISPR therapeutics being involved in that and beta thalassemia so pretty mind-blowing and I don't think it gets enough attention and I don't think it's priced efficiently in the market and I

Don't think it's researched officially yet but we're certain okay Kathy would we'll have to leave it there CEO of Arc and vest thank you so much coming up we have Ellen Pao with us what she thinks of the current social crisis facing our

Country welcome back to Bloomberg technology I'm Emily Chang in San Francisco Bloomberg has confirmed that the CEOs of Google Facebook Apple and Amazon will testify

Before a House antitrust sub committee of course this is a potentially huge development we know that the house has been looking into potential regulation of these tech companies has been investigating antitrust concerns there

Had been some question of whether all of the CEOs would testify Apple was the last one to jump on board but now Bloomberg has confirmed that all four of them will testify will continue to follow what that means and what that

Testimony will look like meantime Ellen Powell was one of the first women to speak up about sexual harassment and discrimination in the tech industry in 2015 she became a symbol of working women in technology bringing a lawsuit

Against her former employer the venture capital firm kleiner perkins she has since tackled harassment on social media and co-founded project include an advocacy group promoting workplace diversity Ellen Powell CEO of

Project include joins us now Ellen so great to have you back with us you're here because so many people clearly aren't feeling included right now we're seeing the momentum behind the black lives matter movement you know now it is

Immigrants with some of the actions that the president has taken to stop immigrant workers from working in this country and we've seen so many companies come out with messages of support new commitments to the black community to

Immigrants do you think this is a moment where we can make real change we will make real change or once this passes will things drift back to the way they always were hope they don't drift back I feel like

We've seen so much now right you've seen what systemic racism looks like and it's been proven again and again and again in this very short period of time and you can't unsee it so my hope is you know now that we've seen something you know

They say see something say something we've seen it we've said it and now it's time to do something and I do feel like the generation coming up to the workforce now is much more activist they're much more aware of how

Systemic racism and discrimination works and they're much more willing to speak up and to act so they're willing to confront their employers you see the workers at Google and Facebook and Amazon pushing their employers to change

Bad policies and you see them also willing to boycott and to you know and to use their spending dollars to impact change meantime you've got so many workforces sheltering in place in the middle of a pandemic and you've been

Examining online harassment in the midst of the quarantine specifically and I'm so curious what trends you're seeing how does sexism how does racism surface in a remote situation now we're just starting the

Research so we don't have more than anecdotal evidence but we are hearing from companies that they're seeing more interactions on slack and zoom that are you know that they don't want to see that there's racism and that there's

Sexism and you know and if you think about it it makes sense like all of a sudden my personal and professional boundaries are bleeding together I'm working from the same place in my house and I don't have as many boundaries so

The behavior that I'm you know using for my social media presence it's the same type of behavior on bringing into my online workplace platforms and so were you know concerned Carolyn cinder Caroline Sanders and I are working on

This together we're concerned that there will be you know the same problems that we see with all these social media platforms all of a sudden coming over to these workplace platforms and you know we'd love to get more information and

We're working on pulling together information on like what do those forms of harassment look like what can companies do to make sure their employees are safe and that there are other employees know on what's

Acceptable and what's not acceptable and then what can platforms do to provide better you know better experiences for employees who are using them meantime you've also taken a close look at online harassment on social media and I

Know you've experienced it yourself were in the middle of a massive ad boycott of Facebook over how Facebook does or does not moderate hate on its platforms how do you think Mark Zuckerberg is responding to this it's you know it's

More of the same I feel like and it's not just markets all of the social media platforms they've come out to you know say that they support black lives black lives matter to them but then when you look at what happens on their platforms

It's a mess and you know once they get called out they'll make a few changes but it's often than minimal and then they want to look there so they're trying to figure out some way of doing it that ends up being very ineffective

You know this requires a lot of change it requires a new team of people doing the work because clearly the people who have been doing it in the past are not doing a good job and it doesn't seem clear that they want to or can do a good

Job so let's get better people in there let's figure out how you put metrics to it to see if you're being effective to see if the measures that you're taking or working and then let's also have you know more people who are directly

Impacted by the harassment on your site making decisions so instead of you know instead of having this team that is very homogeneous let's make sure there are some black and brown men women and non-binary people actually in the room

Actually having an ability to help guide the changes and make sure that they're working and improve the products meantime you served a CEO of Reddit for a time reddit has now banned the biggest Pro Trump community on reddit of course

These are some of the things that you were fighting for for a long time but we also saw a co-founder Alexis Ohanian resigned from the board and a man that he'd be replaced with a black director Michael Seibel of Y Combinator has now

Replaced him what do you think of Alexis's resignation I think reddit has a long way to go and it's about doing the work it's about making better decisions it's about getting people to actually care about these changes it's

The same problem that we're seeing at Facebook the same problem we see at all these other platforms like there is no accountability for all the bad decisions that got us here how do we understand how the changes are going to be made

Going forward to completely turn these platforms around I'm you know I don't see a path when the boards don't push and when the leaders don't care of change right I see incremental changes that are that seem more PR oriented I

Think it's great that advertisers are now getting involved because that's just yet another pressure point on these platforms but again like you know one person changing isn't gonna make a difference it's really you have to

Change in a way that's like much deeper than that right I'll believe it when I see it right now they've done some work but you know you you can see there's still so much more work to do and and it's not easy and it's not something

That is you know something that's fun right it's not it's it's work and it's hard and it takes time and your users some of your users are gonna be happy with anything that you do and you just need to like have a guiding principle

That you can follow and point you and that people know where you're going and if they don't like it they can get off and go someplace else meantime Allen talking about new commitments as we've been talking

Salesforce has said it will double its number of black leaders by 2023 and double its representation of black workers in the United States by 50% what do you think of commitments like that I think it's great to set targets right

Like you know we've seen that trying to do it without targets doesn't work and if I have targets then I can see how I'm doing against them I can see if I'm making progress and then all of a sudden I can also start finding out where the

Couple spots are like where are the areas that I'm not able to succeed like it's a on my engineering team is it with a specific engineering manager is it with a specific function and vice-president

Like where are their trouble spots where I'm not able to succeed I hope that you know they're looking more broadly and that they're thinking about you know black men black women and you know black non-binary people right because

Otherwise you know you you end up solving only a piece of the problem and you're still not solving the bigger problem but I think it's a great step I think it's something that I wish more companies would do you know set targets

For all your groups you know make sure that you're also improving your whole hiring process and getting out to broader networks of people not just in the black community but also in you know the Latin X community of an indigenous

Community like if you can improve your whole hiring process and make it fair you will get more people from all of these groups to be in your company and it doesn't require you know it doesn't require focusing on just one area you

Can do more than just one area at a time so speaking of that there's been some interesting conversation about how the black lives matter movement is being felt by the Asian American community obviously Asian Americans are a minority

Themselves have their own our own complicated story an issue around race and sometimes feel they have to be silent about their struggles other Asian Americans have been coming forward and talking about how they're they feel

Their own parents have been racist I'm curious how you're dissecting this yeah it's um it's hard as an Asian American to always feel very clear on on on emotions right we've had you know a much easier time in tech you know you see the

Numbers are much stronger for Asian Americans in these tech companies except until you hit the bamboo seal and you reach a point where you know people don't see Asian or Asian Americans as leaders they don't see them

In management roles they don't see them running companies so that you know there's there's the you know the model minority myth and then there's the bamboo ceiling and you know there are all of these things that are components

Of white supremacy that you know often we buy into like the world is a meritocracy if you study hard if you work hard everything will come your way and then we realize it doesn't work for us and then we see it's actually working

Even worse for for for black people for a lot next people and how do we you know work together with these groups to really help support them and to help change change our tech industry and change all of these different areas

Where systemic racism has been such a huge problem we see though that you know there's a lot of pressure to get um Asian Americans you know decide against other groups it's the you know there's anti blackness in the asian-american

Community which doesn't help so how do we really try to take action and Michelle Kim and I are working together to outline like what are the steps that you should take as an asian-american to learn about you know how black activists

Have helped change law and help change you know the United States culture in ways that have really helped Asians and Asian Americans you know and how do we you know learn about our history and learn about our own anti blackness in a

Way that allows us to be great advocates for everyone and understand that you know until we until we make things better for everyone we're not really helping ourselves as much as we could be all right Ellen Pao CEO project include

I know these are really complex issues and I appreciate you tackling them in you know eloquent soundbites thank you so much for taking the time to join us today really apprec– having you back on the show thank you

For having me thank you thank you of course still ahead fashion brands from Marc Jacobs to Gucci to Nike and converse releasing messages of solidary and pledging donations to fight racial

Injustice and include exclusive conversation with the CEO of converse Scott news L on how his company which aspires to make shoes for everyone is promoting diversity in and outside the office this is Bloomberg

with economies opening worldwide consumers are venturing out of their homes once again to shop in-store though much of it's still happening of course

Online I recently spoke with the CEO of converse Scott buzel about demand in the pandemic and how the brand is stepping up to support the black community take a listen demand and consumers engaged our brands

I can show you many different signals around the world that are as strong or stronger than they were prior to go vat19 the real test will be over time when everything's open so all of our partners are open all of our retail

Stores are open and it's been for quite some time where consumers are kind of out of being out of shelter that'll give us a real sense for if there's been any shifts in demand but I'll tell you this we were strong going in to Cove at 19

And we're feeling really good about the signals that we've seen thus far when we've opened our markets back up now we're also in the middle of an urgent social crisis with the new momentum behind the black lives matter movement

And as one of the two few African American CEOs in this country how have you been experiencing this yeah you know that's a great question I mean first of all you know as you think about our brand we like to think of our brand

Is it it's it's it's really a democratic brand a brand of all people and so we call it converse as they breathe abuse and so what's clear to us is that youth progress can't happen without black progress and so black lives matter was

Relevant to us well before the current you know focus on you know black lives in the last 60 to 90 days so on June 5th we announced a commitment to the black community both inside and outside the community outside the walls of our

Building I don't know if you've read that Nike Jordan as well as Commerce committed forty million dollars over the next four years that are going to be going in things like the n-double-a-cp Legal Defense Fund and equal justice

Initiative and many money many other initiatives but what we really put up is a mirror to ourself the same what are we going to do internally to always advance our culture as I like to say the gap between what we

Being where we are how do we close that back that gap so that we said it starts with us and that means like what do we do to make sure we're being more inclusive creating more belonging environment improving representation and

Driving more equity for our black teammates at all levels starting with myself and then externally continuing to focus on black creative designers athletes and businesses so they can be a part of our ecosystem working with Nike

And Jordan to make sure investing the 40 million plus in the right organizations that focus on social justice driving education combating racial inequality and then driving education across our business system I'd say the biggest

Learning for me Emily is that um you know it's a couple steps we've taken as a people first approach one we've said you know how do we make sure that we meet people where they are regardless of background because as leaders we can no

Longer say that what's going on outside the building doesn't affect us inside the building so really helping my you know 100 or so executives around the world saying you don't have a choice to be involved then second once having that

Conversation how do you educate yourself by not just leveraging the one or two or five people of color but doing the work outside of that so that you're educated and in three how do you drive credibility to make sure that you're

Taking the steps every day to drive representation inclusion and belonging in our organization and so you know it's not only on our radar it's a critical metric for me as CEO but this is something that as our leadership team

Says you can't be in the middle you either have to actively engage or you'reyou're really supporting the status quo which is unacceptable absolutely I believe the research now shows that people feel the most

Different at work they don't feel different at home and their families and their communities and it's at work that those differences are exacerbated which is why we do need to talk about this in the workplace how optimistic are you

That what's happening right now will lead to real change or well you know so the status quo you know I want to tell you this I'm very optimistic I actually was on a call for another executive a CEO of another company right

Before this one and I just said this is just different I just the amount of people it's far from I call it Pollyanna Stan it's perfect but the amount of people that I would say that said that I don't contribute to

Racial injustice let's just say that they believe that that they've really seen that if they don't actively push up against it that they're somehow contributing to it and I've not seen that ever in my lifetime and so I'm very

Optimistic that the ball is going to move progressively in the right direction converse CEO Scott who's out there and you can catch more of that conversation on a special program Bloomberg technology Boston the road to

Recovery converse is based in Boston Friday July 3rd 7:00 pm Eastern time right here on Bloomberg television and a reminder to join Bloomberg for our annual broadcast of the Boston Pops fireworks spectacular we're gonna be

Carrying the orchestra's fourth of July tradition from the comfort of your own homes this year starting ap an Eastern on Bloomberg television radio and calm all right meantime Hongkong facing a new reality with police making their first

Arrests under a new national security law imposed by Beijing the decision drawing thousands of defiant protesters as well as swift condemnation from the US Europe and Australia joining us now with the latest Bloomberg sivan man who

Is in Hong Kong Yvonne give us the very latest just how many protestors have been out there how many arrests have been made yeah we certainly saw crowds with people I would save close to thousand or so

That took to the streets yesterday just less than 24 hours since the law came into effect they took to the streets at one point they stormed into a mall at the Causeway Bay area and police we saw a heavy presence all around that area

They fired tear gas pepper spray the water cannons also came out to disperse these crowds July 1st is usually a symbolic day Emily I'm sure you know it's the anniversary of the hand over here so it's usually marked by mass Pro

Test but this time it felt a bit more somber this national security law was kept under wraps by Beijing up until now and was approved even before the chief executive Carrie Lam had seen it so what we saw was officers also raising a new

Flag warning protestors this time around that if you display flags or banners or chanting slogans that would be illegal under this new law still we saw crowds of people continue defy those orders they waved flags calling for

Independence also chanting slogans that were used last year like liberate Hong Kong we did see at the end more than 300 people were arrested nine of which for violating this new national security law so talk to us a little bit more about

What the law says what kind of dissent is now punishable well this law what is tougher than what many investors lawmakers even on the pro-china side had feared as well and that's caused a chilling effect over

Free speech political activities this legislation now calls for sentences as long as life in prison for the four most serious cases have been highlighted in this law terrorism secession subversion and collusion Beijing in a briefing

Yesterday did give us some examples as well those who travel overseas to seek sanctions against China could be prosecuted under collusion provisions also people that spread malicious rumors like back in August where people were

Accusing police of killing passengers during a sweep of a train station they could also be liable on provisions against provoking hatred but mind you that we did learn this bill is not retroactive so people that committed

Crimes last year perhaps will not be liable in this bill but this extends to actions committed by anyone now Hong Kong residents are not anywhere in the world and some interpret it as a perhaps it

Appears to cover nonviolent tactics by protesters as well so the language Emily is very vague which only adds the uncertainty for many businesses out here some foresee a flight of Capital and talent however some

Investors do say the measure could bring the stability after the civil arrests that we saw last year now the moves have been condemned by many different governments talk to us about the international response yeah we just

Heard from the US the the House of Representatives passing a bill imposing sanctions on banks that do business with Chinese officials involved in cracking down on these pro-democracy protesters in Hong Kong this bill is not identical

To what we we saw in the Senate that passed a bill last week but it's quite similar so the Senate still has to vote on this current measure before it lands on president Trump's desk for a signature but we did hear from the us

Saying that they've out more strong actions in Beijing if it doesn't reverse course we also from the Secretary of State Mike Pompeo saying that China's moves eviscerated the rule of law in Hong Kong and saying now it will just be

Another communist front city where its people will be subject to the party elites wins also we heard from some sources telling us the us is preparing to roll sanctions against Chinese officials over human rights abuses

Against Muslims and in the western region the weekers there so we are seeing some movement here in the last 24 hours or so also with the UK the Prime Minister Boris Johnson saying his government will now allow nearly three

Million Hong Kong citizens with British national overseas passports to move to the UK so laying a path to full citizenship all right Bloomberg's a Vaughn man in Hong Kong Yvonne thank you so much for joining us for that update

And I know you'll be talking about this on Bloomberg television throughout the day appreciate that thank you all as well for joining this edition of Bloomberg technology Bloomberg daybreak Australia is next stay tuned


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