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tv   Bloomberg Technology  Bloomberg  September 3, 2019 5:00pm-6:00pm EDT

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indeed --iament is parliament is of further down the line. romaine: let's talk about some of the contingency plans. we know we had this document, operation yellow hammer, to prepare for the worst case scenario. can you give us an idea of what that document lays out? what's the plan here? emma: we were talking about earlier, pharmaceuticals, health. there is so much of the uk's crucial imports, things like food, drugs, all come through dover, that port. we also need to talk about financial markets. some agreements have been made
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between the eu and u.k. to avoid some really catastrophic stuff in financial markets, but that is pretty -- that is pretty limited. the government has certainly stepped up its efforts. that is true on the eu side as well. one of the things that's going to be interesting is if there were an election, there would be some control over how much the government would continue to do no deal planning during the election campaign. it is also true that some things could be prepared for and some things you simply cannot prepare for. one of the things people are most worried about is food. you have ministers saying there will be adequate food and enough food, but you also have the supermarkets saying that christmas is going to be a real problem. joe: obviously boris johnson in
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theory wants to call an election for a few weeks from now, but theresa may also called a snap election, thinking that she would dominate, then was done by the for showing of the conservative party. labour nearly took over. i know the polls right now are pretty good for the tories, but how reliable are they? if there were another election, maybe it doesn't turn out as good for boris johnson as he might think? emma: a really good question. there is a reason the conservatives don't want an election before brexit is delayed. remember, this is the party that nigel faraj set up to make sure that brexit is delivered. in the european elections. there was a real fear in the conservative party that the brexit party would clean up,
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that they would split the vote and could usher in a labour, liberal democrat government. ,ne of the hardline brexiteers steve baker, was talking today tt would be good to do a pac with conservatives and brexiteers so they don't run candidates in the same places in brder to prevent a labour-lid dem coalition that would seek to reverse brexit. it is an open question whether boris johnson would triumph. scotland, he has lost because theresa may did make gains in scotland. joe: if there is another election, going back to the same question, how much has it theoretically hurt jeremy corbyn and labor that he has not been more unambiguously opposed to brexit? that people who really want to see remain don't totally feel
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like he is on their side, or as hard-core remain as others. emma: that goes to the heart of the dilemma that the labour 2016, thato face in a of labor voters voted in favor of brexit. there is a sense to this ambiguity and to a certain slowlythey have edged towards a slightly more remainy position. it is always very subtle wording as they edged toward backing another referendum in certain circumstances, but there is a sense to this ambiguity, which is huge numbers of labour voters have defected to the brexit party and voted for brexit in t ow if anyone has crunched the numbers on what is better for the labour party if you have to pick a side, but it is a very tight call.
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romaine:n london with parliament. they are sent to vote on a motion. this is essentially going to take control of the brexit process away from johnson, essentially put it in dnp's hands and they would have to vote on what the next path forward is. passes -- this vote passes, if it goes against johnson's wishes, what is the next option johnson would have if he wants to up the ante? emma: if he is defeated, what we are expecting is there would be reaction either from the prime minister himself or from a minister saying he wants to call an early election, the october 14 election we have been talking about. the other thing we would be expecting is a sort of purge, a
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crackdown on those who rebelled against him, and a very clear message that they would essentially be expelled. romaine: but if he purges the folks in his party, the tories, doesn't that effectively weaken his position even further? emma: you are right. , butst his majority today he never had the majority for his brexit policy. thing is a majority on paper when it comes to the majority of tory numbers, another is how many support has brexit policy. joe: there are some great details here on the live blog. as you can see, the room is filling up, so we should be getting results shortly. rob hutton in london pointing
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out that the rebel tories are still sitting on the government side of the bench, so not taking their expulsion for granted. earlier we saw one rebel from the conservative party sit with s, so verym significant. where people sit seems to be an interesting part of the intrigue. emma: it is, and what is also interesting is where people stand. you can sometimes guess the result of the vote by which side of the speaker the tellers are standing on. it looks like the results are going to be coming pretty soon. much to emmau very ross thomas, joining us from london. that's all for "what'd you miss? ." we are going to keep following developments on bloomberg technology, next. this is bloomberg. ♪
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taylor: we begin with the crucial u.k. parliamentary vote over brexit. we have been listening and looking at live photos of parliament in brexit. let me recap for you what has been going on and the significance. what we do know is we are waiting announcements of the crucial brexit vote that has been basically a showdown between members of parliament and prime minister boris johnson. we know they are trying to take the brexit process away from boris johnson. you have found strengthening slightly to 1.2080. boris johnson lost his government's ruling ahead of this critical showdown with members of parliament. the brexit crisis has pushed the u.k. closer toward a snap election, so looking at live photos, awaiting the crucial
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brexit vote, that really is a showdown between members of parliament and boris johnson. we know the prime minister has been battling political opponents all day long. his are determined to wreck plans to deliver brexit at all costs by october 31, even if that means leaving with a no deal brexit. this would be the first parliamentary vote in that clash. that is all beginning tonight. loses, boris johnson's officials have said he will set in motion preparations to elect soew government, october 14, that is definitely something we are waiting for. again, we are waiting for those headlines on the result of that vote. , ado know that earlier today conservative party member, philip lee, dramatically
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defected. he joined the rival liberal democrats and that is when johnson got to his feet to speak to the house of commons. we will again wait here as we begin that crucial brexit vote int has been sort of a clash trying to take away that brexit process from boris johnson. for more, i want to bring in bloombergs emma ross thomas, joining us on the phone. for our global audience in new york, san francisco, london, bring us up to speed the significance of what this vote means. >> order! emma: i don't know if you want to listen to the results, but this vote means we could be hurtling toward another general election. if johnson has lost the vote,
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that doesn't mean no deal will be taken off the table. [indiscernible] october 14election -- you off quickly, we are getting the results. the u.k. parliament has taken the first key steps of blocking a no deal brexit, something boris johnson has really wanted to do, go through with brexit october 31 no matter what. let's listen. >> part is on the brink of wrecking any deal we might be able to -- -- hand control of the negotiations to the eu. that would mean more delay and more confusion. they eu themselves would be able to decide how long to keep this country and the eu. if i refused to go along with that plan, we are going to have
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to make a choice. -- i't want an election want an election, the people want an election. the public will have to choose who goes to brussels on october gentlemen is theountry fo prime minister, he will go to brussels and beg for an extension -- [shouting] johnson: he will accept whatever brussels demands and we will have years more arguments over brexit. if i go to brussels, i will go for a deal and i believe i will get the deal. even if we don't leave on october 31, the people of this country will have to choose.
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the leader of the opposition has been begging for an election for two years. i don't want an election, but if mp's vote tomorrow to stop negotiation and compel another point there's, potentially for years, that would be the only way to resolve this. i can confirm we are tabling the motion under the fixed terms parliament act. [shouting] >> order! jeremy corbyn. >> on a point of order, i welcome tonight's vote. we live in a parliamentary democracy. we do not have a presidency, but a prime minister. thee minister's govern with consent of the house of commons, representing the people in whom the sovereignty rests. in this no consent
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house to leave the european union without a deal. majority for no deal in the country. as i have said before, if the prime minister has confidence in his brexit policy, he should put it before the people in a public vote. motionants to table a for a general election -- find. -- fine. get the bill through first in order to take no deal off the table. >> order! [shouting] >> order!
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i will tell the chancellor of the duchy that when he turns up at our children's school as a parent, he is a very well behaved fellow. he would not dare to behave like that -- don't rant, spare us the theatrics, behave yourself. be a good boy, young man. [shouting] theatrics that he perfected. not interested. be quiet! point of order, mr. ian blackford. >> the public will be watching these deliberations tonight and what they make up the shouting coming from the -- heaven only knows. this prime minister has a 100% record of losing votes in the house of commons.
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lacking.is sadly prime minister, perhaps you might consider acting like a prime minister should do. vote that has taken place in this house tonight. this house can express its opinion that it wishes to remove no deal. don't give us this nonsense of a fantasy that there is a deal to come from the government. it is simply not true. the government must respect the sovereignty of the house of parliament, must allow it to have consent. electionus have an with respect to the democracy of this house and the experience parliamentarians have to make sure we don't crash out on a no deal.
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>> point of order. >> point of order, mr. speaker. across the country, people have been protesting because they are worried. they are worried about the prime minister riding roughshod over our parliamentary democracy. tonight, the house of commons has spoken and said that we will not let that happen. , much as i relish theprime minister -- [shouting] it is vital that this house act with responsibility that does not put our country into an election at a point where there is any risk we will crash out of the european union during or immediately after that election
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campaign. we must act responsibly. >> point of order. >> i am not going to be shouted down, especially by any man. madepeaker, tonight's vote even the leader of the house sit up. [laughter] parliament hasis spoken on behalf of the jobs and livelihoods and futures of our constituents. again we have shown that we do not want a no deal brexit and tomorrow we have the opportunity to make sure that yet again we do not crash out without a deal. the primemind minister, as one of the so-called leaders of the leave campaign, he promised the people
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of this country that we would not leave the european union without a deal. i think this house now has a right to know the following. the rumor is that every single member of the conservative party who voted against their government tonight is going to have to -- withdrawn from them. case,eaker, if that's the that must be the first time that it would involve honorable and right honorable members who have served their party, and many would say their country, for decades. could the prime minister confirm, will they have the -- withdrawn? >> we need to conduct a debate on that matter. it is not a matter for adjudication by the chair. the right honorable lady has made her point with her customary force and is on the record.
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doubtless she will wish to return to that in times to c ome. if there are no more points of order, the clerk will read the orders of the day. taylor: as we have been listening to for the last 20 minutes, it is all about the u.k. brexit vote. we are getting some headlines. it does look like the u.k. parliament has taken the first step towards blocking the no deal brexit. boris johnson's government has lost that vote in parliament. for the recap of the drama and the popyrin circumstance, i bring it bloombergs emma ross thomas, joining me from found in london. da davidsoni have senior research analyst rishi jaluria. you also have some thoughts to share. emma, i cut you off earlier.
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remind us again the significance of the vote, boris johnson losing. what does it mean? emma: the vote is an attempt by parliament -- it has happened before -- to stop the no deal brexit. they are taking control of the agenda in parliament and tomorrow a bill will be put forward to forest an extension to the brexit deadline -- to force an extension to the brexit deadline. it is a defeat for johnson. he basically said the only choice left is to have a general election, but there is still a hurdle. johnson needs parliamentary support for that election, and the opposition is saying basically we won't vote to allow you to have your general election until this bill to prevent a no deal brexit is passed into law. that is where things stand right now. that no dealmean
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is necessarily off the table. it is an attempt at a legislative maneuver, perhaps makes it less likely. what it does do is prompt a general election whose outcome would be incredibly uncertain. whethero be seen ,his is a gamble from johnson the brexit party, the conservatives. before brexit was delivered, the brexit party, the conservatives. , the brexit party has done very well this year taking votes from the conservatives. uncertain. is very taylor: we heard from boris johnson at the top of his speech that this is another pointless delay. i have to give it to him. is this not true? what do they think they can accomplish in the next few months that i have not been able to in more than -- that they
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have not been able to in more than three years? emma: that's a very good question. there imperative is to avoid the economic chaos and damage that most people think a no deal brexit would cause. we are talking about manufacturing jobs being lost, the sort of cliff edge departure. what this means is the economic system that has been running for 14 years, whether tariffs or regulations, is suddenly torn asunder overnight and what that means for consumers, markets, jobs. most people think that is pretty dramatic, so that is their main imperative, to prevent that. is there a deal the labour party would say they do have a proposal, it would be a softer brexit, maintaining more economic ties. but it remains to be seen.
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it also remains to be seen what kind of election campaign the labour party with right. the labour party has maintained an ambiguous position on brexit since the referendum and even during the referendum on how they would fight does. they had been edging toward remain stance, a second referendum, but it is going to be interesting to see whether that goes further before this general election. taylor: that was emma ross thomas. joining us at 10:30 p.m. in london as we get those crucial votes coming in. we will bring more as that comes. joining me here is rishi. he has been patiently waiting. , notworld is tech necessarily u.k. government, but more and more, your worlds are colliding. technologically, lyrical risks, tariffs, economic uncertainty.
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how do you price in this risk? >> thank you for having me, always a pleasure to be here. when it comes to tariffs and things like brexit, we have to keep in mind a couple things, mainly how exposed is the company you are looking at to any of these factors? not all tech is created equal. there has been headlines about how exposed apple is to the china tariff situation. the sector i specialize in, enterprise software, tends to be resilient to chinese tariffs because they don't have much reliance on the chinese supply chain. i think it is the same with brexit. with companies that have a lot of exposure to, not just britain, but the european union countries in general, we have seen some companies talking about softness. something like what we just a no can go two ways, that deal brexit would be the worst case scenario, so not having
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that is a potential positive. about like you were alluding to, we are going to have a lot more uncertainty that could end up being worse. you have to isolate company by company and even subsector by subsector within tech to really say, what does this mean for your investments? taylor: is it a fundamental risk or more of this headline risk that makes you nervous when companies fall back from investment in the u.k.? >> i think it is more of a headline risk. it is not the main thing people are paying attention to. especially within enterprise software, there are a lot bigger risks that can weigh on the business and have a much bigger impact, but given the amount of mind share that events like tariffs and brexit occupied, the companies have to be more aware of managing expectations and arguably taking attention away from things that require it. taylor: we will shift from
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brexit and onto trade. da davidson's rishi jaluria will stay with me. this is bloomberg. ♪
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taylor: this is bloomberg technology. what we have been talking about for the last 30 minutes is about brexit. we want to recap what has been going on on the ground in the u.k. they did face a crucial parliamentary vote. they lost. government boris johnson did lose the vote. the u.k. parliament took a key first step in blocking a no-deal brexit. boris johnson proposed a motion for a general election which we think might be held october 14. headlines that the u.k. has
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announced $2.4 billion of extra brexit funding. thankfully, i'm joined by a senior policy analyst for data innovation and she can help break all of this down for me. more importantly for our audience, tax impact from this brexit vote. thank you for joining me. some ofy have to ask your initial reaction, how would tech be impacted here given the drama that is going on within the u.k. right now? guest: thanks for having me. what we see in our work is it is essential for the eu to perform in the digital economy. we have companies that operate in that context that require access to talent. hard brexit or a no deal would undermine both of those. when you look at the u.k., you have the eu together with the
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u.k., it, without the is about 5% of that. the u.k. is home to about 1000 ai companies, 35 hubs and research centers. the u.k. has an established lead over its continental neighbors. it is a magnet for global and european tech talent. 6% of investors voicing support for london as the best location for brainpower. it is one of the key emerging technologies. you have a lot of those kind of assets that are now potentially at risk for the eu. it is the largest tech hub, home to 350,000 developers. mathematicshnology, and ai. in this process, yeah, it is concerning for the sustainability of eu competitiveness. getor: we are continuing to
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more headlines that are coming out of this. chancellor is.k. going to further release about $2.4 billion in funding related to brexit. they are hoping this will help boost capacity at borders and ports and the home office to help aid in the uncertainty of this. that leads me to my next question with you. a lot of this frankly stems from headline risk. a lot of business confidence. businesses are reluctant to spend. how much of this is pure headline risk, sentiment, soft data? how much of this real headline fundamental data that really does look weaker and spreading doubt into your tech sector? uncertaintyo have when it comes to the environment and the eu -- in the eu. we adopted this new privacy law
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-- there's a lot of positions on new technologies that could potentially slow down the adoption and development of those systems. another uncertainty and potential obstacle is that because of brexit, the eu could be considered inadequate with respect to gdpr. that means they would have to comply to roles that are less easy to comply with. only a few countries can do that. another uncertainty for the tech sector. how easy it would be for those rules to develop technologies. that is one thing i can definitely say it is a worrying signal. taylor: i have to ask, it looks increasingly like a no-deal brexit is on the table after boris johnson lost that vote. does that help the situation?
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eline: i could not answer that economics, it is difficult to plan ahead and really understate what is going on. what i can tell you what the eu can do, it needs to maintain somehow in its system the u.k.. it needs to address its lacking position in ai with policy changes. it has fallen behind the u.s. and china in terms of adoption. it cannot afford to fall further behind post-brexit. one of the best things the eu can do is work with the u.k. to ensure, for instance, that students can still pursue graduate degrees, easily obtain visas, strive to keep on attracting more foreign talent and companies. there needs to be a wake-up call
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to keep on collaborating together. researchnce, joint proposals with the u.k. to keep on working together to mitigate the loss. taylor: eline chivot of the center for data information, thank you for your timely analysis on brexit. i also want to pivot to another similar story we are covering and it is about president trump's 15% tariff. if it became a reality on sunday and dragging down apple further into the trade war. the flagship iphone is currently spared. some of the other key products are not, namely the air pots, apple watch and imac. this comes as the president is trying to goad china into a deal before next year's election, tweeting "the deal would get much tougher." china supply chain will crumble and businesses, jobs and money will be got." still with me is rishi jaluria.
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thank you for being so patient with us. we are switching from brexit over to trade, mainly between the u.s. and china. what changed for you on sunday? we talked a lot about apple's products. what other products made that list that concern you? rishi: apple, like you pointed out, is kind of the clear one. any company that has manufacturing in china is there. what is potentially more interesting than that is we felt were more resilient or more ta riff proof. auto desk is an example. an enterprise software company, everybody thinks of that as being very defensive, but because it is an industrial software company, they are starting to see a softening outlook as a result of the ongoing trade war now that the tariffs have kicked in and are reality and not a negotiating tactic. i think we will see a lot of that go through and have people
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look at individual companies and say is this going to impact some of those second plays, not the obvious ones like the apples or semiconductors? taylor: what are those semi derivative plays? rishi: anything related to design and manufacturing. that would involve services. that would involve anyone who is doing outsourcing relating to that. that would involve companies like autodesk or those that have businesses in those sort of space that may be not obvious on first glance. taylor: you mentioned individual companies. i wonder if it is a simple as salesforce, or something more idiosyncratic that you need to look at. rishi: your second point is correct. you have to be specific about the individual companies themselves, not just the sector. we know that is thought of as being a lot more defensive, but
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it turns out within software, there are some cracks. if i were to ask you about zoom video, for instance, that would not be an obvious one. a lot of there are indeed and product develop it comes out of china and that is how they have been able to be so profitable. we have to wonder do these tariffs maybe chip away at that advantage they have on the r&d side? it is very much companyicnot ner by sector. march 2018, we are 18 months in it. have companies been pressured on the margin side, the bottom line? you mentioned maybe they would you mentioned maybe they would cut back with r&d, but tech spending is still strong. are you seeing margin pressure show up? rishi: not really. tech spending at the business level tends to be very strong. outside of an actual macro event that impact the economy, overall business spending, i don't see that slowing down. when a thing about one sector i
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don't want to be invested in and have more peaceful factors around brexit and the tariffs, technology and specifically software is the place to be. taylor: it is a story not going away anytime soon. that was d.a. davidson's rishi jaluria. thank you for joining me. coming up, google may have an another antitrust problem on his hands, this time from a state. we will have the latest on the probe on the search giant next. this is bloomberg. ♪
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taylor: google is facing yet another investigation. bloomberg has learned more than half of states attorneys general are planning to open a ordinate it antitrust probe of the search giant next week. it martha latest attempt by the u.s. government to rein in big
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tech. in july, the u.s. justice department announced a broad review of companies including amazon, facebook and google. a google spokesman says the company continues to "work constructively with regulators, including attorneys general, and answering questions about our business and the dynamic technology sector." joining me from d.c. to discuss, ben brody. lay this out for me. how key is this now that state attorneys general are getting involved? ben: it is a lot of lawyers that google now has to deal with. the sheer number of people signing off on this, going against google does not necessarily signal how strong the case is or isn't. it means google has to deal with document requests, it may have to litigate those issues. it is going to be dealing with a lot of smart, experienced people. it is going to have to potentially go to court. this is something that obviously a large corporation can handle, but it is not fun and it tends to be a distraction that makes a
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company increasingly more careful with how it conducts business. that could stop it from being a sort of dynamic corporation in the competitive landscape. taylor: how does this complicate the story that was already frankly, basically pretty complicated given some of the other ftc and federal government investigations that were already ongoing? ben: right. as far as we are aware, the department of justice is not doing this announcement next week, not as of right now. we believe doj is looking into google's place in mobile operating systems and digital ads. we don't know if it is going to be a new area the states are looking into or they are taking a different tact on one of these issues. it just means more lawyers, more exposure, more documents. there may come a time when those investigations come together, when the doj signs on to what the states are doing or vice
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versa. it becomes a proliferation of manpower that the companies have to deal with. taylor: what is the antitrust issue? isn't it basically assuming customers or consumers have been harmed? i'm not sure consumers have been harmed. is it an ad monopoly? ben: that is something the states will have to tell us what they think it is next week. and certainly, google would say they don't believe there is consumer harm. they are giving away a lot of their products for free and they are very popular. google's right to say that. what these investigators are saying or what the states will be looking at is whether or not the company is using its dominant position, its large market share, its power as a platform, things like that to basically do things that are anticompetitive to suppress innovation, box out upstart competitors. that is what the states are looking into. which exec market they are going to be looking into is not clear. is it something they looked into in europe, a new theory?
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that is something we will be looking into. what exactly the theory is, it is they are somehow abusing their dominance. taylor: that was bloomberg's ben brody. thank you for joining me. another story we are watching, it is all about wework. they are expected to kick off its show soon as it seeks to drum up support for this month's public offering. the company is said to be pursuing $3.5 million in what could be the second largest ipo this year, but it is not the only company that is disrupting the co-working space. wework competitor driven or has opened 10 community working spaces across the u.s., designed to accommodate women specifically. since 2017, the company has raised $21 million with the goal of advancing workplace diversity. joining me from san francisco is the ceo and founder, amy nelson. how do you differentiate yourself from the company that
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most people know, wework? amy: wework is always a a giant in the industry but the riveter is standing somewhere else. we are like a modern-day union for working women. we provide a number of different price levels and access for our members. we cater to a demographic that needs truly flexible work. they might need a part-time never ship or hour-by-hour. we look at how we can advance our community and the workplace through innovative programming like office hours with venture capital investors, as well as exciting programming with celebrities coming in. taylor: how did you take advantage of some of the negative recent press around wework, mainly about their financials. overvalued, high liability. how can you use that to your advantage? amy: we don't try to use it to our advantage but i think it is very instructive to look at how other companies that are going public are showing us the financial growth.
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a venture backed company's job is to take money and use it to fuel its growth. i think the interesting moment wework has now is to think about how they can change the direction if they go public. one thing to note, they don't have any women on their board and i think it is an incredible opportunity for wework to make their board half women. they have so many incredible women leaders in the company, so why not bring them into more public positions? taylor: how do you differentiate yourself financially? you have rival companies that lease instead of loan out there companies. how are you build from the bottom line? amy: our model, we look at it as real estate lite. we are not engaging in massive buildup because we are catering to a demographic that wants more flexible workspace. the riveter is able to go into and withoutey are doing a large buildout. our buildout costs are much lower. taylor: are you profitable?
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amy: all of our spaces are cash flow positive which is a big moment for us. taylor: do you view competitors as a zero-sum game or do you think if they succeed and highlight the success of co-working environments, that everyone can succeed in that space? amy: i think a working is an industry that is just the beginning. as the future of work changes to be more flexible, freelancers and people working in the gig economy will need spaces like this. i like to think of our spaces and how we can cater to really interesting fragments of the economy like working mothers who may have worked full-time jobs but go want to do their work of their own. i think there is enormous opportunity for so many players in this space. taylor: we talk about wework trying to file for the public offering and looking at going public in the coming weeks,
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coming months. any plans for your company to go public? amy: not today. we are just 26 months old so we are very new. down the line, anything can happen. taylor: we believe it there. anything can happen. that was riveter ceo and founder amy nelson. thank you for joining me. still ahead, our exclusive conversation with automotive veteran, as she takes the reins of faraday. his plans for future funding, next. this is bloomberg. ♪
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taylor: just how clean is clean energy? the new issues of bloomberg businessweek looks at the raw materials used to build the batteries that will power
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electric vehicles and their green credentials. it is part of a special double issue, the element. ♪ >> if the 20th century was the age of the internal combustion engine, the 21st century will belong to the battery. in 2040, the majority of car sold around the world will be powered by battery. they will limit far less pollutants, but the elements used in batteries present their own environment of challenges. lithium is a water guzzler. if lithium prices stay low, it may not be worth the cost to buy. the industry would opt for the more environmentally risky method of saltwater underground to extract it. nickel is used. it boosts energy density to let electric vehicles travel faster and farther. a steady stream of nickel is coming. cobalt present an ethics problem. cool,ps keep the battery
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but there are terrible conditions for miners in congo, the world's top producer. some of the workers are as young as four years old. taylor: now sticking with electric vehicles, faraday future has named automotive veteran carsten breitfeld as its new ceo. ahead of taking the reins, he spoke exclusively to ed ludlow at the company's los angeles headquarters and outlined his priorities for faraday. it is promising to make all of this happened. in the next step, to scale the volume and bring the next product to the markets even bigger. $100 billion, it is not so much interest for my understanding. the most important thing is to get the trust of capital market and investors that they understand this company has a great future. if you can make this point, then
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we can progress. this is where i see a bit of my value incoming and here because this company has a great vision. this company has great products. what it is missing is execution. bring the product to the market as fast as possible. this is where i'm coming from. coming from the digital ecosystem and coming from the car industry. i really know how to do cars. i think this combination is perfect to make it happen. ed: you said when the question came of where the money is coming from. one of the biggest report was this company was denying reports of saying something like $600 million from the company. how much of that money has faraday future received? what is the status of the relationship with them? carsten: it is a very important relationship because of this
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company is coming from the digital world. business models and digital ecosystems. they are in the process of raising money now. there are some agreements between faraday. we are not able to disclose yet, but we are in a good path to move forward. ed: as yet, they have not contributed financially to faraday future? carsten: this will be the next step in the upcoming funding round. taylor: that was carsten breitfeld speaking exclusively to ed ludlow. that does it for this edition of bloomberg technology. bloomberg technology is livestreaming on twitter. check us out. follow our global breaking news network, tictoc, on twitter. this is bloomberg. ♪ devices are like doorways
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paul: welcome to daybreak australia. i am paul allen in sydney. shery: i'm shery ahn in new york. selina: i'm selina wang in beijing. we are counting down to made -- asia's major market open. ♪ paul: here are the top stories we are covering in the next hour. the u.k. heads for a brexit election as boris johnson loses control of the parliamentary process. the vote denies the prime minister the right to negotiate
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the split from the european union.

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