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| DealBook Conference: Bill Gates Is ‘All for Super Progressive Tax Systems’ | DealBook Conference: Bill Gates Is ‘All for Super Progressive Tax Systems’ |
| (32 minutes later) | |
| Bill Gates, the Microsoft founder and the co-chair of the Bill and Melinda Gates Foundation, is not convinced by Senator Elizabeth Warren’s wealth tax, which includes a proposal to aggressively tax billionaires, though he admitted that he has not spoken with her about it. | Bill Gates, the Microsoft founder and the co-chair of the Bill and Melinda Gates Foundation, is not convinced by Senator Elizabeth Warren’s wealth tax, which includes a proposal to aggressively tax billionaires, though he admitted that he has not spoken with her about it. |
| “I don’t know how open-minded she is or if she’d even be willing to sit down with somebody who has large amounts of money,” he said. | “I don’t know how open-minded she is or if she’d even be willing to sit down with somebody who has large amounts of money,” he said. |
| Mr. Gates said he was “all for super progressive tax systems,” but if a government taxed too much, it would risk innovation and capital formation. | Mr. Gates said he was “all for super progressive tax systems,” but if a government taxed too much, it would risk innovation and capital formation. |
| “I’ve paid over $10 billion in taxes. I’ve paid more than anyone in taxes,” he said. “You really want the incentive system to be there, and you can go a long ways without threatening that.” | “I’ve paid over $10 billion in taxes. I’ve paid more than anyone in taxes,” he said. “You really want the incentive system to be there, and you can go a long ways without threatening that.” |
| One of the world’s richest people, Mr. Gates has given away $50 billion of his fortune. But he acknowledged a downside to his philanthropy, that by meeting with Jeffrey Epstein, the convicted sex offender, it “credentialized” him. Mr. Gates met with Mr. Epstein on several occasions, starting in 2011. | One of the world’s richest people, Mr. Gates has given away $50 billion of his fortune. But he acknowledged a downside to his philanthropy, that by meeting with Jeffrey Epstein, the convicted sex offender, it “credentialized” him. Mr. Gates met with Mr. Epstein on several occasions, starting in 2011. |
| “I made a mistake in judgment that I thought those discussions would lead to billions of dollars going to global health,” he said. “It turns out that was a mirage, and I gave him some benefit by association, so I made a wrong judgment there.” | “I made a mistake in judgment that I thought those discussions would lead to billions of dollars going to global health,” he said. “It turns out that was a mirage, and I gave him some benefit by association, so I made a wrong judgment there.” |
| In terms of the regulation of big tech companies, Mr. Gates said he was biased, after arguing against the break up of Microsoft two decades ago. | In terms of the regulation of big tech companies, Mr. Gates said he was biased, after arguing against the break up of Microsoft two decades ago. |
| “I didn’t think Microsoft should be broken up, I argued against it and I wouldn’t wish that on anyone,” Mr. Gates said. | “I didn’t think Microsoft should be broken up, I argued against it and I wouldn’t wish that on anyone,” Mr. Gates said. |
| He also discussed political ads in social media. | He also discussed political ads in social media. |
| “No private company can or should make those judgments,” Mr. Gates said of having companies determine what is permitted. “It’s the targeting where you don’t see the hate ad that just appeals to that one person. It’s the targeting that’s really screwed this thing up.” | “No private company can or should make those judgments,” Mr. Gates said of having companies determine what is permitted. “It’s the targeting where you don’t see the hate ad that just appeals to that one person. It’s the targeting that’s really screwed this thing up.” |
| — Sophia June | — Sophia June |
| Kim Kardashian West and her mother, Kris Jenner, discussed the rise of their multimedia empire and the consequences of social media at the DealBook Conference on Wednesday afternoon. | Kim Kardashian West and her mother, Kris Jenner, discussed the rise of their multimedia empire and the consequences of social media at the DealBook Conference on Wednesday afternoon. |
| Ms. Kardashian West, who has 151 million Instagram followers, said she supported the platform’s proposal to remove “likes” from posts as a mental health move. | Ms. Kardashian West, who has 151 million Instagram followers, said she supported the platform’s proposal to remove “likes” from posts as a mental health move. |
| “It would be really beneficial,” she said. “I know the Instagram team has been having lots of inner conversations with a bunch of people to get everyone’s take on that and is taking it really seriously, and that makes me happy.” | “It would be really beneficial,” she said. “I know the Instagram team has been having lots of inner conversations with a bunch of people to get everyone’s take on that and is taking it really seriously, and that makes me happy.” |
| What about those paid Instagram posts? Ms. Kardashian West said she decides on whether to accept offers from brands by taking into account her personal expenses and if it is “on-brand.” | What about those paid Instagram posts? Ms. Kardashian West said she decides on whether to accept offers from brands by taking into account her personal expenses and if it is “on-brand.” |
| “If I have a paid post that comes in, I think I can fund this amount of people behind bars that can help free them with simple legal fees that they just can’t afford then that would be worth it to me, even if the brand is off brand for me,” she said. ”I really weigh out things differently now than I used to.” | “If I have a paid post that comes in, I think I can fund this amount of people behind bars that can help free them with simple legal fees that they just can’t afford then that would be worth it to me, even if the brand is off brand for me,” she said. ”I really weigh out things differently now than I used to.” |
| Ms. Kardashian West, who is studying to be a lawyer, has been active on prison reform and said she plans to start a law firm to help people who have been incarcerated. | Ms. Kardashian West, who is studying to be a lawyer, has been active on prison reform and said she plans to start a law firm to help people who have been incarcerated. |
| — Sophia June | — Sophia June |
| A line of food, perhaps. Or maybe a broader push to emulate the brand power of a company like Disney. | A line of food, perhaps. Or maybe a broader push to emulate the brand power of a company like Disney. |
| Gwyneth Paltrow, the Oscar-winning actress who runs the lifestyle-and-wellness e-commerce business Goop, acknowledged that she had made mistakes since launching the company in 2008. | Gwyneth Paltrow, the Oscar-winning actress who runs the lifestyle-and-wellness e-commerce business Goop, acknowledged that she had made mistakes since launching the company in 2008. |
| Over the years, Goop has been criticized for circulating pseudoscientific claims about the potential health benefits of its merchandise. In the company’s early days, Goop would sell third-party products and simply restate the claims the creators of those products made online — some of which “turned out to not have any basis,” Ms. Paltrow said. | Over the years, Goop has been criticized for circulating pseudoscientific claims about the potential health benefits of its merchandise. In the company’s early days, Goop would sell third-party products and simply restate the claims the creators of those products made online — some of which “turned out to not have any basis,” Ms. Paltrow said. |
| Now, however, Goop has a team of scientific and regulatory experts to vet such claims, she said. | Now, however, Goop has a team of scientific and regulatory experts to vet such claims, she said. |
| “Those were mistakes that we made early on that we don’t make anymore,” Ms. Paltrow said. | “Those were mistakes that we made early on that we don’t make anymore,” Ms. Paltrow said. |
| While she said a line of food was among a number of “options” for the company, Ms. Paltrow stayed mostly tight-lipped about the future of her business. | While she said a line of food was among a number of “options” for the company, Ms. Paltrow stayed mostly tight-lipped about the future of her business. |
| Asked whether she would consider going public or being acquired by a larger company someday, she said, “I just really want to go one quarter at a time.” | Asked whether she would consider going public or being acquired by a larger company someday, she said, “I just really want to go one quarter at a time.” |
| “Thinking about an eventual exit,” she said, “limits the scope of what we’re doing and it limits the scope of innovation.” | “Thinking about an eventual exit,” she said, “limits the scope of what we’re doing and it limits the scope of innovation.” |
| Still, she added, “I don’t want to overvalue us to the point that we could never be acquired.” | Still, she added, “I don’t want to overvalue us to the point that we could never be acquired.” |
| — David Yaffe-Bellany | — David Yaffe-Bellany |
| David Marcus said he knew there would be an enormous amount of backlash to Libra, Facebook’s cryptocurrency announced earlier this year. | David Marcus said he knew there would be an enormous amount of backlash to Libra, Facebook’s cryptocurrency announced earlier this year. |
| Mr. Marcus, the Facebook executive in charge of Libra, admitted he would have done things differently in announcing the initiative. He said he would have stayed away from any intimation that Libra was a “new currency.” Instead he would have underlined the idea that creating new financial infrastructure would help people, especially those in developing countries. | |
| “The way I think about it is as a responsibility, we have to innovate” on behalf of those underserved communities, Mr. Marcus said. | “The way I think about it is as a responsibility, we have to innovate” on behalf of those underserved communities, Mr. Marcus said. |
| The Libra project, which was secretly incubated it inside the company for over a year before being unveiled in June, has faced a torrent of criticism from regulators and central bankers, who cautioned against the idea of a new, unregulated method of transferring money across borders. | The Libra project, which was secretly incubated it inside the company for over a year before being unveiled in June, has faced a torrent of criticism from regulators and central bankers, who cautioned against the idea of a new, unregulated method of transferring money across borders. |
| And the questions surrounding Libra come at a particularly inopportune time. Facebook has grappled with larger issues around privacy, antitrust and disinformation in the lead up to the 2020 presidential election. Facebook initially had 27 partners that it hoped would help give the cryptocurrency legitimacy and spread it. Only 20 remain. | And the questions surrounding Libra come at a particularly inopportune time. Facebook has grappled with larger issues around privacy, antitrust and disinformation in the lead up to the 2020 presidential election. Facebook initially had 27 partners that it hoped would help give the cryptocurrency legitimacy and spread it. Only 20 remain. |
| But Mr. Marcus said he was confident that the partners who had dropped out — including big names in financial services industry like PayPal, Mastercard, and Stripe — would ultimately want to be “part of the innovation” that Libra will bring. | But Mr. Marcus said he was confident that the partners who had dropped out — including big names in financial services industry like PayPal, Mastercard, and Stripe — would ultimately want to be “part of the innovation” that Libra will bring. |
| — Davey Alba | — Davey Alba |
| Airbnb plans to conduct a comprehensive review of every property listed on its platform, as part of a series of initiatives to give customers “peace of mind,” said Brian Chesky, the company’s chief executive. | Airbnb plans to conduct a comprehensive review of every property listed on its platform, as part of a series of initiatives to give customers “peace of mind,” said Brian Chesky, the company’s chief executive. |
| By the end of next year, Airbnb will have checked the accuracy of the photographs and addresses on each posting, as well as verified that listings meet safety standards and that the hosts are who they say they are, Mr. Chesky said. | |
| “We’re going to make sure we can stand behind every single listing, every single host,” he said. “We want to give peace of mind to our guests.” | “We’re going to make sure we can stand behind every single listing, every single host,” he said. “We want to give peace of mind to our guests.” |
| In addition, the company will guarantee refunds to guests who check in to an Airbnb that does not match the listing on the website, and establish a hotline to address concerns from neighbors. | In addition, the company will guarantee refunds to guests who check in to an Airbnb that does not match the listing on the website, and establish a hotline to address concerns from neighbors. |
| “About two million people a night stay in Airbnbs and most without incident,” he said. Still, he added, “It’s hard to prevent every bad thing happening.” | “About two million people a night stay in Airbnbs and most without incident,” he said. Still, he added, “It’s hard to prevent every bad thing happening.” |
| — David Yaffe-Bellany | — David Yaffe-Bellany |
| “Thank God we went public when we did,” said Dara Khosrowshahi, the chief executive of Uber, at the DealBook conference on Wednesday morning. | “Thank God we went public when we did,” said Dara Khosrowshahi, the chief executive of Uber, at the DealBook conference on Wednesday morning. |
| Uber, the most prominent tech company to go public in 2019, has gone through a dramatic transition in the past two years, from the founder’s ousting to its rocky initial public offering in May. | Uber, the most prominent tech company to go public in 2019, has gone through a dramatic transition in the past two years, from the founder’s ousting to its rocky initial public offering in May. |
| In recent months, Mr. Khosrowshahi has launched into a belt-tightening operation to cater to company investors’ appetite for a clearer path to profitability. Uber laid off more than 1,000 workers in three rounds of job cuts, removed top executives and saw board members leave. Mr. Khosrowshahi said the company was on a “strong path” to achieve its goals. | In recent months, Mr. Khosrowshahi has launched into a belt-tightening operation to cater to company investors’ appetite for a clearer path to profitability. Uber laid off more than 1,000 workers in three rounds of job cuts, removed top executives and saw board members leave. Mr. Khosrowshahi said the company was on a “strong path” to achieve its goals. |
| “Fundamentally, the ride-sharing business is upscale, is global, is an attractive business, and is only going to get better in a competitive market,” he said. | “Fundamentally, the ride-sharing business is upscale, is global, is an attractive business, and is only going to get better in a competitive market,” he said. |
| Wednesday represented a milestone in the arc of Uber’s story, as the company’s post-initial public offering lockup expired — meaning that shares held by early investors became eligible to trade on the market. | Wednesday represented a milestone in the arc of Uber’s story, as the company’s post-initial public offering lockup expired — meaning that shares held by early investors became eligible to trade on the market. |
| As the shares become available, and more risk-averse investors sell their stocks, Mr. Khosrowshahi said the company was “going to find alternative investors who believe in the story and believe in the numbers.” | As the shares become available, and more risk-averse investors sell their stocks, Mr. Khosrowshahi said the company was “going to find alternative investors who believe in the story and believe in the numbers.” |
| He defended the company’s position that it would not reclassify its drivers as employees in light of a recently passed bill in California. | He defended the company’s position that it would not reclassify its drivers as employees in light of a recently passed bill in California. |
| “92 percent of our drivers work less than forty hours a week,” he said. “I think this law is misguided and we’re going to fight it.” | “92 percent of our drivers work less than forty hours a week,” he said. “I think this law is misguided and we’re going to fight it.” |
| On Wednesday, Bloomberg reported that 96,000 drivers represented by the New York Taxi Workers Alliance sued Uber in federal court for not repaying taxes it deducted from drivers’ cut of fares. | On Wednesday, Bloomberg reported that 96,000 drivers represented by the New York Taxi Workers Alliance sued Uber in federal court for not repaying taxes it deducted from drivers’ cut of fares. |
| — Davey Alba | — Davey Alba |
| Dennis Muilenburg, Boeing’s chief executive, said that he has considered stepping down in the wake of two fatal accidents involving the company’s 737 Max jets. | Dennis Muilenburg, Boeing’s chief executive, said that he has considered stepping down in the wake of two fatal accidents involving the company’s 737 Max jets. |
| “I’ve thought about it,” Mr. Muilenburg said at the DealBook conference Wednesday morning, during a discussion about how he has handled the fallout from the crashes, which killed 346 people. Mr. Muilenburg said he decided to remain in his position because he feels responsible for getting the company through the crisis. | |
| “I don’t see running away from a challenge, resigning, as a solution,” Mr. Muilenburg said. “These two accidents, they happened on my watch on Boeing. And I feel obligated, I feel responsible to stay on.” | “I don’t see running away from a challenge, resigning, as a solution,” Mr. Muilenburg said. “These two accidents, they happened on my watch on Boeing. And I feel obligated, I feel responsible to stay on.” |
| Mr. Muilenburg said he decided to give up “tens of millions of dollars” in bonus and stock pay until the plane is flying again after meeting with families of victims of the crashes. | Mr. Muilenburg said he decided to give up “tens of millions of dollars” in bonus and stock pay until the plane is flying again after meeting with families of victims of the crashes. |
| “I felt it was important for me to forgo those bonuses and send a message of responsibility,” Mr. Muilenburg said. During recent Congressional hearings, lawmakers assailed Mr. Muilenburg for not taking a pay cut since the accidents. | “I felt it was important for me to forgo those bonuses and send a message of responsibility,” Mr. Muilenburg said. During recent Congressional hearings, lawmakers assailed Mr. Muilenburg for not taking a pay cut since the accidents. |
| When asked why the company believed the plane was safe to fly even though employees had voiced concerns, Mr. Muilenburg said that he would have responded to the first crash differently “if back then we knew everything that we know now.” | When asked why the company believed the plane was safe to fly even though employees had voiced concerns, Mr. Muilenburg said that he would have responded to the first crash differently “if back then we knew everything that we know now.” |
| “We tried at every step to make the best decisions based on the data we had,” Mr. Muilenburg said. “But we could have done better.” | “We tried at every step to make the best decisions based on the data we had,” Mr. Muilenburg said. “But we could have done better.” |
| — Natalie Kitroeff | — Natalie Kitroeff |