Bloomberg Audio Studios, Podcasts, radio News.

Bloomberg Audio Studios, Podcasts, radio News.

Today on Bloomberg Technology, we're going to speak with Reid Hoffman. You perhaps know him best as the co founder of LinkedIn, but the billionaire and investor is also part of a group of Silicon Valley investors that are immersed in this presidential election, rallying behind his or their favorite candidate in the race, Kamala Harris. Reid Hoffman joins US now and read thank you for your time in coming on Bloomberg Technology. You know, the pitch in the plage was to keep this focused on tech. So I would like to ask you why is Kamala Harris the best candidate for the technology industry and benure capitalists around the US.

Today on Bloomberg Technology, we're going to speak with Reid Hoffman. You perhaps know him best as the co founder of LinkedIn, but the billionaire and investor is also part of a group of Silicon Valley investors that are immersed in this presidential election, rallying behind his or their favorite candidate in the race, Kamala Harris. Reid Hoffman joins US now and read thank you for your time in coming on Bloomberg Technology. You know, the pitch in the plage was to keep this focused on tech. So I would like to ask you why is Kamala Harris the best candidate for the technology industry and benure capitalists around the US.

Well, so, what the tech industry needs is kind of a stable environment in order to you know, kind of follow the rules and prosper in an ability because, by the way, one of the things that the tech industry brings to the US is a kind of a It's one of our most successful global industries where most of for example, the large tech companies get the vast majority of the revenues overseas, like the majority and depends on the business and so good global relations, in addition to stability and an ability to kind of know that you're following a rule of law versus what I think of as grifter or capitalism.

Well, so, what the tech industry needs is kind of a stable environment in order to you know, kind of follow the rules and prosper in an ability because, by the way, one of the things that the tech industry brings to the US is a kind of a It's one of our most successful global industries where most of for example, the large tech companies get the vast majority of the revenues overseas, like the majority and depends on the business and so good global relations, in addition to stability and an ability to kind of know that you're following a rule of law versus what I think of as grifter or capitalism.

All of that leads.

All of that leads.

To, like, you know, the reason why I and others like me support Vice President Harris for president because I think those are the more fundamental things. Then you know whether or not a corporate tax rate goes up or down a little. Obviously those can be important in other other times for business. But that's the reason why I think within the technology industry, I think it's a fairly clear choice.

To, like, you know, the reason why I and others like me support Vice President Harris for president because I think those are the more fundamental things. Then you know whether or not a corporate tax rate goes up or down a little. Obviously those can be important in other other times for business. But that's the reason why I think within the technology industry, I think it's a fairly clear choice.

Read we recently had SEC check against on the program, and a part of the conversation for both candidates is continuity at the FTC and the You've actually spoken publicly, I think about both already, But what is your latest position on those two roles. Lena Kahn and Gary Gensler if Kamala Harris were to continue in the White House due to their impact on the technology industry.

Read we recently had SEC check against on the program, and a part of the conversation for both candidates is continuity at the FTC and the You've actually spoken publicly, I think about both already, But what is your latest position on those two roles. Lena Kahn and Gary Gensler if Kamala Harris were to continue in the White House due to their impact on the technology industry.

Well, let's see.

Well, let's see.

So, first, since I've spoken, because I get asked a lot about Lena Cohn, I've spoken more about Lena Kahn. You know, one misconception to clear up is I've never ever talked to Kamala Harris or anyone in the White House about Lena kN for this. So this is entirely a press set of stories where I'm asked about my point of view, and I think she's done a very good job on a number of things, the anti compete stuff that click to cancel and subscriptions, a number of things on M and A. Speaking as a partner at Greyloc and as a Silicon Valley person who invests in companies trying to create the next generational large tech companies, her you know, kind of like waging war on M A is actually, in fact as unhelpful to the tech industry. It actually accomplishes something different than what she thinks she's accomplishing. She thinks she's trying to accomplish the you know, kind of the limitation of the growth of the large tech companies, and actually, in fact, she's causing a lack of funding for any of the companies that might potentially compete with them. And so that's a that's a different thing, and that's the that's the Lena Khan, which I still have the same point of view, and I've asked about it from anyone and from an.

So, first, since I've spoken, because I get asked a lot about Lena Cohn, I've spoken more about Lena Kahn. You know, one misconception to clear up is I've never ever talked to Kamala Harris or anyone in the White House about Lena kN for this. So this is entirely a press set of stories where I'm asked about my point of view, and I think she's done a very good job on a number of things, the anti compete stuff that click to cancel and subscriptions, a number of things on M and A. Speaking as a partner at Greyloc and as a Silicon Valley person who invests in companies trying to create the next generational large tech companies, her you know, kind of like waging war on M A is actually, in fact as unhelpful to the tech industry. It actually accomplishes something different than what she thinks she's accomplishing. She thinks she's trying to accomplish the you know, kind of the limitation of the growth of the large tech companies, and actually, in fact, she's causing a lack of funding for any of the companies that might potentially compete with them. And so that's a that's a different thing, and that's the that's the Lena Khan, which I still have the same point of view, and I've asked about it from anyone and from an.

Expertise point of view.

Expertise point of view.

I will continue to say that Gary Gensler, I think the question, and I know Gary, I've talked to him from the MIT days, is how do you kind of shift kind of a kind of approach to crypto that's less kind of hit with stick and more of a here's the set.

I will continue to say that Gary Gensler, I think the question, and I know Gary, I've talked to him from the MIT days, is how do you kind of shift kind of a kind of approach to crypto that's less kind of hit with stick and more of a here's the set.

Of rules that we could set out that would.

Of rules that we could set out that would.

Create a beneficial technological investment that helps us position globally. And I think it's been uneven and so I would hope that, you know, Vice President Harris, who grew up within the California tech community, understands the importance of this kind of rule of law, you know, kind of equal basis innovation economy. She talked about, you know, kind of innovation opportunities. She's the only presidential candidate in US history who's spoken about the importance of founders. And so I hope that she would bring a kind of a more innovation forward point of view here. And you know, would anticipate that.

Create a beneficial technological investment that helps us position globally. And I think it's been uneven and so I would hope that, you know, Vice President Harris, who grew up within the California tech community, understands the importance of this kind of rule of law, you know, kind of equal basis innovation economy. She talked about, you know, kind of innovation opportunities. She's the only presidential candidate in US history who's spoken about the importance of founders. And so I hope that she would bring a kind of a more innovation forward point of view here. And you know, would anticipate that.

An innovation forward perspective is that the key difference that you anticipate if hypothetically we had a Harris administration, a difference from the current Biden administration, or where else might she differ.

An innovation forward perspective is that the key difference that you anticipate if hypothetically we had a Harris administration, a difference from the current Biden administration, or where else might she differ.

Well, I think so she has always brought a certain you know talk to her over the years, and this intellectual curiosity to what's going on in the tech industry, how that can help everyday Americans, how that can help the rest of American industry. And so it's kind of like, look, I realized that the tech industry is about innovation and building new things, and those building of new things or new products and services, but there are also ways that can help all of America.

Well, I think so she has always brought a certain you know talk to her over the years, and this intellectual curiosity to what's going on in the tech industry, how that can help everyday Americans, how that can help the rest of American industry. And so it's kind of like, look, I realized that the tech industry is about innovation and building new things, and those building of new things or new products and services, but there are also ways that can help all of America.

And those are the questions that she's asked. Now.

And those are the questions that she's asked. Now.

Biden, who has done a number of great things in his presidency. You know, he's controlled inflation better than you know, post COVID than any other you know, kind of first world country in doing that, and I think has done a number of very good things, but he has not been as engaged with the tech industry, whereas I think, you know, Vice President Harris, including you know, kind of in her very acceptance speech, has been And so I think that that kind of of of of how do we engage in the conversation. I mean, look, for example, what she did in the artificial intelligence you know, regulation and executive order process. She ran That first thing she did is She brought the companies into the White House to say, hey, we really need you guys to be going foot forward on safety and regulation. What kinds of things can you voluntarily commit to? You know, I talked to the folks who were there. She pushed them very harder map then she looked at Okay, so this is what they can commit to. Here's what we can put into an executive order law, here's what we can do to ongoing.

Biden, who has done a number of great things in his presidency. You know, he's controlled inflation better than you know, post COVID than any other you know, kind of first world country in doing that, and I think has done a number of very good things, but he has not been as engaged with the tech industry, whereas I think, you know, Vice President Harris, including you know, kind of in her very acceptance speech, has been And so I think that that kind of of of of how do we engage in the conversation. I mean, look, for example, what she did in the artificial intelligence you know, regulation and executive order process. She ran That first thing she did is She brought the companies into the White House to say, hey, we really need you guys to be going foot forward on safety and regulation. What kinds of things can you voluntarily commit to? You know, I talked to the folks who were there. She pushed them very harder map then she looked at Okay, so this is what they can commit to. Here's what we can put into an executive order law, here's what we can do to ongoing.

Monitor or what happened and leave room renovation.

Monitor or what happened and leave room renovation.

That's what I expect across her approaching the entire technology industry with AI as the instance of it.

That's what I expect across her approaching the entire technology industry with AI as the instance of it.

Let's go to the other hypothetical, because she's engaging at the moment with the tech community. But many would say that Trump is very much engaging with the technology community with the amount that he's having Elon Musk on stage. If we see Musk taking a bigger role within a future administration, what does that mean for you and ultimately for the relationship that Silicon Valley has with Elon the.

Let's go to the other hypothetical, because she's engaging at the moment with the tech community. But many would say that Trump is very much engaging with the technology community with the amount that he's having Elon Musk on stage. If we see Musk taking a bigger role within a future administration, what does that mean for you and ultimately for the relationship that Silicon Valley has with Elon the.

Musk Well, I think it depends on what the Trump administration, what Elon does. I think you know, the the Trump you know Trump and Trump presidency one, you know, his his early presidency has shown a certain amount of grifter capitalism. It's like trying to penalize his opponents using the instruments of state. You know, obviously, you know, we saw that happen with Amazon, which probably is you know, no inside knowledge, that probably correlated with Bezos's you know, forbidding the Washington Post from issuing a support statement. And so it's kind of like the if you're going to be individual company retaliatory, It's part of what might underlie a terrorist regime, is I can choose like who I'm going out favors to that does not create a good stable environment for investing in you know, kind of like you know, how do you invest in an overall industry and ecosystem. And so then the question, you know, would come down with Elon. Obviously, Elon's businesses have great ties to government. I mean, the whole space business is deeply tied to regulation and kind of government contracts. Automobiles is also tied to a bunch of regulatory frameworks.

Musk Well, I think it depends on what the Trump administration, what Elon does. I think you know, the the Trump you know Trump and Trump presidency one, you know, his his early presidency has shown a certain amount of grifter capitalism. It's like trying to penalize his opponents using the instruments of state. You know, obviously, you know, we saw that happen with Amazon, which probably is you know, no inside knowledge, that probably correlated with Bezos's you know, forbidding the Washington Post from issuing a support statement. And so it's kind of like the if you're going to be individual company retaliatory, It's part of what might underlie a terrorist regime, is I can choose like who I'm going out favors to that does not create a good stable environment for investing in you know, kind of like you know, how do you invest in an overall industry and ecosystem. And so then the question, you know, would come down with Elon. Obviously, Elon's businesses have great ties to government. I mean, the whole space business is deeply tied to regulation and kind of government contracts. Automobiles is also tied to a bunch of regulatory frameworks.

Obviously, you know what's going on with.

Obviously, you know what's going on with.

You know, kind of media and information has ties there too, and I think unfortunately X dot Com is the primary supporter of conspiracy theories and you know, other kinds of things, which is a serious problem.

You know, kind of media and information has ties there too, and I think unfortunately X dot Com is the primary supporter of conspiracy theories and you know, other kinds of things, which is a serious problem.

All of that, the question.

All of that, the question.

Is is, all right, well, does it continue to be grifter capitalism which is calling out to specific companies, or is it rule of law?

Is is, all right, well, does it continue to be grifter capitalism which is calling out to specific companies, or is it rule of law?

Read on X and conspiracy theories. Bloomberg did a deep report, a data based piece of investiative journalism on that recently, and in that segment on the show, which you can find on YouTube, we gave X's point of view, which is that they disagree with that. And if you allow me to, I've invited Elon Musk onto this program many times and you are here and he's not. Something's different in this election. You're a well known person in the world of technology, but there are others on both sides who are speaking out, in my experience, more prominently than previously. Have there been any negative consequences of that, For example, if you are a venture capitalist or a CEO that publicly speaking about your political orientation and your support of a candidate has resulted in a loss of opportunity in deals or whatever it may be.

Read on X and conspiracy theories. Bloomberg did a deep report, a data based piece of investiative journalism on that recently, and in that segment on the show, which you can find on YouTube, we gave X's point of view, which is that they disagree with that. And if you allow me to, I've invited Elon Musk onto this program many times and you are here and he's not. Something's different in this election. You're a well known person in the world of technology, but there are others on both sides who are speaking out, in my experience, more prominently than previously. Have there been any negative consequences of that, For example, if you are a venture capitalist or a CEO that publicly speaking about your political orientation and your support of a candidate has resulted in a loss of opportunity in deals or whatever it may be.

Well, I've seen and you know, I think you know this in something that's this fraught, you know, I don't think it's just you know, retaliation in business circumstances from folks who are supporting Trump. Like I saw, you know, kind of you know, when vcs were speaking out, some LPs were very supportive of Trump, not at gray Lock in this, but in other firms kind of uh, you know, withdrew their support from the venture firms. I've seen other kinds of things where you know, people you know kind of uh, you know, kind of business relationship have soured because of it, you know, which I think is very unfortunate. I mean, I actually think the part of what we should aspire to as Americans and as business people is to is to kind of say, hey, look, what we should do is say what's the thing that we do to make American business and American industry better? And you know, like I've I've heard of Republican senators trash talking me internationally where you know, you think they'd be supportive of American business people. So I think that there is I think there are consequences of it, which you know, I think is unfortunate. But I think it's more important to be you know, kind of patriotic about what is good for America, American industry and American society even when you.

Well, I've seen and you know, I think you know this in something that's this fraught, you know, I don't think it's just you know, retaliation in business circumstances from folks who are supporting Trump. Like I saw, you know, kind of you know, when vcs were speaking out, some LPs were very supportive of Trump, not at gray Lock in this, but in other firms kind of uh, you know, withdrew their support from the venture firms. I've seen other kinds of things where you know, people you know kind of uh, you know, kind of business relationship have soured because of it, you know, which I think is very unfortunate. I mean, I actually think the part of what we should aspire to as Americans and as business people is to is to kind of say, hey, look, what we should do is say what's the thing that we do to make American business and American industry better? And you know, like I've I've heard of Republican senators trash talking me internationally where you know, you think they'd be supportive of American business people. So I think that there is I think there are consequences of it, which you know, I think is unfortunate. But I think it's more important to be you know, kind of patriotic about what is good for America, American industry and American society even when you.

Have this here, let's talking about the souring of certain relationships. The first one that comes to my mind is the souring of the relationship of who was a co founder of open AI, Elon Musk and now open AI more explicitly in its new form. Have you spoken to Sam Altman about and indeed Open AI about the worries of Edol Musk, who seems to have a dislike for the business if he took a more prominent role within the administration, What would it look like for AI more broadly to have Elon Musk in a position of power.

Have this here, let's talking about the souring of certain relationships. The first one that comes to my mind is the souring of the relationship of who was a co founder of open AI, Elon Musk and now open AI more explicitly in its new form. Have you spoken to Sam Altman about and indeed Open AI about the worries of Edol Musk, who seems to have a dislike for the business if he took a more prominent role within the administration, What would it look like for AI more broadly to have Elon Musk in a position of power.

Well, one of the things that I would worry about if Elon took a more prominent role is that he would view that the only real success for you.

Well, one of the things that I would worry about if Elon took a more prominent role is that he would view that the only real success for you.

Know, the AI industry is if he is doing it.

Know, the AI industry is if he is doing it.

I mean, this is part of the question around the fact that he's kind of doing these baseless lawsuits against open AI that are you know, kind of like, well, I gave money philanthropically and I should kind of cut of what then turns into commercial which is by the way, illegal, right, and so you know, so that kind of of of of issue might then rear its head in this kind of tree radition of you know, kind.

I mean, this is part of the question around the fact that he's kind of doing these baseless lawsuits against open AI that are you know, kind of like, well, I gave money philanthropically and I should kind of cut of what then turns into commercial which is by the way, illegal, right, and so you know, so that kind of of of of issue might then rear its head in this kind of tree radition of you know, kind.

Of Trump's grifter or capitalism.

Of Trump's grifter or capitalism.

I would hope that actually, in fact, if Elon were to accept a role, that he would go, Look, what I care about is all of them, you know, the tech sector of American industry, not just my own efforts.

I would hope that actually, in fact, if Elon were to accept a role, that he would go, Look, what I care about is all of them, you know, the tech sector of American industry, not just my own efforts.

And I think we'd have to see what would play out.

And I think we'd have to see what would play out.

Then.

Then.

The latest on the listigation between the two, I believe is also the eighth when Open AI accused Elon Musk of harassment in that legal fight, and again we've covered it on this program Read and we'll go back to it. Is AI and regulation of AI being discussed enough in this election by either candidate.

The latest on the listigation between the two, I believe is also the eighth when Open AI accused Elon Musk of harassment in that legal fight, and again we've covered it on this program Read and we'll go back to it. Is AI and regulation of AI being discussed enough in this election by either candidate.

Well, I'm not sure that it's the most central thing for kind of the general American society at the moment. Look, I think the how we get the benefits of AI for American industry, American society, American consumers, I think is really important. And one of the things about regulation is it tends to slow down innovation, that tends to delay and I think are tools for getting a medical assistant on every smartphone, a tutor on every smartphone for every American and maybe even more globally. I think those are the important things to be trying to get to. And that's less of a discussion about you know, AI in the election, but more kind of a like we should be building towards the future.

Well, I'm not sure that it's the most central thing for kind of the general American society at the moment. Look, I think the how we get the benefits of AI for American industry, American society, American consumers, I think is really important. And one of the things about regulation is it tends to slow down innovation, that tends to delay and I think are tools for getting a medical assistant on every smartphone, a tutor on every smartphone for every American and maybe even more globally. I think those are the important things to be trying to get to. And that's less of a discussion about you know, AI in the election, but more kind of a like we should be building towards the future.

Read if former President Trump were to get a second term in office, how are you preparing for that and how do you approach it were that to be the case.

Read if former President Trump were to get a second term in office, how are you preparing for that and how do you approach it were that to be the case.

Well, if that's the case, then I would hope for the folks who who have argued to me that you know, you shouldn't actually in fact take President Trump's words seriously. That the fact that he is declaring a you know, like a tariff for w where you can do individual kind of grifter capitalism, but that's actually not what he's.

Well, if that's the case, then I would hope for the folks who who have argued to me that you know, you shouldn't actually in fact take President Trump's words seriously. That the fact that he is declaring a you know, like a tariff for w where you can do individual kind of grifter capitalism, but that's actually not what he's.

Going to do.

Going to do.

That he's going to try to be more business forward, more technology forward, and you should not be paying attention to what his words are. I would hope that they would be they would be correct if it ends up being what I fear, which is actually in fact a you know, kind of an individual kind of uh, you know, CLI sweating various businesses for his own kind of political favor. I think that will affect American industry in a way that will affect American prosperity, and so I think you have to. You have to you build in more resilience to chaos and uncertainty, and that's what you would do. I'm obviously very hopeful that Vice President Harris will win the election, and so therefore haven't done enormous contingency planning yet.

That he's going to try to be more business forward, more technology forward, and you should not be paying attention to what his words are. I would hope that they would be they would be correct if it ends up being what I fear, which is actually in fact a you know, kind of an individual kind of uh, you know, CLI sweating various businesses for his own kind of political favor. I think that will affect American industry in a way that will affect American prosperity, and so I think you have to. You have to you build in more resilience to chaos and uncertainty, and that's what you would do. I'm obviously very hopeful that Vice President Harris will win the election, and so therefore haven't done enormous contingency planning yet.

I want to thank you so much for your perspective today as you do. Indeed, back Vice Paradism and Harris for the administration is the future. Gray Lot partner Reaed Hoffman, I appreciate it.

I want to thank you so much for your perspective today as you do. Indeed, back Vice Paradism and Harris for the administration is the future. Gray Lot partner Reaed Hoffman, I appreciate it.