WEBVTT - Greylock Partner & LinkedIn cofounder Reid Hoffman Talks Election

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>Today on Bloomberg Technology, we're going to speak with Reid Hoffman.

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<v Speaker 2>You perhaps know him best as the co founder of LinkedIn,

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<v Speaker 2>but the billionaire and investor is also part of a

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<v Speaker 2>group of Silicon Valley investors that are immersed in this

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<v Speaker 2>presidential election, rallying behind his or their favorite candidate in

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<v Speaker 2>the race, Kamala Harris. Reid Hoffman joins US now and

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<v Speaker 2>read thank you for your time in coming on Bloomberg Technology.

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<v Speaker 2>You know, the pitch in the plage was to keep

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<v Speaker 2>this focused on tech. So I would like to ask

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<v Speaker 2>you why is Kamala Harris the best candidate for the

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<v Speaker 2>technology industry and benure capitalists around the US.

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<v Speaker 3>Well, so, what the tech industry needs is kind of

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<v Speaker 3>a stable environment in order to you know, kind of

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<v Speaker 3>follow the rules and prosper in an ability because, by

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<v Speaker 3>the way, one of the things that the tech industry

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<v Speaker 3>brings to the US is a kind of a It's

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<v Speaker 3>one of our most successful global industries where most of

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<v Speaker 3>for example, the large tech companies get the vast majority

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<v Speaker 3>of the revenues overseas, like the majority and depends on

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<v Speaker 3>the business and so good global relations, in addition to

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<v Speaker 3>stability and an ability to kind of know that you're

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<v Speaker 3>following a rule of law versus what I think of

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<v Speaker 3>as grifter or capitalism.

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<v Speaker 1>All of that leads.

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<v Speaker 3>To, like, you know, the reason why I and others

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<v Speaker 3>like me support Vice President Harris for president because I

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<v Speaker 3>think those are the more fundamental things. Then you know

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<v Speaker 3>whether or not a corporate tax rate goes up or

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<v Speaker 3>down a little. Obviously those can be important in other

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<v Speaker 3>other times for business. But that's the reason why I

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<v Speaker 3>think within the technology industry, I think it's a fairly

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<v Speaker 3>clear choice.

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<v Speaker 2>Read we recently had SEC check against on the program,

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<v Speaker 2>and a part of the conversation for both candidates is

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<v Speaker 2>continuity at the FTC and the You've actually spoken publicly,

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<v Speaker 2>I think about both already, But what is your latest

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<v Speaker 2>position on those two roles. Lena Kahn and Gary Gensler

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<v Speaker 2>if Kamala Harris were to continue in the White House

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<v Speaker 2>due to their impact on the technology industry.

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<v Speaker 1>Well, let's see.

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<v Speaker 3>So, first, since I've spoken, because I get asked a

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<v Speaker 3>lot about Lena Cohn, I've spoken more about Lena Kahn.

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<v Speaker 3>You know, one misconception to clear up is I've never

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<v Speaker 3>ever talked to Kamala Harris or anyone in the White

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<v Speaker 3>House about Lena kN for this. So this is entirely

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<v Speaker 3>a press set of stories where I'm asked about my

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<v Speaker 3>point of view, and I think she's done a very

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<v Speaker 3>good job on a number of things, the anti compete

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<v Speaker 3>stuff that click to cancel and subscriptions, a number of

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<v Speaker 3>things on M and A. Speaking as a partner at

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<v Speaker 3>Greyloc and as a Silicon Valley person who invests in

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<v Speaker 3>companies trying to create the next generational large tech companies,

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<v Speaker 3>her you know, kind of like waging war on M

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<v Speaker 3>A is actually, in fact as unhelpful to the tech industry.

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<v Speaker 3>It actually accomplishes something different than what she thinks she's accomplishing.

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<v Speaker 3>She thinks she's trying to accomplish the you know, kind

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<v Speaker 3>of the limitation of the growth of the large tech companies,

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<v Speaker 3>and actually, in fact, she's causing a lack of funding

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<v Speaker 3>for any of the companies that might potentially compete with them.

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<v Speaker 3>And so that's a that's a different thing, and that's

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<v Speaker 3>the that's the Lena Khan, which I still have the

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<v Speaker 3>same point of view, and I've asked about it from

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<v Speaker 3>anyone and from an.

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<v Speaker 1>Expertise point of view.

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<v Speaker 3>I will continue to say that Gary Gensler, I think

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<v Speaker 3>the question, and I know Gary, I've talked to him

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<v Speaker 3>from the MIT days, is how do you kind of

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<v Speaker 3>shift kind of a kind of approach to crypto that's

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<v Speaker 3>less kind of hit with stick and more of a

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<v Speaker 3>here's the set.

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<v Speaker 1>Of rules that we could set out that would.

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<v Speaker 3>Create a beneficial technological investment that helps us position globally.

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<v Speaker 3>And I think it's been uneven and so I would

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<v Speaker 3>hope that, you know, Vice President Harris, who grew up

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<v Speaker 3>within the California tech community, understands the importance of this

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<v Speaker 3>kind of rule of law, you know, kind of equal

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<v Speaker 3>basis innovation economy. She talked about, you know, kind of

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<v Speaker 3>innovation opportunities. She's the only presidential candidate in US history

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<v Speaker 3>who's spoken about the importance of founders. And so I

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<v Speaker 3>hope that she would bring a kind of a more

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<v Speaker 3>innovation forward point of view here. And you know, would

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<v Speaker 3>anticipate that.

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<v Speaker 4>An innovation forward perspective is that the key difference that

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<v Speaker 4>you anticipate if hypothetically we had a Harris administration, a

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<v Speaker 4>difference from the current Biden administration, or where else might

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<v Speaker 4>she differ.

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<v Speaker 3>Well, I think so she has always brought a certain

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<v Speaker 3>you know talk to her over the years, and this

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<v Speaker 3>intellectual curiosity to what's going on in the tech industry,

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<v Speaker 3>how that can help everyday Americans, how that can help

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<v Speaker 3>the rest of American industry. And so it's kind of like, look,

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<v Speaker 3>I realized that the tech industry is about innovation and

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<v Speaker 3>building new things, and those building of new things or

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<v Speaker 3>new products and services, but there are also ways that

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<v Speaker 3>can help all of America.

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<v Speaker 1>And those are the questions that she's asked. Now.

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<v Speaker 3>Biden, who has done a number of great things in

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<v Speaker 3>his presidency. You know, he's controlled inflation better than you know,

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<v Speaker 3>post COVID than any other you know, kind of first

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<v Speaker 3>world country in doing that, and I think has done

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<v Speaker 3>a number of very good things, but he has not

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<v Speaker 3>been as engaged with the tech industry, whereas I think,

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<v Speaker 3>you know, Vice President Harris, including you know, kind of

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<v Speaker 3>in her very acceptance speech, has been And so I

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<v Speaker 3>think that that kind of of of of how do

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<v Speaker 3>we engage in the conversation. I mean, look, for example,

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<v Speaker 3>what she did in the artificial intelligence you know, regulation

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<v Speaker 3>and executive order process. She ran That first thing she

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<v Speaker 3>did is She brought the companies into the White House

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<v Speaker 3>to say, hey, we really need you guys to be

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<v Speaker 3>going foot forward on safety and regulation. What kinds of

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<v Speaker 3>things can you voluntarily commit to? You know, I talked

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<v Speaker 3>to the folks who were there. She pushed them very

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<v Speaker 3>harder map then she looked at Okay, so this is

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<v Speaker 3>what they can commit to. Here's what we can put

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<v Speaker 3>into an executive order law, here's what we can do

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<v Speaker 3>to ongoing.

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<v Speaker 1>Monitor or what happened and leave room renovation.

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<v Speaker 3>That's what I expect across her approaching the entire technology

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<v Speaker 3>industry with AI as the instance of it.

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<v Speaker 4>Let's go to the other hypothetical, because she's engaging at

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<v Speaker 4>the moment with the tech community. But many would say

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<v Speaker 4>that Trump is very much engaging with the technology community

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<v Speaker 4>with the amount that he's having Elon Musk on stage.

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<v Speaker 4>If we see Musk taking a bigger role within a

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<v Speaker 4>future administration, what does that mean for you and ultimately

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<v Speaker 4>for the relationship that Silicon Valley has with Elon the.

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<v Speaker 3>Musk Well, I think it depends on what the Trump administration,

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<v Speaker 3>what Elon does. I think you know, the the Trump

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<v Speaker 3>you know Trump and Trump presidency one, you know, his

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<v Speaker 3>his early presidency has shown a certain amount of grifter capitalism.

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<v Speaker 3>It's like trying to penalize his opponents using the instruments

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<v Speaker 3>of state. You know, obviously, you know, we saw that

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<v Speaker 3>happen with Amazon, which probably is you know, no inside knowledge,

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<v Speaker 3>that probably correlated with Bezos's you know, forbidding the Washington

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<v Speaker 3>Post from issuing a support statement. And so it's kind

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<v Speaker 3>of like the if you're going to be individual company retaliatory,

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<v Speaker 3>It's part of what might underlie a terrorist regime, is

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<v Speaker 3>I can choose like who I'm going out favors to

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<v Speaker 3>that does not create a good stable environment for investing

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<v Speaker 3>in you know, kind of like you know, how do

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<v Speaker 3>you invest in an overall industry and ecosystem. And so

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<v Speaker 3>then the question, you know, would come down with Elon. Obviously,

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<v Speaker 3>Elon's businesses have great ties to government. I mean, the

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<v Speaker 3>whole space business is deeply tied to regulation and kind

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<v Speaker 3>of government contracts. Automobiles is also tied to a bunch

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<v Speaker 3>of regulatory frameworks.

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<v Speaker 1>Obviously, you know what's going on with.

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<v Speaker 3>You know, kind of media and information has ties there too,

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<v Speaker 3>and I think unfortunately X dot Com is the primary

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<v Speaker 3>supporter of conspiracy theories and you know, other kinds of things,

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<v Speaker 3>which is a serious problem.

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<v Speaker 1>All of that, the question.

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<v Speaker 3>Is is, all right, well, does it continue to be

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<v Speaker 3>grifter capitalism which is calling out to specific companies, or

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<v Speaker 3>is it rule of law?

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<v Speaker 2>Read on X and conspiracy theories. Bloomberg did a deep report,

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<v Speaker 2>a data based piece of investiative journalism on that recently,

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<v Speaker 2>and in that segment on the show, which you can

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<v Speaker 2>find on YouTube, we gave X's point of view, which

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<v Speaker 2>is that they disagree with that. And if you allow

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<v Speaker 2>me to, I've invited Elon Musk onto this program many

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<v Speaker 2>times and you are here and he's not. Something's different

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<v Speaker 2>in this election. You're a well known person in the

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<v Speaker 2>world of technology, but there are others on both sides

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<v Speaker 2>who are speaking out, in my experience, more prominently than previously.

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<v Speaker 2>Have there been any negative consequences of that, For example,

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<v Speaker 2>if you are a venture capitalist or a CEO that

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<v Speaker 2>publicly speaking about your political orientation and your support of

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<v Speaker 2>a candidate has resulted in a loss of opportunity in

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<v Speaker 2>deals or whatever it may be.

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<v Speaker 3>Well, I've seen and you know, I think you know

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<v Speaker 3>this in something that's this fraught, you know, I don't

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<v Speaker 3>think it's just you know, retaliation in business circumstances from

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<v Speaker 3>folks who are supporting Trump. Like I saw, you know,

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<v Speaker 3>kind of you know, when vcs were speaking out, some

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<v Speaker 3>LPs were very supportive of Trump, not at gray Lock

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<v Speaker 3>in this, but in other firms kind of uh, you know,

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<v Speaker 3>withdrew their support from the venture firms. I've seen other

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<v Speaker 3>kinds of things where you know, people you know kind

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<v Speaker 3>of uh, you know, kind of business relationship have soured

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<v Speaker 3>because of it, you know, which I think is very unfortunate.

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<v Speaker 3>I mean, I actually think the part of what we

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<v Speaker 3>should aspire to as Americans and as business people is

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<v Speaker 3>to is to kind of say, hey, look, what we

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<v Speaker 3>should do is say what's the thing that we do

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<v Speaker 3>to make American business and American industry better? And you know,

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<v Speaker 3>like I've I've heard of Republican senators trash talking me

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<v Speaker 3>internationally where you know, you think they'd be supportive of

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<v Speaker 3>American business people. So I think that there is I

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<v Speaker 3>think there are consequences of it, which you know, I

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<v Speaker 3>think is unfortunate. But I think it's more important to

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<v Speaker 3>be you know, kind of patriotic about what is good

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<v Speaker 3>for America, American industry and American society even when you.

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<v Speaker 4>Have this here, let's talking about the souring of certain relationships.

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<v Speaker 4>The first one that comes to my mind is the

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<v Speaker 4>souring of the relationship of who was a co founder

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<v Speaker 4>of open AI, Elon Musk and now open AI more

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<v Speaker 4>explicitly in its new form. Have you spoken to Sam

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<v Speaker 4>Altman about and indeed Open AI about the worries of

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<v Speaker 4>Edol Musk, who seems to have a dislike for the

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<v Speaker 4>business if he took a more prominent role within the administration,

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<v Speaker 4>What would it look like for AI more broadly to

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<v Speaker 4>have Elon Musk in a position of power.

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<v Speaker 3>Well, one of the things that I would worry about

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<v Speaker 3>if Elon took a more prominent role is that he

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<v Speaker 3>would view that the only real success for you.

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<v Speaker 1>Know, the AI industry is if he is doing it.

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<v Speaker 3>I mean, this is part of the question around the

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<v Speaker 3>fact that he's kind of doing these baseless lawsuits against

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<v Speaker 3>open AI that are you know, kind of like, well,

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<v Speaker 3>I gave money philanthropically and I should kind of cut

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<v Speaker 3>of what then turns into commercial which is by the way, illegal, right,

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<v Speaker 3>and so you know, so that kind of of of

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<v Speaker 3>of issue might then rear its head in this kind

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<v Speaker 3>of tree radition of you know, kind.

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<v Speaker 1>Of Trump's grifter or capitalism.

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<v Speaker 3>I would hope that actually, in fact, if Elon were

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<v Speaker 3>to accept a role, that he would go, Look, what

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<v Speaker 3>I care about is all of them, you know, the

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<v Speaker 3>tech sector of American industry, not just my own efforts.

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<v Speaker 1>And I think we'd have to see what would play out.

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<v Speaker 3>Then.

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<v Speaker 2>The latest on the listigation between the two, I believe

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<v Speaker 2>is also the eighth when Open AI accused Elon Musk

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<v Speaker 2>of harassment in that legal fight, and again we've covered

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<v Speaker 2>it on this program Read and we'll go back to it.

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<v Speaker 2>Is AI and regulation of AI being discussed enough in

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<v Speaker 2>this election by either candidate.

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<v Speaker 3>Well, I'm not sure that it's the most central thing

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<v Speaker 3>for kind of the general American society at the moment. Look,

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<v Speaker 3>I think the how we get the benefits of AI

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<v Speaker 3>for American industry, American society, American consumers, I think is

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<v Speaker 3>really important. And one of the things about regulation is

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<v Speaker 3>it tends to slow down innovation, that tends to delay

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<v Speaker 3>and I think are tools for getting a medical assistant

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<v Speaker 3>on every smartphone, a tutor on every smartphone for every

0:13:08.840 --> 0:13:12.360
<v Speaker 3>American and maybe even more globally. I think those are

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<v Speaker 3>the important things to be trying to get to. And

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<v Speaker 3>that's less of a discussion about you know, AI in

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<v Speaker 3>the election, but more kind of a like we should

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<v Speaker 3>be building towards the future.

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<v Speaker 2>Read if former President Trump were to get a second

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<v Speaker 2>term in office, how are you preparing for that and

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<v Speaker 2>how do you approach it were that to be the case.

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<v Speaker 3>Well, if that's the case, then I would hope for

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<v Speaker 3>the folks who who have argued to me that you know,

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<v Speaker 3>you shouldn't actually in fact take President Trump's words seriously.

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<v Speaker 3>That the fact that he is declaring a you know,

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<v Speaker 3>like a tariff for w where you can do individual

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<v Speaker 3>kind of grifter capitalism, but that's actually not what he's.

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<v Speaker 1>Going to do.

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<v Speaker 3>That he's going to try to be more business forward,

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<v Speaker 3>more technology forward, and you should not be paying attention

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<v Speaker 3>to what his words are. I would hope that they

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<v Speaker 3>would be they would be correct if it ends up

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<v Speaker 3>being what I fear, which is actually in fact a

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<v Speaker 3>you know, kind of an individual kind of uh, you know,

0:14:09.240 --> 0:14:12.800
<v Speaker 3>CLI sweating various businesses for his own kind of political favor.

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<v Speaker 3>I think that will affect American industry in a way

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<v Speaker 3>that will affect American prosperity, and so I think you

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<v Speaker 3>have to. You have to you build in more resilience

0:14:22.400 --> 0:14:25.440
<v Speaker 3>to chaos and uncertainty, and that's what you would do.

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<v Speaker 3>I'm obviously very hopeful that Vice President Harris will win

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<v Speaker 3>the election, and so therefore haven't done enormous contingency planning yet.

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<v Speaker 4>I want to thank you so much for your perspective

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<v Speaker 4>today as you do. Indeed, back Vice Paradism and Harris

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<v Speaker 4>for the administration is the future. Gray Lot partner Reaed Hoffman,

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<v Speaker 4>I appreciate it.