Businessweek Extra-Jim Steyer

anti trust lawsuit against Alphabet's Google. They were accusing it of abusing its monopoly and search in what was one of the most significant antitrust actions against an American company in more than two decades. Well, just before that news came out, Bloomberg's Paul Sweeney and I spent some time with Jim sty Are, founder and CEO of Common Sense Media. It's a nonprofit focusing on improving the lives of kids and families by providing information, education, and an objective, independent voice.

He's got a new book out, Which Side of History, How Technology is Reshaping Democracy in our lives. It's a collection of essays from a lot of voices that you know, we're talking about salesforces, Mark Bennioff, former reddits EO Ellen Pow, also actor, producer, director, Sasha Baron, Cohen and a lot more. It's all about how technology affects our world. Check this out. I run common Sense Media, which is the biggest kid media and adjeccy group in the country. So it's not

I've been doing that for seventeen years. And so we are basically, I think all of us, the common Sense with our hundred million users and schools and an advocacy platform field, that we're at this pivotal moment in history as technology collides with our democracy as well as our fundamental approach to education and for many of its our mental, physical,

and emotional health. And so what I did was get some fifty at the smartest people in the world, including Mike Bloomberg, by the way, and business leaders like Mark Benny Off and and John Hennessy the borgre Google to write fifty different pieces about the impact of technology on democracy, on kids and families, on our social, emotional and cognitive development,

and also basically on our lives. And and the idea was to say to the people who run the major tech companies in this country, whom we had common Sense deal with a lot, which side of history do you want to be on? Because you are having an incredible impact on everybody's life and our economy and our democracy, and that was the point of the book and so

far awesome response. So, Jim, kind of what's been some of the most compelling arguments that coming out of your book, um, as it relates to technology and it's impact on society, because there's a a growing debate about you know, the relative merits. Yeah, that's it's actually a great question, Paul.

It say, it goes through in a couple of different areas. So, first of all, a number of people in the book wrote about the impact on democracy and basically a lot about disinformation, misinformation which of course we're seeing right now at the end of the Selectives historic electoral campaign. So Kara Swisher, Sasha Baron Cohen, um Uh, a bunch of other folks. Aaron Sorkin, the writer wrote a out the impact on democracy and and basically in some cases very

critical of undermining democratic forms institutions. Other people the former surgeon Generals to Ake Murphy for example, or Nick Kristoffs and um Tom Friedman from The New York Times wrote about stuff that about how it was impacting kids and families lives and how people were increasingly addicted to screens and etcetera, etcetera, etcetera. And then there were a number of people wrote about the intersection of technology and race.

And then I'd say the big thing that people from Mark Senator Mark Warner to other folks like Tim Woo and and others wrote, here's what we need to do in the future. So there's sort of a general recognition, Paul and Carroll that technology is shaping so much of our lives for good and for bad. And I think we want to send a very clear message to the technodustry into the leader of those companies that number one they're they're having an existential impact on our lives. Number two,

history is watching them. And three, we hope they want to be on the right side of history at this pivotal moment in America. So, Jim, you know you talk about this book. It's a collection of of essays, fifty different pieces on the impact of technology and democracy. And it's not like there's one consensus about it, right, that's true, But I'll tell you this, there's definitely consensus that it has this incredible impact on all of our laws in our society and that we need to do something too.

If you will put common sense framework constructure around it, because right before the break you were saying that basically that the tech industry in the United States over the past ten or fifteen years has pretty much had free reign. They've done whatever they wanted. There's been almost no regulatory structure other than the privacy laws that common Sense Media wrote and spearheaded in California and in Europe, you haven't seen much regulation and and and if you will, common

sense legislation around tech. But I think that's coming into any twenty one, no matter what the outcome of the election, I think we're going to see major efforts in that area. What is common sense legislation around tech, I'd say several things. First, you're gonna see we have the Law of the Land and privacy basically the California Consumer Privacy Act the past in because Congress has not been able to get it

back together to a federal law. I think you'll see a federal privacy law next year or the year after. I think you're also going to see holding the social media platforms like Facebook and Instagram and YouTube accountable for the content on their platforms. This is known as Section

to thirty legislation. But I think you're going to see major reforms proposed by people on both sides the political aisle to require stronger content moderation to protect our democracy against this information and outright lies, and also to protect kids and families. I think you're also going to see anti trust UH enforcement on the on the agenda for

sure in in UH one. So these are big changes when you think about the context of tex in America and the other one that's heared are our heart is closing the digital divide because in an era when kids are all doing distance learning and learning at home rather than in school, every kid ought to have the same opportunity to do distant forty. So I think you're gonna

see a big tech agenda under the next administration. Jim, do you think there's any material risk um for breaking up any of these big companies, whether it's an Amazon or an Alphabet or Facebook. I think it's a really great question, and I think the answer is depends on your political prospective. I do think you're going to see it. I think that either state attorneys general or the U. S. Attorney General will probably bring some kind of antitrust case

against one or more of the big companies. It depends take your pick. If it's Facebook, it would be to have them to vest what's happened Instagram. If it were a Google, it would maybe to be split some of the far reaching element to the company into smaller ones. But I do think it's going to be on the table, and I think business is gonna matter. You know, your audience is going to really matter in this because obviously tech is the engine that drives our economy. Obviously their

tremendous benefits to technology, but there are downside. So the key is going to be common sense, as I said, balancing innovation with the need for fair market competitions. These are all going to be on the table next year, and I think it's going to be an incredibly important time. And as my book said, history is going to be watching and that's going to be fascinating. So I do wonder among the fifty essays, Um, Jim that were written, and as you mentioned, it's a great it's an amazing

kind of lineup. Will Obey sal Khan of Kon Academy. Um, it's just they're all over Chelsea Clinton, you said, Kara Swisher, Mark Bennioff, and I do wonder um of the essays, and I know you obviously read them all. I mean, is there one that really surprised you? You know, it's interesting. I actually think Benny offs Mark is a good friend of mine, the founder in Field Salesforce, is really good.

It's about conscious capitalist and it's really good. By the way, your namesaker, the station's namesake, Mike Bloomberg, did a terrific essay about how dated drives decisions, largely in the context of climate change, which he cares a lot about. Um. I actually think that that the Keras Switcher's article is amazing. I think Tim Woo, the Columbia Professor, has a fabulous essay. UM. I think a couple of the ones by Jeff Cannada, the founder of Harlem Chilton's Own, and the author Michelle

Alexander about the newest Jim Crow are really powerful. There are so many. I mean, it was really fun for me. I wrote a piece my pieces about section two thirty and how section two thirty is sad for kids. This is that lack of the fact that's basically the immunity clause pro tect industry. But I just think there's so much in here and and as you mentioned, Chelsea and

other people wrote about the impact on kids. Collette Hassani, the guy who wrote Kite Runner, talked about how technology had reformed in a good way democracy in his home country of Afghanistan. Um Jeff could be the famous dad guy wrote about is our Facebook, Google and Amazon the new tobacco industry? So I think it allows reader to ask this fundamental question, which is we all know technology is in all aspects of our lives. What do we want from it? What do we want to hold the

companies accountable for? How do we want it to shape the future. We should note that Mike Bloomberg is the founder and principal owner of Bloomberg LP, blood a philanthropies, radio and TV operation. Jim, do we know anything about uh former Vice President Biden how he views these broader tech issues or if we heard anything from the campaign on these disclosure? Your brother is Tom Steyer correct? That is my brother Tom ran against him, correct and knows

him very well. And and and I know I know Joe. I know Joe Biden quite well. Yes. In fact, his chief policy advisor, Bruce Reid, who used to work for Common Sense Media, is the birth is who co authored the article with me that section two thirty reform and holding the platforms scountable. So we know I I do know that actually Vice President Biden takes this very seriously.

He has definitely been on the side of the idea that there needs to be common sense structure and regulations around media and that he's been particularly critical of Facebook and Instagram. UM and when we did our whole stop paid for profit campaign, the advertising boycott that we started in July, UM Vice Friend and Biden campaign cannot and

spoke about that. So I actually think no matter who whoever is the next president and whoever controls the conquers, you are going to see major new efforts to put this in perspective and that see and to make sure that technology companies are on the right side of history. Do you think, and we just we've just got about forty seconds left. Should investors should investors be a little worried about this in terms of what it means for I don't think. I'll tell you what I actually think.

Like we did the privacy legislation in CALIFORNI you two years ago, and all the big tech companies were worried. There comes has gone up massively in their prices. And by the way, no, I think the public wants sort of a healthy, balanced environment. So actually, I think of ourn investor, I would think that common sense, thoughtful regulations will ultimately benefit the tech industry much more than hurting it. And I bet you that that is I would be

willing to bet my bottom dollar on them. That was common sense. Media founder and CEO Jim Styre. Check out that new book, Which Side of History, How Technology Is Reshaping democracy and our lives. Well, you've been listening to Bloomberg Business Week Extra, be sure to listen to Bloomberg Business Week Radio, airing live Monday through Friday at two pm Wall Street Time on Bloomberg Radio. I'm Carol Master along with Bloomberg's Paul Sweeney. This this Bloomberg