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tv   Bloomberg Technology  Bloomberg  August 5, 2021 11:00pm-12:00am EDT

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>> from the heart of where innovation, money and power collide, from silicon valley and beyond, this is "bloomberg technology" with emily chang. emily: i'm emily chang in san francisco. this is bloomberg technology. the delta variant delaying the return of workers to officers -- offices and drivers to ride-hailer's. i will speak to the ceo of uber
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and lyft. novavax strikes a deal to deliver 200 million covid-19 vaccines to the eu but there is a major catch. it is not officially approved in europe or the u.s.. novavax's ceo joins us in an exclusive interview. robinhood's rocky road. shares sank after a wild rally with multiple investors filing to sell. i talked to one analyst who has a $45 price target and says, quote, you don't yolo this stock. first, we have a look at the markets. robinhood aside, despite more bad news about the delta variant, we saw gains coming into the jobs report we are expecting friday. >> a risk on day in the markets, whether you are looking at stocks or bonds. the s&p 500 closing up 0.6% of the nasdaq higher, tech outperformance but not by a huge margin.
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not a huge margin about performance and even yields, higher on the day, a little money coming out of treasuries. seems like a risk on day and a lot of this will be positioning ahead of the jobs report. you sawtek -- you saw tech with a cautious tone. other subsets, bitcoin was extremely high, semiconductor index and never biotech in the red. there is a mixed picture when it comes to tech. robinhood will be the major story. take a look at this five day chart. starting to drop 28%, a slide today after investors, some of those who were part of the early convertible bond sale in february, selling up to 97 million shares over time. really calling -- culling the top of the sale after the surge of 82% yesterday. is this volatility going to stick around? that's the real
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question around robinhood and the broader markets, emily. emily: thank you so much for that update. it's the tale of two ride-hailing apps, uber and lyft. as the world begins to open up, hesitantly, the post-pandemic bottom lines of the two businesses couldn't be further apart. uber is expanding its offerings. lyft pulled off a surprise with investors by reporting their first-ever adjusted profits ahead of schedule. for more, i'm joined by the president of lyft. how did you manage to do this with the pandemic dragging on? >> the team is executing incredibly well. we built back a better business that allowed riders to earn all-time highs and to have our first adjusted profits. we are quite happy with the results. emily: despite that, it's still hard to get drivers on the road and when i tried to call lyft a
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few times, i don't get matched with a driver. what are you doing to combat supply issues? >> driver supply is improving. quarter over quarter we had 50% more new drivers. that said, we are coming out of a pandemic. we have a massive amount of demand coming back even faster than we expected and the market is getting back into balance. it will take time, but it is improving. emily: are we coming out of it? with the delta variant speeding up, renew lockdowns and mask mandates, how do you expect that to impact business? how do you expect it to impact the next few weeks? are you seeing a dent in demand or supply in the last few days and weeks? >> what we said was that july was a further increase in rider demand and quarter over quarter when we had improvements in bringing more drivers out of the
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-- onto the platform. and now we need to do that as safe as possible, keeping the mask mandate in place. we never took that away. it was a good call by the team and as more people get vaccinated, we are seeing more people want to get out, see loved ones. we are still not anywhere near where we were prior to the pandemic but it is moving in the right direction. emily: i spoke to someone earlier today, they are having driver supply issues as well as uber. they haven't hit the profitability milestones but they promised it would happen later this year. they said that if the outbreak continued or got worse, they have a backup plan, it was uber eats. take a listen to what he had to say. >> we have a hedge. so if mobility is hit because of delta, we see the delivery business growing and we know that the delivery
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business would get profitable by q4 as well. we think we are reasonably protected. emily: lyft of course does not have lyft eats. are you in a potentially weaker position if the pandemic continues because you don't have another business to rely on? >> look, we are in this for the long term and have been at this for many years, building out the biggest opportunities in consumer transportation. we don't need to hedge anything. we are adjusting profitability in the hardest conditions. we have a great is this and we will be able to with a focus on consumer transportation deliver a better service than anyone else. we have executed that year-over-year, as you have seen, against the odds, when people said we would get crushed and that we couldn't be profitable, so we will continue to focus on this massive business opportunity and take care of our drivers and riders. emily: now, uber is planning to
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tamp down on driver incentives to hit profitability milestones. they seem confident they can do that and still be profitable. you guys are amp and up -- and thing driver incentives and i wonder if you see an opportunity there to win drivers who might use to focusing on uber and get them over to lyft. what's the hard-sell? >> there is no hard-sell, we are pretty straightforward and are happy with our strategy. we hit adjusted profitability. we had a large amount of driver incentives in the market in q2 and we will continue to do that in q3. it's the right thing to do long term. we are not playing a one-month game, a quarterly game. we are playing the long-term and quarter over quarter we are beating expectations, whatever the market is saying is possible for us, we are surpassing and we will keep doing that because it
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is right in the long term. emily: now john, over the last 18 months you have been joining us from home, but it looks like you are in the office today. how are you thinking about your return to work plans? we are seeing a lot of delays. amazon just pushed theirs back until january. where do you stand right now? >> we now have a vaccine requirement for those in the office. i feel much better here in the office doing these interviews versus when my daughters were running upstairs. makes it a little more relaxing. but overall we are starting to see people come back following the vaccines. we have allowed people to take up to early next year. there is no requirement for them to come back prior. emily: now there is still no vaccine mandate for drivers, and uber said they are not likely to do that. they think the government should be the ones to mandate that.
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i spoke to the ceo of instacart, who said they are debating that for shoppers but it could certainly impact supply issues. are you at all considering mandating drivers get vaccinated to improve safety in lyft itself, but also to help with the lack of vaccinations happening across the country? >> we will look at every option, and what we feel great about, there is a mask mandate in place for all drivers and riders, asking them to keep the windows down. that's different than the office environment, this conference room, i can't operate these windows. there will be different requirements for different scenarios, but i feel very good about the safety for different lyft rides, taken a few myself and did some driving a few months back as well. emily: how was that?
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>> it was great, i was comparing lyft to delivery services and it was really nice to see people again, learning on -- from the drivers and riders on how we can do better. emily: what did you learn? what have you learned in the last year and a half that you think you can carry forward? >> over the last year and a half, what we have learned is that the investments we are making in the long-term in the marketplace, the technology, the thing that might not be the shiny object to announce or launch, but grinding it out underneath the hood to improve routing and mapping is paying off. it's why we can demonstrate the adjusted profit with higher driver earnings and being in the midst of coming out of a pandemic and having the market not perfectly in balance. focus pays off. we, we are just going to keep our heads down and keep doing it. emily: all right, john, always
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good to have you with us. thank you so much for joining us today from the office. coming up, more from my conversation with the ceo of uber and how they are faring in -- how uber eats in -- is pairing infarct -- in parts of the world where constant shutdowns are becoming the norm. that is next. this is bloomberg. ♪
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emily: as we mentioned earlier, unlike lyft, uber has yet to turn a profit. the company posted a wider loss in the second quarter compared to the prior period. uber is spending heavily to lure back drivers and expand
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their business. beyond ride-hailing. i spoke to their ceo earlier about a game plan as delta rages on and his longer-term vision for two ubers. rides and eats. take a listen. >> we are overall really happy with the results. the top line. we knew that we needed to get more drivers out driving and couriers delivering because the demand was growing so quickly, so we really leaned into increase courier and driver supply, and we added 420,000 couriers and drivers during the quarter between june and february, adding another 110,000 as well. with postmates couriers. so we are really getting the earner force out there and it has resulted in topline volumes that are very, very strong, and it is putting us on a path where q3 losses will come down significantly. in q4 we will hit profitability,
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as well. as far as the delta goes, it's difficult to tell the effect except for markets that have closed down. sydney has really shut down. the mobility has come down but the delivery business grows significantly. we net out in sydney 30% ahead of 19 volume, so overall we have a great hedge between mobility and delivery but looking at it city by city, new york and paris and los angeles, it's hard to discern any patterns as far as delta goes. we will be watching closely. emily: we will talk about eats in a second. in terms of ride-hailing i have taken about 10 ubers in the last month after not taking any for a year and a half. sometimes it is there in five minutes, sometimes it is there in 20 minutes. sometimes i get canceled on, so when do you foresee a more consistent balance of supply and demand? >> this is what we wanted in q2.
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we wanted to get the service back to predictable prices that you can expect, eta's that you can expect and eta's on prices -- and prices are coming back to historical levels in states like texas, florida, etc., they are getting there faster. new york is in better shape. it is location by location. we are consistently seeing eta's and prices come down. i think by september, october, november, you will get that magical experience that you have always been used to and as a company we are looking to get there as quickly as possible. emily: you are spending a lot to get drivers back out there. $250 million in the last quarter but you have said you can taper incentives through the rest of the year. lyft says they are and pick up incentives. what makes you so confident that you can win back the drivers if you whittle yours down? >> because we are seeing them come back. 420,000 came back in a couple
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months. in july, we started with incentives to really get drivers out there, but we are moving from essentially incentives to improving the onboarding process. we reduced onboarding by 90% with a smoother onboarding process. we are reaching out to drivers who had stopped driving to resurrect them and get them back on the road. that has been successful, as well. in july we were able to taper incentives and target them much more specifically in the cities we needed it when we needed it and at the same time the new drivers who signed up in july were up 30% month on month from june. we are seeing the numbers that are really encouraging, and we aren't assuming that we will get better, even though based on the technological systems we have in place, we do think that we can get more targeted and better in terms of onboarding drivers and couriers. emily: profitability is a really important milestone, but what are the chances that delta could
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shake it up and you don't hit that milestone? >> the good news for us is that we have a hedge. if mobility gets hit because of delta, we see the delivery business growing. and we have seen that the delivery business might get profitable by q4 as well. we think we are reasonably protected. it is an uncertain environment, but we are the only company out there leading in mobility and in delivery on a global basis outside china and these businesses are now strengthening each other and customers are using mobility and delivery to account for 50% of the gross bookings on a global basis. if you stay calm, you will use eats. -- if you stay home you will use eats. restaurant is classic uber. that is a unique strength. emily: last time we spoke, you talked about how you had built two separate ubers.
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ridesharing and uber eats. five years out, which is bigger? you are obviously expanding into grocery and instant delivery. how do the two, are the two ubers twins or something else? >> emily, you are making me choose between my kids. i would much rather make them compete. we have a team that is growing, the uber business, the team that is growing the eats business. they will compete with each other. we will see who wins. i do think that the delivery total adjustable market, you know, we have expanded delivery from restaurants to grocery and getting into alcohol delivery. we are delivering for apple. we will deliver an iphone to your home. the total addressable market is probably bigger, but as it relates super bowl we are getting into transit. we are wiring up taxicabs. two wheelers, three wheelers. it will be a great competition and i will be pushing them both to grow as fast as possible. emily: you are doubling down,
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you have bought a company that makes software that help companies manage their supply chains and logistics. what is your vision for owning supply and logistics? >> you hear it all the time now, how supply chain has become a problem for a lot of companies and it is becoming a more important part of how they operate. 50% of uber six customers are consumer packaged goods brand makers and etc., the same brands that we were delivering into your home. we think we will be helping these brands manage the supply chain. with uber freight, we are connecting them to the shippers that can get the food or the water or the sodas or the beer from the warehouse to the store, and with eats, we can get that soda or food from the store to the home.
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there is no one else building this kind of end to end logistics infrastructure powered by machine learning that understands where you are, when you are, and can make the chain most efficient. that's what we are building and the team is dynamite. we would be very happy to have them as a part of the family. emily: you pushed back the return to work and you are mandating vaccines for corporate employees. you had a covid exposure at a board meeting and delta is real and scary. you are not mandating vaccines for drivers. how are you thinking about this? the instacart ceo just told me that they are debating it for shoppers. is it on the table? >> these are subjects that we talk about all the time. i do think it's different when you talk about employees who spend eight hours per day in an office. remember, for us the big issue is that if we mandate it or -- for drivers, i think we have to mandate it for riders as well and when you have a company that
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has essentially 100 million riders and drivers using the service every single month, i i don't think that, to have a company that has the power to mandate vaccinations, over 100 million people who are moving around, is probably the right call. we are going to work with governments based on local mandates, following them, at the same time pushing very hard to help drivers, couriers, riders get vaccinated, often providing vaccinations for free and we are absolutely doing our part. emily: we are coming up on your four year uber anniversary. congratulations on that. the new york times called you the dad of silicon valley, you were called. a contrast to your predecessor. as you look at the next four years, from a cultural perspective, what are your priorities? especially when it comes to diversity and building a more inclusive workforce. what's the company culture you
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want to build? >> the kind of company we want to build is full of entrepreneurs that want to have impact, and impact in the broadest way, but in real life. this service will essentially allow people to go anywhere and get anything into their homes. and millions of people earn. it comes with a lot of responsibility so we want entrepreneurs that want to build responsibly and diversity is a big part of it. we need to have that diversity in the workforce because we certainly have the diversity in the earner and courier base. ultimately that will help us to build a better product. it is all about impact in the real world. we have got a lot of people who are incredibly excited to build. emily: that was the ceo of uber. the company that he used to work
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for, expedia, out the results -- with results after the bell. shares falling after the ceo warned about uncertainty in the traveling -- the travel industry due to the many covid variants. that overshadowed better-than-expected revenue and gross bookings in the quarter. we will be back after this break. this is bloomberg. ♪
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emily: in china, tiktok owner bytedance has laid off hundreds of employees. the social media giant shutting down a significant part of their online education businesses to comply with the new regulatory regime in beijing. the curbs on the afterschool tutoring industry include a ban on profits. coming up, novavax is holding so
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-- submission for u.s. clearance of its vaccine after striking a big deal to supply vaccines to the eu and i will speak exclusively with the ceo, coming up. this is bloomberg. ♪
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emily: welcome back to bloomberg technology. as cases of covid-19 rise around the world, companies continue to readjust the return to work plan. amazon is the latest company to further delay its opening day. the e-commerce giant announcing corporate employees won't have to return to the office regularly until january. it had previously set office -- said office workers would restart september. joining me for more is riley griffin. obviously so much changing as we speak.
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with amazon is this a case of a company being too conservative or cautious, or are we in for a rough few months? >> we know companies are closely following cdc data. the data shows forecasts of new reported covid-19 cases over the next four weeks are protected arise -- predicted to rise 350,000 to 1.8 million by the end of the month. hospitalizations are cropping up in unvaccinated pockets of america. new hospital admissions over the next four weeks look like they are jumping by 6-7000 all the way to 24,000. the data does not look good. seasonally, we can look back to last year to tell the tale, it is typically when people shift away from the summer season and go indoors, temperatures get colder, cases seem to rise. what we need to focus on is closing the gaps and getting the
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rest of the country vaccinated so that the virus stops mutating and being transmitted. emily: we are moving beyond six months from when vaccines first started being available. u.s. health officials still aren't saying that boosters are necessary, but people like my mom, people of a certain age and health profile want to know if they need them. other countries are ordering enough doses for boosters. when are we going to get clarity in the united states? riley: i think we will see u.s. health officials shift the tone about boosters quite soon. we heard from an fda official this week who said they might come out with a strategy in the next two months. that is a separate comment from that which we are seeing from pfizer and moderna, both of which have been advocating for roosters nearer term. moderna today when it reported its
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quarterly earnings suggested we should get going and boosting. there was good news tucked into the earnings report, moderna efficacy at the six-month mark only waned by one percentage point from 94% to 93%. for now we can remain comfortable, but what you are saying, the that first are going to get that boost are most likely going to be older americans and the immunocompromised. emily: of course, there are children, many of whom still can't get vaccinated. delta is surging as kids are supposed start returning to schools. in california, we found out that teachers will not have vaccine mandates for public schools, which is scary. when will a vaccine be available for children under 12? riley: for children 12 and under, we are waiting on data that is being collected in real time right now.
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pfizer expects data for the under 12 population could come as soon september. and more in october. add that to dr. fauci's comments who suggests we should see all children eligible for a vaccination within the first quarter of next year. things are looking good in terms of research. to the mandate question, uptake will be important. we are seeing in the 12-15 and 12-17 cohort that fewer than half of those eligible americans in the school settings are actually getting their first dose. a lot of hesitancy seems to match their parents as well and fall across red and blue lines. the quest and -- the question isn't going to be when will we get the shot, it is how do we make sure there is uptake and that is going to come down to mandates. emily: so much continuing to unfold. riley griffin, bloomberg news health care reporter. we appreciate your
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reporting and analysis. continuing on the topic, novavax has signed a deal with the eu for 200 million doses of the covid vaccine. in the u.s., the company still delaying submission for its vaccine clearance. we are going to speak with the ceo of novavax later this hour. we will have more bloomberg technology after this quick break. ♪
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emily: novavax has signed a major deal with the eu for 200 million doses of its covid-19 vaccine. but there is a catch. the company is still waiting on
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official approval from the eu to distribute this vaccine. for more, novavax ceo stan erck. this is a huge development, but there is an "if," you need approval from the european medicines agency. what is the status of that? stan: we have three major announcements. one was the signing of the agreement with the eu, which says there is continued significant demand for our product. the second was we have data that just came out that shows our vaccine works really well and this can be very effective against the variants, and the -- those data were prepared today. the third, and these all fit together very well, is that we have now filed our first regulatory filing for approval of the vaccine for
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authorization. we filed it first in india and indonesia and the philippines. india is the country we are working with our partner. they know that process and have been working with the d cgi very closely. that is why we got early filing there. indonesia and philippines are desperate for vaccines and are following, we filed with them too. this is just the first filing. we will be filing with the european medicine authority, and with mhmra in the u.k., and ultimately the fda. the expectation is the mhra will be in september. we are in august now. ndma and the fda will follow. so i think that this is just the first step of a cascading number of regulatory filings. emily: let's focus on places you have submitted filings.
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when do you believe the vaccine will be available and where? stan: what is going to be available is we are stockpiling vaccine now and stockpiling tens of millions of doses so that when the regulatory agencies do approve, we are able to ship at a moments notice. almost -- the sequence of approvals will come presumably from one of the three -- one or more of the three agencies we filed with. we are not in the business of predicting how quickly the regulatory agencies will approve but i can give you insight that, although we have just submitted the data, within the last days, we have had meetings with a substantial number of people in these agencies going over all of the questions you would expect to be asked. they have begun the intense review process.
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i can't predict when it is going to be reviewed, or when it is going to be approved, but they are doing all of the things we would want to have early approval. emily: novavax, and so many manufacturers, have been dealing with supply chain issues. i am curious what your manufacturing goals are now that you are in this position. stan: we have talked throughout the year about the difficulty of the task we are attempting, which is to get large-scale production in about eight facilities globally. it is really a challenge. it has been a challenge in part because we can't get some of the raw materials. simple things like filters, that we filter our product with, media which we use to feed the cells we grow them in, have globally been in short supply.
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that has, in the past, i think all the suppliers have done really well in scaling up production capacity to meet pandemic demand. right now we are able to produce in all of our facilities. starting in the third quarter we are able to get to these levels of production we are predicting. for the first time, we have kept with the forecast we made 90 days ago, which is, we will be at a rate of 100 million doses a month in september and 150 million doses per month in december. that is the expectation of a couple billion doses for next year. i think we have climbed that mountain. emily: one advantage of your vaccine is that it can be stored in a standard refrigerator. talk to us about the technology behind the vaccine. how does it fit in relative to the mrna vaccines that we are more familiar with?
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stan: it is an important advantage. the product is a protein, a particle that forms a protein. it is very stable. it is certainly stable at 2-8 degrees, which is standard refrigeration. it is probably stable at room temperature for some amount of time, which makes distribution very easily -- very easy. globally we have been doing vaccines for a long time that require refrigeration so there is a global cold chain. that doesn't have to be repeated. the problem with the mrna vaccines right now is they do require dry ice and freezing. that is a problem those manufacturers are trying to work around. for now, it creates a disadvantage. for a frozen vaccine. emily: obviously the work you are doing is incredibly important.
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as a chief executive you are dealing with covid, how to deal with covid among your own staff. we are seeing companies delay their return to work plans. have you changed your plans? are you mandating vaccines? stan: all of our employees have been vaccinated. we are a vaccine company, so that's important. we are dealing with the issue, i don't think, i think the world is changing, trying to figure out how they will deal with bringing employees back on board again. so, we are working with it. we, like others, have, in the lab, you don't have any choice. you have to have employees in the lab. other activities can be done from home. i miss seeing employees, i prefer to have them come into the office, but we are working through that. just like many companies are. emily: shares took off after you struck this deal with the eu, talk about the longer-term business plan.
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does novavax plan to stay independent? stan: we have been building an organization -- let's say the first quarter of last year we had roughly 90 or 100 people in the company in the u.s. and 50 in sweden. we now have over 1000 employees. at first, those employees were in the analytical and manufacturing side and building that up. more recently, we have been building up a whole infrastructure of commercial. the good news is our first deliveries -- it's not like bringing on a new drug where you have to have thousands of sales reps. we are going to be shipping to central warehouses for government distribution. so, we have time to build up a more natural salesforce that could market the seasonal annual flu vaccine in the covid
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vaccine. hopefully they will be together. so our plan, there is a long-term plan for covid that is going to be around for a long time. we think we have the vaccine of choice when it turns to a commercial product. our plan is to be the lead covid vaccinator. emily: thanks for sharing those plans. stan erck, novavax ceo. stan: thanks for inviting me. emily: appreciate you stopping by. tomorrow, we will be speaking with the cofounder of another vaccine maker, moderna. we will talk vaccine efficacy, boosters and the status of its vaccine for kids. make sure you tune in. meantime, robinhood has had quite the week. the trading platform stock dropped 27% after investors proposed to sell up to almost 98 million shares over time. investors have been taken on a wild ride over the last couple days after the company topped 50% wednesday. for more, i want to bring in and
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managing director who has a rating equivalent to a hold. and a $45 price target. a few days into this, quite a ride. would you say robinhood is officially a meme stock? >> that is a fair assessment. given some of the price action we saw this week. one of the interesting things we have looked at, our team put together this great screen where they pore through reddit feeds and try to gauge where there is the most price action, the most general activity percolating. you can see robinhood is firmly number one over the last couple sessions, which speaks to the volatility we have seen. emily: your latest big takeaway is do not yolo this stock, which means you only live once. what you mean by that? >> the idea being you don't want to lose your shirt by being long
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or short. we are going to make a call on the fundamentals and there is a wide range of potential valuation outcomes. when we look at robinhood, there is a case where we can underwrite a share price that is north of $100, and there is a bear case where if regulation proves to be tougher on payment overflow, our expectation is that this stock could trade as low as $15. we are sticking out somewhere in between that. the key take away for us, when we look at the risk-reward, is, you don't want to lose your shirt if you are going to get short with the view that the meme mania could certainly take this higher, but on the flipside if you go overweight on the hopes of the fintech craze and the potential from robinhood to go from a brokerage shop to something bigger, it is really their ambition to be the ultimate money app when you hear the founder speak.
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from my perspective, you have to be on the sidelines and nothing was more telling than that, 90 -- 98 million shares registered. for context, there is 55 million shares in the float, but there is going to be a lot more technical selling pressure as more shares hit the market. so you had registered 98 million today, there is going to be another 98 million that are performance-based and december 1, there is going to be 575 million shares that are no longer subject to lockups. i think people have to be mindful of those technical selling pressures as they decide whether they want to be involved. for the next couple months or not. emily: let's talk about what the founder said. i spoke to him and asked if he was worried about becoming a meme stock target himself. he wasn't. take a listen. >> we are not really thinking about anything that happens in
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the market. especially in the short term. the goal is to keep making great products, to keep improving the service and keep growing with our customers. i think we have seen finance become more important and the retail investor become more important within investing. that is something we think will continue. emily: quick question, is it a risk? within the company, wild swings happening in the market on the outside. could that become a distraction on the inside? could that impact the actual fundamentals and the work they are trying to do? >> ultimately, that really depends on the employees at the firm. i think the hope or expectation is they are not going to get distracted. the bigger question is whether institutional investors are going to be comfortable taking a position in robinhood, given the meme mania and the sheer amount of
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volatility we are seeing in the marketplace today. that is something most investors on the institutional side are simply not comfortable with. my hope is that as the flow -- the float grows larger, as it becomes less expensive to borrow the stocks, you're going to see less volatility and once that into sternal -- institutional investor confidence comes through that is when the stock will trade better and ultimately move lower. emily: ok. thanks for joining us. we will stick with this wild ride. we will see where it takes us. plenty more ahead. longtime star of "the daily show" jon stewart embarking on a new streaming career with a deal to host current affairs program for apple tv plus. the multiyear accord comes with i first look agreement for other potential content. more from stewart on the platform.
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this is bloomberg. ♪
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emily: president biden unveiled an ambitious goal for half of all vehicles sold in the u.s. be capable of admissions free -- emissions free driving by 2030. i will bring in a reporter who talked -- who was at the white house. how significant is this? >> significant considering how ambitious it is. given it is an executive order it can really gold -- go only so far in terms of things like fuel economy requirements. those are things the president has jurisdiction over. automakers say for this to get done, what do you need if you need a good ev? strong and long batteries and charging stations. right now in the u.s. there are only 40,000 some charging stations. where that money is going to
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come from is from congress. we have already seen as part of this bipartisan infrastructure agreement being debated in the senate, it calls for $7.5 billion for charging stations. in lockstep, you potentially could get there. but it is ambitious. emily: what has been the reaction to this goal and whether or not we can make it? >> one thing i would like to say considering we are on a technology show, you cover a lot, elon musk was not at the event and was tweeting at the fact he felt tesla was snubbed. he found it odd that they weren't there. one who was there was these big power players from detroit and the union workers. the president was introduced by a union worker. that was interesting to me because there is something in congress being debated right now, something the senate wants to bring forward about potential consumer rebates to buy ev's. you can get an even bigger
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rebate if this were to become legislation, if you were to buy a car from an auto company that used union workers. it is something to look out for. emily: what are the next steps? >> the next step now is all of these auto companies already have their own ambitions. the big step is going to be what gets done in terms of legislation. if biden has this executive order and these car companies agree on fuel efficiency and fuel economy initiatives, that is great but how do you enroll a charging network across the united states? we see that being done in congress. the biden administration wanted $15 billion but he is only getting $7.5 billion. we could potentially see more initiatives come from the democrat only budget reconciliation package. emily: annmarie hordern, thanks for the update. that does it for bloomberg
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technology. tune in tomorrow. we will be joined by the dropbox ceo, the ceo of other companies as well. don't miss it. i'm emily chang in san francisco. this is bloomberg. ♪
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announcer: the following is a paid presentation brought to you by rare collectibles tv. ♪ the california gold rush is considered to be one of the most impactful events to affect america's young economy during its first 100 years. and it has certainly had a long-lasting impression in numismatic history, as well. the people of california soon needed a way to standardize the value of the new gold, so they

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