has a safe haven? taylor: i have been seeing that. you take a look at the companies with great free cash flow, balance sheets, expanding operating margins. you take a look at the nasdaq 100, or the big tech, today was the exception, but coming into this, six of the last seven days, the nasdaq really gaining. faang today outperformed even though it was lower. i have heard that tech is providing a little bit of a defensive position when it comes to the health of the balance sheets. apples another company really leading today. in the -- in six of the last seven days, apple has gained more than 1% in every day. share, it to $350 per saying the iphone 12 could start the road to recovery. he is confident that the eye of the storm is now in the rearview mirror, at least from a demand and supply chain perspective. you are seeing apple, some of the other big tech stocks really

leading on hope and optimism. emily: meantime, big news potential in the food delivery space. ubermmond reporting that has made an offer to buy grubhub. grubhub sales surging 30%. luber shares ending the day up. --ll, this an is largely an this is largely an unprofitable business. taylor: the food delivery space is cash intensive and competitive. let me give you the basics. know, was thewe savior for uber's quarter last year. they saw a ridesharing drops for the first time ever. luber eats providing a safe haven for that company.

we were looking for some consolidation. we have been hearing some rumors of consolidation among big players for some time now. again, competitive, highly cash intensive. you wonder if the deal goes through, if this is starting to turn around some of the cash intensive business into potentially one of the profitable ones. emily: as you mentioned, i want to bring in tom white, da davidson analyst, who covers this space. what is your take on this, especially given that all of these businesses have struggled to make money? does this really make business sense for grubhub and uber? echoing comments from taylor, we have long held that

consolidation in this space has been inevitable. i really bashing each other's brains out in a fight for market share. i would push back on the notion that online food delivery can't be a very profitable business eventually. two-sided marketplace or three sided marketplace model. generally, we think the business model is sound. generally, what you are seeing from uber's-- rationale, it is expanding the size of the delivery market. demand forrd future online food delivery that would

never -- that would inevitably take place over the coming years. is a good time to try and potentially consummate a deal grubhub. there are some interesting wrinkles and complexities. emily: i understand the idea that the pandemic may form new habits but you have to imagine when it is not so terrifying to go to the grocery store, people house andut of the want to order it. probably had not experimented with online delivery in the past. probably use the on soes that they relied

much during the pandemic. the expansion is probably a big forvator for uber but also grubhub to potential he left for a richer valuation or to try to remain independent here. grubhub did say, consolidation makes sense in our industry, but did not confirm directly. other suitorsly out there that would make a buy like this, right here, right now? a coastalh i had ball. i understand that grubhub stock sold off a little bit. it really was not a denial. it sort of kept things very

open-ended. i think there is still a decent possibility that the two parties come to some sort of agreement. one thing i would say, when you see a category or segment of the economy sort of experience the stairstep function expansion like we are seeing with food delivery, it tends to attract capital. it is not inconceivable that you could potentially see other suitors or other companies trying to inject capital in this space. it is tough to say. emily: tom white of da davidson, thank you for stopping by. we will continue to follow whether or not a deal happens. coming up, the work from home

boom boosting business at tech companies including drum box. -- including dropbox. this is bloomberg. ♪

emily: after years of working cut costs, dropbox is seeing a positive return, porting its first positive net income ever, as so many companies and employees are working remotely. earlier today, i spoke with the -- iox ceo /]]] an an an

spoke with the dropbox ceo. >> we have been playing the tracks around that. we have always been focused on building healthy fundamentals. recently, we have seen record as ourfor drop box customers have been forced to work in the most dramatic possible way. 40%,ess is up about engagement on our new desktop app is up 60%. we are fortunate that -- it has been really rewarding to see our customers turn to dropbox in that transition to remote work. sign to help hello small businesses with loan relief applications. emily: are you concerned that when we return to some sort of

normal, that some of this new business goes away? drew: there are so many people struggling. when our customers are struggling, that impacts our business. more broadly, there can be a silver lining in all of this. when we go back to the office, there will be more flexibility. i think this shift to distribute work will last well beyond when we are physically back. if you're able to work from home and be equally productive, be able to work from home for a day be a goodeek, it can thing. there certainly record demand for tools that make that experience good. the economicbout devastation?

you obviously have customers for sure who are hurting here. are you doing anything to help the customers who are kind of desperate right now? drew: the human toll of covid has been unbelievable. upside lives turned down. a lot our customers have been deeply impacted. certainly, for the customers that are really in need, we are talking in more payment terms. in general, our customers are knowledge workers, so they are generally able to work from home and so are less impacted than other sectors. every business needs to collaborate around content, and that is especially true when you are working from home. it is too early to tell what the overall impacts will be. emily: there has been a lot of

talk about a v-shaped recovery but it is looking like it will be more of an abnormal recovery. what are you modeling out about what this means for your customers and business? drew: we are watching the trends closely, but like you say, no one really knows how this will evolve. we plan for a variety of scenarios, as most companies do. we are just trying to make sure we have a healthy business, healthy fundamentals. milestones like cap probability -- like cap profitability are important to us. taking advantage of the opportunity this presents to make distributed work a good experience. expect maintaining profitability through the year, through the next quarters? drew: we anticipate through the year, yes. emily: in a live hacking

competition, some participants found a phone or ability in zumba. obviously, zoom has been widely -- found a vulnerability in zoom. obviously, zoom has been widely used. drew: security is our top priority. it is the first thing we think about. investmentsmber of there. we do a variety of things to ensure the security of our platform. ism, we know that security top of mind for them. they have been a great partner. we feel very good about our integration with them. very popular tool. use it. we know that they are making the right data we use it. we know that they are using the right investments in this area. emily: you said you are still

hiring, but slowly. if the economy keeps getting worse, do you see potentially layoffs or a hiring freeze? have as you mentioned, we slowed hiring. mainly because we are heading into an unpredictable environment. fortunately, we are less impacted than a lot of companies. we don't have plans to do anything dramatic, or do layoffs right now. ofhave slowed down our rate hiring for the time being. emily: there are new opportunities that remote work opens up. whereit does not matter people live. giving you more flexibility or sparking new ideas for how you

can run the company different as we come out of this. drew: there is a lot of room for improvement. you lose a lot by not being in the office. things that are easy by being in the same room together, like how everyone is doing, what happened on your team today, become more difficult when you are working at home. you have to read all these emails, chat transcripts. it is a lot of manual labor to do some of the most basic things. around distributing work. how do you re-create that experience of working in the same room together? this all happened in the worst way possible, but what if we designed this experience of work from home to be great? emily: the ceo of dropbox. coming up, state lawmakers want

answers from amazon but amazon is not giving them the answers they want. this is bloomberg. ♪

areou don't know or you just not going to tell us how many cases have been discovered? we know. i don't have the number right on me at the moment because it is not a particularly useful number. emily: refusals like the one you just saw by amazon global logistics chief dave clark has attorneys general in 12 states and washington, d.c., demanding more answers. they are: on amazon to release -- they are calling on amazon to

release a state-by-state breakdown of how many employees have been infected with and died from covid-19. amazon just isn't given up these numbers? why not be more transparent here? spencer: you have to think about the optics of such a thing. some headline be risk that comes from divulging the number and making people potentially fearful of shopping in those stores or getting packages delivered to their homes. i imagine this is a big this. this is a meaningful line. , it is not mean much really the fundamental question for asking. wonder, could amazon be

forced to give up this number and how would that look? forced tof they are give up the number, the number would be revealing obviously. i think amazon's concern that people will fail to take the number in context. i think that regulators and lawmakers are a little bit smarter than that. withholding it for that reason seems pretty flimsy. i do think that there is definitely fear. businesses can be shut down. governments can move in and shut things down. usually it is based on data of how many people are infected, how many fold die. are willing tos divulge and how much lawmakers

are demanding. emily: you reported about an outbreak at a warehouse in sylvania. , of amazon, reports workers who have died from covid-19 across the country. we know that dave clark has sort of been the face of amazon's response, but should jeff bezos be the one out there responding, and why isn't he? spencer: jeff bezos has never been one to jump in the line of fire. when he does up princes come a likes to talk about -- when he does appearances, he likes to talk about exploring space or doing deliveries by drone. it seems like dave clark has

been tapped for that role right now. it could change because there appearands for bezos to before antitrust committees, looking into amazon for other reasons. but there is obviously more interest in him up hearing and answering questions more so than answeringearing and more questions than he has done historically. emily: to be fair to amazon, walmart has not given these numbers up. there has been a huge outbreak in the meatpacking industry. it is not as if amazon is alone. what do we know about the numbers? thater: they are saying the numbers are not in any way higher than the surrounding communities. but, again, they are not giving the raw numbers of people can

double check that. emily: bloomberg's spencer soper, thank you for joining us. coming up, we will be talking to the ceo of eventbrite, the company that has had to lay off 45% of its employees. this is bloomberg. ♪

emily: welcome back to bloomberg technology. in person events have ground to a halt, but online experiences are booming. events that saw a 2% -- on its platform. this is a company that had to employees. of its i spoke with eventbrite ceo julia heartbreak -- >> i would be lying if i said the last two months have not been difficult. so many dismisses have been hit by covid and the lack in the events industry is one of the

worst -- the live events industry is one of the worst hit. our focus has been around enabling our creators to continue running their businesses. our creators are professionals. they are small businesses and entrepreneurial. if they are finding ways to connect with their communities, we are following behind and strengthening our platform and giving them an extended reach to new consumers. barrier of geographic constraint, there has been really interesting growth happening on the platform. as far as in person events, when it is safe together, we will be there to help our creators create in person events. it is not us -- up to us to predict but to prepare. emily: you are seeing a 2000% increase in online events, but how much can that make up for the decimation of in person

events? julia: we have seen 10,000 frequent creators who were on the platform in 2018 publish events in april alone. andave contracted free prepaid tickets. there is a heart beat, and appetite by consumers to want to connect around things they care about whether it is cooking or yoga or music. these are ways communities can come together and support one another. it is not so much about whether or not online events can save the live events industry but how communities continue to have connection until we can meet again in person. emily: we are all disparateemily: -- desperate for those connections going into month three. you laid off 45% of your staff, shares have been down 50% in three months.

this has been a gut wrenching process i imagine for you. talk to me about how you see the recovery, or is this a smaller, leaner business going forward? julia: you hit the nail on the head when you said gutwrenching and heartbreaking. after building for 15 years with thousandsrenault and around the world, it was the last thing i wanted to do to make that decision. what people need to realize is that companies that can make thoughtful, quick decisions and take bold action even in the unthinkable crisis are the ones that are going to continue into the future. for us it was about hunkering down and honing in on a supervised strategic focus. for us that is our business which generates growth and profit as a channel as well as

our frequent creators who we call super creators because they are our superheroes pretty they are coming to eventbrite to host many events. many are continuing online and we have every expectation into the future we will be able to serve this segment more efficiently and be able to grow our business faster. that culminates around the idea of us being leaner and stronger. emily: you pulled your forecast for the year, but you are doing modeling and remodeling and trying to predict what will happen. what have you seen in the second half of 2020 knowing it may not be a v-shaped recovery and something more abnormal? julia: i go back to the last two and/or principal of being transparent with our shareholders. early march we saw the impact, and that was a very quick deceleration in demand on our

platform. after that we started to see events canceled and postponed, starting to rise. we started to mobilize right away. we were moved, suspending our fitness outlook was a way to show the impact was real and direct. then we went to work on helping creators manage through this crisis, whether it was able to or createfunds in-kind donation opportunities for fans and patrons to support them or to launch crowdfunding for donations to help support the staff members. as we look towards second half of the year, you will see more recovery efforts, relief efforts. what is remarkable is our community has had local -- ticket buyers here about the event creators in local venues. we will continue to see that

occur. is notn the recovery something anyone can really predict. what we are planning for is to continue to support our creators in online events, recovery efforts and creating more frequent, smaller events. , that willout safety be on the top of everyone's minds. consumers will dictate when events come back and creators will have great content and deliver a safe experience. emily: julia hartz. president trump is weighing in on elon musk's decision to defy california authorities and reopened their production facility in fremont. this is bloomberg. ♪

is thinkingmusk president trump for endorsing his decision for reopen tesla's manufacturing plant and if i county or -- and defy county orders. we have got the tweet from the president, california should let tesla and elon musk open the plant now. it can be done safely. musk tweeting back, thank you. the factory is open and i know you have been talking to workers. they did restart yesterday. elon musk answered a tweet and

said it went great. we have been speaking to workers who have turned up to the factory and on temperature checks using infrared temperature thermometers. they have been given ppe like masks. there is plexiglass to divide up and give space between break areas per there are plastic hanging sheets on the production lines to keep workers safe. production is ongoing. we don't know what level they are at what by all accounts fremont is back up and running. they took that decision over the weekend as you know. basically they gave workers little choice. we saw an email from hr at tesla and said the furlough has been lifted and workers were requested to come in. they could stay at home but they would risk going without pay and benefits per that is where we

are. what are the legal issues? tesla has sued the county officials and we know the county has said they are working with tesla very we know that there are plenty of other businesses that would love to reopen if they could. why should tesla get a free pass? or itsla's complaint legal filing is alameda county's decision to not let them continue production of a which they are anyway, frustrates due process and goes against the state and federal freedoms that ane granted to tesla as essential business. if you look at his tweets over the last few days, he has been tweeting supporters who say the state of california allowed him to restart production but that is not true. what happened friday is the

california governor allowed manufacturing to restart in some parts of the state but underlined that with local authorities including alameda county could continue to be restrictive if they felt it was necessary. he reiterated that today. alameda county has said tesla can only operate at a basic minimum operation. any workers who can work from home can, and activity at the factory should be to maintain it, mansion -- minimum activity. that is the conflict. the tweets so just elon says he has state permission. if you look at what gavin newsom has said and the written documents provided by alameda county, that is not the case. tesla, while it is ignoring the order, it is in talks with alameda county we know that they

presented a kind of back to work plan, they are in talks with county officials about keeping workers safe area elon musk's argument is if other manufacturers in the u.s. are allowed to reopen in the u.s., why should tesla not be allowed to be? he cited tesla's experience in china, they had shanghai plant closed because of the virus. they were able to reopen successfully. these are the things happening in parallel for getting fremont up and operational. emily: meantime you have got anthony fauci warning the country reopening too soon could backfire. a huge camp of people want people to reopen. there is also the public health crisis. is there any chance the county could or would arrest elon musk? ed: it would be up to fremont

police department to make that decision. it is not one for the state, and it is not for the county health officials. there is for the fremont police to judge whether elon musk and contravention of the rules. that has not happened and there are talks ongoing in alameda county -- they have shared the talks with us. the people i spoke to over the weekend, they see this as posturing by elon musk. law in then on the past and has been successful at it highlights for me how important to that plant is. it is the heart and lungs of tesla's global operation. they have built more vehicles they are than anywhere else. thatshanghai is impressive fremont is the only site where they buy -- they build x, s, and

y. elon musk is prepared to take the risk and wants to get his manufacturing facility up and running. they had this blistering start to the year, profit for the first time in the first quarter, ahead of schedule on the model y . it was derailed by the virus. he will do what he can to get the company back on track. emily: thank you for that update. female founders are facing an even more challenging time getting money in the midst of this pandemic. we will discuss coming up. this is bloomberg. ♪

has cities and states across the country relax -- as cities and states relax lockdown measures, we talk about how the exchanges to -- handling the

pandemic, talking earlier with david rubenstein. >> i think there are two factors to consider. the nasdaq composite index and the 100, you look at the companies that look on nasdaq, we have companies that are defining the economy of tomorrow . we of course have companies from every sector listed on nasdaq, but when you look at the ones doing well through the crisis, they tend to be biotech allanies -- we have 94% biotech companies listed -- as well as technology. they are showing great resilience which then drives the index values. the second factor is the fed through the federal reserve, you look at the overall parts of the market, not just the companies on nasdaq but overall the impact of the virus has been muted by

the aggressive action of the fed to support the economy and that we have easy access to capital and we can manage our companies through this crisis moment. we did a survey of every employee to ask what is their comfort level to come back under certain conditions. based on certain cities. we had some employees who are eager to come back. the majority of the employees want to wait and see how things progress in the cities where they operate. we have the luxury of patience very we can work from home effectively. we will ask people if they want to come back voluntarily and feel they can do it in a safe way, we would like to reopen offices, but we will put a lot of protocols in place inside the offices to make sure they stay safe while they are there. but it will be voluntary only

for the receivable future because we can work effectively from home. u.s.-china relationship is completed at times. are you taking companies public on nasdaq that are chinese-based ? is that a challenge or not? listings accepting from the -- from china. new york has been adapted for companies from china. there are challenges the s&p has acknowledged. they will address through a roundtable. we have some very specific issues with the way disclosures are provided and from certain emerging markets including china. the sec is working on that. we are excited to work with them, to find ways to improve that part of the chinese listing experience. anerally we continue to be

activist listing exchange for chinese companies including one that went public last week. of people in the business community have been lobbying congress to get support. have you been lobbying on behalf of either your exchange or your members who dart members? govern work that well for this crisis and we have not had to work extensively with regulators because of equities markets and options markets can operate well through this crisis. we work with our listed companies to make sure they are getting the support they need. i am a member of the business roundtable. we are working hard to make sure we advocate for small businesses, accessing what they need and we can support the government as they are thinking

through their programs. i have been very impressed with the federal government in terms of the fiscal support they have been giving and how fast they move and the fed. the fed did extraordinary things early on so they save -- staved off, try to make sure they staved off a deteriorating situation successfully. freeman, ceo of nasdaq. there was a tough time getting funding before this virus. now in the middle of the pandemic it has gotten even harder. the number of companies founded by women, funded by venture 4.3%, down were up from 7% in 2019. cramer,us, erica co-general partner of how women invest, which supports capital raising for women leaders. this is something i have been thinking about because we know

most of the companies that get funded are run by men. you wonder if in times of crisis investors go back to what they know, the patterns they feel like they can trust. i wonder what that has meant for female led companies in the time of a crisis. i am happy to be on your show today. it does start with negative news as reported yesterday that the number of investments in female founded companies has dropped for women and especially women of color are disproportionately impacted for funding. 40% of companies in the u.s. are founded by women but 2.7% of those received venture capital funding. that was before the pandemic. we are concerned and there is a fear that we will revert to old and familiar behaviors. this country can't afford to go

back to unconscious bias. we have a chance to do something differently. now is the time to get out of the comfort zone. there is interesting statistics. here is the real opportunity. because of the lack of capital backing, women have been forced to be more capital efficient. various different groups have shown for every dollar raised, women generate $.70 in revenue versus 31 cents by men and return on% investment. a successful recovery and return in gdp are dependent on the leverage generated by female founded companies that drive the economy. we have to think about the message being sent to female and minority clients and our daughters. i am happy to describe -- emily: thank you for restating the statistics there.

never hurts to hear them over and over again. tell me what kind of company is run by women you are prioritizing especially in this environment? you are seeing you opportunities and creative ideas as some of these women founders are forced to get innovative >>. absolutely. we have shifted our focus and we are prioritizing those companies that will likely benefit from this environment. one company is in the health care sector. they are using data analytics, insurance reimbursement, tax fraud. another is, another artificial intelligence includes the food sector. the -- they are best at in -- defining ingredients to help health in a covert environment. even though we have not gone to market really in letting the

world know we are investing in female founded companies, out of our network we have been introduced to female founded companies because they are not tech enabled. half of the companies are run by a woman of color. how womenca cramer of invest, i am glad you are out there doing this work and raising awareness. thank you for joining us today on bloomberg technology. oft does it for this edition the show. stay tuned. bloomberg daybreak: europe's trailer is next area i am emily chang. -- next. i am emily chang. this is bloomberg. ♪ these days staying connected is more important than ever.

so we're working 24/7 to maintain a reliable network, to meet your growing internet needs. we're helping customers who are experiencing financial difficulties stay connected. we're increasing internet speeds for low income families in our internet essentials program. and delivering self-install kits to your door. nos comprometemos a mantenerte conectado. we're committed to keeping you connected. for more information on how you can stay connected, visit xfinity.com/prepare. there are times when our need to connect really matters. to keep customers and employees in the know. to keep business moving. comcast business is prepared for times like these. powered by the nation's largest gig-speed network. to help give you the speed, reliability, and security you need. tools to manage your business from any device, anywhere. and a team of experts - here for you 24/7.

we've always believed in the power of working together. that's why, when every connection counts... you can count on us. ♪ morning.od i am haidi stroud-watts in sydney where these are your top stories. the white house pushes the u.s. to reopen but stocks falling as the top disease official warns against moving too fast. he says that could trigger a new spike in infections. oil extends its recent rally after the u.s. lowered its output forecast for this year. futures in new york sur