♪ emily: welcome to "bloomberg technology." promising results from early vaccine testing sending shares soaring. moderna says early tests of its vaccine candidate has shown that it is safe in people and also prohibiting the virus from replicating. we need longer studies to confirm that the vaccine would

work. >> we are finalizing the , whichl of a phase three we are hoping to start in july of this year. severaly will be thousand subjects across many countries. that it will happen in july as planned. talking about how it is accelerating its testing. i want to bring in taylor riggs. a lot more work needs to be done here to prove that the vaccine works. this would have to be going on for much longer and more sustained trials. how much of this rally is due to here?pe of a vaccine

taylor: i would say that there are three things to be happy about this. updating the stock to $105 a share with the buy rating. saying that this vaccine hits the mark. paper sandler saying this could have potential blockbuster sales next year. essentially, you had analysts on the street doubling their price target today. you did hint a little bit about a note of caution. i will reiterate that as well. was ats said the result sample from a small, first study looked to see how safe it can be in human volunteers and it should be viewed with caution. that said, the study shows no

major safety worries, and that would be a key hurdle given that a vaccine would be given to millions of individuals. a lot of hope and optimism reflected in the stock price and general market as well. the speculation is that the economy could jump back more quickly if a vaccine is developed. apple stores continuing to slowly reopen. apple rally there. what else stood out among the green, if indeed it was a vaccine mostly driving it? taylor: we have been talking about this in the past few days, that tech has not provided the traditional leadership we have seen, despite the massive rally. tech was the under performer. you have the nasdaq only up about 2.5%, because other major , 6%.ges were up 4%, 5%

that said, you have the stocks chinaup 4%, on hope that is getting back to work. china has seen oil demand close to precrisis levels. tooxx index,n the s with a lot of revenue tied to china, some of the outperformance today. also, jay powell, who spoke on 60 minutes last night and came out with a release of what he will say to the senate tomorrow, says they are ready to do whatever it takes, they have full ammunition to support the economy. then drove a lot of these small-cap stocks insulated to the domestic economy. hope that we are getting back to work sooner. uber: more news out of after the company announced it is cutting another 3000 jobs in

lostion to 3700 jobs earlier this month. they have already pushed out the profitability milestone to next year as opposed to this year. thateo saying in his memo the company is still far away from these cuts being close to covering their costs. why are investors optimistic taylor: -- optimistic? suspect,he timing is cutting 3000 jobs and saying they want to sell off some of their non-core assets. the timing gives you a sense that uber is focusing in on those core businesses, delivery platforms and traditional ridesharing. investors are happy about this because there was some movement over the weekend initially, cooper offered one point --

initially ,uber offered 1.9 shares for every grubhub share. they are getting closer to an agreement. while they are not meeting halfway, starting to see some movement to appease grubhub shareholders. that said, cutting those we thousand jobs, you wonder how much money it would save, how much impact it really does have on the bottom line? emily: they are incurring to cut awith the cost bunch of offices. i want to bring in lisette chapman. closing 45 offices around the world including singapore. where are the majority of these cuts, these jobs coming from?

>> they are across the country and globally. they are not detailing what type of impact this will have on some of the more speculative units like autonomous driving, freight. offices out of hundreds that uber has around the world. the largest by far is in san francisco. a big consolidation effort happening in san francisco and also in new york to get their workers back to one central location once they reopen after covid. uber: the spokesperson for indicating more layoffs could,. , layoffsted process earlier this month and everyone

seemed to be bracing for more. are there going to be more layoffs, where, and are certain departments living and working in fear right now? andtte: this was expected, coming for about two weeks. 24% of the workforce laid off. it is not necessarily the last. they are creating wiggle room going forward if rides do not bounce back. they did push out profitability target to the beginning of next year. they are looking to continue to cut costs anywhere that they can. meanwhile, like taylor mentioned, they are pursuing the acquisition of grubhub, which is not anywhere near done. there has been no formal announcement of it yet. they still are facing quite a few antitrust concerns in recent

klobuchar, andn, others. thank you so much. such a sad story, 6700 jobs lost at over just in the last couple of weeks. there update from tictoc. -- tiktok. they have announced that former disney streaming executive kevin meyer will become the ceo of vitak, and the coo of dance, the parent company of tiktok. exclusivean conversation with facebook coo sheryl sandberg. a new survey about just how devastating the pandemic has been to small businesses. this is bloomberg. ♪

emily: small and medium businesses have been devastated by the impact of the coronavirus. a new survey done by the small business roundtable to show just how much small businesses are struggling. joining me in an exclusive interview, facebook coo sheryl sandberg. this survey found that a third -- have businesses stopped operating and 11% expect to fail. most shocking to you about the findings here>

findings here? sheryl: we had planned this survey a few months ago. three months, we were expecting a rosy figure for small businesses. that is not what we found. small businesses are the engine of job growth in our country. two thirds of jobs created before coronavirus came from small business. along with the statistics you just shared, one third not expected at all, 11% to fail, more than half of small business owners do not expect to be able to rehire the employees they laid off within a reasonable period of time. that means we have our challenges cut out for us to get back to work. emily: small businesses account for two thirds of u.s. job growth and the vast majority of advertisers on facebook.

talk about how important they are to facebook as a constituency and what small businesses mean for facebook specifically. sheryl: 160 million small businesses use our services every month. we are a big company and we have deep pockets, and we are lucky. our focus right now is not really on our own business, but on helping small businesses. fund,nched a $100 million $40 million of which was earmarked for the u.s. our focus is really their business. all have a responsibility to do as much as we can through this crisis. emily: i know a lot of businesses have been getting

creative, using technology, using the web to market themselves. facebook has been working on bumping up the e-commerce experience on the platform. i wonder if you are accelerating any of these efforts, whether it is shopping on instagram or whatsapp storefronts? sheryl: we are, and we will have more to share with product updates tomorrow. we are seeing small businesses do on the platform is incredible. icre is a bookstore called me out of missouri, a local community bookstore for black children to get books about their history and see the positive role models that are not written about enough. they are doing classes with .acebook online

there is a grooming company out of kalamazoo, michigan, now helping a local distillery make hand sanitizer and help people find it and donate it from local hospitals. the resilience from small business is now so apparent. it comes from our report. theyf small businesses say are still optimistic over the long run for the future of their business. highlightinge also some of the challenges being faced by female entrepreneurs. i wonder if you can share some about theoughts pandemic, childcare issues, school be enclosed, how that might be a double whammy and an order.

-- making it harder. sheryl: women worked a double shift before coronavirus. it is clear that women are putting in a double-double-shift. the average heterosexual straight couple right now, the woman is working 71 hours per week. men are doing 50. that is a gap of 21 hours a week. we have talked for so many years about what has to happen in the workplace has to happen at home. this is a great time for men to lean in to their families and take as much of it that they cancel that women are not going canomplete -- of it as they so that women are not going to completely burn out. sight,there is no end in as much as we would like to see one. it is looking like it will be

some sort of abnormal recovery. be modeling this out. what is your operating assumption about what it looks like and how much worse it gets> ? sheryl: we are not economists, and we are obviously following closely. we have already said we are going to be one of the last companies to go back because we will make way for essential workers to keep it as safe as possible for them. into theo put products world that help. foraunched fundraisers small businesses. a few months ago, when we launched fundraisers for small business, we never would have thought of it, but people want to help keep their local businesses alive.

people working hard through this and trying to put product out there to keep people affect did -- keep people connected and help small businesses survive through this crisis. emily: facebook has told employees that they can expect to work from home through the end of the year. i wonder what you are thinking about the return to work. will it only be safe when there is a vaccine? and how will the office look different? sheryl: we will follow health guidelines. this is obviously a situation that is changing as we learn more. we are trying to keep our essential workers as safe as possible. we know that we are going to follow very conservative guidelines. we also know that we will continue to learn. we dok if you asked, can our jobs at home months ago and

we would have said no. surprising how much we can get done. it changes our understanding about how much can be done in person. that is probably something that will not go back after there will be a vaccine or treatment. reports from bloomberg that mark zuckerberg seems to be consolidating at facebook. variety just published a story saying that you are a flight risk. i wanted to give you a chance to respond to that. sheryl: kind of no and no. i have worked with mark for 12 years, we have an amazing team. lucky to be able to do this work.

helping small businesses survive, and i plan to keep doing it. emily: thank you for fielding that one. around earnings, we spoke with another member of the leadership team, facebook cfo dave weiner, says that facebook was seeing signs of stabilization after that big plunge in march. he did talk about the possibility of further contraction in the ad market. are you still seeing that stabilization or are you concerned there could be more of a retraction -- more of a contraction to come? sheryl: we are continuing to focus on putting the right products out there to help people and businesses, being conservative of how to spend. we are all taking a

very careful look to the future. that is what we are all trying to do. news broke last week that an antitrustrsuing case against google. the doj and almost 50 states have been looking at facebook as well as the fec. what kind of progress is being made, and has the pandemic changed the view of some of these federal agencies given out valuable essential technology has been to survive this lockdown. sheryl: we work closely with regulators all around the world. i do think this pandemic has shown that some of the services we provide has been important. right now, we are in a crisis,

the whole world is. economicealth crisis, crisis, so we are just rolling up our sleeves to do everything we can to get everyone through this. as theseork hard issues come up as well. again, this is sort of a arms race. i know you are relying more on ai, trying to rely more on ai, but you are seeing information pop-up on video. where do you think the biggest challenges remain on the platform. sheryl: it is an arms race. i think we are tremendously benefited.

all of the troubles over the past few years are widely built up with the system we have. we have third party fact checkers, government agencies so that when a misinformation starts to spread, we can take it down quickly. i think we have to be rigorous going forward. period,that during this we have used all of the tools we have for this. we have pushed nearly 2 billion people to accurate health information by being aggressive -- by putting aggressive and accurate health information into their newsfeeds and into their products. emily: facebook just acquired giphy, looking to make it

part of the instagram team. are we going to see more m&a> -- more m&a? giphy: we were working on before the coronavirus hit. i think it is a good acquisition for us. 50% of their traffic came from facebook. we will see, but this is something we were working on before. emily: the last question i want to ask about, some of these antitrust issues. you have critics like the avenue busy group, saying this is a -- acy group,dcvoc saying this is pr. are you prepared to make changes that might need to be made to avoid that? sheryl: again, it is early in

this process. we believe we offer a competitive service in a highly competitive environment. we believe we face competition for products from china and around the world. we will continue to work with regulators, make the case to protect ourselves, protect small businesses, and we will see what happens. i think this story will play out over a long period of time. emily: thank you so much for taking the time. appreciate you joining us as always. live., leadership united airlines ceo oscar munoz joins david rubenstein to talk about actions he is taking to carriere the airline weathers the pandemic. ♪

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emily: let's get to leadership live with david rubenstein. david: today, we are pleased and honored to have oscar with us, the ceo of united airlines. a company that has been affected by this as much as any company in the u.s. thank you for coming today. oscar: thank you for having me. david: i want to make sure everyone is familiar with your story. you are the oldest of nine children, is that right? oscar: true. david: you have four children yourself and how many nieces and nephews? oscar: around 37 at last count.

david: do any of them fly anything other than united? oscar: absolutely not. david: we were the first and your family to go to college and you have an undergraduate degree from pepperdine. you work through a series of positions through coca-cola, pepsi and csx. yes. ceo whilep to be the you were on the board of united airlines. oscar: president and coo. david: then, somebody came along and said to you if you are on the board of united airlines, you should become the ceo. and icided to do so assume you never regretted that decision, right? oscar: csx is an incredible company but united offers exactly what transpired. an important challenge in my career progression about where

it was and it was a turnaround. csx had been a turnaround and i have been part of the team. i felt this was my chance to do it myself. david: you took over that position in september 2015. in october of 2015, you had a heart attack. and a few months later, you had a heart transplant. and then, you went back to work a few months after that. so, have you been in good health before you went to united airlines? were you shocked you had a heart attack? oscar: that is the one thing about heart disease. it is one of those diseases that you don't often know. i was a marathon runner, a vegan. i worked out as much as we can given our schedules. it was a bit of a shock to have that kind of a disease. not so much to have it as the others as it manifested. david: you were running the

company. you came back from the heart attack. you said to your colleagues one day, i have to go do something today. by the way, i will let you know what it is. then you had a heart transplant. oscar: exactly. technically, the legal people have to say i was technically on medical leave. were mind, i knew we waiting for the heart but we really couldn't tell anybody for all the obvious reasons. on the morning of my birthday, i got a call from my doctor saying we have a heart for you. that's terrific, when do you need me in? well, not until this afternoon. we had a wonderful strategic conversation going on about the future of the company where the foundation for what we have been able to do that morning. at lunchtime, i said i have to go to the hospital. there something i have to do that is important. it had two meanings.

i said i will see you on the other side. that could have been construed in different ways. it was the beginning of a great turnaround story. david: the turnaround story is when you came back in march to run the company full-time as the ceo, you did turn the company around. the market capitalization went up about 25%. the stock price went up about 70%. i think it was $56 when you took over and it went to $96. it was an incredible story. you had announced a while ago you were going to leave this week. this was the week you planned to step down, announcing you had a good successor. oscar: different plans. virus is as insidious and global as everything. our industry is very familiar with crises.

we've had pandemics before. we have had 9/11. 9/11 was the black swan moment of the industry. we were well prepared for that financially. our balance sheet was strong. something like this it's. we were one of the first to see the potential impact on our industry and took action fairly quickly. it is just heartbreaking to see how much we lost on so many fronts. david: let's put the numbers out. how many routes does united flight in the best of times around the world? oscar: gosh, we have approximately 1400 planes working every day. almost 60 different countries around the world. could go on the numbers. david: so right now, how many of your planes, of the 1400 you have, how money planes are you actually using now? oscar: we are probably down to 500-ish or so.

what is important about that that many had to fly planes relatively full at this time last year. we are flying a lot fewer planes as recently up to 30% of them. low on tracking the last couple of months, 12%. less planes with less people in them is the real impact. no revenue coming in for what is traditionally a very high -- david: i thought i read from your company statements that in may of last year, you flew a certain number of hours in one day last year in mid. you flew as much as you fly people all of may of this year, so they like that. oscar: it points out how dire the situation has been. david: how many employees do you have? oscar: roughly 100,000 people. 30,000 or 40,000 more we employ

at different support groups. david: the flight attendants are about 50,000 or so? oscar: 26,000. david: have any pilots? oscar: 11,000. david: the rest of front office employees or work at the airport? oscar: close to 80% plus our frontline union employees. they work in our maintenance shops, baggage claim, the airport. they are the ones that take care of you. david: as a result of all of this, since your revenues are down dramatically and down so much so no airline could survive, the federal government as part of the cares act said we would provide you some money. you have now gotten $5 billion from the federal government into forms, right? they have given you a grant and a loan? you have another $5 billion you could borrow and in the process of borrowing as well. that is $10 billion united airlines would get.

you have already given some. is that enough? is $10 billion enough for united or your competitors? is that enough money to keep the airlines alive? oscar: that is the great question of the day. we don't know what we don't know. therefore, right from the start when we saw this happening, we immediately went into markets to boost liquidity. we had a pretty strong financial, balance sheet preparing for something like 9/11. this is three times as worse. we went into the market for as much debt we could get. we issued stocks. we have taken the grants and the loans from the government. we have applied for the second loan and will make that decision shortly about that. we're also finding other ways, in essence to a degree to improve liquidity to the best possible point. then, work on the cost structure and bring the burden of cash down to a manageable degree. it is just time oriented.

david: roughly $40 million a day. in other words, you are spending $40 million a day and effect losing 40 milling dollars a day. is that right? oscar: we will keep working on that but it is roughly the same number. competitors, american or delta, they are in the same situation largely. oscar: roughly. a lot of us spend a lot of time together, obviously an arm's-length, working through the cares act conversations and interacting with our legislative leaders. we are forever grateful for the assistance. it was carved out of this level of assistance because they do understand the economic impact, the impact we have on the we are altogether. by and large, we have different situations and positions but generally in the same game. david: all of your employees today, you have not actually laid anybody off or furloughed anybody, right?

oscar: right. david: under the cares act, you are not allowed to be able to do so until october 1. oscar: correct. david: after october 1, what do you think is going to happen? oscar: the payroll protection act was granted money to give time to gain liquidity and make other decisions. we have told our employees, and it has been one of the most heart wrenching conversations because of all we have built together regarding trust and togetherness and what we have been building. we felt the need, myself and scott kirby, our current president and soon to be ceo, it was really important to let them know as honestly and as much as possible, as transparent as possible that the future was really from a standpoint of where we see our business, if we were 100% before the virus, come october 1, there's not a lot of scenarios that have

us back at full strength. in order for us to survive and rebuild this company going forward, it is going to be important to manage our cost structure down. our employees have been great in responding. a lot of them have taken voluntary leave in order to save us from having to do any furloughs. no decisions on their part other than we have been one of the strongest communicators about the fact post-september is looking like we were going to have to size our network and structure down. david: all the planes you are not using, are they in the desert in arizona? where are you keeping those planes? oscar: they are in airports everywhere around america. i get constant calls from neighbors or friends or relatives. apple valley, california, a small airport there. i saw a plane there. spots for thatng many aircraft are everywhere. david: you are not buying any new planes, i assume? oscar: that is probably not

going to be something -- we have some orders we will end up taking for reasons over the course of the next few months and into next year, but from a long-term perspective at this point, we have message very clearly to the world we are not going to build capacity before the demand is there. that is going to be the delicate balance. david: there was a story on the news the other night where united airlines planes was full. i think it might have been taken health-care workers or something like that. there seems to be the middle seats that were filled, i guess. right now, if i fly united airlines, are the middle seats going to be filled or you are not letting anybody sit in those? oscar: it has been a difficult concept, topic for us to manage. we are trying our best to give you the distancing that are required, but our customers kind of ebb and flow. a lot of those health-care workers to show up at the

airport next morning to get the flight back from others that. -- for mother's day so that plane in particular got full. at that time, 85% of our flights had gone up, were less than half-full. only 1% of the flights were full at that level. it is a very rare occurrence, but in this particular case, especially with health-care workers -- what is interesting about this time for us is it is green. nobody knows exactly what to do. the important part is to acknowledge the situation like that, pivot quickly to come up with a solution. the middle seat seems obvious to most people. --t is not necessarily people are worried about the fullness of the plane. i hear it is empty and i show up and there are all these people. we now let you know if you have our app, connected with us, if you are flying tomorrow, you will get summing from us that

says, david, tomorrow's flight seems to be over 70% full. if you are uncomfortable with that, we can offer you a flight leaving two hours later. in addition, we communicate our air filtering system, electrostatic cleaning we do on every craft. everyone is wearing face masks. we reengineered our food service in many ways. . david: let me make sure for somebody listening who might want to be flying. are all of your flight attendants wearing face masks? oscar: yes. not only that, but also the customers. david: suppose some of the shows up on your airplane and don't have a face mask. do you have them for them? oscar: we have them for you. we also decreased starting today providing -- branded. i will not say this but i will say this to you. united clean plus. it will be a little amenity kit that has snack, water and some had wives for you as you enter the aircraft, along with a mask

if you need it. a lot of people are bringing their own masks. david: where did you get all of these masks? was it hard to get millions of masks? oscar: interestingly enough, the supply of those masks have increased. in large part, since we are not flight internationally, we have taken a lot of missions to bring back ppe, bring back repatriated citizens. up to 30 million tons of things we brought back for the country. david: i think you have changed your food. you are not really serving the normal type of food. you are serving stuff that is prepackaged more or less. oscar: we are trying to reduce touch and everything as much as possible. david: your flight attendants cannot even sit next to each other very closely? oscar: distancing is a really important part that we have to continue to monitor as best as possible. the aircraft is a

very confused spot -- --l the different things david: what about the lavatories? you have to clean them very regularly? oscar: i know you and i have oured about the size, but flight attendants are constantly cleaning. something cleaning is that will be really crucial. to the have to do that airport itself and hopefully working with the government to do temperature checks, spacing everyone out. necessity is the mother of invention. we want to do so many things over time about touchless kiosks. in essence, you don't have to touch anything. you don't have to get a piece of paper to hand out to someone. without any sort of any human contact and providing the option. david: you are boarding your

planes last wrote the first row. do you do it the opposite way? oscar: as you know, people in the front want to get out quickly. i think that is the best way. less people are passing by each other, the better. david: let's talk about how you are managing this company from remotely. you're in your home right now. how do you manage it? this?id you start doing you are based in illinois. illinois had a role you cannot go the opposite, is that what you started? oscar: we quickly begin, everyone went to the respective corners. we began initially by just managing through voice. and all these various vehicles we have to communicate became the norm. it's been fascinating to watch all the different leaders. spend a lot of time calling our officers and asking that same

question because we have a vast organization. 100,000 people spread all over the world. how fast to communicate, how fast to answer questions about concerns. initially, it was about safety in the workplace. increasingly, it is about my personal situation. it has been a difficult mechanism to do it in this way but we have found ways, mostly because we have a daily call with our executive team every single day including weekends. things are moving so quickly in our state. summoning of issues arrive. constant communication come honest, transparent. as much as possible. we have held a town halls that have had 50,000, 60,000 people on them. you can never over communicate. david: do you expect once this is over, whenever it is, that you will do some of the things you are now doing because it is more efficient or you are not sure you need to use any of these techniques in the future?

oscar: it is all going to evolve. i firmly fundamentally believe connection.need you and i would rather be having these conversations face-to-face. we take personal events in our lives the way, for instance, all of those things -- the time with a vaccine or her immunity, we will revert back to that normality. i'm very bullish on the future of aviation because we will want to travel. a lot of people can't wait to get on the next aircraft to go somewhere, but it is going to have to be beyond and how cleaned airports are. whatever destination you are going to is also going to have to be clean. for lack of a better term -- disney world to disneyland. that has to be open, that has to be safe for me to put my family and children on an aircraft to get to. hotels, car rental. all of that ecosystem needs to come up.

david: your internal planning assumption is it is going to take a number of years for something to get back to where you are? oscar: i wish we knew but you have to plan for the worst and hope for the best. we hope for certain that come october we are not going to be at 100%. what number we are going to be at, i don't know but it will be south of that. our job is to plan for that scenario. we had experiences with some of these before. demand has taken multiple months to get back to where it was. sars was about eight months. this is more global and insidious. you could feel this could last a little bit longer absent a vaccine of some sort. david: you fly all over the world. have you noticed the passengers who come from other parts of the world when they fly your planes, are they different than americans? they take the same precautions,

don't take as many precautions? are they different around the world? oscar: clearly, every country has its own cultures and norms. unfortunately, we are not flying a lot of people international right now so i don't have a vantage point to do that but --torically, you did see asian populations have been wearing masks for a long time you can see certain people doing that and others not. you clearly see some of that. david: you and i have talked about one of my favorite questions which is support animals. you still allow support animals to come on the planes? oscar: amidst all of this, everything we do on the safety and clean side has to be a balance with a hospitality and warmth that you deserve and how do we balance those things? things like support animals, we are allowing. we have restrictions.

it is just dogs and cats. we have talked about many other animals. they have to be of a certain age they have to be above four months old. we try to be thoughtful and considerate to other people who need to bring those but we are allowing that. david: you spent a lot of your time at united getting to know your employees. there was some unrest in the employee base when you took over and you spent a lot of time dealing with labor union members and other workers. do you miss seeing these employees face-to-face now? oscar: it kills me not to be able to see them. i call them all the time. i catch them at awkward moments. a lot of them are at home and they will put the video on because they just are on their pajamas or their hair is messed up. in this world, our purpose is a corporation is to connect people and unite the world. this is what people do for a living. we love taking care of you as

you travel and to not be there for them, not be able to see them, i think really everyone in our company feels that loss. david: when somebody has, let's say, an immunity problem. ill or they have been transplant,eart doesn't make it more challenging to fly? people that have health problems, are you giving them special attention or how do you deal with those people? oscar: as a customer, we are not allowed to ask questions like that. david: if they tell you in advance -- oscar: absolutely. transplant, doesn't make it more challenging to fly? people that have health problems, are you giving them special attentionwe have generas about this disease. anybody in a situation that is in one of those affected classes, absolutely we make allowances. you don't want to put anybody at risk or in danger of any sort. david: so you are now somebody who has had a heart transplant for about five years or so. so, you're in reasonably good shape.

health problems because of this disease? are you going to isolate yourself? oscar: we don't know enough about this disease. we can all stay home, we should all follow cdc guidelines. you would think someone like me with my low immune system could be more susceptible to this. but, we fly around. we see people. we try to be responsible. it is the nature and our job to be present. over the last few weeks, the entire organization we had everybody hunker down and lead by example. david: your children, you are altogether? your children are grown or elsewhere? oscar: no one is working in offices, no one is going to school. three of the four have decided to shelter-in-place here at one of our homes in florida.

it has been nice to have everybody. there's a silver lining for everything. we literally have family dinners every night for months now. there is some value there. david: what would you say you learned about yourself through this experience? you have gone through some traumatic experiences in your life, but have you learned anything through this experience about yourself that you may be not know before? fronts.ell, two ith regards to -- because have been through so many things, especially medically, my level of empathy and understanding with people's worries and concerns has been heightened. a lot of the actions we are trying to take to make sure we keep our employees and customers safe. that has certainly directed that. beyond that, we also learned a about what you want

to do in life. you and i have been a lot of calls with a lot of the leaders in the business about what you t to do in life. community. this is clearly a time for action. all of us have capacity in various ways to do that. while i'm stepping into the executive chair at united and very focused on that, it is also going to be important to understand and know where not only myself but other business leaders and community leaders and people at universities and nonprofits -- i think we all have a great capacity to do more. david: is there anything you wish the company had done or your industry had done in hindsight that was not done? oscar: you could always go back and point to something or other, but in this particular case, our industry balance sheets were really strong. we had great growth trajectories. we had a great deal of investment. emily: united ceo oscar munoz with david rubenstein on leadership live. that does it for this edition of bloomberg technology.

bloomberg daybreak australia is next. ♪

♪ shery: good evening from bloomberg world headquarters. i'm shery ahn in new york. stroud-watts in sydney. welcome to daybreak australia. here are the top stories. stock to the highest since early march amid promising signs for an experimental vaccine. oil rising to pre-lockdown levels and china's demand all but recovers. softbank loses aliens on start up debt that sours and masayoshi son says there c