♪ emily: i'm am emily chang in san francisco, and this is "bloomberg technology." fresh off a political victory in california, lift riders are slowly coming back after the pandemic demo -- decimated demand. planse company's delivery differ from uber. plus, yelp shares shot up on iss that the pfizer vaccine

out. our conversation with jeremy stopple min later this hour. tiktok's parent company is asking a u.s. court to intervene in president trump's attempt to thwart the sale. first, a comeback for big tech in the stock market. for more on the trade, we are joined by sarah ponczek in new york. walk us through the day and how tech drove market action. tech: we did have a turnaround, this two days after the nasdaq fell. you see the nasdaq 100 back on top. if you look at your other major benchmarks, not staging as much of a rally. what changed? not too much. you could say it's just a comeback. at the same time, there were

headlines about further restrictions in the city. it begs the question about whether or not people will be working from home, stuck at home with restrictions longer than previously thought, especially with the positive news on the vaccine. the that, we see stay-at-home trade likely to return. with tech getting hit hard the last few days, is the worst over, or is the worst still to come? jon: it's a great question. one day does not make a trend, and neither does two days. the difference was that we did get positive news on the vaccine. as you see on your screen, bank stocks have been posting strong threes, above 2%, percent. amazon, microsoft, really taking the lead, and what investors seem to believe is that if we

get a return to normalcy, the minute you get the participation from small-cap stocks, maybe you get the value from airlines, cruise lines, but that doesn't necessarily mean that tech is going to fall behind immensely. tech can continue to trend higher. you could also get more participation from other areas that need it. emily: thank you so much for breaking that down for us. we will be watching tomorrow. saide's secretary of state the state will begin a county by county hand audit of ballots in the presidential race that would be completed by november 20. the review comes as president-elect joe biden leads by a slim margin of 14,000 votes in the state, but president trump continues to tweeted that he will win with the help of his lawyer. we want to bring in tim o'brien who has a new piece out on why

president trump may be scared to leave the white house. you always have a way with words, and as you point out, the president has overcome "sexual assault allegations, impeachment , and the threat of personal bankruptcy." can he get out of losing an election? tim: i don't think he can get out of losing an election. biden is ahead in the popular vote by 5 million votes. he has a healthy lead that is likely to get larger in the electoral college. he is not going to get out of the fact pattern around selection. i think he is trying to create through these lawsuits and his tweets and what some other members of the republican party are doing right now, it's this idea that it is rig, and he can say he never lost this election. i think he is wary of losing the power and the insulation that the presidency provides him.

those are the twin explanations for why he continues to engage in this stance of declaring himself the winner of the election. emily: to be clear, trumps legal challenges are focused on six pell grant states that he won in 2016. biden is leading in five of them, and there is no evidence of fraud in any of these states despite what the president has said. that said, it seems like he is going to make it difficult between now and inauguration day. how do you think this plays out? tim: there's no question he's going to make it difficult, but he began telegraphing that months ago. he talked about how mail-in ballot and could not be trusted. i think it was a foregone conclusion that november to january would be a difficult transition. it's worth remembering that when bush and gore were in a dispute

over the florida election, it was only 537 votes that separated the two of them. and all of the states that trump is contest in, you're talking about tens of thousands of votes. even if fraud existed, it would have to exist on such an epic scale for those many votes to get over the lead. the facts alone way against him. -- weigh against him. he is using powers of the federal government to disrupt the transition. the general services administration has not given the resources it typically does to the incoming president elect to get staffed up and in transition. itself is feeding ideas that the election results are not reliable. he is going to continue to try to burn the house down. that is who he is when he is

cornered. i think we should rely on our and the media to stand up for the fact pattern and truth. said, how much confidence do you have that the house won't burn down, that he won't be able to inflict that kind of damage on the office in the 70 days he has left? tim: i think he is going to try. i think he will be hard-pressed in theore than sit out sandbox with his pail and shovel for quite a while. he is clearly doing things to federal agencies in the pentagon. i find some of the moves he's made at the pentagon to be very concerning. he is putting loyalists in the upper ranks of the pentagon, and you wonder why when he only has several weeks of the presidency left.

day, we canf the all count on keeping him at bay. i certainly hope we don't get to that point. howy: what is your sense of scared he should be to leave the white house? there has been speculation that he will face prosecution in new york state at the very least. is that going to happen? substantialre two allegations. the attorney general is investigating him for possible tax fraud, and the manhattan district attorney is looking at the trump organization, his children, for similar inflating the value of assets to investors and lenders, accounting gimmick re-, and possible financial fraud. those are serious cases he is

going to have to deal with. the manhattan das case could have felonies involved and the possibility of prison time. trump is looking down the fact that he's got over $1 billion in debt that he is carrying against assets that are getting batted around by the coronavirus pandemic, and over $400 million of that is coming due relatively soon. he's in a position where he might have to engage in some fire sales of illiquid assets to raise money to pay down his debts. billgot this financial and hanging over him and legal anvil and- financial legal anvil hanging over him. emily: thanks so much for weighing in. coming up, the travel industry

has been hit hard to say the least by covid-19. the ridesharing sector is continuing to feel the struggle. we are going to talk to lyft cofounder john zimmer. that is next. this is bloomberg. ♪

has sparedpandemic nothing and no one, and ridesharing companies have been battered amid a global plunge in travel and commuting. saw a majority of its riders vanish as businesses shuttered and workers stayed home. with recent news of a potential vaccine and a major ballot measure being passed in

california, the ridesharing business could be navigating its way back. joining me now, john zimmer, lyft cofounder. it has been a long seven months and a long seven months for you. let's talk about it. earnings looked better than some of the doomsday scenarios predicted. ridership is coming back, but it is still way down. what does ridership look like to you over the coming winter months? quarter, wer over saw 47% growth in revenue. , but amaterial return ways to go. it is hard to predict. the news of the vaccine is great for society as well as for lyft, so we are planning to be thoughtful about how we plan to use our capital and be ready to hit profitability in q4 of next irrelevant to the speed of the recovery.

are you forecasting a vaccine will be ready, and how are you baking that into your model? ton: we are being careful predict a slow recovery. as a human living in society with the pandemic, i am hopeful that it is available in the first half of next year in a meaningful way, and that would obviously be great for our drivers and riders and business. we are ready to hit profitability at the end of next year even with a slower recovery. your longer-term view of ridesharing with people leaving big cities to suburbs? maybe we have a vaccine, but that trend continues. how does that change the competitive dynamics between lyft and uber? john: one of the ways we are differentiating is we are focused on providing a portfolio of transportation options for

personal transportation, the examples of that being bike share -- we purchased the bike share system known as bay wheels in of the bay area, divi in chicago, so we have seen bike share year-over-year rise. we've added consumer rentals to our mix. we are seeing that people's interest in transportation as a service is going to be a long-term trend. just as people have moved away from owning dvds and moving to netflix, music, spotify, we see the same thing happening in transportation. there will be shifts. there will be changes in how people get around, but by having a portfolio approach, we will be able to capture that shift. emily: you bolstered your delivery business. you've done deals with grubhub to deliver food and epic to oriver non-emergency --

arrange transit for nonemergency medical appointments. what can you do to expand delivery as we wait for travel and commuting to bounceback? john: we are excited about the grubhub relationship. with our subscription service we call pink, you get access to all of grubhub's restaurants with free delivery if you are a pink subscriber. in terms of medical transportation, it is something we continue to invest in. medicalency transportation we believe is a multibillion-dollar opportunity, and so that integration allows integrated to. their software is used by 70% of hospitals across the country. that is a great integration. with delivery broadly, we are not interested in being another consumer platform. what we are focused on is what

we can do to be a logistics layer for other retailers or businesses without cutting ourselves in between that retailer and consumer. what we are hearing from retailers is that while they are going through the pandemic, they wanted to get on some of these different platforms, but they want the traffic and their customers to be loyal and organic to their website and platform. i think that is going to be a nice opportunity for us next year. emily: how profitable can that be? how do the rates differ from your other businesses? john: one of the big differences when you talk about uber, uber eats, they are subsidizing the actual cost, and then they are charging the restaurant in that case anywhere from a 20% to 30%

commission. --we work with retailers let's think of a nonperishable item, and we provide that last mile service at a similar rate to people getting around in a lyft, there are a lot of opportunities where existing providers cannot provide same-day service like ups or fedex. was a huge 22 victory for you in california, and i know you're going to use that as a blueprint for conversations at the state and federal level. engaging in are you first, and how do you convince a new administration, joe biden and elizabeth warren, who were against this? the john: state of california is extremely progressive. i believe president-elect biden one by 30%, and this proposition

to allow drivers to be independent and get benefits like health care, as well as this additional insurance by a nearly 20% margin. it had support from all parties. to talk tolooking regulators and labor leaders to say, hey, let's work together. drivers want to this on a six to one basis. independenter to be contractors, but they also want benefits. we have to find a way by providing benefits that they don't all turn into employees, which many existing laws would not do. that would result in the things like schedules and other things. i know every new year's eve, you are a lyft driver.

are you going to be driving this new year's eve? john: that's the plan. [laughter] year.one it every one year, we had our first child, i did it a few days earlier. my wife was not happy about that. i'm going to do my best. emily: you will have to tell us how it goes, john zimmer, lyft co-founder. i have to say your wife is a champ. aming up, what used to be nicety has become a necessity. a boom delivery has seen in the pandemic and has provided a lifeline to those at high risk of covid-19. we are going to talk about that next. this is bloomberg. ♪

emily: over one million u.s. households now use government benefits to buy groceries online. those numbers spiking 50 fold this year amid the global pandemic. once a nice perk, grocery delivery is now a lifesaver for companies -- for families across the country. with us, bloomberg news west coast reporter matt day. this is something we don't talk a lot about, but we should talk about more. in the past, you couldn't get food online anywhere. what is the status now? got: you used to have to into the store, and this was until last year when they expanded a pilot to take this program into the 21st century. now it's online in 46 states and washington, d.c. in most of those states, you can buy groceries or pickup delivery from amazon or walmart. how does amazon's

offering different from walmart? smallerazon has much brick-and-mortar presence. walmart has thousands of stores you can pick up from. amazon will deliver fresh groceries in most metro areas. beyond that, you're probably looking at a much more limited selection of shelfstable or frozen stuff rather than fresh food. are many worthy organizations out there working to fight hunger, but some of them aren't happy about this. can you explain that? critique,overarching e-commerce and grocery delivery have been a thing for many years, but i think the biggest lingering? is the number of retailers involved, primarily walmart and

amazon, and there are concerns that the surface area in terms of coverage for deliveries is not as wide as people might have hoped. emily: do these companies, amazon, walmart, do they have anything special planned for these folks heading into the holidays? matt:matt: it's a great question. both of them have ramped up donations since the pandemic began. no, i haven't seen anything specifically targeted to food aid recipients. emily: it was interesting to see jeff bezos' response to biden winning the election, becoming president-elect, and i'm curious what your perspective is on what biden's election means for amazon given that the antitrust

scrutiny is not likely to end. won'tnly, it means bezos have as contentious a relationship with the person in the white house. matt: that is certainly true. amazon like a lot of institutions got tired of waking up to the headlines. amazon contends that trump actually cost amazon the $10 billion defense department jedi contract. i think amazon will be pleased with a more predictable administration in the white house next year, but it is hard to say with that antitrust question mark. day inbloomberg's matt seattle who covers amazon, thank you so much for bringing this story. business, how does a review site stay afloat when the world is on lockdown? we are going to hear from yelp's throughow he has led

pandemic terror, but finally sees a light at the end of the tunnel. that is next. this is bloomberg. ♪ when you switch to xfinity mobile,

you're choosing to get connected to the most reliable network nationwide, now with 5g included. discover how to save up to $400 a year with shared data starting at $15 a month, or get the lowest price for one line of unlimited. come into your local xfinity store to make the most of your mobile experience. you can shop the latest phones, bring your own device, or trade in for extra savings. that's simple, easy, awesome. visit your local xfinity store today to ask, shop, discover the latest on xfinity mobile. emily: this is "bloomberg

technology." 20% on newsdespite of the early success of a pfizer vaccine. the most prominent platform laid off 1000 people when the poisedc came but stands to gain when the economy reopens. that reopening may not be straightforward as cities put new restrictions on indoor dining. i sit down with ceo jeremy stoppelman to talk about how the company has navigated crisis -- the crisis.

jeremy: probably the best word is terror. [laughter] foras a scary moment america, small businesses and yelp because we are away to find local businesses. the first thing crossing my mind is our people still going to buy advertising? we certainly took a big hit in advertising dollars as people pause their campaigns but we had a functionality that allowed them to set a future date so they sent a resume date for perhaps months later when the pandemic has passed or the panic has subsided. 20% on newshares by of the pfizer vaccine. if everything works out, it means the economy opens faster and it's good for small businesses and yelp. how optimistic are you? jeremy: none of us have been through a pandemic before so we

can't know any -- everything but in the last quarter, things had come back and economic activity had ticked up. people are starting to dine at restaurants in the winter weather isn't quite into winter yet. local weather isn't quite into whether -- winter yet. we can finally say there is light at the end of this tunnel. that has been the scariest thing about the crisis. we hoped a vaccine would arrive but actually knowing what is there and it is effective is very exciting. yelp, in the us at minds of small business owners and the rest of the world is happy to hear that news. emily: you regularly read economic in past reports and you

found that thousands of businesses had closed on yelp. where does that number stand now? we have seen lots of businesses reopened that are temporarily closed. 100,000 of closed businesses have opened up again, which is a great sign. and from a new business standpoint, we are seeing new business openings at levels in line with 2019. that is one really inspiring thing, showing the resilience of entrepreneurship. new entrepreneurs are still being born in this environment, which is incredible. i think it shows incredible tenacity and bodes well for the. -- of the economy. emily: the pandemic has become very political and i am wondering what your take is on biden'sn election --

election? have to take a dispassionate look at politics out of it. we can't really have a great economy if everyone is cowering from the impact of pandemic or hospitals are getting overloaded by cases. have to take a sensible approach and listen to the signs. if they tell us masks is going to diminish the impact of the pandemic, that we should all be wearing masks. it is very straightforward and it shouldn't be a political issue. it is frustrating that has been and it has cost us time, health and lives. seems package is going to be scaled back. are you concerned? jeremy: the fed has been very clear that small businesses need support in the initial package was positive.

we have all been waiting and hoping for another one, especially for big companies where they can borrow endlessly cheap debt. we should expand -- extend a helping hand small business owners. emily: reviews are getting more politically divisive. just in the last few days for seasons has racked up quite a few negative reviews. yelp has put an unusual activity alert on their. -- on there. how do you navigate something like that? jeremy: that is something i anticipated at the outset. we would be any kind of platform for political expression or what have you. it is something that has popped up from time to time and happens very regularly that people come to yelp when a business in particular is involved in controversy so we have had to come up with ways for that.

alerts basedferent on what is happening in that business. i'm guessing users from both sides are pelting that business with. -- with reviews. we fundamentally want reviews on yelp to represent experiences with local businesses so when that happens we want to hit the brakes. we get that they are trying to express them selves politically that is not what yelp is for. we want to turn attention to that there is a controversy and turn our attention to steering people towards great local businesses. emily: part of my conversation with the ceo of yelp. we will have more on that interview after this quick break. talking aboutman googles napoli. saying the search engine not just hurting yelp everyone else.

this is bloomberg.

emily: how to regulate big tech to be one of the many issues facing the new biden administration. they have filed a landmark antitrust suit against to that will take years to play out. yelp has been one of googles most vocal critics. more from my chat with jeremy stoppelman. jeremy: we have been shouting from the rooftops for a long time that there is a monopoly problem, in particular a google problem. they have the edge illegally and have leveraged this monopoly in ways that are destructive to innovation, competition and that

is bad bad for small business owners and so it is great to see some early validation of that from the doj. emily: we have all seen the increasing number of google reviews. thats main complaint google favors its own reviews over yours is not actually the core of the case. are you concerned that your concerns get passed over? jeremy: it's hard to say the case goes now because the state ag will be bringing their own cases, so it's hard to know the exact case. early signs are positive and there is bipartisan support for scrutinizing google. emily: you told me if you were starting out today, you would have no shot for building yelp. that opportunity has been closed out for google. if you provide great content in the category as -- that is

google they will stuff you out, they will make you disappear they willbear you -- bury you. emily: have they continued to try to bury yelp? jeremy: it's something you can do for yourself. do any search with local intent see how far down the page you have to go to any organic result, particularly in a category that is lucrative from an advertising standpoint. they have really tried to maximize the revenue, and in doing so, have put the consumer in the backseat which is a problem but also stifles innovation because if there is no organic content anymore, there is not that incentive to great new and interesting websites collect information, it is quite sad. and if you talk to the venture capital community, you will hear that as well.

much just isn't as interest in ideas powered by search engine optimization where you create really wonderful content and then google and other engines drive you traffic. it is just google now. hasy: president-elect biden not detail his thoughts on antitrust yet but we know the obama administration was fairly close to silicon valley. in particular, how would you like biden to weigh in on antitrust? jeremy: all we can ask for independent thoughts you're absolutely right that unfortunately the obama administration has a bad record when it comes to antitrust enforcement. googles lobbyist was the number one lobbyist in the white house by visit. ftc was reportedly , there wasng

reportedly back channel medication with google, which is very sad to learn of. i would hope there is some indication that biden is going to take an independent view of -- of this. my personal thought is that somehow we have to get elizabeth warren in their because she has been particularly strong on hammering home the point that economies and monopolies that that monopolies are not good for economies so we need someone like that strong message independent streak. part of my interview with yelp ceo jeremy stoppelman. you can get the full episode on studio one to coming up next friday here on bloomberg television. disney continues to shuffle its tv business following refocus on

its streaming services. this is the entertainment giant will be reporting results tomorrow. bloomberg intelligence is expecting the company to brace for another tough order. joining us now to discuss the report, nicholas. what are you watching tomorrow? nicholas: thanks for having me. disney is interesting because of fact the stock has returned to pre-quarantine levels. datate the fact our mobile is actually showing declining engagement across their streaming and media apps and limited activity. we will be really focused on commentary surrounding the launch of milan which everyone is looking at as

well as future content they have to offer. quarter, the are -- we are looking at a inative decline daily users the aggregated portfolio we have built. we found there is a strong relationship between these apps on their media and streaming site and the revenue report. -13% growth points towards slowing growth in streaming and put things in perspective, a netflix or amazon prime video are actually showing positive growth in their streaming business. share is losing market and actually have negative

market share on the quarter in -- users -- aired users. emily: what is your outlook on how well disney can accomplish this transition given how historically important the park business has been to the company? nicholas: that's a great question. as far as content in mulan specifically, it is widely known that disney has a serious content of them here and a subscriber or user retention issue. , theyou look at netflix produce a lot of content pre-covid have been able to release throughout the entire year, which is help them gain market share. disney has limited new content. mulan, mandalorian ii, hamilton. it drove massive spikes but

their actual engagement is not actually benefiting much from these releases and this is evident will looking at market across the top platforms. they have 50% market share and download but their daily users 3.5%.ly three .5% -- it indicates there new releases are sparking growth but this recycling of old content is not retaining new users. as for the competition, is it really just a netflix or are you seeing increasing engagement and apple tv plus and other companies that have have less new content and are also challenged? outside of the usual

, like hbo max, it was just released in may and now roku has their own streaming platform. netflix getting market share, you also have these new players that are entering the market entering the market going forward. emily: lots to watch. director of equity research at apptopia, thanks for the preview. time is ticking for tiktok. bytedance is planning to block an order forcing it to sell by thursday. that's tomorrow. details next. this is bloomberg. ♪

emily: tiktok's owner bytedance is asking a federal appeals court in washington to intervene in the forced sale of the popular video sharing app. emily: president trump issued an sell november 12 unless they were granted an extension. for more, i want to bring in tom mackenzie from beijing, where it already is november 12. what is the latest? is the sale going to happen by tomorrow? it seems that tiktok at their owner in beijing may get a 30 day reprieve to work on the

final details of the sale but we are going to have to wake -- wait for what a federal appeals court finally says aired you remember that after the trump administration initiated this ,rder to selloff the business which has hundreds of users in the u.s., or face a complete ban. there was the scramble for how they would sell and microsoft was in the lead. then they dropped out and they had this agreement to set up the separate tiktok entity. it initially got the blessing of president trump but it was revealed that a lot of the data would still be controlled by tiktok and that caused a lot of pushback. beijing would have to have a sign off on this deal. new rules required them to have some oversight and that complicated matters. since then, tiktok says they basically heard very little from the trump administration.

we now get to the point as you rightly say, the deadline when they are meant to have this sale or banned outright. they filed a petition with the court saying that they had , date put iness their own letter and got a few more details about what their concerns are, specifically pointing to the way the communist party sell embedded in bytedance -- cell embedded in bytedance is a concern with them and they flagged their work with authorities it should jump -- xinjiang and pointing out that tiktok stores its data on servers run by alibaba, which they say works with the intelligence services here. we're going to have to wait and see how the judges rule on this.

it seems they make at least a reprieve, if they don't, it goes to the department of justice and they can force the sale and band this hugely popular app. emily: there's the question of how does the election and joe biden winning it intentionally change the outlook for tiktok. potentially change the outlook for tiktok. how does this impact president trump's refusal to concede? nicholas: there are a couple of terms to note in the run-up to state media. state media was really going big on what they described as the chaos in the electoral system and political system. they have suggested in editorials that the political system was failing and that there were protests and instability.

notably, we have not heard from state media or officials that they have reached out to joe biden. china has not congratulated joe biden on his victory in the election. eight -- here want to want to wait see how this plays out. the view here is mixed quite frankly on who they prefer to see. some people we spoke to want see trump back in office because they thought he was doing such damage to the united states that presented an opportunity for china and they are concerned joe biden will form alliances will further pressure the country. and are relieved that biden has won the election because they believe there will be less volatility in the relationship. less volatility in the relationship even if the strategy might remain the same.

the tactics will remain very different. it's fascinating to hear how state run media covers events in the united states. what are you watching? anything that's a significant change in the regulatory environment. stocks have obviously tumbled as a result of a significant change in the regulatory environment so anything executives say about that, and there is a view tencent is relatively sheltered from the full-blown impact of this change. you have got the likes of citigroup saying this was a buying opportunity for tencent and we're looking for the gaming pipeline. also, anything else on the so-called advertising revenue. emily: we will be watching for your reporting on that.

our thanks to tom mackenzie, live from beijing this morning. thanks for checking in. that does it for this edition of "bloomberg technology." bloomberg daybreak: asia is up next. this is bloomberg. ♪

>> good morning. asia'scounting down to major market open sherri coale and welcome to daybreak: asia. tech stocks lead to a 10 week type. highestrising to its since september while the nasdaq jumped more than 2%. investors are wondering how bad it could get