she even beats her insurance price. good for you kate, good for you. goodrx, stop paying too much for your prescriptions. download the free app today. emily: i'm emily chang in san francisco and this is "bloomberg technology." clears another approval and is applying to the fda for approval of its vaccine. the cofounder and chair will be my guest. plus, as covid cases continue to spike, facebook is stepping in with a new initiative. one of the longest running employees at facebook, the product head, will tell us all

about it and how the company plans to fight continued covid and political misinformation. the former economic council director gary cohn urging congress to pass more stimulus now. a sneak peek of my wide-ranging interview on everything from bitcoin to spac's, coming up. u.s. stocks fell from records as ofestors weigh the prospects risk. zoom video just reported after the bell. abigail: shares modestly lower in the after our market trading. for any other stock, it would be a pretty decent decline of about 4%, 5%. forume video, it is a -- zoom video, it is a modest decline. their sales basically quadrupled in their fiscal third quarter.

upy beat adjusted earnings, 6500%. they put up a penny a year ago. in this quarter, they put up $.66. you do have the stock down, probably because this is one of those high flyers on the year. thanthis report, up more 600% on the year. they essentially got perfection at least ahead of the call. it appears they wanted just a little bit more. relative to a stock that is up more than 600% on the year, the initial reaction to an earnings report is not all that big. we will have to see what happens tomorrow but relatively a small reaction. emily: what a year for zoom. speaking of a big month for stocks overall. some of this i know tied to the election but also vaccine news including good news today. sogail: this month went by

quickly, this monster rally seemed to sneak in here. huge month for the s&p 500 index. the russell, it's best month ever. that was true at one point for up bank index, at one point its 1992. this election uncertainty around the next administration. theine news providing optimism that next year, the economy will reopen. those sectors on fire. amazon come up 3.4%. all points of the market rising.

,ou were mentioning moderna that stock up on the month more than 100%. news that they are filing with .he fda and the eu a tremendous month overall. investors realizing that it is not just hope, but there is a reality ahead and want in on that reality even though it is unclear how it will roll out. speaking with moderna, shares soaring after they said they are seeking clearance in the united states and europe for the vaccine. the shot said to be 100% effective in presenting -- in preventing severe cases. we are joined by moderna cofounder and chair. it is good to have you back so

soon with some news. talk about the status of your application with the fda. where does it stand right now? moderna minutes ago, posted that the emergency use authorization has gone into the fda. that is a important milestone to be able to get vaccines to those who need it. exciting outcome of the results announced earlier today, showing the efficacy you pointed out and against severe covid-19 disease. scheduled toa is meet to talk about pfizer on december 10 and about moderna on december 17. your ceo said that you are expecting clearing to occur after that meeting. how optimistic are you about that timeline?

>> we get asked a lot about being optimistic, and then the use of the word hopeful as well. given that this is the business that we are in, meaning that we have to do a set of things, we are always encouraged by positive data but we kind of don't want to get into an optimistic mode because at this point, we don't control any of the variables. we are hoping that the view will be positive. certainly, the data indicates that the robustness has been shown. professionals looking into everything. at the end of the day, this vaccine will only be taken up if people have trust in the system, the doctors, the leadership we want that to take the time it takes. we are ready to execute as soon as we are given the green light. our partners are in a position

to facilitate the distribution. we cannot wait to have the impact we have been working to have. emily: let's not just optimistic. let's be realistic. shotdo you expect that will be going into people's arms? is december 21 the date you will be looking at. we have mentioned our hope and expectations that we would have the ability to do that as soon as we get the green light. indeed, it should be very soon after the meeting that has been scheduled. that has been announced on december 17. we are ready to go. on our end, it is a question of getting the proper reviews. we would like to get up to 20 million doses.

of timesalked a couple here but i have said we have worked hard over the past few months. this is 10 months following 10 years of hard work for the team greaterna and it is a feeling to be able to see the technology come to fruition and have the impact it may well have. emily: absolutely. mrnar's vaccine uses technology as well. given the success so far, do you think mrna will replace traditional vaccines going forward? >> messenger rna technology has applications actually even beyond vaccines. about half of moderna's work

over the past five years has been on therapeutic sent the other half in vaccines. i think that the technology aatform, there really is product platform, a investment -- it applies to many different products. that was not historically the place. this is a true platform. ,e believe that what this shows 30,000 people who have now received the vaccine, is that the way in which the vaccine is protectsd, delivered, the immune system against the viral infection, we have an advanced program, which is a very debilitating, particularly

debilitating condition in babies. that is an advanced program. we are working on multiple infectious diseases. also on cancer vaccines. good developments recently in the application of the same development. this time, to get your immune system to go after cancer, not an infection of the virus. emily: how should people choose? given that both -- assuming that both moderna and pfizer vaccines are approved, what should be the deciding factor? >> i am happy that we are not involved in that choice. we from day one set out to enable the maximum volume of a safe and effective vaccine that we can produce. we are working with governments to secure supply to then distribute to people.

this is not a vaccine that people will make a consumer choice, per se. certainly, the supplies will be initially limited. the goal is to get effective vaccines out and get them to people. hashe end of the day, as been said many times including by dr. frenchy, the only way this will work is if enough people take it that our immune systems begin to be trained on how to defend ourselves. the long answer is that i am not able to answer your question because at the end of the day, availability will drive up more so than a choice. potentially 6, 12 months from now, there may be multiple vaccines, there may be such an abundance that in the future people will laugh to make a choice. they will have to look at the data, the duration of the effect, and many other such factors.

all right, we appreciate your optimism and your realism and hope you keep bringing us good news. thanks so much for joining us. bitcoin's wild ride continues. advocates of the visual queen say this rally is for real. coin say this rally is for real. this is bloomberg. ♪

bitcoin making of around at a record high after its biggest rout since march. resilience in a crypto market that has outperformed most asset

classes. what is driving this particular rally and how much longer can it go? >> when you think about what is different between now and these new highs versus three years ago , the big difference is that you are seeing a lot of mainstream wall street embrace bitcoin in a way that they were not before. it is still new, but it is a very different feeling. paypaland companies like saying they will allow customers to buy and sell bitcoin. big investors like paul tudor jones. filed tom partners preserve the right to invest in bitcoin. they are thinking about it clearly. that will hopefully open the

floodgates to a broader audience than the crypto believers who have been there all along. emily: there has been some controversial developments out of coinbase, one of the biggest companies in this space tied to social justice issues. us why this this controversy and where things stand right now? katie: this is a hot topic in the crypto world. coinbase is one of the biggest exchanges out there. one of the most valuable crypto startups arguably. employees andse former employees on and off the record saying that they distributed -- they committed discriminatory behavior against people of color, including talking down to them in meetings or getting passed over for

promotions. the space in general has a front history when it comes to hiring and retaining black talent. , 3% ofe's numbers coinbase's workforce is black, which is less than half the average in the industry. those numbers again paint a pretty bleak photo. emily: coinbase took an interesting tact by trying to front run the story and put its position out there before the story was published. is it working? katie: that is a good question. some would argue that maybe it drew more people to the story than otherwise would have read it. it said, please come if you get

anymore media requests from other outlets, direct them to our comms team. they are trying to control the message here. chief executive brian armstrong has come under power in the past especially when it comes to activists in the workplace. saying aian armstrong few months ago that coinbase would take on activism only as it comes to crypto and other social issues that cause quite a stir. felt --g's katie cry katie greifeld, thank you very much. more companies taking alternative routes to going public. formerabout it all with national economic council director and advisor to president trump, gary cohn.

here is a sneak peek. look in not going to the future like it looks today. this back world will define itself, redefine itself. product is here to stay as a mechanism. with: more of my interview gary cohn coming up later in the show and in a longer edition of "studio 1.0" to come. sparse crowds on black friday this year is just the beginning of an unprecedented holiday. we speak with harley finkelstein, who saw a record sales on his platform over the weekend. this is bloomberg. ♪

shoppers inat-home the united states have driven a record $12.8 in online revenue on friday according to salesforce. data shows that in-store traffic dropped by half compared to last year. is the shift for online shopping here to stay? , harley finkelstein. the sales are still happening. it is cyber monday. what kind of activity are you seeing now? about a million dollars every minute. orders every single minute across the platform as well. usually when i come on your show, we talk about the merchant perspective. today, because it is cyber

monday, let's focus on the consumer side. but we are seeing across the platform is that the center of gravity has shifted definitively. it is not limited to one particular type of merchant. yoga,like beyond parachute, they are doing well. large established brands like stetson, staples, also doing very well. brand-new companies like noble and daily paper. i just went to a store, workwear, a six week old business that sold 50 products yesterday alone. i think we are seeing that this is a blueprint for the future of retail. emily: normally there is sort of a big pop over thanksgiving weekend, the deals calm down.

>> two major things have changed. the is the year of conscious consumer. consumers are now voting with their wallet to support and buy from independent brands. valuesrands whose reflect their own. the black friday-cyber monday weekend, because it has been a weekend for as long as i remember, is now an entire season. despite the fact that we are in this global comic, a massive acceleration of e-commerce from retail. the center of gravity will be online, powering some of that. distribution issues, amazon, other e-commerce platforms experiencing some delays. new small businesses trying to get their products out to the

world now. how are the actual pipes working to deliver what people are ordering? >> i think the consumer has been very mindful to make sure they get their shopping done in advance in anticipation of delays. the stores on shop five, which essentially is a proxy of all retail. the second largest retail. second largest on the supply side and delivery. fightrchants on shop or -- on shopify are being transparent, how to anticipate potential delays. so far, things are moving. emily: the success of this is kind of a double-edged sword. businesses on your platform have

for years operated with physical storefronts. does this mean they will be closing physical stores for good if they can have the same amount of success online? >> we think the future of retail is retail everywhere. the reason you are hearing shopify do deals with companies like tiktok and walmart.com, because we think retail is all about where consumers are. frankly, consumers are everywhere. i think it is important that that is said. during the pandemic, we saw that a lot of the merchants on shopify that had physical stores, they turned those physical stores into situation centers. we put out a product that was all about in-store pickup and local delivery. i think there will be a place for in-store retail on the others of this but this center of gravity will be online.

emily: i have still got some shopping to do. thank you for sharing those updates with us. coming up, we are talking to longtime facebook employee naomi glight. this is bloomberg. ♪ it's moving day. and while her friends

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emily: welcome back to bloomberg technology. i'm emily chang. as cases of covid continue to spike in some is this is that have just reopened are forced to reclose again, the economic toll is weighing on families around the world. that will get tougher into the holidays, but there is hope. tomorrow marks giving tuesday, a movement that is sparking generosity worldwide and will mean something extra special tomorrow as people and corporations come together to help ease the impact of the pandemic. joining me now is one of facebook's earliest employees who has worked on almost every major initiative at the company,

i would like to welcome naomi gleit who also leads facebook for good. for giving tuesday, facebook is matching donations and launching a new community help feature that will make it easier to collect necessities people need. how exactly is this going to work? naomi: thanks for having me, emily. this has been such a difficult year for so many people. that is why it is so inspiring to see how the community is coming together to help each other. tomorrow is giving tuesday. facebook will be matching up to $7 million starting at 8 a.m. tomorrow. the community to raise over $120 million last giving tuesday. this giving tuesday, we are hoping to exceed that. andy: aside from the match donations, how else can facebook users give back? there are a number of different features that get left out of publicity. naomi: donating is only one way

to give. donating money. you can also donate your time, your talent, your treasures. that is why we built a feature called community help. and that you asked for an offer help to people in your community. you can donate blood at a nearby blood bank. you can buy gift cards to support local businesses. we also launched a new feature called drive that lets you easily collect items that are essential like food, like clothing, and get that to your community. we are seeing a lot of amazing examples of people using community help to run and pick up groceries for their elderly ppe fors or masks and local doctors and nurses. emily: you lead facebook for good at a time facebook is being attacked by many sides and many people who think facebook is actually doing the opposite. is a force for things that are not good. how frustrating is it to you that sometimes the good things

that i am sure you feel you are doing are getting overshadowed by a brand that is struggling? naomi: i started this social good team five years ago and i am so inspired every single day by what i see people doing on our platform. we're actually seeing donations go up during really difficult times. people have raised over $100 billion for covid related fundraisers for the majority of the donations are coming from people donating $25 or less. it is that kind of thing i see every day that keeps me inspired and motivated. emily: do you think the concern that facebook might not always be a force for good or warranted? -- are warranted? naomi: absolutely, there are real legitimate issues here. there are issues around privacy and data use and election and misinformation. we are doing so much to help

people, especially through this global pandemic. we are focused on three areas to respond to the covid crisis. the first is assisting the public health response. the second is helping the economy recover, especially small businesses. the third is helping people stay connected while we are all socially distanced. mark will be going live with dr. fauci at 3 p.m. today. they will talk about business development around the vaccine and how we can stay safe this holiday season. on the second thing around helping small businesses, your previous guest talked about a lot of small businesses are struggling to get foot traffic. we launched a new feature called shop that lets businesses easily set up an online store on facebook and instagram. the third thing, helping people stay together. out of know about you, but i use my facebook portal to have a thanksgiving dinner with my family that couldn't be with me in person.

emily: as you mentioned, mark will be speaking to dr. fauci just a few minutes from now. you can tune into that on facebook live on mark's facebook page. you helped launch of the coronavirus information center on facebook. i wonder as we see cases a spike, are you concerned about misinformation about covid spiking and what is facebook planning to do about that? naomi: the most important thing we can do is connect people to authoritative information from these health experts, like dr. fauci. that is why we built the covid information center. it is the one place you can go to get reliable and up-to-date information about the pandemic. we've actually directed to billion people to the covid information center. the other thing we need to do to stop the spread of misinformation, we are removing any misinformation that has the potential to cause harm.

we are working with health experts to identify those claims that need to be removed. emily: now, aside from covid, facebook just finished what may be its biggest test yet, and that is getting through a very contentious presidential election. fighting misinformation, inauthentic behavior, meddling from foreign governments. in your view, did facebook pass the test? how would you assess facebook's performance over the last few weeks? naomi: one of the things i am the most proud of his we ran the largest voter information -- is we ran the largest voter center in history. it was inspired by our covid information center. it was the one place people could go to learn how to vote by mail, register, vote by person. we saw a record turnout of eligible voters which was the highest in over a century. i'm really proud of that. the other thing we did is, due to covid, there was a gap in

poll workers. we worked with state election officials to help over 100,000 poll workers sign up to register and staff this election. emily: meantime, the test may not be over. you have the president of the united states, who is continuing to use facebook to share more misinformation, false claims about fraud and corruption, claims that he won. republicans say you are censoring them. on the other side, democrats are saying you are not doing enough. on both sides, you are facing antitrust scrutiny. what is facebook planning for what could be a very messy transition of power? maybe this election test is still happening right now. election all of our -- are still in progress. we have an election operations center that is working 24/7. that continues to do so.

a lot of the measures we put in place for this election will continue until there is more clarity. voter information center will continue to be updated every single day. emily: there is no question facebook is making tough choices every day. i know you were on the growth team. you are responsible to help clean up some inappropriate posts sometimes. you know, well-meaning, legitimate businesses -- my colleague sarah frier wrote a piece over the weekend -- can get caught up in some of that. i believe some ads from legitimate businesses were takinen down. you are trying to balance ai and human intervention at facebook. as you continue to build the company and fight this stuff, how do you intend to manage those trade-offs? naomi: i think the answer is people and technology. we have over 35,000 people working on safety and security. we're also investing billions of

dollars in building the latest technology to proactively identify a lot of the content. i think the answer will require both people and technology. emily: so, what is going to be next? you are in such an interesting place at the company. the head of product and the head of facebook for good, and trying to bridge these two organizations. where did you want to take the product? and continue to be a force for good? naomi: i did form the social good team and i am so excited about what's coming next. in the past five years, the community has raised over $3 billion for nonprofits and personal causes. over $1 billion have come from people donating their birthday to charity. what i am looking forward to -- on the eve of giving

tuesday, it is helping develop a culture of more generosity. that is what giving tuesday is all about. after black friday, after cyber monday, really using this time to reflect on how we can give back to others and spread generosity around the world. emily: all right, naomi gleit, vp of product at facebook and one of facebook's longest running employees. thank you for joining us. good to have you. coming up, i sat down with gary cohn, foreman economic national director and advisor to president trump. we talked all things spac's, his productions for bitcoin and regulation. that is next from an upcoming 1.0".io this is bloomberg. ♪

centerspac's have taken stage this year as more and more companies look to take a different route. i sat down with former national economic council director gary cohn to talk about his own spac efforts, what kind of companies he is looking for and more. gary: we are looking for good, sound companies that are going to be around for the next 100 years. i want to buy a company that i am happy to own for the next 20 or 30 years. emily: do you think the spac process will change the traditional ipo process fundamentally? is this the beginning of a sea change and how companies get to a public market? gary: i think we are in a watershed moment in the spac world and spac's are here to stay. the general acceptance on the buying side and selling side of companies. spac's being better buyers of

assets. that has changed dramatically. the management teams and spac's have gotten better and better. it's not going to look anything in the future like it does today. the spac world will get more mature. it will defined itself, it will redefine itself. i think the product is here to stay as a mechanism for existing companies to merge into pre-existing, blank check companies. emily: bitcoin has been on a tear. how bullish are you on bitcoin and cryptocurrency? and how much do you believe they will fundamentally transform our economy? gary: when we talk about blockchain, we talk about the infrastructure. that's the highways and pipes that is necessary for bitcoin, but they are necessary for many other applications. i think they are very useful and i am very bullish on them. when you talk about bitcoin itself, i don't have a strong opinion on bitcoin.

it is not that i'm not a strong believer in bitcoin. emily: why not? gary: it is a developing asset, potentially. for all the reasons it is a strong developing asset class, it made sales. remember, part of the integrity of an asset class or part of the integrity of a system is knowing who owns it and knowing who has it and knowing why it is being transferred. is it being used for legitimate causes? is it being used for good? or is it being used for illegitimate causes? is it being used in corrupt practices and corrupt ways? the bitcoin system today has no transparency to it. there are a lot of people that question why would you need a system that does not have an audit trail, integrity? you don't know who owns it. you don't know exactly ha

exist today. how much has been lost? how much has been third away on hard drives because they don't exist anymore? it lacks the basic integrity's other real market. then, you have to get into the idea or the concept that it is a theoretical value and there's a lot of other things that happen. it's a theoretical value because somebody is willing to buy it or sell it at that price today, but there is nothing tangible behind it. at least when you buy an ounce of gold, you can deliver an ounce of gold. emily: obviously, there are risks. how should the fed and a new administration be approaching assets? gary: i think the government will look at them. we went through a fad in the last four years where there was this whole new idea where we were going to create now coins. where we were going to coin everything. we were going to create these

coins that trade and do these ico's, initial coin offerings, and we could put anything in a coin bank. i think the regulators appropriately stepped in and said if it looks like, taste like, feels like and smells like a security, were going to have to go through the legal apparatus to create a security and will have to file the paperwork and regulatory filings you need to create a security. i think as bitcoin continues to evolve, it will get more and more regulatory scrutiny, because at the end of the day, the regulatory community is always looking out to make sure no one gets hurt. they want to make sure there is no unsuspecting investor that ends up owning something that i didn't know what they owned and they lost a lot of money because they didn't understand it. emily: how does the payments landscape look different then in a decade? does cash disappear in this

unprecedented economy and new economic activity we are seeing? gary: i think cash can easily disappear. the idea of paper currency in the legitimate world is becoming more and more obsolete. i believe it can become totally obsolete. systems fintech payment are also not going to replace the banks. there's a big difference between a fintech payment system and a fintech ability to move cash and the banking systems. remember, the banking systems are big, they are highly regulated, and they are regulated to protect investors. they are regulated to protect depositories. when someone puts money into a bank, they are confident they can get their money out at a moments notice. an enormous amount of very

expensive and very costly regulation goes around that concept that if i put a dollar in,r $.50 in or $100 whenever i want to withdraw it, it will be there for me. them.ore, pay interest on when you agree to be in that business, you agree to have enormous amount of regulatory burden. if you are just in the money movement business, you have a lot less regulatory burden on you. but, the question is how does the money get into the money movement system? emily: you worked a long time in banking. you spent some time in the administration. you spent some time exploring since then. would you be open to public service again? gary: i thought my time in the government was literally the most amazing couple years of my life. and the ability for me to give back to the country was extraordinary.

i was very happy doing it. it's a great -- if a great opportunity comes along again, of course. emily: have you had any talks with a biden team about joining? gary: if a great opportunity comes along, i will consider it. emily: we will be watching. my interview earlier with former national economic director gary cohn. that is just part of a longer conversation that will air starting next week as part of bloomberg's studio 1.0, december 9, 9:30 p.m. eastern. longtime ceo tony shea died friday night from injuries suffered in a house fire while visiting connecticut. his death was ruled accidental and caused by complications of smoke and elation. the fire report late happened weeks earlier and remains under investigation. shea was one of the biggest stars of the first d-ot-com.

amazon purchased the company for $1.2 billion in 2009. as ceoontinue to run it before stepping down last august. he will be remembered for not only revolutionizing the online shoe industry, but for his unique and controversial approach to corporate culture. moving away from the traditional office hierarchy and encouraging employees to self organize. amazon ceo jeff bezos shared his condolences on instagram, saying the world lost you way too soon. your curiosity, vision and relentless focus on customers leaves an indelible mark. he was just 46 years old. this is bloomberg. ♪

nikola plunging today.

general motors slashed building a pickup truck. instead there's a nonbinding agreement for g.m. to provide technology but gm will not be taking an equity stake in nikola. joining us to discuss is ed ludlow. surprising it has taken so long to get this news out there. what happened to the deal? ed: surprising and has taken this long. the outcome not so surprising. sources told us that gm looked at what nikola had. they found little technology and made no progress. inhas invested heavily electrifying its vehicle operations. and thought it would be stretched too far and would have to do everything for nikola on a pickup truck. they felt under the founder, who is quite a character, he bit off more than the company could chew.

the current leadership looked at what their goals were and wanted to streamline that, just a focus on hydrogen fuel cell semi-trucks. gm is simply a supplier, no broader strategic partnership. just gm selling hydrogen fuel tanks to nikola. emily: what happens to nikola now? what is its future? ed: they have all the pieces in place. they have a joint venture in europe. it's an incredibly reputable company. they now have two fuel-cell providers. they have a factory under construction in arizona. they have a timeline to get this done by 2023 and they are well-capitalized. they still need to secure partners to build hydrogen stations. really, the biggest take away is their reputation has been hit. when you have a big name like gm kind of walking back the scale of the deal. emily: walking back the scale of

the deal in a huge way. tesla had another good day. we got news about its inclusion in the s&p. what is the latest? ed: it will be all in one go. this is the biggest company to ever be added to the s&p 500. $538 billion market cap. the s&p thought about doing it in two lots. you don't have indexed funding managers that are mandated to hold their proportion. that is because tesla is so big, they will have to sell some of their other holdings in s&p 500 companies to make room for what they will have to buy. that means a big day of buying ahead of december 21. bys an unprecedented move saying let's do it in one go. all right, our ed ludlow

breaking up a little bit there. thanks so much for your reporting. we will be following tesla is always. that does it for this edition of bloomberg technology. bloomberg daybreak: asia coming up next. i'm emily chang in san francisco. this is bloomberg. ♪

♪ shery: welcome to daybreak asia. i'm shery ahn in new york. haidi: i'm haidi stroud-watts. our top stories this hour, wall aseet back from records investors assess the november rally. the dow jones seeing its best month since 1987. the russell 2000, the best in its history. opec and its allies