emily: i am emily chang in san francisco and this is "bloomberg technology." coming up in the next hour, multiple states had google with another lawsuit accusing the search giant of using its dominance to steal content and start of its competitors of traffic. one of the many attorneys general behind the suit joins us this hour. of fda is on the cusp

approving the second covid-19 vaccine. health regulators have been meeting with moderna this hour as cases continue to search and war debts are being reported for date than ever. another busy week for tech ipos. a longtime tech investor also an investor in the new public retailer wish. he will weigh in on the first big tech company to fall below butipo price in a moment first, u.s. stocks notching a solid game to close the year and we are getting breaking news that a committee of independent experts at the fda at voted to approve moderna's vaccine. they have been meeting with moderna executives all day long and this committee recommending that the fda approve moderna's vaccine candidate. this is not an official approval but it is likely given these independent experts have given this the green light. this is huge.

seeing any market moves on the back of this just open>> futures are not yet but i imagine they will take that positively especially since it was a risk on day in markets even though congress is locked in a stalemate over that stimulus bill and time is running out to pass something by year end. it was small caps that led the charge with the russell 2000 closing 1.3% higher at a record take ist zooming out, still your year-to-date winner. the nasdaq 100 is 46% higher in 2020 after being fueled by stay-at-home trade brought the summer and you are seeing small caps playing catch-up, up almost 90% year-to-date by tech as a big head start and small caps would have two have a massive two weeks to catch up. another big day for bitcoin. it briefly broke above that $23,000 level, bringing its

weekly gain to over 20%, and , butwas to crypto minors not every crypto exposed stock rallied and you saw the likes of microstrategy fade into the close after that bitcoin rally. just a little bit. emily: lots for the markets to digest, including news that just broke. the secondhand retailer as filed for ipo coinbase. the cryptocurrency exchange filing to go public earlier today, so it has been a big week in tech ipos. tech companies filing for ipos. we will get to all of that later this hour. i want to get back to yet another lawsuit against google from a bipartisan coalition of 38 states. iowa, massachusetts, and more accusing the company of illegally monopolizing internet search and search advertising.

this marking the third u.s. case against the giant in two months and coming a day after republican sued the company for anti-competitive actresses. of thisaly, part lawsuit, great to have you back on the show. make the case. why did you decide to bring this suit. basically our economy revolves around this concept of free competition in the marketplace. that competition breeds innovation. it helps consumers have more choices. it lowers prices, and unfortunately what we have seen from these two big tech companies, facebook and recently google, is efforts to engage in any competitive conduct,

monopolistic conduct that is the effect of killing competition, hurting consumers and small businesses, and that is why you saw this weeping bipartisan action by state ag's and the justice department to bring lawsuits to stop this behavior once and for all. emily: google has made the case the government's argument is flawed, people do not use google because they have to but because they want to end it a response to this suit the company saying this lawsuit seeks to redesign search that would deprive americans of helpful information at her businesses ability to conduct directly with customers. the cut -- company basically force this suit would google to make search less useful. what is your response? >> it is not true. i'm not were spies that -- not surprised this is the response

from the company. we want people to have a greater ability to search and what google has done over time is essentially do all sorts of things that keep us, public consumers, from being able to actually search as effectively as we could. sometimes when you buy a car or you buy a cell phone, you are going to see that google is the dominant search engine, and that hasone because google entered into agreements with those entities that makes google the dominant search engine. that is one way to keep other search engines out of the mix, out of competition. , so are a search engine they use that power to basically make sure that when people conduct searches, our investigation shows it was google sponsored searches, findings coming to the top, including google paid

advertisements. advertisements being paid to google. that is not fair. that is playing games with the market, playing games with searching. they also protected their own profits by inflating their profits so that advertisers would favor advertising on the google platform, and that we have seen time and time again that discriminate against other sites, whether trip advisor or angie's list or yelp by depriving them of access to pretty valuable real estate on the search results page. bottom line, google's conduct has led to less privacy, less innovation, less choice for customers, and it is a problem. it also happens to be a legal and that is why we are taking them to court. it sounds like quite a case, but one of your peers said it is really hard for

plaintiffs. do you think you face an uphill battle given that google has deep pockets and can throw almost an unlimited amount of money to top lawyers to fight this? >> google does have a lot of money. if facebook does have a lot of money, but i know our lawyers and teams are more than up to the task and we will do the job as we have done the job throughout pursuing this investigation. i understand and appreciate the importance of technology. i am here in massachusetts, and we have the benefit of a huge, vibrant technology ecosystem. i support that, but what i do not support is competitive tactics, and we have heard too much time and time again about some tactics used by google, facebook and we feel confident about the evidence we will be presenting. emily: what is a remedy you would like to see? you can look at a range of

remedies. the first thing that needs to happen is these companies need to stop doing to things they are doing. google needs to make right and be fair and square within search engine policies and the way it is contracting. facebook needs to stop and end this strategy, whether they buy you up or if you do not want to be bought up and they will bear you by not letting you have access to the platform. these behaviors need to stop. the second remedy is we need to look at what needs to happen to restore competition. donergument is they have things that have reduced competition, and limited competition, so in order to make that right we have to consider a number of things, including divestiture of assets or reformation of some of these contracts. it is too early to judge what is most appropriate here except to say the goal will be to preserve

competition. curious for your take on the case that was brought by the other attorneys general led by texas yesterday. i presume you may have had access to the same documents they did showing pretty egregious behavior by google. why did you not sign onto that suit? a different case. it centers around practices involving the displaying of ads and targeting of ads to viewers. resourcesto invest and time in this case because i think fundamentally it goes to the structure and underpinnings of google and how they have built out their product and service in a way that we allege is anticompetitive, monopolistic , and harms consumers and innovation. that is why i chose to bring

this case, and i am sure that both cases will be pursued vigorously in court. attorney general peterson of nebraska earlier talked about how his concern really started to mount after a meeting in 2018, a national meeting of attorneys general on google data usage, and i wonder if there is anything you remember from that meeting? what was the spark that led your own concerns to mount? >> i do recall any number of meetings with ag's but this has long been the subject of discussion. our office has been paying attention to this for years and i have worked very intensely with a multistate group on this. you have to be completely asleep at the switch if you did not realize the extent to which platforms have come to dominate

our lives. how news is delivered, how we access health care, finance, and what is important is that we innovation,d honor but we have two the same time major we are looking out to see that others in the marketplace are not engaged in anticompetitive conduct. the word on the street out there was if you did not play with facebook and submit to mark zuckerberg's and you were going of the marketath and basically be buried. and that is what happened for those who try to step up. look at the companies that have set up and codify the boards because facebook was out there looking to kill competitors. it is not that we do not

understand that healthy competition is part of our market economy, but the laws are very clear, including the sherman act and clayton act, federal laws that make clear that there are certain anticompetitive actions that are illegal, and that is what we are addressing here. emily: you mentioned mark zuckerberg. i am curious, do you think google is more egregious than certain other big tech giants like facebook and amazon? there is an irony that you have the government scrutinizing these companies and get these companies fighting each other as the competition. >> i am not going to write. -- rank. we have some very big tech giants on here, two of whom we believe have engaged in for far too long illegal and anticompetitive practices. we want to make sure we make that right for our economy, for innovation, and for the public. question on at

slightly different topic. we note now that russian state actors are behind this massive hock through a company called -- variouson a very u.s. government agencies. what is your take on what we know so far? there seems to be some indication that what exactly happened is quite alarming. learning aboutm this now. this points to work that is absolutely imperative. for far too long i think we have been exposed, and my hope is with a new administration, they will do everything they can to lock down and make sure we are protected from assaults, whether it is assault emanating from within our borders, and more importantly as we have seen in the past, assault emanating from

foreign sources and foreign countries. it is absolutely imperative. as a state attorney general i have understood and handled cases where they have been these breaches and misuse of information. this is incredibly harmful and is a matter of homeland security, public safety, and all resources and coordination need to be brought to bear on the issue of cybersecurity and protecting the united states. , that attorneyt general of massachusetts, thank you so much for joining us today. fda advisors now covid-19, we hear about how the company is using its technology to help deliver shots all around the world. that is next. the usual gifts are just not going to cut it. we have to find something else. good luck!

what does that mean? we are doomed. [laughter] that's it. i figured it out! we're going to give togetherness. that sounds dumb. we're going to take all those family moments and package them. hmm. [laughing] that works.

moderna two covid-19 vaccine has won the backing of independent experts who advise u.s. regulators, including the fda, setting the stage for it shut to be the second vaccine cleared in the united states following pfizer. the club giant salesforce is angling to take an active role in vaccine distribution. the company is partnering with others and aims to distribute 2 billion doses of the vaccine by the end of next year. salesforce will help 190 participating companies equitably share information for management of this region. joining me now is the salesforce chief medical officer. obviously we want to get your

reaction to the news we heard minutes ago that this committee of independent experts is telling the fda that moderna's vaccine should be officially approved. how significant is this? >> this is a very significant. the more vaccines we have on the markets that are safe, available to use for our population, the faster it is we get out of this darkness and there is light at the end of the tunnel. i am even more incredibly emotional as a health care toll this to see the has taken on many of my colleagues and the health care industry. it is incredibly moving to see how quickly the fda is moving and how valuable is the safety of these vaccines and having them come to market. emily: from your vantage point

how are distribution efforts going so far? what have been the victories, the hiccups? saying thisart by and the type of mobilization required. we have not seen something like this in public health before. andre delivering billions billions of doses around the world. just in the u.s. alone we now need to deliver the vaccine to 21 million health care workers. planning has been underway for months. complex logistics, storage, the partnerships required, so i am howedibly amused -- amazed well this is working and how public-private partnerships are leading the way and collaborating. from what i am seeing, the hiccups are more in the communications. broaderto take a much stance on clear and transparent

communication as this gets rolled out. so that we do not continue to have vaccine hesitancy. from a mobilization effort i am incredibly impressed with where we are. salesforce's role in distribution going to be? us, since the onset of this pandemic we saw a need to step up from everything from twoing dpe -- ppe hospitals. we saw a significant challenge developing in the world from what we see in modern times. what we did a few months ago is month something that is a technologyat offers andgovernments organizations to have their

employees tracked, contact tracing, testing, investor work resources, emergency response, etc. we have expended it over the last years to a comprehensive vaccine management solution with technology several states have already been using and it allows for emergency management, scheduling, notifications and managing and monitoring outcomes. we are providing a reliable, countries,ology that governments, organizations really can use flexibly to monitor how they are managing and delivering this vaccine. at the same time this vaccine is starting to be distributed, it feels like covid is closer than ever. if you have not gotten it already somebody close to you have. the holidaypending

separated. the vaccine will take time. there are so many people who want it now who cannot get it. teachers who are still working in schools. quickly, it is not too late, is it? >> it is not too late. the vaccines are definitely very important but we need to recognize we are a long way to getting the entire world vaccinated, and that is really important to have equitable vaccination globally. we are going to start with the people taking care of the sick, our frontline health care workers and people in long-term nursing homes, and from what i am hearing they are prioritizing for the next wave people who are critical like teachers so that we can get them vaccinated before we move on. just getting vaccinated does not mean that you can to move around without masks and social distancing. we need to maintain all of those

things we are doing so that we stop the spread of this pandemic while the rest of the world gets vaccinated. emily: we just have to hold on for a few more months hopefully. much for joining us. coming up, robinhood's relationship with the sec has been a rocky one. about every year, we set out to do one thing: help the world believe in holiday magic. and this year was harder than ever. and yet, somehow, you all found a way to pull it off. it's not about the toys or the ornaments but about coming together. santa, santa, you're on mute! just wanted to say thanks. thanks for believing. wannit's timeight and for aerotrainer. a more effective total body fitness solution.

(announcer) aerotrainer's ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time. it allows for over 20 exercises. do the aerotrainer super crunch, push ups, aero squat. it inflates in 30 seconds. aerotrainer is tested to support over 500 pounds. lose weight, look great, and be healthy. go to aerotrainer.com. that's a-e-r-o trainer.com.

emily: robinhood is agreed to pay $65 million to settle allegations by the sec. the sec accusing the broker of failing to inform clients it sold their stock orders to high-frequency traders and other financial forms -- firms. robinhood agreeing to have an outside consultant to make sure he provides the best consultation for trade. rallying 20% this week.

we continue to cover the rapid rise of the cryptocurrency as the week continues. we have the managing partner at ggg capital who just hit six ipo's last week with which's debut on wednesday. this is bloomberg. ♪

emily: welcome back to bloomberg technology. i am emily chang. a hot market for tech ipo's as doordash, airbnb, wish, and upstart all the viewing. contextarent company logic debuted with a less than stellar opening day. the bargain retailer has since made up some of those losses climbing over 11% during trade today. joining me now to talk more about the tech ipo market and what is to come, long time at

ggv capital. wish was your sixth ipo of the year. you certainly had a lot of ups this year, and i am curious on what your take is of the debut coming back on doordash and airbnb doubling their valuations. with that a disappointment or the beginning of a journey? >> you know as well. show manyen on the times this decade and we talk about alibaba, a number of interesting companies in our portfolio. initially a lot of investors have questions, how will you be different from companies like alibaba and amazon and so forth to take time to establish credibility. we know all along for companies milestone, and a

if you are posed long-term on opportunities going after the mass market, the underserved , there are consumers out there who want a more fun shopping experience, it offers a lot of upside and growth i had. -- ahead. we are very proud of the managing team and continuing to grow the business. emily: we did speak to peter yesterday and he discussed the fact this was just the beginning of a longer journey. there are concerns specific to wish, the quality of the goods received, the integrity of the platform and the fact that they are competing with amazon. how do you respond to those concerns? have see companies that gone public in the last two show there is a underservedthat is

in tier 3, 4, 5 cities. even the first year once it went public you see the stock price hovering a bit over the ipo price. it does take public investors time to get to know a story but the fact that it has done so well and you look at the stocks and dollar stores in the u.s., dollar tree and dollar general, they have been able to hold up during covid-19 even though there is a big market for which to go after -- wish to go after. as investors get to know them they see there have been improvements in functionality of what is available on list. as people continue to get to know the story it will be a story that is well received. emily: on the others are of the coin there is airbnb and i am

ofe you have seen the clip him learning on air of the stock doubling in trade and even he seemed shocked at valuation. it was a human moment, and it was clear bryant did not expect that. if he did not expect that, is it worth that? >> people wonder if it is a bubble and is it priced well? what is going on? you cannot win with this market. with the airbnb there was a lot of talk of them going public in 2018. that took more time. less possible for investors to get on the upside. you see how brian and the team react to that very responsibly,

thoughtfully and it would if been harder to manage that publicly traded company. the private market was able to make things happen and show it is quite resilient and the model is quite flexible and they can manage it better than existing hotels to deal with shifting consumer interest to travel 200 mile radius of where they live. countryside in the suburbs and so forth. you see a certain model can show thereforeence and when they go public, a lot of people are bullish on what is ahead. it just takes time for public investors to get to a story but once they do you can see that enthusiasm over the right models. said, i am hearing

from venture capitalists telling entrepreneurs raise now while the iron is hot because we do not know what will happen next year. said the market's underpricing risk but it has been four years. are we in some sort of a bubble? is there going to be a correction next year or somewhere in the near future where valuations are more in line with actual earnings? you and i have both been doing this for a while. you see and takes a while for it to ramp up. even when it opens the adoption of digital technology has accelerated. this is true for places like china where covid-19, they had a handle on it. post-covid 19 you see big internet companies get bigger and grow fast.

see e-commerce penetration doubled in the last nine months you see acceleration tech,tech, fit telehealth, and digital medicine. a number of factors are making it easier for the digital economy companies to grow at a faster pace, and as a result of paying theestors are right valuation for entry into those fast-growing companies who show they have a supermodel at this time. no one can say if this is a bubble or not but you see this underlying support more growth ahead. you see apple trivia stock price double in 12 months and you see this impact as they continue to grow in india. you do see as 5g comes out and there is more of that computation, it will get cheaper

and faster and there will be more activities that you can do on the go. to assumefactors further growth ahead over the next 10 years. ggvy: another one of proponent -- postpone its ipo. open door, we are expecting them to go public next week. watching in terms of these debuts? wherely a couple of weeks silicon valley is phoning it in but all of the action is happening fast and furious. >> one of our best ipo performance this year has been big commerce, and our partner -- have done and

well backed by interesting growth numbers. glenn solomon in our investment back in open door in 2015 and it seems these companies are growing at an interesting pace. we focus on underlying business fundamentals, the management team to support their growth. ipo, direct listing is more of a milestone. firm pullback because of concerns about all of ors market volatility potential over exuberance? >> i do not want to answer to that, speculate, but it has been a very fun working with max and shareholders in the company. it is a phenomenal business. emily: where are you placing your bets for next year coming out of a pandemic, how we work, where we work may be

fundamentally changed for good, but some things might -- folks might be surprised how quickly things return when there are not out the risk out there. acceleration of digital technologies everywhere, including the u.s., the most developed country in the world, so we are spending time on digital health, digital medicine, fit tech. almost every company has developed a fit tech handle. if you look at square capital, this growth during nine months is incredible. there are plenty of places where it is worth tracking adoption of digital technologies and as a result we launch our digital company index to track that in these companies over the last 10 years i've grown over 30% year on year consistently, and in the next 5, 10 years you see 5g and

more adoption of computing and faster bed with to allow more computation, faster computation to happen. it will be quite exciting. invest,iven that you spend a lot of time in china as well, i am curious what your outlook is on the evolution of the chinese texting as it tech scene ast -- it relates to the u.s. tech scene. >> i have not done that in the past two years. there was so much to do in the u.s. and increasingly india is becoming an interesting place to invest. many founders we see from india and southeast asia are eager to learn from silicon valley as well as from what they are seeing in china.

we are more in a mode of shifting our knowledge to help founders elsewhere to grow. glowing the new ace of level -- going global is about sharing knowledge. the interaction and community we are creating as a result. emily: interesting, everybody can tune in for that. partner,al managing thank you so much for taking the time. coming up, digital mental health tools for workers are in high demand as employers are looking to better support their employees i miss the pandemic. we will hear from a company that just raised $60 million in new funding next. this is bloomberg.

♪

emily: the pandemic has exacerbated a mental health crisis with employees working from home and suffering from loneliness, isolation, and burnout. employers and venture capital firms are waking up to the fact that people need support more now than ever. with surging demand adventure attention the startup mode and million inaised $60 its latest funding round. oftform offers a suite mental solutions and putting digital coaching and clinical therapy. joining us now is the founder and ceo. thank you so much for joining us. give us a picture of demand amidst the pandemic as we had into the holidays -- head into

the holidays where there are people that are alone out there separated from loved ones. even though we have a vaccine for many of us it is a long ways away. >> thanks so much for happening -- having me. to share more about modern health we are a mental health benefits company to work with employers. we make it easier for employees to get access to sources they need. we have seen a massive increase in the need in 2020. we are seeing an increase into the need -- and the need coming into this year. mental health was the number one cause of disability worldwide. the number one reason people took off from work was related to mental health. this has been a massive accelerant for the entire industry and this is not going away anytime soon. many are calling for the fourth wave of this pandemic to be a mental health pandemic and it will only increase the need. emily: what are you hearing from employers in terms of what they

need and how they want to support their workers? it is not necessarily employers have advocacy felt responsible for it before but in this unprecedented situation we are seeing companies wanting to take a greater role in the emotional well-being of their workers. >> good question. we think about mental health as the fourth pillar of medicine. mental health has become the fourth pillar, and the reason behind that is you cannot get access through traditional medical benefits. if you try to find access through a traditional employer it is really difficult. most therapists do not accept health insurance because the national average reimbursement rates are so low. there is a shortage of therapist. with the ever increasing demand and shortage of supply and increasing cost it is making it harder for people to get access, and employees are struggling. human capital is the number one asset for every employer so employers are waking up to the

fact that you can only be successful if you take care of your employee's mental health so it has become a top priority. every single employer across the world is prioritizing mental health. they are looking to invest in solutions like modern health to support their employees. corneras we rounded the and get closer to more vaccinations, closer to a limiting the risk of covid are employers going to care about mental health long-term, care about offering this kind of benefit one year from now when the rich are not as high and many people are back at the office and there are other priorities? >> i think if there is one thing we have learned this year it is that mental health needs to maintain a top priority for employers. we should not have to wait until we are in crisis mode as a society. mental health has always been a top priority but if there is a silver lining to this year it is

shown that mental health is like physical health. all of us fall on that spectrum from green to red. i am sure a lot of us are feeling closer to the red zone right now, but the reality is the way the population breaks down is a bell curve. you have 15 to 20% of the population in the green, 15 percent to 20% in the yellow and in the red. in order to build a resilient and productive population you need to invest in mental health. the reason we built modern health was to make a solution to make it easy for every single person to engage in their mental health to not wait until we are in crisis mode. it is through a very easy to use app. you download an app, take a quicker assessment, you tell us what you want to work on and you can get connected to a mental health coach who might help you with child care financial stress or loss of a loved one and connect you to a therapist if

you are struggling with anxiety or depression or it might direct you to a digital program so that you can work on becoming more mindful during these times when we are all stuck in him. -- stuck at home. emily: i know it will be touch and go through the next couple of weeks. thank you so much for sharing the company with us and reminding us about some of these urgent issues out there. theon is transforming industry but a recent analysis by bloomberg has found that america's second largest employer may be shortchanging its warehouse workers. that is next. this is bloomberg. ♪

quick amazon promises a start, $15 an hour and health insurance to persuade potential recruits but the reality may be less rosy. while they tensions have simmered for years the stakes have risen sharply amid the pandemic. davis.to bring in matt you have a very wide ranging peace out today where you draw the conclusion even though amazon is paying $10 an hour, more than others in the industry they are bringing the average wage in the industry down. how do you draw that conclusion? labor hasartment of been collecting data and in every county where amazon has operations, in every instance where they had set up one of their large warehouses in the last 20 years we looked at what

happened to wages and on average wages fall in a big way. they eventually get back to part, but it takes five years. from that snapshot it looks like amazon is offering a lower wage then what prevails in the industry where they employ most of their workers. emily: amazon has pushed back hard on your story. however they responded? >> amazon as long invited comparisons to retail, to macy's, walmart. they really want to avoid the conversation entirely on how they compare to logistic firms and one of the reasons why comparisons are not so favorable. the minimum they sent years ago is industry-leading if you are looking at retail. that is not the case if you are looking at firms that move goods around the country, which is essentially what amazon's business does. emily: what is your outlook on

how amazon handles these issues going into next year after an incredibly difficult year where the spotlight has been on amazon in terms of how they have treated their workers but also we have needed amazon more than ever? do you expect the company will change its position at all, it raised wages after they have already done so question mark -- so? >> they are facing an unprecedented unit drive at one of their warehouses. they will want to be very circumspect about how they talk about their workers. we will hear the same page from them, which they think they offer a better deal than most workers can find in most jobs. emily: what is your outlook on the next couple of weeks as we push through the holidays and amazon is a critical part of that?

enoughon says they have opacity to get shoppers through the big holidays. with the weather throwing wildcards in their, there are questions about whether amazon and ups can pull that off, but for now they seem to say things are looking all right. day who covers amazon, i urge you to read that story out today on bloomberg. that does it for this edition of bloomberg technology. i am emily chang in san francisco. is coming upia" next. this is bloomberg. ♪

haidi: stroud-watts in sydney. we are counting down to the major market opens. shery: i'm shery ahn in new york. our top stories this hour. still no relief in washington. stimulus talks roll on white house claiming a deal is close. the sticking points remain in the government may shut down if funding is not agreed. during as vaccine wins backing from fda ad s