emily: welcome to "bloomberg technology." i'm emily chang insane with cisco. we're looking back on our biggest interviews this week. a year unlike any other. while the pandemic created tidal waves of uncertainty for many companies, the tech sector seemed to do what it does best, adapt. one of the companies crushed hardest by the pandemic was uber as commuting halted and ridesharing stalled. it is not the first crisis the

ceo has had to navigate. he was an executive in the travel industry on 9/11. when we caught up with him in mid-march, he described the pandemic as being scarier than the attacks over 19 years ago. dario: i think the financial natureas financial in that found its way into everyday life. obviously, and a very negative way. was deeply worrying as to the financial institutions and how they would hold up. to some extent, what we are seeing now, it is the opposite which is it is main street, corona has affected every day -- everyone's lives all over the world. almost instantly. it is moving so fast. and the worry is, is it going to creep into the financial system versus the financial system creeping into the main system? this is a scary time. emily: ¢ interview, we saw case

numbers in the u.s. fall only to rise again by tens of thousands. restrictions once lifted are back in place. help is on the way. pfizer and bion tack where the first to report their covid-19 vaccine was more than 90% effective. 94.5% effective. we sat down with the cofounder and share -- share to discuss the data and a vaccine distribution timeline. >> there will be some 20 million doses prepared by moderna for shipment in december if we can get the emergency use authorization. that is the number we have been working towards. some of those will go up first. several million doses followed by shipments after to fulfill that goal. emily: moderna has said you could potentially make up to one billion doses by the end of next year. how many of that one billion

doses do you think, based on what you see in the supply chain, you will be able to make? noubar: we have said that we are poised to make 500 million to one billion doses. under different circumstances, we would be on the high-end of that. we will also be watching for demand. one of the things that none of us knew as recently as a month ago, and we still don't know over the next few weeks and months, is how many of the vaccines will actually get over the finish line. not only safety but efficacy sufficient for broad adoption. that in turn will have a role to play in dictating how much volume each of the vaccine manufacturers needs to make and can make. the capacity is one thing. the utilization will be another. we have been thinking in the 500 million to one billion range. it is still early for us to determine exactly where that will be. we certainly made a lot of

investments to be in a position to reach those goals, should we need to. emily: ok. so if you can share any more details about capacity, are there any particular ingredients that are in, let's say, short supply? or do you have everything you need to get to that 750, may be one billion doses based on what you see right now? noubar: based on what we see right now, and the volumes we withalready committed to the governments that have already preordered a vaccines, and that we see -- that we foresee ordering in the future, we certainly have the supply chains in place again. let me commend of the close collaboration with our colleagues who played an important role in securing some of the key items we needed with making sure we get it in a timely way. i think the system is in place. of course, there may be

disruptions, there may be surprises. right now, i think certainly the 200 million doses that i -- that have been secured by the u.s. government, and whatever we foresee for the rest of the world, we are in a pretty good position to make. the key supplies are being secured, have been secured. and as we go along, we may increase those. your production which has been an incredible feat, has been watched with great fascination. how had moderna been able to get a leg up on pfizer in producing more doses of a similar vaccine in initial weeks? what has been the secret sauce? noubar: emily, i can't to speak to the specifics of what pfizer has been doing. but i hope the company -- hold the company in the highest an old being quite established company with vast resources and vast expertise. is something that

moderna has been working on for almost seven or eight years. and the technology we have worked on for 10 years. know, we spoke earlier about this, we have experienced across 10 different human vaccines that we have tried in trials and that are currently being pursued for other diseases. the, 10hat, all of years of expertise the hundreds of millions we had invested in, production and optimization, all have supported us in what we have been trying to do in a very is totimeframe, which create an unprecedented vaccine. it comes on the heels of significant technology, process development, analytical investments we have made. among them being trying to make sure that we can start our vaccine as conditions disintegrate that are more compatible with vast

distribution then would have otherwise been the case. five years ago, we had processes that needed to be kept as ultra frozen conditions in the -80 degree range. i think that is an important part. the other port the other important part is the people. we havebeen -- extremely great people in this industry. leadership he and his broad team provided was in fact absolutely essential for a small company. usually small companies, less experienced leadership. and to -- and put to this test, everything is being done for the first time. here, they have done this before and prior pandemics even. simply not at madonna. -- moderna. emily: did your work with the nih and operation warp speed help potentially smooth out the process at all?

like the onboarding of manufacturing facilities perhaps? noubar: our work with the nih was primarily in the vaccine development itself. the science with the spike protein that has been well covered and of course the years of work we have done together on evaluating mrna as a rapid response technology. well described and much appreciated by us and every single person who will receive our vaccine. oh ws on the other hand has been deeply involved in supporting and advising the work that moderna has done in preparing itself to produce, and to distribute. and that has been essential. i cannot overstate the central role it played. i think it played an important role. unfortunate that we have been in

a politicized environment where every single action ends up being interpreted in multiple ways. but when you strip all of that away, hopefully we will come out of a political environment relatively soon. what they have done is an essential part of where we are today. emily: that was moderna co-founder and share new bar fan. withg up, our conversation london breed. how the tech city is coping during the pandemic and what she has to say about those relocating to urban areas next. this is bloomberg. ♪ bloomberg. ♪ are you frustrated with your weight and health? it's time 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, all while maintaining safe, correct form and allows for over 20 exercises. do the aerotrainer super crunch. the pre-stretch works your abs even harder,

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>> one of the numbers that jumped out at me is that more than half of small business

owners don't expect they will be able to rehire the employees they laid off. ofhin a reasonable period time. that means we have our challenges cut out for us in getting america back to work. emily: that was sheryl sandberg back in may. san francisco was one of the first cities to shut down as the pandemic hit the united states. an aggressive approach has likely kept covid deficit down. that has come at a high cost, including a crisis for local businesses and a budget shortfall. we spoke with london breed back in october. london: it has been unfortunate when anyone gets covid. are,we hope is that people especially leaders, are leading by example. i don't like wearing masks, but i wear them. i don't like social distancing, i want to be around people, but i understand that i could infect somebody and they could infect me. it can't be about me. it has to be about the behavior

i model so others can follow. they need to understand how significant this is. devastatingould be to a densely populated city like san francisco. and this is important. from my perspective, this is why from day one, i have tried to communicate everything i know, and the facts, and use data in decision-making process of this virus. and just to remind people, yes, we wanted to be over. we are tired of covid. but covid is not tired of us. and it is not going to go away because we want it to. we have to do our part. emily: how many states and cities have been following the andident's lead on this reopened potentially faster than san francisco did? i wonder if you think the president's condition will change the way this plays out, change the way how these other cities and states are reacting. london: i hope it does. i think what it shows people is that no one is immune.

that it can happen to anyone at any given time. when you think about someone who is possibly elderly and may be unhealthy, it could be even worse. of covid could be devastating. i hope this is a wake-up call for so many people who are refusing to wear a and who are moving forward with their lives as if nothing is wrong. as if we are not still in a pandemic. this should be an example for sure. falling sharply in major metropolitan areas and in san francisco. how concerned are you about an economic slowdown in san francisco, given tech companies are paring back workers and people are leaving the city, and that means you will have a lower tax base? london: i will say i'm very concerned. ajust balanced a budget with $1.5 billion budget deficit. and not to mention there are

over 200,000 people who have filed for unemployment in the city. we have businesses that i have been going to since i was a kid that have closed permanently. i'm definitely concerned about the economic impact of what is happening. it is not about tech companies, it is about business in general, in light of covid on working from home and having more flexibility and the cost of living. and also the number of tax measures and other things that have really put us in a situation where i think we are going to have some challenges over the next couple of years. but the fact is, we're san francisco. we are a major city. and people love coming to the city. they love working in the city. they love going to restaurants in the city. so you can't just create this someplace else in a suburb. you only get what you can get from a place like san francisco by being in a place like san francisco. . is going to be hard for us for

some time. but i think eventually we will get back to a better place. emily: that was san francisco mayor london breed. in october, cities like san francisco and new york reintroduced indoor restaurant dining, with some restrictions. it cannot come soon enough for the sector hit hard by the pandemic. the effort to increase revenue is often a game of chance and in some regions, rising cases now mean more restrictions. we spoke to the ceo of opentable about how the industry is faring. >> it is pretty bad. the virus, restaurants were operating on razor thin margins. and now added onto that are the capacity constraints and the added cost for all of the state precautions restaurants have to be taking, it has been a really devastating time. if you look at restaurants even in san francisco or the bay area, it has been get wrenching what is happening there. both because of the pan diet --

the pandemic. activity has decreased because the air quality is poor. there has never been a more difficult time to be at a -- in the restaurant business. our mission is to help restaurants move forward for this crisis as best we can. we have waived our subscription reservation fees and launched a myriad of products to help restaurants run more productively, efficiently, and safely. emily: you told us last month that you see one in four restaurants completely closing out of this. reservations have been sow -- have been down. 80%.ng is down is that still the case, is it getting better or worse? debby: in markets like san francisco, dining activity is actually down 88%. compared to down 43% for the u.s. as a whole. in markets like new york, down 89%. seattle, down 81%. chicago is down 75%. cities, andlot of

big cities in the u.s., that have been really impacted by this in terms of dining activity. we see pockets of growth and activity. what we have seen is that as restrictions lift and people feel safer and more comfortable dining out, they do dynamic. in a recent opentable survey, we found 25% of survey respondents in the u.s. and canada are dining out at least once a week. there are some glimmers of hope here. other times, we are seeing that outdoor dining has really picked up. if you look at dining in september of this year versus, september of last year we have seen an 18 increase -- 18x increase in parties sitting outside. emily: how do you expect the restaurant industry to look different after this? we don't know when life is going to go back to normal. we don't know what normal life is good to look like. are people going to go back to restaurants as much as they ever did? will it ever be the same?

through anre going evolution of what dining out means right now. i think there has never been a more important time for online reservations or restaurant tech, companies like opentable, helping restaurants run safely and more efficiently. i think from the trends we are currently seeing during covid, are -- they are likely here to stay. restaurants love taking online reservations because it makes their business run more efficiently. and seamlessly. translate contactless pay, not having to check in with a host, or online menus, those are things that i think we will continue to see. also the rise of delivery and takeout, as we have seen during covid, i think will persist as well. it has become a meaningful and significant part of restaurants, businesses, and their p&l's. it is a way of dining that users and diners are more used to.

emily: that was opentable ceo debby soo. still ahead, working remotely. a pandemic trend or new normal? a number of tech companies will start allowing employees to work from home forever. reddit.ludes our conversation with reddit ceo steve haslinda. -- steve hoffman next. this is bloomberg. ♪ - [narrator] this is kate.

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emily: the community social website reddit says it will allow its employees the flexibility to work remotely forever, with some exceptions. they will still be paid the same, even if they choose to move out of high cost cities york.an francisco and new this as other tech companies like facebook, and stripe have

decided to pay workers more or less based on their new locations. here is our conversation with reddit ceo steve huffman. steve: we had that original policy as well. but it had some obvious flaws, which is first of all, there are so many decisions, personal decisions that one might make in their life that affect their quality and cost of living. such as whether to have a family, whether to rent or own, what part of the city to live in. and of course, which city you live in. there are so many variables at play here. we figured the most fair thing to do is to simply pay at the top of the market and pay for performance and pay for the role. we think this will be an advantage for both recruiting and simplify a lot of what i would call garbage in, garbage out math we were trying to do. emily: so, how many employees do you think will take you up on fromoffer and move away

headquarters to other parts of the country? and how do you expect that to impact your talent redistribution, if you will? steve: it is a great question. if i'm being completely honest, we don't know. we have surveyed our employees and found a small percentage need to be in the office. but many, the vast majority would like to be in the office sometimes but would like the freedom in their life. speaking from my own experience, i think my own feelings have evolved on this. i think there are pros and cons to working from home and working remotely that we are still learning. the core of our approach is to be flexible and let people make these decisions, let teens experiment with different approaches. i'm as curious as you are to see how the dust will settle on all of this when it is over. emily: so what does a return to work look like for you? when we get to some sort of normal?r new

steve:steve: the first question is, is it legal to open our offices? given the various restrictions in different cities. we are not even there yet. and then, is it practically safe to open our offices? in the big question is, do we as employees feel comfortable being in our offices? howink we don't yet know our habits have changed, the ptsd of being afraid of being around people generally will affect things. i think no matter what the law says, there is going to be a matter of practicality that will require us to inch our way in and feel our way as we go. emily: we are six days away from the election. i know you have spent many, many years trying to find the right balance of free speech and moderation on your platform. as we get closer to the election, i know you have made

moves over the last several months banning the subreddit, the donald, for example. how do you feel about the community that you have created with days to go? last, we have spent the not just few months, but number of years refining our policies, learning from all of the lessons that we have seen over the last couple of years. some we have learned the hard way. some we have a better sense of what the challenges might be forward. based on everything we have learned and that we know, we feel we are very well prepared for the various scenarios that may come up over the next week. with that said, we are watching things very closely. . our communities are watching things very closely. . we sent out a message to our moderators bringing them in on the same page, because really we are all in this together. i think that is one of the things that actually makes reddit special. we are moderators and our users

are sharing the space together. emily: that was reddit ceo steve huffman. that does it for this special edition of "bloomberg technology." stay with us because studio 1.0 is. i'm emily chang. this is bloomberg. ♪

♪ >> she grew up in early indiana, the oldest of four siblings and a homecoming queen. she took a job at flora's, where she helped launch, >> cat litter. of a: and the beginning storied career, going on to become the ceo of a software company better known or its game, and