emily: i'm emily chang in san francisco, and this is bloomberg technology. i will talk to the ceos of door dash, airbnb, and salesforce about where their leanings -- latest earnings are

expected. and where growth is expected, plus bitcoinceo jason robbins hf the first to take his company public via spac last year. shares more than tripling in 2020. he said one he suggested -- >> we got a bit of a reprieve, a bit of green. the s&p 500, the main gauge of u.s. equities down by 0.5%. you can see their technology stocks did rebound. a very tech heavy gauge up by 0.6%. the nyse plus index had

surrendered some of its gains. a continuing theme we are monitoring all the time is the outperformance of semi conductor stocks. up by 2.2%. the backdrop being this global shortage of semi conductors. in terms of specific names driving the tech rebound, apple higher by 0.2%. microsoft, 1.2%. amazon, 1.2%. facebook 1.2% as well. these names have been a concern for investors in recent days because of their high and lofty valuations. there has been a question about big cap tech stocks. but as you can see, a reprieve rebound on friday. i want to look at the bigger picture and the week as a whole. if you look at the nasdaq 100, it was a pretty bruising week. the nasdaq 100 index having its worst week since october.

it's worst week since march 2020. rising yields, what the potential is for an economic stimulus, and the vaccine rollout, but at least we can take a little pause & every leaf this friday, emily. emily: and it would not be friday or any day if we did not talk about bitcoin today. >> quite. emily: another down day. talk to us about the moves this week. negative comments from bill gates. negative comments from treasury secretary janet yellen. yet some executives say this is the future. >> bitcoin trading at around $46,000. as you said in the intro, it's worst week in a long time and the rally that we saw in bitcoin was driven by a lot of corporate. tesla buying into the

cryptocurrency. we have had names from big institutional investors in the past talk about it is a real asset, something you could see serious investors going to. look at that chart. down the most 18% for the week. that is kind of where we are at. the volatility in risk assets has touched bitcoin, the mania has cooled off. you know, if you look at futures, as well, things might not get better. it looks like march could be a rough month for bitcoin if you look at some of the futures action going on. as you have said, a lot of commentary around this. bill gates, elon musk continuing to tweet about it. is l an incredibly volatile asset and it can swing and i'm struggling to keep track of it on a day-to-day basis, let's be honest. emily: thank you for doing your best. ed ludlow, appreciate that

roundup. i want to bring in our cross asset reporter who also has had an up-and-down week with the ups and downs of bitcoin. anymore additional insights about what really drove this tough week? >> i will add that for all the talk of bitcoin being digital gold, it tends to be correlated with stocks. it was a rough week for the stock market and risk assets in general. when we see the kind of cross asset de-risking that we saw this week, it tends to be the most speculative parts of the market hit first and bitcoin falls into that category. unlike a stock, bitcoin does not have any fundamentals or cash flow, so it tends to trade-off momentum. when you get big losses, that price action can feed on itself. even with tech stocks bouncing back a little bit, bitcoin was not able to stop it slide. it fell another zero -- another

4% today. emily: i recently spoke with the ceo of mastercard. they are considering digital currency. but they talked about how unreliable the price of bitcoin is. i wonder if this is not something we should consider as a store of value and if that will prevent it from getting more mainstream appeal. >> it is definitely a risky asset. if you compare it to other stores the value, the 30 day implied volatility is about six times higher than the price of gold. then you have weeks like this week, where bitcoin was no store of value. you hear crypto advocates say it is digital gold. we heard from kathy woods at the bloomberg crypto summit saying bitcoin could replace bonds eventually. but the price action this week

was really just a reminder that bitcoin trades like a risk asset , like a speculative asset. when traders were ducking for cover, it was not into bitcoin. it was not into gold either, but you did the more traditional safe haven asset like the u.s. dollar rally while bitcoin really was not much of a hedge for you this week. emily: what are you expecting next week? >> thankfully i'm off next week, but i will be watching from afar. it really depends on the direction of stocks. tech stocks in particular. speaking to investors in the market today and through the week, even though tech has a little bit of a reprieve today, it seems like there is a lot of headwinds gathering. the direction of yields seems to be higher. that is going to make it harder to look at the valuations on some of those momentum growth heavy tech names and say that

this looks reasonable. it gets harder to justify those valuations as yields continue to grow up and i would expect that to hit that coin -- bitcoin as well. emily: enjoy your week off, we will do our best to hold down the fort and bitcoin especially. coming up, doordash revenue beats estimates, but growth may slow as we come out of the pandemic. we will hear more from the ceo about that and more. this is bloomberg. ♪

emily: we have some breaking news now. an fda panel of outside advisors

have officially said the johnson & johnson covid vaccine benefits outweigh the risks. johnson & johnson shares rising right now after hours on the back of this news. the fda usually follows the recommendations of this panel of outside advisors. that means they could authorize the shot officially within days. it could be available any day. huge news, huge progress potentially in the vaccine rollout. we will continue to cover this as headlines role in. fda advisors saying the johnson & johnson covid vaccine good to go. alright, meantime doordash reporting fourth-quarter revenue that beat estimates, but losses doubling. the benefits it saw from the pandemic may start to fade as restaurants start to reopen. i got more insight from doordash ceo tony xu. tony: i wish we could be doing

this in person right now and all of us would be fully vaccinated. part of what you see reflected in the guidance is a perspective of what might happen post pandemic. for us, no one has a crystal ball. our business had been growing, was growing even as some of the markets inside the u.s. have been reopening. texas, georgia, florida, reopening really aggressively. we don't have any more data than that. for us, it is being prepared for different scenarios. over the long term, i tend to believe that these habits for consumers are very sticky once they become habituated toward convenience. emily: you do own the majority of the u.s. market, but you have competitors like uber eats and grubhub. what is your path to profitability as you also fend off the competition? tony: you know, for doordash it

has always been the focus on building the best customer across all of our audiences. if you look at the performance of the company, i think you saw a lot of the growth certainly on the top line as we expanded our market leadership, but you also saw a lot of improvements toward the cost structure as we have grown our scale. all of our fixed and variable costs have come down and i think where you are really seeing is the growing capital efficiency in the business as we continue to further invest. emily: full disclosure, i'm a big customer. great customer service. if there is something not right, a missing item, something incorrect, you can get a refund or credit right away. it keeps me coming back. how much is that costing you in terms of leakage? is that a big line item? tony: perfecting the service of

making sure we have zero defects is what doordash is all about. operating at the lowest level of detail to make sure every item is accurate, every delivery is on time, every item that might be out of stock is given to you with a substitute that is adequate. those are all the things we have to get right. for us, that is always going to be the perennial challenge. it is that maniacal drive of driving down our defect rates that you are starting to see some of these improvements in our cost structure. these are all of the costs on behalf of the merchants and the dashers. emily: more and more jurisdictions are putting price controls and other commissions you can charge restaurants. how concerned are you that these are going to last and cut into margins? tony: we believe that the price controls that you have seen are

temporary. candidly, we believe they are bad policy as they usually achieve the opposite of their intended desire. in fact, they will decrease revenues and create less earnings opportunities for dashers. the purpose for doordash is to grow and transform these brick-and-mortar businesses so they can compete. measuring the profitability we deliver for the merchants is our northstar. that is why i'm super proud of all of the efforts we took during the pandemic and currently and beyond have made a merchants more likely to survive the pandemic than otherwise. one half of which are products or marketplace in which we are investing billions of dollars toward the delivery, toward marketing to bring incremental demand to merchants. on the other side, we are giving merchants the tools to build their own digital channels

commission free. emily: right, uber is now your biggest competitor by market share. i talked to dara after their earnings report. they just did the drizly acquisition. they say they are now doubling down on growth. what are going to be our -- your biggest growth drivers of the future? you have the convenience store vertical. what is the next chapter? tony: if you look at what doordash is working on, we are working on expanding market leadership in our core category of restaurants, which we believe has massive runway ahead of it. extending that leadership position in the u.s. and doubling down on strong international performance, where we are gaining share and improving profitability. the second is we are extending this platform to other categories. in less than a year, doordash is

now also the largest delivery platform in the u.s. for convenience items. you see some of the alstom's ability of our platform into other categories. -- ostensibly of our platform into other categories. we are providing digital marketplace. emily: any plans to invest in bitcoin? every executive seems to be making that choice. any chance of taking bitcoin as a currency? tony: no plans to invest in bitcoin currently, but we are following what is happening. emily: would you accept bitcoin as a form of payment? tony: it is something we are

considering, but no news on that front today. emily: prop 22 has passed. you spent a lot to pass that in california to make sure that your dashers could still be treated as contractors. you will have to pay them more in benefits, but i know this is important to you. is it going to be complicated to rule this out? tony: we are very excited about prop 22. it has already been rolled out late q4 and it has had astounding impact and it is one of the few policies that is seeing where the outcomes actually achieve the intended objectives, which really were to give the dashers, the workers the flexibility that they told us over and again they refer and pair it with protections they deserve. we are thrilled that the voters overwhelmingly supported the dashers in this regard, so when we look at some of the results,

earnings are up, dashers in california, in the bay area are earning $35 per hour including tips. in san diego, $32 per hour including tips. it has been a huge win all around in which we are giving dashers the flexibility they prefer pairing it with proportional benefits. emily: doordash ceo tony xu. you can watch the full interview at bloomberg.com. coming up, crypto exchange coinbase files for direct listing. all the details 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 $300 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,

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>> some people still are a little confused when it comes to twitter. how do you improve that from a perspective to get to one billion?

>> i think that one of the fascinating things about twitter is once you get it, it becomes indispensable to you. i talked to a few people who said, i get up every morning, it is the first thing i do, it is absolutely indispensable to the live experience for me. >> someone suggested a joint venture with amazon. would it happen? >> i've never heard about that. i heard it from you. [laughter] anything, anybody involving helping small business, we are excited. >> a lot of people are asking whether private tech unicorns are overvalued? >> i'm not an economist. >> you have compared the company to amazon, you have some investors who think it might be more like ebay. there are big questions about how big the ride-hailing market can be. how do you deliver in of the amazon? >> we have to execute.

they went beyond other categories of retail. we are doing the same thing. the investors long-term will be happy. emily: those are just some of the ceo's i've had the opportunity to speak with over the course of 10 years at bloomberg technology. hard to believe. we are planning a special show to mark a decade of our coverage on monday. join me along with some of silicon valley's most inside insiders. i talked to the linkedin cofounder, the cowboy ventures founder. and i guess from the very first edition of "bloomberg tech." all of them will be with me here on a special 10 years of bloomberg technology. episode. i'm going to try to get through

the hour without crying. you do not want to miss it. coinbase has applied to left its common stock on the nasdaq. for more, i want to bring in crystal. what do we know about coinbase? >> they are opening books for the first time. to most people surprise -- people's surprise, it is a company that has quite a lot of profit. they reported more than $300 million in profit in 2020 and more than $1 billion in revenue. maybe that is why they are picking the direct listing route. in the coming weeks, they will have an investor day.

all the insiders can list their shares and we see it becoming a public company on the nasdaq. emily: how much does that market cap depend on the price of bitcoin and the massive fluctuations that we have seen? will the fluctuations in digital currency impact the ultimate market cap of coinbase? >> the $100 billion first of all is the private secondary trading values. it is not the value of the entire company, it is probably a very small portion of what the company is worth. it is likely that the market cap is not going to be 100. whether bitcoins price will impact transactions, it depends on people transacting on cryptocurrency. as long as people keep transacting, whether it is high or low, they will still generate

revenue. obviously, if -- it would benefit their business. i could see how crypto will have this argument. emily: do you think the negative commentary we have heard this week could impact investors outlook? >> crypto is no longer something you talk about, it is something that every institution has gotten into. even coinbase has services with accounts with institutions. there have been comments from other institutions that have got them into crypto lately and that includes very invest -- big investment banks and reputable investors. it is interesting, but i don't and comments are going to shut down bitcoin transactions altogether. emily: crystal, thanks so much. we will be charting that one all

the way to the end. coming up, airbnb's first earnings report as a public company. i will also speak to the salesforce ceo. this is bloomberg. ♪

emily: welcome back to "bloomberg technology." airbnb shares are up over 13% after quarterly revenue beat estimates. the company declined to give a financial forecast end as cautious about the year to come. i caught up with ceo brian chesky to get his perspective on what travel looks like is the world gradually comes out of lockdown. brian: our model is inherently adaptable. we have millions of posts in 100,000 cities and communities in nearly every corner of the world, so however travel

changes, we can adapt. people are staying longer, they are traveling nearby. that is the kind of travel people want with airbnb. they are telling us they missed travel. the kind of travel people miss is not business travel and not standing in line to be a landmark. they miss standing -- spending time with family and friends. emily: digging into the numbers, revenue was down 22% for the quarter, 30% for the year, but your competitors way down more than that -- down way more than that. how much do you see that competitive edge continuing post pandemic, especially given that now is a unique time when people might be favoring vacation rentals over hotels? brian: i can probably comment more with airbnb. we know a few things to be true. the factors driving our recovery we believe will continue through the year.

business travel is probably not going to recover, but leisure travel will. we are a predominantly leisure travel business. people will probably not be crossing borders and getting to urban centers soon. they will probably getting in cars and traveling to rural locations. people are realizing they can work from any home. we are will see -- will see longer and longer stays. emily: on the forecast, you say year-over-year comparisons are going to be volatile and unreliable, but give us some cover -- color on what you see in the year. compare the first after the second half or something. brian: anyone that was in the business of predicting the future last year would probably have gone out of business, so i will try to not predict too much

about the future. we do believe the travel rebound is coming because people tell us -- we did a travel survey of american travelers and they said travel is the out of home activity they miss the most. the majority of people we pull -- poll do plan to travel this year and when it is safe to do so and that is a subjective feeling that people probably determine on a very personal basis. we do believe that travel rebound is coming. we don't know exactly when, but i've told my team better to be early than late. we want to assume the best case scenario. emily: how is the company preparing for that demand increase? brian: four things we are doing. we launched this week a very big brand campaign called made possible by host. we don't do a lot of marketing anymore. we have not done a brand

campaign in over five years. people want a message of hope, but we wanted to make an investment in the brand of hosting. next, we need to recruit more hosts. if the rebound is as big as people think it could be, we want to make sure we have enough hosts to prepare. third, we want to simplify our app. we are changing the paradigm of how you book. i think we will not even be ready for the travel rebound, but more ready than any other travel company. emily: most of the growth right now is coming from north america , regional travel, and less so in europe where we see stricter lockdowns. how do you see international travel returning? brian: we are seeing a lot of strength in united states, but also in other countries like mexico and brazil and other countries where domestic travel is vibrant. when does cross-border travel return? i don't know the answer to that. health officials probably have a

better sense. emily: airbnb ceo brian chesky there. check the full interview at bloomberg.com. salesforce reporting a 20% increase in sales. the numbers have disappointed investors who were looking for growth to accelerate, driving shares down more than 6%. i spoke to ceo marc benioff to hear what he said he is so confident about the forecast. mark: we are seeing a robust environment, robust demand environment where customers need to transform, they need to be able to work from anywhere. they need to be able to sell from anywhere, service from anywhere. it has been a great opportunity to help our customers be more successful than ever. emily: that said, shares are dropping after hours.

some investors may be hoping for growth to accelerate even more. what is your response? marc: i never look at the stock, honestly. i'm focused on our customer success. over 22 years as the ceo, i've learned one thing which is the most important thing is our customers being successful and letting the rest take care of itself. that is my advice to other ceo's . nothing is more success -- important than the success you have with your customers. one of the companies you and i follow closely, alliant technologies, they completely transformed their relationship with their customers. it is a product more important than ever because in the new world of zoom and i'm at home right now and everyone wants to look great on zoom, so they have these portals and full digital transformations.

just an amazing ceo, fully transforming the digital experience. great example. emily: i'm at home as well, so i feel you. talk to us about what you have learned about leadership having to run a company with all of these employees not knowing what is ahead. marc: i think this is a moment where we have to cultivate our beginners' mind. we can have every possibility. in the expert mind there are few possibilities. in the world of work, we need a beginner's mind. i need to be able to sell digitally, i need to be able to service digitally. we are conducting billions of impressions with our customers on a regular basis as a company. we need to help our customers do that. you and i are doing an interview with the dream force every year

in san francisco. we did it in a park. that is an example where we have to get ready to re-create everything. as we move into this new world, as we get vaccinated, and as things are starting to reopen, i think we will start to see things change. i was in singapore two weeks ago and i went to see their how does the future look like -- how does work look like in the future? what i can tell you is that they are still wearing masks, but all of their businesses are open, hotels are open. they are conducting a normal society. it was very powerful to see that. and experience it. it inspired me for what the future of what we are going to be going through here. emily: what is your sense from regulators about whether or not they will approve the deal? marc: we have entered into an agreement to acquire slack.

we have continued to enter that process. i expect that we will have a successful outcome and until that point, we will continue our business normally. emily: salesforce ceo marc benioff. you can catch that full interview at bloomberg.com. coming up, a deadly winter storm in texas has some rethinking america's energy infrastructure and increased calls for renewable energy sources. we will talk about all that with the solar provider sunrun. this is bloomberg. ♪

emily: renewable energy once again a national topic of conversation after a winter storm paralyzed the state of texas, leaving millions to fend off the cold. alternative energy companies like sunrun say solar systems and batteries can play a role in rebuilding a more resilient energy grid. joining us now is the sunrun cfo tom vonreichbauer. look, we have to talk about texas and your reaction to not just what happened, but the controversy that ensued about renewable energy or not. some, including the governor, blaming renewable energy for causing the problems in the first place. what is your reaction? tom: it is a really unfortunate event and one that we should expect more of if we don't take

the opportunity to modernize and de-carbonized our infrastructure. texas has a broad fuel source mix and pointing to a specific source of fuel is mis-pointing the direction here. our customers in texas with solar and energy storage systems were able to provide resilience, not only for themselves, but also for the grid at large. customers saw thousands of hours of energy while other folks were out of power. for those who had their own cited generation and storage, we alleviated stress overall. i think taking a moment to update the infrastructure, provide more distributed resources versus decentralized systems that tend to fail is really critical, than for consumers, we are able to provide them -- emily: i wanted to ask about the

bright box expansion in texas and how many people that has been made available to and how that could help in another power failure? tom: in texas, we had hundreds with bright box storage energysolutions at their home and we have seen this in every major failure, when you see wildfires in california, storms in the northeast, and here in texas. customers are able to have backup power on demand and make it through these types of cuts. emily: do you think that the controversy will setback the industry? given the discussion that ensued and the denial of climate change that continues. tom: i really don't think so. i think you see the trends accelerating on the heels of these events.

from consumers driving polls, we saw web traffic increasing 300%, consumers realizing friends and family with solar at their homes are getting a better service than what is provided by the light and utility operators. they are attracted to the reliability, to clean energy, and to the affordability of the solution, where we priced at a discount relative to the incumbent utility. from a policy point of view, you see regulators pushing on this as a meaningful creator of jobs locally and a high-paying creator at that. emily: so just a minute left, you say the total addressable market for solar has only been tapped. 3%. you plan to go 20-25% next year. what is your plan of attack for potential customers?

are you prioritizing or targeting certain regions more than others? tom: residential solar is only 3% penetrated today. we acquired one of our largest competitors last year and that gives us the best in the industry, where we will be available ubiquitous online, door-to-door, retail, and through local channel partners. we have an incredible partner in bright box. that will position us well to grow in the year ahead. emily: we will be watching. tom vonreichbauer, cfo of sunrun. thank you for stopping by. still ahead, draftkings out with fourth-quarter revenue that beat estimates. another signal that sports betting is not slowing down. we will hear from the ceo about his outlook for the industry and why he chose to go public via spac despite being called crazy. that is next. this is bloomberg. ♪

emily: draftkings shares have been on a tear and more than tripled since going public in april. in part due to a growing number of states legalizing online sports betting. i spoke with ceo jason robins earlier to find out whether growth will keep up in 2021. jason: i think that the industry is still very nascent, still very much in a growth period. we think we have a tremendous amount of growth potential in the years ahead of us. it will be interesting to see as things get back to normal on the back half of the year there is some impact we saw in of the positive side of people staying at home, not spending as much of their entertainment budget on vacations, dining out. some of that might swing the other way, but i think there is such amazing momentum right now

with these new states opening up, with the early states that we have launched, we have seen triple digit growth in the top line in new jersey after 2.5 years. we will have a lot of continued growth in the coming years no matter what happens. emily: how much did the disruption in the sports calendar disrupt you? as you these things -- see things start to normalize, what does that mean? jason: it definitely has an impact when your product and content are based around sports and traditional sports are not being played. we saw a decline year-over-year in q2. the end of q1 was really when things started. q2 was really just a complete reversal. when things started to come back in q3, it went the other way. over the course of the year, it had a little bit of an impact. i think it was mostly offset by a very good back half of the year and some of that pent-up

demand we saw and the stay-at-home nature of the pandemic affecting volumes. there was probably some upside that would have been captured. we will probably have a really good year-over-year growth rate in q2 this year. emily: multiple states have either legalized or introduced legislation legalizing online gambling. do you expect that to keep up? how does that impact growth? jason: we still do see tremendous growth in some of the states we have launched. i mentioned new jersey, we are about 2.5 years in. it is still growing at triple digit pace on the top line. the biggest asset of both our growth in the long-term side of the market will be how many states decide to move forward with online betting. we definitely see that continuing in terms of momentum right now. there are just under 20 states that have introduced some form

of legislation. things like the momentum continuing, hopefully we will get a bunch of those, we will see a bunch of those get past. everyone is stuck inside right now. what happens when people can go to live in person events? what does that mean for your product? jason: i think in the same way it probably benefited us last year, in the back half of the year you see what you just described and that is something we have to be careful about and we were cautious in providing guidance. we assumed there would be a return to normalcy in the back half of the year and that some of the entertainment budget maybe had shifted our way and would shift back to tings like concerts, going on vacations, going out to dinner. we were appropriately cautious.

i think if we were saying that we saw positive benefits from it last year, it would be pretty hard to say that we won't see the opposite and that is the view we are taking. emily: you went public via spac soto before everyone was doing it. what do you think of the trend now? i just interviewed a rod who is doing a spac. jason: a-rod is a smart investor, so i'm sure he will do a great job. when we first were considering doing a spac and we had good reason for it, it was really the only way -- we were acquiring a company called sbtech and you can't really acquire a company during an ipo process. we thought a spac was a clever way to do it all at the same time. people looked at me like i was crazy, like spac was a dirty word or something. people said, why would you do a spac? good companies don't do a spac.

i was close with the sponsor and founder, harry sloan. he is amazing in terms of the cisco s -- in terms of the success he has had and he understands capital markets, as well. my trust and faith in harry was something i felt comfortable with. hopefully, we become our legacy is what we do decide -- besides maybe a hand in starting the spac trades. we have a lot to prove their, but it is interesting to see how quickly it went from a little over a year ago when people looked at me like i was crazy to now virtually every company i talk about considering going public with spac as an option. emily: do you think we are in a spac bubble? jason: i don't really understand how the world would be better off without spac's.

i'm a bit biased. we would not have been able to do the transaction the way we have done it, but i do think there is probably a bit of an overabundance now. these things go through cycles. i understand their views that maybe there is a little bit too much going on. when you see people that barely understand the structure of spac's starting these things, it is hard to imagine that there is not a bit of an overheating aspect of what is going on. but these things normalize over time. i think the flipside of that is when we did hours, everybody was like, are you crazy? now a lot more companies are considering it and a lot more polity companies are can bring it. both the supply and demand-side are going up. i think both are moving. tricky to say if there are too many or not. it feels like it might be a little bit overheated. emily: draftkings ceo jason robins. the does it for this edition of

"bloomberg technology." have a wonderful weekend, everyone. tune in monday for a special celebration of 10 years of this program. we will feature some of our original guess, friends of the show, reid hoffman, a guest from the very first show a decade ago. we will be covering some of the major technological shifts over the last decade and what to look for in the decade to come. "wall street week is up next." i'm emily chang. this is bloomberg. ♪

david: please sir, may i have some more? more bond yields, more vaccine. spring is in the air. this is bloomberg's "wall street week," i'm david westin. >> is? ? the fed doing enough there is a two-way risk right now. >> when you keep on doing these kinds david: of innovation. david: