♪ emil i am emily chang in san francisco and this is bloomberg technology. the tech heavy nasdaq rebounds as apple and amazon a release -- erase their losses. a route in tesla has wiped out

$230 billion value. plus chief executives urge congress to pass president biden's covid stimulus package. among those to send the letter, lyft founder and copresident. and vaccines take flight. we will talk to the ceo of zipline, the company that delivers life-saving products via drones including vaccines. we begin with a rebound in stocks fueled by zip buyers. ed ludlow has the latest. walk us through the day. ed: a choppy day of trading to end the week. we started the day lower with u.s. equities. there were concerns the economy might overheat. in this sudden rebound, led by

tech stocks, you see that with the nasdaq 100 up 6%. by the end of friday's session, indicative of buy the dip. a little more muted in its gains. there is a reason behind that. the philadelphia semi conductor index, of 3% -- up by 3%. gains in microsoft, google. also, intel and apple having strong days friday. these are the same stocks we have talked about being under pressure as a have been rising. generate -- investors have been jittery about big valuations. if there's one stock still under presser, -- pressure, it is tesla. down 1.4% friday. no reason or rhyme, just the same theme. stretched valuation. maybe the idea or competition is

coming. more progress with ford and gm taking ev market space. look at tesla's performance over 30 days. it has lost a lot of market cap, down 30% over the 30 day time. we got some breaking news after the bell. robinhood, which has dominated so much of the news flow in recent weeks, has apparently chosen the nasdaq for a listing later this year. according to sources who say of course no decision is final. that situation could change. but according to those sources, last week robinhood was targeting a listing i the end of this year potentially. it has been the center of the market volatility. all of the meme and reddit traders.

one to watch. emily: absolutely. interesting to note robinhood is still on track for going public despite the controversy earlier this year. we see a light at the end of the tunnel, with the stimulus plan. why is tech feeling this pain? >> the darlings of the pandemic are out. jump with me into my bloomberg and look at this chart. it shows the percentage decline of the nasdaq since the february 12 record. a technical correction is when an index. percent. you see the white line in the far right-hand chart read we were so close to that. the picture really improved toward the end of the week. what is happening, names like telecom, xoom -- peleton, xoom, they have fallen like 20%. they were favorites during the pandemic with so many of us

working from home, exercising from home. investors favor those stocks that would benefit from the end of the pandemic, a reopening, the successful rollout of a vaccine. things that get us from out of our homes. can you imagine that, normality ensuing? those darlings in the tech sector are kind of less impressive now. there is less shine on them. that is particularly true of xoom. the big question is what will keep the growth going? if we all returned to work and school, do we still need to videoconference with each other? xoom thinks so but the market has questions. emily: we all want to know. i want to stick with the tech sell off. i want to start with tesla. saying, there is not much rhyme or reason. what reason do you see tesla

could be down? >> i think it is a combination. tesla, being the poster child for momentum. it really doesn't have valuation support from a traditional perspective. what i believe this is short-lived. you look at january in china, a bit choppy. we think it will be robust in the month of march. this is a country that is in position for the golden age of ev. i view this end of the year, this is a trillion dollar market cap. a very painful selloff we have seen over the last month. emily: what about the selloff more broadly? are we at the beginning of a longer-term correction? >> my view is tech stocks are 30% this year from where we are

today. from the 10 year, i view this as just we are talking about something more of a correction rather than the start of a more structural trend. when we look at tech, the $2 trillion that is going to be spent with the transformation, you look at microsoft, cybersecurity, and then of course apple leading the charge. i view this as a golden opportunity to own these games. in my opinion, it is a bright green light to unpack. emily: what are the specific names you think could benefit more as we come out of the pandemic? there is a argument a lot of these companies benefited because of the pandemic,

lockdown mode. to those benefits subside once people get back to new normal? >> is a great question. you have to separate the zooms and the slacks from what is going to facilitate the digital transformation. even in a hybrid environment, there are companies, especially in cybersecurity. i think that is front and center. palo alto, sale point. these are names, with 30-40% working remote in the next few years, cybersecurity, that is going to continue to be a massive area of spend. i think consolidation is going to be front. i expect an m&a spree in cybersecurity. emily: m&a in cybersecurity.

we have seen salesforce buying slack. can you give us any more specifics about where you think deals will be done? >> beside cybersecurity, i think core cloud is what you are going to see. microsoft is going to get a lot more acquisitive in terms of collaboration. specifically other areas across the food chain. you are going to say this seem -- the same thing from other strategic players. also, financial buyers. every strategic and financial buyer is out there looking at some of these names. one thing that is important is i believe they are strategic bids. if the investors sell these off more, i think it is going to accelerate the m&a spree we see. street numbers are 10-15% low.

the valuation rerate, is still in the middle ha i consider a 2-3 year bull market. emily: dan ives, always good to have you. thank you for helping us round out the week. coming up, lyft getting a pickup of its own. we are going to speak with the cofounder and president john zimmer, coming up. this is bloomberg. ♪

emily: the ridesharing company lyft is getting a lift of its own. the company posting its best week last week since the start

of the pandemic. the company updating its production, ride volume would fall only -- its production that ride volume would fall 1.2%. lyft men jean skirt the tech sell off. compared to other related stocks. joining me now for more, john zimmer, lyft -- lift cofounder and president. i want to ask you about the stimulus plan. why are you supporting this and what would it mean for lyft and customers? >> it is a good thing for the country. it is widely popular. many people, especially those in vulnerable communities, have been hard-hit by the pandemic. it is time to go big for the rebound. people need to help and support -- the help and support. lyft as a recovery stock is

demonstrating to be a guider on how this is going to turn out. we are up as the economy is starting to come back but there is a lot of work to help people have been hit the hardest. emily: give us some color on the trends you are seeing in terms of the return of demand. when could we see a return to pre-covid levels? >> we saw january-february rise of about 4%. we are not going to predict exactly when things will come back to pre-covid levels. with every vaccine an individual gets, it is someone who is more safe and comfortable getting out in the real world. lyft is at the center of that. as people get back to economic activity, they aren't going to need to get around. >> -- they are going to need to get around. emily: how much sooner could profitability be? >> we told everyone we would hit

it this year. if things go well, we could potentially headed by q3. some of this -- much of it is not directly in control with the distribution of vaccines. every time we hear news about the vaccine deadline moving forward, that is beneficial to society as well as our business. emily: we are seeing a huge potential population redistribution that could be long-term. what is the shift -- does the shift to the suburbs mean for lyft? >> i think it is a little overstated cities are going to be dead in a sense. they are going to continue to be extremely popular. there are all kinds of cities, medium-sized cities are going to have a resurgence. i think big cities will be

healthy. i have lived in new york, san francisco. these are phenomenal cities with a lot to offer. everyone across the country needs transportation. if traffic is horrible in the largest cities, some of that gets rebalanced to smaller cities, that is good for society any business. -- and the business. traffic and the mismatch of supply and demand does not help our business. emily: as much as you are hoping administration will get this stimulus plan passed, joe biden's administration scrutinizing big tech. press secretary jen psaki double down on that. >> the president has been clear on the campaign he stands up to the abuse of power. that includes the abuse from big technology companies. emily: curious what your

reaction is to that and if you consider lyft to be part of big tech or one of the little guys? >> i think the statement is very fair. whether it is in business, any organization across the country, power is in the hands of people who need to be accountable. i am 100% fine with that comment. in our industry, we have seen competitors get out of hand with certain power. we hold ourselves accountable. as we get larger, and we grow our business, more responsibility our soldiers -- shoulders. emily: what kind of things could the biden administration do that would make a difference? whether it has to do with electric cars or autonomous cars? >> i don't to get is about stopping progress.

holding companies accountable is about understanding all the implications of companies operating and how they are operating. what i am excited to work with the ministry should and local governments in is how we can provide a growing safety net of benefits that are portable. that drivers can take from job to job. the way people work today is different than decades ago when labor laws were written. it is an opportunity to work together. let's work together with labor, the government, and benefit the constituents. in our case come the drivers and riders -- in our case, the drivers and riders. when we look at infrastructure, which i'm guessing is a way to grow back better. highway infrastructure, city infrastructure, or a green and sustainable infrastructure, we can play a big role in that. we have committed to all electric vehicles by the end of 2030. i want to work with government

to make that happen fast or even faster. emily: on the subject of electric cars, you do have a green mode. you are working toward getting toward 100% electric cars on the network. people can use green mode to summon or request an electric car. uber is paying ev drivers one dollar extra a ride. >> we are looking at that. there's something bigger you can do is to bidding from gas vehicles, at no cost to a driver. making gas vehicles more expensive than electric vehicles. the number one thing that needs to happen first is there needs to continue to be lower cost ev models that come out which is going to be true over the next couple of years. emily: always good to have you

here. thank you so much for joining us on this friday. coming up, we are back with jared isaac men -- isaacman, the 38-year-old billionaire set to man the world's first 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, bring your own device, or trade in for extra savings. stop in or book an appointment to shop safely with peace of mind at your local xfinity store.

emily: in an industry dominated by paypal and square, shift4payments is carving out a niche for itself. its latest earnings report included strong guidance this year as well as the acquisition of venue next, which will help push it into the sports stadium and themepark sector. for more on the results, jared isaacman who also happens to be

leading a spacex mission later this year. what are the results tell you about consumer behavior and how things will change as vaccines roll out this year when it comes to e-commerce? >> thank you for having me. it is a great question. we reported our 2020 earnings, which payment volume was up 10% year-over-year. that is more of an indication of a share we have been able to take in the market, as opposed to recovery results, which you do not start to see until this current quarter. that is why we also shared payment volume data in january and february. where you are starting to see some significant year-over-year buying growth. the last two weeks of february, seven of the eight highest volume days and our history happened during that time. . you had some significant that paralyzed a significant portion of the country. consumers were getting out and

re-engaging in commerce. we attribute that to the vaccine restoring consumer confidence. emily: you are getting into the stadium and concessions technology market. why do that when we are in the middle of a pandemic? not many people are going to the concession stand right now. >> is a good question. there are a lot of answers. there have been some stadiums that are still standing. like 2000 years later. we are confident the market is going to come back and people are going to go back into a stadium environment and support their teens, visit concession stands. why would shift4 choose to enter it question mark we have about 84% of restaurants and hotels shift4payments use some sort of -- hotels use storm sort

of shift4payments technology. you have ticketing, restaurants, bars. that attracted us because we like solving and simplifying complex forms of commerce. can deliver a vertically integrated experience. emily: i have to ask you about the latest spacex launch. we saw it land. and then explode. curious if that makes it more nervous or terrified. i know you said you are not scared about going to space, but what your reaction is. >> we are talking about two different types of rockets. i will be going to space later this year with three other crewmembers in low-earth orbit. we are going to do it in a very reliable falcon nine rocket.

it has been certified by nasa for human spaceflight. it is the first time we have been sending human beings back up space in ny 80 decade after the space shuttle retired. -- in nearly a decade after the space shuttle retired. what we saw explode a few days ago, that is starship. that is not taking us to low earth orbit. it is taking people many years to the moon and mars and beyond. people at spacex are cheering when they see it explode because they are getting good data. they are failing faster and making progress. two different programs but both equally exciting. emily: i know you announced haley, a physician's assistant, will be accompanying you. we are excited to see how it plays out and we will be

watching for more details and dates as you prepare to take off. shift4payments's jared isaacman, thank you very much. coming, the first ever drone delivery of covid vaccine. the ceo will be joining us to talk about fighting the pandemic. that is next. ♪is next. ♪

emily: welcome back to "bloomberg: technology." drone delivery startup zipline has launched covid delivery -- vaccine delivery in ghana. they are flying hundreds of thousands of astrazeneca vaccines too hard to reach cities to help the government achieve equitable distribution. thank you for joining us. talk to us about the process. this is enormous -- an enormous

challenge. >> thank you for having me. now that humanity is transitioning out of the development phase, we face a new challenge which is how do we disturbing it equitably? it ghana became the first african country to receive vaccine as part of the covax program. they are delivering this vaccine instantly and autonomously to thousands of different hospitals and health employees throughout the country in the exact right dose to make sure people who live in rural areas get the same access as those in the cities. emily: how do you do it? keeping them at the right to mature is one of the most important temperature. how do you keep them cold and make sure when they arrive, they are ready to go? >> the neat thing is zipline

spent the last four years across rwanda and ghana delivering a wide range of medical products. a lot of those are short shelf life or have sensitive handling requirements. the infrastructure to deliver those products already exists and is something we have a lot of experience with. the way it is working today with the vaccine is the vaccine sickly lands in an airport. ups transports it to large hospitals or directly to zipline distribution centers repackage that taxing into a small box that goes into an economist aircraft. that aircraft can fly to any hospital or health facility. we are able to do -- each zipline distribution center is able to do hundreds of deliveries a day of vaccines and also lots of other products. in the last year, zipline delivered one million doses of normal vaccine, which it is easy

to lose sight of any pandemic, but health systems have to do all the things they were doing before plus this new vaccination effort. emily: as i understand it, you have not delivered or are not delivering covid vaccines in the u.s. yet. where are you in that process? >> as part of the pandemic, we launched with a partner which is one of the most biggest -- innovative, biggest hospital systems in north carolina. we have been delivering ppe products to frontline health workers. from a central location to hospitals and health facilities. we think it is very likely as other countries start to see the way ghana is using this technology to provide equitable access, they are going to follow suit. those discussions are still happening and we cannot speak for our partners. emily: what about arkansas, where you have a partnership

with walmart? could we see vaccines be delivered there? >> walmart is in an amazing position, especially when it comes to delivering these services to people in rural parts of the u.s.. i just read an article that talks about how there are pharmacy deserts, people where people live far away from the pharmacies or hospitals. these are going to be the folks most vulnerable to the pandemic. and who are least likely to get vaccinated. a partner like walmart that zipline already has, that does an amazing job getting to those rural populations, it is really exciting. we cannot necessarily announce of the today, but a lot of our partners are going to want to use the technology in the same way the government is. emily: we will be watching and waiting for news anxiously. you have overcome so many

technological and revelatory hurdles to get to this point. can you give us an update on the permitting status with the faa? >> the great news is zipline -- we basically formed a close partnership with the regulators in every country we operate in. zipline operates in ghana, rwanda, and the unites states. in every country, it is a little bit of a give and take. the u.s. has one of the most complicated air spaces in the world. we are currently operating under some exemptions, planning to turn ends in -- transition to full scale national certification of the system. i won't bore people, but suffice it to say i think the technology already operating at national scale and other countries will be operating at national scale and the u.s. sooner than people believe. emily: give us the longer-term outlook on how you plan or

expect to scale not just in the u.s. but around the world. as regulations open up an opportunity opens up and more people and countries and governments get more comfortable with the service you provide. >> i would say that is already happening. over the last years, we have seen this go from people thinking it is science fiction to now government officials, regulators just basically bringing themselves to distribution centers, seeing how it works, and think how can we use this to change our own health care system? the pandemic is accelerating this. suddenly, it is really important for every health system on the planet to figure out how to reach people closer to where they live rather than asking elderly or vulnerable populations to come into a hospital. most importantly, it is a lot easier to get regulatory approval for this kind of technology when every site is

potentially saving a life. we think that is why health care logistics is the right place to start. zipline's mission is where you live should not determine other you live. emily: all right. fascinating, huge milestone. thanks so much for telling us more about how it is working. thank you for joining us. we got breaking news. california officials just announced theme parks and stadiums can reopen as soon april 1. as long as they meet local requirements and take precautions against covid-19. this is huge news for comedies like disney, universal. we will talk about this more later in the show. a reopening date as soon as april 1 for theme parks and stadiums. more later in the show. also coming up, we have seen big pushes for more diversity from

the state of california. also goldman sachs, even the nasdaq, have transformed corporate america. president biden will pass -- be signing two orders to advance gender equality. we will talk about that next. ♪

>> on monday, the president will sign two executive orders to advance gender equality. he will also visit a veterans center. emily: press secretary jen psaki reiterating president biden plans to sign two orders on gender equity monday.

this as large corporations have prioritized diversity movements. how are companies doing now? let's check in on the tech center with abby adler men. -- adlerman. i want to start with the california laws that have pushed for this to be a priority. are those laws actually working and driving a push toward more diversity? >> they are. i think we have a lot to think for the people behind those laws. just to recap for your viewers,, sb 826 is the law about putting women on boards. the more recent one is a new law around diversity for the underrepresented communities at large. it is a little early to see the

results. however, there is clear and explicit progress as a result of sb 826. emily: how does silicon valley in your view compare to other sectors? historically, women have been underrepresented in the technology industry. there has been momentum to change but is that happening? >> with women on boards, the numbers have gone up impressively. it is a 66% increase since the bill was enacted. the number of boards with no women at all has declined from 30% to just around 2%. that is pretty dramatic. that is good progress. i think what people are looking for is, that was the 2019 milestones.

the 2020 one goals, or milestones, are a lot higher. there is a lot of work to be done. it is a clear step in the right direction. emily: a lot of companies, venture capital firms for example, they have hired one woman in the last five years and there seem to be no more. when are we going to see not just one but multiple women at these companies, in these executive teams? on boards? >> i am glad you raised that. it speaks to the billions of how the bill was written. there is a near-term goal to put gas in the tank right away, but it stretches out over a couple of years. the goal of having at least one person on the board and 2019 steps up to two or three people, depending on the size of your board in 2021.

by causing people to pay attention to that and keep going and not just check the box of one, at his -- it is making the issue more systemic. the other part of your point, it is important for people to understand it is the venture capital community and the tech entrepreneurial community that needs the most work. some of our biggest challenges in silicon valley are the fact there are smaller boards. with smaller boards, they tend to be less diverse because there is less room to bring in diversity to begin with. that is where part of the challenge lies. emily: how can -- women's backsliding in the pandemic at these highs levels? there is a concern women are doing a greater amount of caregiving, whether for children

or elders in this pandemic. and some might never go back to work because of the pandemic burden on women. what do think about that? >> i think it is a double edged sword. it is a real issue with women in the workplace at various levels. less of an issue at the most senior levels, the c-suite, vp suite, where they are being recruited presently to go onto boards. if we don't take about the whole pipeline and how we keep people moving along entirely, it is going to have some backlash in a few years. i think it is a small concern, but something that can be fixed and addressed. partially by making sure we keep pulling people up, whether does women and people from diverse communities, up through the pipeline. partially because the more diversity we have in boards, the

more we have people to keep those doors open. emily: appreciate all the hard work you are doing to continue to raise the flag on this. abby adlerman, thank you for joining us. monday, bloomberg technology will be dominated by diverse voices including kathy wood, zoosk ceo. dumont -- do not miss our special lineup on international women's day. next, read it. charting a path to the public markets. why hiring its first cfo in the next 15 years could point to an ipo. that is next. this is bloomberg. ♪

emily: ward today california ballparks and stadiums can begin reopening april 1. that is good news as well for theme parks. on how this item four, chris who -- how this might unfold, our guest. they have been waiting for a date for more than a year. >> a whole year, these parks have been closed. it is punishing for these companies and the people who work there. originally, the state was saying you had to wait until the yellow tier. now they are saying, april 1, if you are in the red tear, the second from the worst.

it is looking like we are going to make it there. los angeles, orange co., where disneyland is, very close to making it into the red tier. all indications are it is going to happen april 1. emily: talk to us about what disney is saying so far and terms of what it is going to take to make that april 1 date. i am sure they have been preparing for that but now that it is here -- >> it got unusually ugly for disney. some pointed remarks to the governor during this process. they have been open since july in florida. in california, it is going to be with restrictions, initially at 15% capacity. indoor dining, you are going to have to make reservations and they are only going to be local

residents. you cannot come from another state. this is being done because they are trying to control the spread as much as possible. this is all a reflection of governor gavin newsom been under a lot of pressure. there is a recall effort. they have enough signatures to reopened -- recall him. he has been moving quickly to reopen. he really wanted to get baseball stadiums open by opening day. emily: i remember our last trip to disneyland. it seems like a lifetime ago. you got a statement saying we are encourage they will now have a path to reopening. getting people back to work and helping naked -- neighboring businesses. we cannot wait to welcome our

guest back and look forward to sharing an opening date. how much pent-up demand do you believe there is? on opening day, do you think people are going to be flooding the gates? >> they had just limited shopping last week and supposedly there were seven hour waits to get into the stores there. never underestimate disney fans. we are seeing this in a lot of places. there is discussion about the v-shaped recovery. people saving more money than ever. in fact, one of the reasons disney limited the annual pass is they are concerned about hominy people are going to show up, especially with 15% capacity. those regulations are going to disappear. emily: chris palmeri, thank you

so much. it is going to be an exciting month. charting the path to disneyland reopening and other parks, stadiums, etc.. it is a sign meantime the most popular internet message board is potentially think about going public. read it -- reddit has hired its first chief financial officer. he was finance chief at snap when that company went public. i want to bring in bloomberg's brody forbes. is this the first cfo ever at reddit? >> 15 years, this is the first one. emily: tell us why now and what we know. >> most people see this as a step toward ipo, which is something that has been talked about for years now. even without the ipo, the company has been growing

lightly. even before the gamestop frenzy, and the fourth quarter of 2020, the company saw a 90% increase in ad revenue. reddit says they need a cfo to kind of build out their financial team and deal with all that advertising revenue. i think generally, the company has positioned itself to become a larger and more mainstream part of the internet. they have been trying to limit extremist and racist content. they also require a video app, a tiktok competitor known for highlighting creators of color. emily: tell us more about drew. >> as you said, he is best known in the tech world for leading snapchat's ipo preparations.

he likes to tell the story about showing up at snapchat and they had no general ledger but 18 months later, they had a $20 billion ipo. it is not hard to see why this is his reputation. before snapchat, he worked at mattel the toy company. for the last two years, he has been cfo over at allied universal. emily: when could an ipo be and what do we know about reddit's revenue? >> in terms of ipo, in a recent new york times interview, the ceo said there is no real timeline. it is something they are working toward. as far back as 2017, he said the ipo was inevitable read it could come as soon 2020. on the revenue front, maybe it

is a hint they will -- more numbers. date gave good numbers for advertising and revenue growth in the fourth quarter so we shall see. emily: much to continue to follow. reddit's role in the rise of retail trading. thank you for joining us and thank you all for watching. that does it for this edition of "bloomberg: technology." we have a big show coming up monday, international women's day with a blockbuster lineup of women. we will also have kathy would, -- cathy wood. cannot wait for that show. wall street week with david westin coming up next. this is bloomberg. ♪

david: be careful what you wish for, vaccines and stimulus point towards a recovery, but it looks like a bumpy ride. this is "bloomberg wall street week." i am david westin. two former treasury secretaries. larry summers and jack lew. >> there is a need for a big package. david: johnson & johnson ceo. >> 100 million doses by june. one billion by the end of 2021. >>