>> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang.

conservative outlook for online dating post-pandemic. shares hit an all-time low. now hiring with urgency. amazon puts out the help wanted sign for 75 thousand workers. another crazy day in crypto. facing scrutiny from u.s. authorities and elon musk doing a 180 on accepting bitcoin for tesla, citing concerns on just how much energy mining can consume. reaction to that with emily choi. i will be speaking with emily in 10 minutes. at the bottom of the hour, bumble's whitney will hard. later, i will speak with the disney ceo. keep it right here on bloomberg to the markets we go first where stocks climbed and investors

focused on earnings results. >> green on the screen for the s&p 500. if you look at the tech sector, a little bit of a mixed picture. rebounding from three sessions of selling. big tech not joining in on that trade. they were leading the charge earlier in the session before pulling back and now you're seeing them in the red. i want to show you what this looks like on a year-to-date basis. if you look at the nasdaq 100 and the new york faang index, those tech companies have been far more volatile. early crucial because some of those etf's track the nasdaq 100 over the new york fain index deck near index. we did see a wee emergence of the retail bids. -- a emergence of the retail bids. if you look at shares of amc or

gamestop or cost, really seeing that spike around 2:00. pretty violent, pretty strong. make someone think, are those reddit traders back in the game? let's go back to some of those earnings stories because we did get a slew of earnings. disney under pressure after hours. second-quarter subscribers coming in at 1.3 6 million. then you have an upside surprise with airbnb on their earnings. beat analyst estimates. not enough to keep the stock higher. coinbase shares were initially falling. revenues were falling short of estimates. it is interesting you are seeing those in after-hours trading. doordash weeding sales and boosting their outlook. those restaurants, the reopening

trade helping the doordash shares. emily: we are going to be covering all those companies over the course of the hour. getting some reaction to airbnb and doordash in particular. we have tom white of tom davidson. doordash shares way up. let's start there. what is happening me. -- what is happening? >> thanks for having me. both prints were strong. both outlooks from the company were strong. you have airbnb under a little bit of pressure should that is more a reflection of the fact that that stock did not come in the last three-month as some of the other names. doordash is a good example. that stock has been weaker than airbnb. expectations have been lower. that stock a little bit better. emily: airbnb gross bookings now more than $10 billion and still

higher than pre-pandemic levels, which i thought was surprising. what are the risks you see ahead for airbnb if there is a travel rebound? why would investors be skeptical? >> i don't know if there is any huge glaring risk. one of the things that stands out when you look at the numbers tonight was the strength in average daily rates. the price of that house are charging for rooms to -- price that hosts are charging for rooms. adrs up 35% year-over-year. in the letter, they talk about how that is not going to be sustainable. that there is a supply and demand imbalance in the marketplace. if you think about if it was mostly adr, that is not a sustainable driver. the top line beat looks a little

less impressive. i don't want to say that is -- this is still a solid quarter for airbnb. they talk about april being stronger than march. that is a good sign heading into the second quarter. emily: when it comes to doordash, you have the opposite story. coming out of a pandemic, you might expect people to order less food online. we all have these new habits. that said, competition is stiff in the food delivery market. how do you see doordash weathering competitors doubling down? >> what stands out from the doordash results and outlook as the guidance on the second quarter. the topline trend, the expect those to be better sequentially. there been a lot of questions about once -- what will the

growth profile look like? doordash is guiding to the improvement in revenue. there is still this question of what happens as we get farther into this recovery and reopening and you are going to get a reset of the online delivery businesses. on the full year ebitda outlook, they took up the high end of the range. they had been guiding to 200 million. they are now guiding to 300 million. a little bit of uncertainty with that end of the range. near term, it seems like top line trends are strong. there is some questions for when things normalize, what is the business look like? emily: any concerns about regulation given some changes we are seeing to the gig economy and what we don't know about what stands the biden administration will take? >> in the online food delivery

space and the driver space, the last few weeks, it has been top again because the secretary is making comments making investors nervous. it is unclear what the labor department can do unilaterally to compel reclassification of drivers. i don't think that is happening anytime soon. this administration is going to have to put more focus on that issue, put more pressure on the gig companies. another issue facing doordash and the delivery side of uber is all these restaurant commission caps we have seen crop up over the course of the pandemic, a lot of cities, particularly new york near riley, there is leadership calling for the commission caps to go permanent. that is part of the regulatory side of things. the delivery space could continue to heat up.

emily: tom white. always good to have you here. i will be speaking to the airbnb cofounder and ceo about the latest results in the next hour so keep it right here on bloomberg. coming up, coinbase lighting after reporting its first earnings with revenue just shy of estimates. the exchange turning better than expected profit and seeing a huge rise in trading volumes. emily troy joins us to talk about the crypto volatility and elon musk's crypto about-face. this is bloomberg. ♪

emily: coinbase out with its first earnings report sentence blockbuster market debut in april. the exchange increases across the board in verified users and massive increases in trading volumes. shares rising after hours. icon up with the coinbase president and ceo to get her key takeaways from the reports and where she thinks crypto is heading from here. >> the crypto economy is taking off. as a platform, it is taking advantage of the opportunity. it is cool to see this wave of activity not only from retail users but also from institutions. what i think you are seeing here is that there is a lot more credibility. you have high quality institutions who want to participate. emily: you have been a public

company for a few weeks now. a huge debut, but there has been a lot of volatility in the crypto space since then but also in crypto shares. what do you make of that volatility? >> it is a feature, not a bug in many ways. we were operating as a public company internally for so long. we are looking at the long-term. the flips do not phase eyes. you are looking for a long-term opportunity and you buckle up and no for it. emily: you are not providing much financial guidance. why is that? do you foresee a time where you might provide more guidance? >> it is about -- this is a new nascent technology shift. much in the way the internet took hold and changed people's

lives fundamentally. technology shifts, you are going to see volatility. for us, we are not going to play that game of short-term management. we are playing a long-term game. i cannot foresee us doing the whole guidance thing because the whole industry and our company have such an incredible opportunity and we are not going to think about it in a quarterly way. we are going to think about it as a long-term game. emily: you cite the market as a reason for guidance. what is the biggest? for you -- the biggest question mark for you? >> it is how do we create the most user-friendly experiences. i use the analogy of the old mobile phone that had these clunky interfaces. we are in that phase of crypto.

we have to make it more usable. we have to make it more accessible. we have to have more regulatory certainty. we are seeing so much participation now, we feel like there is a great opportunity ahead of us. emily: elon musk abruptly announced tesla will stop accepting bitcoin as a form of payment to crypto -- payment. crypto markets losing hundreds of millions of dollars on the back of that to eat. what is your take on that -- back of that tweet. what is your take on that? is there something wrong with that picture? >> there are 70 misconceptions about the space. 75 percent of miners are using renewable energy. i welcome musk and brilliant minds like him. it helps us drive forward more and more sustainable innovation. you are saying we are moving from a proof of work to a proof of stake type of mechanism.

when they do that, that is the way we are driving more renewable energy. in any case, i want to say i do think there are a lot of other industries that consume a lot more energy than bitcoin. to put things in perspective but we want elon musk to participate. emily: that is interesting. he was just on snl talking about dogecoin saying it is a hussle. unclear whether he was joking or serious. either way, markets are reacting to that. coinbase does not carry doge. are you at all reconsidering that and why don't you at this point? >> we have a process where we

list assets according to a framework we pioneered. look at a variety of different activities to make sure we feel comfortable putting them on the platform including security. a bunch of different features. we score those assets and we add them based on a bunch of those factors. we see the demand for doge. it was one of the top questions we got from investors in the quarterly earnings. there is a world where it is top of mind for us. we are the amazon of crypto assets. we are a platform -- we are asset agnostic. it is a huge focus for our company. emily: obviously bitcoin well up on the year. when you look at the markets, you see a overheating market or do you see bubbles within the market?

>> we don't look at it that way. we want to use these periods to think about the long-term. there are a bunch of assets taking off. there are a bunch of features taking off. we want to use this momentum to invest in the business. even when the crypto markets are down, we still look at it that way. you will see in the shareholder letter, we talk about how we did major acquisitions during a time when the market was very down. it helped cement our place. the way we operate is you cannot get too hyped up or too sad during bad times because we believe in this generational company where building. over the longer-term, it is going to keep going up and up. emily: bloomberg is reporting

the irs is asking for more information. you have the sec looking into which clients are coins and which are not. what are you expecting from the new sec and this regulatory environment? do you expect to see some changes ahead? >> our foundation was built on a heritage of regulatory compliance. a very unintuitive move. because of that, we have a front door to be a tape of relationship. we have ongoing dialogue with regulators. how do we make sure we are always protecting the customer and being on the side of the customer first and foremost? and at the same time, making sure we are pushing innovation forward and we are not unconsciously recycling anything that can be the next technology

frontier. for us, we view regulatory as a competitive advantage for coinbase. we think regulators understand the opportunity and we are going to work with them to craft out what looks right. emily: coinbase is the dominic crypto exchange, there is competition. $10 billion in liquidity. there are traditional banks. paypal, robinhood trying to offer the services you offer. how do you stay ahead of the competition? does that involve changing your fees going forward? >> we look at ourselves as the best of all worlds. traditional financial worlds, those folks are going to be -- they are not going to be on the spectrum of pushing innovation forward. we'll be able to power many of

the crypto currencies. if you think about the by finance, they are launching features and assets like nobody's business. because they are on the leading edge of crypto, they don't have the fiat to crypto bridges. we think we offer a folks the ability to get into crypto and stay in crypto. emily: coinbase ceo and president ted coming up, -- and president. amazon expanding in the auto sector. as we had to break, take a look at bitcoin, which tumbled below 50,000. this is partly due to elon musk's serious decision to stop accepting bitcoin as payment. he did just to eat, i strongly

believe in crypto but it cannot drive a massive increase in fossil fuel use. this is bloomberg. ♪

emily: amazon is deepening its ties with ford. the company has agreed on a deal that will integrate the system into the entertainment system of f-150 trucks. it will rollout to 700,000 vehicles this year. let's ring in matt day -- let's bring in matt day. what can you tell us about this? >> this is part of the biggest deal amazon has ever struck on the road. amazon has alexa right there. you don't have to fiddle with a smart phone.

say hey, alexa, find me a gas station. emily: how successful do you expect this rollout to be echo we have been -- to be? we have been expecting it to come to cars and it is not delivery. >> they don't have to learn anything else to get into the car. that is one thing they are trying to take advantage. there plenty of other ways folks can access alexa. it was not a whole lot of usefulness. making this more of an organic experience in the entertainment system. amazon is hoping people will take them up on it. emily: amazon hiring an additional 75,000 logistics workers. talk to us about how this compares to prior seasonal hires, the hiring they did in the midst of the pandemic. >> during the pandemic, they

hired about 500,000 people. this is a sign that the pace of demand from homebound shoppers is not going away even as certain markets reopen. they still think they will need a whole lot of folks to pack and pick items. it might be a way for them to get up on a tightening labor market and announced their intentions early. emily: 20 out a big help wanted sign. thank you -- putting out a big help wanted sign. thank you for that report on amazon. coming up, bumble out with a egg beat but shares falling below the ipo price. we will speak to the founder and ceo. her outlook on how online dating post-pandemic will evolve. this is bloomberg. ♪

emily: welcome back "bloomberg technology." a quick recap on the markets with ed ludlow in san francisco. you have zero debt on bitcoin. a fresh tweet from elon musk. ed: he is saying, i strongly believe in crypto but it cannot drive a massive increase in fossil fuel use. it has been a roller coaster ride for the cryptocurrency. it all starts in that yellow circle when elon musk tweeted

that tesla will suspend use of bitcoin as a means of payment for its vehicles. they disclosed that not only get the company they invested and it but they would accept bitcoin as payment for its cars. we pared some of those losses back. in the last hour, he seems to be walking back his support, saying yes, i do believe in cryptocurrencies. this bar chart puts it in context. there is as much energy being used to mine bitcoin as there is being used by entire countries. if you look at that video on your screen comedy mission statement at tesla has always been to advance the transition to sustainable energy. he is the head of a company that does solar and energy storage. why is this a surprise to him? is it a question of they just did not check? or is this aboutshort-term jumps we have seen in the amount of energy being used to mine

bitcoin? unless he tweets more, i don't think we are going to get a lot of answers. emily: ed ludlow, always looking for more answers when it comes to elon musk. thank you for that report. dating company bumble beating big on revenue, turning a profit for the first time. but, shares tumbling below the ipo price in part due to a cautious outlook of the future of online dating after the pandemic. the app is actively finding ways to keep users engaged online and off-line. joining us to discuss, bumble founder and ceo whitney wolfe herd. so many huge milestones, revenue, profit, users. what were the key drivers? >> drove great results this quarter. the drivers are continued

investment in product, marketing, brand, safety. we saw a lot of new subscribers. everything across the board is looking good. we are proud of the foundation of this business. we are seeing early signs of pent-up demand and this reemergence into real life dating. even in those markets where real life dating is reemerging, we are still seeing a surge in video. that suggests people have really leaned into this digital first way of meeting even regardless of quarantine lifting, so on, and so forth. we are seeing people meet first digitally, check each other out via video, then they go out into the real world. so we are seeing really great signs of this pent-up demand and we are really excited about the future. emily: and yet investors seem

consumed about the out -- seem concerned about the outlook. what does online dating look like post-pandemic. whitney: we are not here to predict what happens with this virus around the world. you are seeing still very dire circumstances in places like india and brazil. we don't think it is appropriate for us to be the judge of what happens next. even though we fundamentally have proven that even in a pandemic, our numbers are great, we keep customers engaged, finding a way to meet during circumstances like a quarantine, we are very excited about the we opening opportunity. we are seeing great three engagement rates, which suggests that people who switched off dating during quarantine are

coming back and using the product a lot. we are seeing great engagement, which suggests people are ready to get out there and have community. they want friends and community to go and do the things they love with. again, it is not our job to predict when this pandemic ends. we want to be conservative in that nature. we really feel that we benefit as we come out of this. say the pandemic does continue on for the foreseeable future, we also believe we serve a great purpose then as well. emily: a steady number of users revealing that they are in fact vaccinated. are you also seeing vaccine hesitancy? >> i can't go into any further behavioral insights than what we disclosed on our earnings.

but we are seeing this willingness to get back out there in person. we launched these new badges that allow you to be particular for what your level of comfort is. are you willing to take a walk in the park? are you willing to only do that with distance or with a mask? it has been interesting to see what people's levels of comfort is. what has been even more exciting has been watching people build these full-fledged relationships without even meeting in person. there were people that built full relationships that are now starting to spend time in person together. that is fascinating to see. we are really confident that even if the virus does continue, that we serve this great purpose. people need to meet each other. we have talked about this before. nothing can hold people back from the sheer need to find love

and friendship. this is not just a matter of circumstances. this is a true need. emily: user growth of 30%. what graphics are you seeing mostly? -- what demographics are you seeing mostly? can you break down who these new users are in where they are coming from? whitney: these customers are all across the map. we have great engagement and new customer growth with generation z, millennials, but also gen x and boomers. there has been ale new wave of people looking for second chances, going through divorces or breakups. the pandemic has not just banned the quest for love. it has also been this new beginning opportunity. what is interesting about bumble, not everyone sees everyone. if you have a young woman in college using bumble, her mother

joining is not an issue for that college student . people really see the age groups they are searching for. this is a huge focus of hours, leaning into these segments, curating and experience from a product marketing standpoint, doubling down on our efforts. so that we are not just the app for millennials or for x. this is a brand and product that speaks for everyone. that is something that is unique to us. emily: you have invested a lot to grow your international business. how much fruit is that bearing? whitney: international has been a tremendous highlight for us. germany is growing extremely rapidly. we are seeing this resonate in all different cultures, communities. it just suggests that the mission, the brand, the product,

this is not only needed and wanted but it is working. women across the globe want to be treated with respect. they want to be in the driver seat. they do not want to be inundated with messages. they do not want to be bombarded or treated poorly online. this is resonating in a real and profound way. when you think about our global growth opportunity, it is massive. it is so large and we are just at the very beginning of our international growth. this is a playbook we are investing heavily in and rolling out across the globe. emily: will be watching that. bumble founder and ceo whitney wolfe herd, thanks so much for stopping by. coming up, doing just fine even as the spec bubble starts to deflate. that story, next. this is bloomberg. ♪

emily: billionaire chamath palihapitiya is one of the biggest cheerleaders and beneficiaries of an insane market bubble. the spac, -- the spac canaan, or so he is called, has an investment. a fascinating profile in this week's magazine. i interviewed chamath many times over the years. he was always brazen, controversial. he has taken that to another level in the last couple of years. tell us more about what surprised you, what you found out about him in your reporting?

>> maybe you have seen him call out venture capitalists, where he made his fortune, ruining society. in recent months, he has been supporting spac's. a way to get through on the deals that made him rich. his interests are aligned with theirs, he has even gone so far to say this was like a solution for income inequality, bringing these great investments to the people. to see if his interests really work aligned with the people he said they were aligned with. emily: let's talk about that. we have a quote from an interview here talking about spac's. chamath: i think that spac's are

very much here to stay. using the language of inequality, it evens the playing field. it democratize his access to high-growth companies. it allows retail and longtail institutional investors, folks who may not have necessarily been tier one hedge funds, now they can also play. emily: you looked into one of chamath's spac's in particular, grover held. >> he pitched it as a tech company that was going to disrupt health care. looking a little below the surface, it is a small, money-losing insurance company offered almost exclusively in new jersey. it has developed a tech product for doctors and has yet to see that result in profits. it seems to me like a pretty risky play. the way that chamath set up the

deal, as with all spac's, the sponsor is getting a 20% promote, which means 20% goes to him for setting up the deal. even though he also put some of his own money in, he is set up to profit basically no matter what happens to the stock. in the case of clover, the stock has crashed after an expose by a short seller, hindenburg research. he and his partners have still basically doubled their money. emily: are you saying that chamath's interests aren't aligned with the interests of the investors he is giving advice to? >> he would make more money if the stock went up. in that sense, they are aligned. when somebody says you should be grateful for bringing them this special deal, i am always

skeptical. it seems to me that his interest is doing more deals, promoting deals at high value so we can attract more companies to his spac platform, and investors should be skeptical that he is offering them to make the crazy profits he has made in the past. emily: what are you expecting as the sort of next iteration of chamath to be? he announced a possible run for governor if gavin newsom got recalled in california. then he abruptly pulled out. what is next? zeke: if chamath follows this pattern, in about two years he will be telling everybody what jerks the spac sponsors were and how they were out for themselves. in all seriousness, he has got another spac going right now. he is supposed to be taking

equinox holdings public. it will be a test to see if he can keep this going while still having some of his deals be misfires. for a while, it seemed if you gave your money to chamath, you would make a lot of money. i don't know if his deals will have as much appeal if they are not seen as a sure thing like earlier this year. emily: when you look at some of the other invest its -- other investments he has made, do you see other investments, other deals that raise your eyebrows? zeke: recently, he has gotten into a site called bitclout, which is basically a social media platform where you can buy coins based on people's personalities. that does not make that much sense to me. i would be very shy to send them my money. but, on bitclout, the chamath,

last i checked, is the third most valuable. he has been talking about -- i will be curious to see what he does next too. emily: i think we all are. check it out in the latest edition of the magazine. coming, disney shares tumbling after hours after the company recorded -- the company reported second-quarter disney plus subscribers fell below expectations. we will discuss that and parks reopening with disney ceo bob chapek, next. this is bloomberg. ♪ ♪

emily: welcome back to "bloomberg technology." i want to welcome all our audience members on bloomberg television and bloomberg radio.

disney's second quarter earnings beat on revenue. disney+ subscribers fell short of expectations. we are going to talk about it now with disney ceo bob chapek from burbank. it was a huge quarter for you. you reopened disneyland finally. disney+, investors looking at this subscriber miss. what happened? bob: we met the expectations we set out to hit the 230, 260 million households that we guided to back in december. so far, the first two quarters, we have added 30 million households to our disney plus subscriber base. we are happy where we ended up. a great road paved all the way to the guidance we gave back in december. emily: your streaming service

has been rolling out abroad. curious how much that brought the market for you and how many new sign-ups use offer disney+ -- you saw for disney+? bob: we have now launched in a number of markets, i think 59 audits across the world. we have not been disappointed yet in terms of the uptake of subscribers in each of those markets that we have grown. we have executed a little bit differently in each piece of the world depending on which content rights we have and the particular needs of the consumers, sports rights in those markets. in terms of the diversity, we have been thrilled, both across our general entertainment platforms, which is the star platform, as well as our disney+ platform. very happy with it. the uptake across all markets. emily: you ran the park for many

years, and we are hearing so much talk about a huge summer search. how big a search in summer demand? bob: we are really encouraged by what we are seeing not only in current attendance but forward bookings. today, the cdc guidance in terms of the relaxation of the mask requirement, we think it will be a big catalyst for growth and put the number of people in our parks that we are more accustomed to. our future bookings are looking great. they are already backup to fiscal year 19 levels. which is of course pre-pandemic. that would be the greatest barometer of all, at least in terms of the assurance, that disney is going to be able to operate responsibly. there is a craving, we saw this

on main street, not only for our guests but for our cast to come back, to experience that magic with your friends and family. we are glad to be able to bring opec to work and please our guests at the same time. emily: as you mentioned, this big news from the cdc. we are still waiting for children to be vaccinated. are you still waiting for children to come mask-free, or customers in general? bob: we are still digesting the guidance given a few hours ago but we think that is in the future for us, the near future, in fact. we think it will make for a more comfortable experience in walt disney world in orlando. emily: florida has lifted all restrictions. i'm curious how far away you are from 100% capacity and will you

get to 100% by the end of the summer? bob: there is a variety of guidance we have taken since this pandemic started. we have national guidance from the cdc. health officials from the state, the governor of the state. local mayors and everybody sort of comes to what seemingly is the same realization over the past couple of weeks that it is safe to reopen, that people do not need wear masks. social distancing requirements are literally evaporating. i think that gives us the ability to create that sense of community and our parks and bring back some of the experiences. we have had to put a hold on the parades of a fireworks, meet and greets. that is really a part of the disney experience. we are thrilled that the cdc has come to this point given the increase in vaccinations, declining case rates, and

general sense that people are not willing to travel. we see that consumer confidence growing of a whether it is the willingness to jump on a plane but mostly to be able to come back to a disney park and feel comfortable doing it. emily: i new agreement with the mlb, 30 regular-season games instead of 90 but the games will be simulcast on espn and espn plus. does this mean you are paying less echo is the speak to your -- paying less? does this speak to your commitment to the bottom line? bob: the deal we struck with the mlb is reflective of the great value we are getting in terms of our ability to take higher profile games, more postseason games, the entire wildcard series, and bring into our guests across a variety of disney platforms. we have done it in a way that is very creative to shareholder value. emily: bob chapek, ceo of disney

, thanks so much for joining us. tower bloomberg tv and radio audiences, that does it for this edition of "bloomberg technology ." stick around, i will be speaking to the airbnb ceo and the next hour. this is bloomberg. ♪ wanna help kids get their homework done?

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haidi: welcome to daybreak australia. we are coming down to ages major market opens. shery: good evening from bloomberg's world headquarters in new york. haidi: u.s. stocks halt a three-day slide. industrial and financials lead the gains with investors turning from growth