♪ caroline: from bloomberg world headquarters in new york, i'm caroline hyde. joe: i'm joe weisenthal. romaine: i'm romaine bostick. cicadas got in the way. s&p 500 down. joe: but the question is, what you miss? caroline: darn those cicadas. shakeup of gamestop. the company announcing two amazon veterans. gamestop is the old guard, the

poster child for retail trading. meme stocks can waive seen an explosion during the pandemic. you will be talking about meme stocks and crypto. will we still be trading can will be still wanting to be go into retail stocks, will we be wanting to travel, dine out, joe? joe: the original meme stock, now has a new ceo for the announcing potential share sale. the old-fashioned meme stock. for more on what is going on, let's bring in billy lifshitz float -- bailey lifshitz. i want to know what they are going to do. new executive committee so forth. when are we going to find out what they are going to do to be on more than just stripmall game store? bailey: i have no idea. ryan cohen at the annual

meeting was very vague on what you're going to see outside a customer-driven amazon-esque entity. we didn't get many details from his remarks at the investor day, and we did not really get anything in the press release, either. romaine: we did get a little bit with regards to the actual hiring, two executives from amazon. you have board members from other fabulous retailers as well. what does it say about the talent he has been able to pull into this venture with gamestop? what does that say about the strategy he is going for? bailey: i think it is impressive. looking across the executive ranks and within the board, you have a lot of alumni. there is a reason these people are willing to leave an established company, a company that has been able to change e-commerce and grow e-commerce.

i think they are putting their faith in ryan cohen, and that was the retail reddit argument from the start. you might as well get on board before he changes the way that videogames are really handled. caroline: and potential you can buy more of it. is this a hinge that they are going to make the most of the 1500% rally so far this year? bailey: i think so. if you look at the closing price, just about $300, the company going to $1.5 billion, which would give gamestop a lot of opportunity to consider acquisitions orderly continue to build out what they are doing in the vision that ryan cohen has. joe: great stuff. our thanks to bailey lipschultz with the latest on gamestop. turning to another retail favorite, bitcoin, gaining world legitimacy.

el salvador becoming the first nation to adopt cryptocurrency as a legitimate tender. you hosting an historic twitter space last night and you talked about bitcoin because that is what you talk about online, and jack showed up and then the president of el salvador showed up. you singlehandedly turned around the kueng to a rally today. your conversation with the president, what is the main benefit to this? how will that help the people of the country? >> it is a fascinating time because the president joined us on twitter live as this law was being voted in. you could hear the clapping, the votes from the parliamentary chamber, to discuss with bitcoiners on twitter the merits of the law. the objective seems to be making using bitcoin as an actual medium of exchange, much more

frictionless in the country, eliminating all capital gains taxes which is a big impediment to actually using the thing as a currency, potentially in the service of making bitcoin-based remittances cheaper. that seems to be the main thrust of the law. romaine: what can we extrapolate as far as what the future holds beyond el salvador? we see legitimate countries like el salvador embraced it and other larger countries? >> following the salvadoran news, a number of politicians in latin america, many of them younger, on the millennial side, signaled their affinity for bitcoin as well and made noises about potentially introducing similar ideas. we will see if any event actually transpires. we know that bitcoin and cryptocurrencies have a very high penetration in places like colombia and argentina.

latin america is no stranger to sovereign defaults. we see high penetration there. there is a class of policymakers and see an opportunity to gain favor by signaling their affinity and we will see what happens, but this is the first -- el salvador was the first non-pariah state to legitimize and legalize bitcoin usage in its intended way. it seems like a big seachange, frankly. caroline: big seachange, but a 7% rally -- you are seeing bitcoin under pressure. are you expecting -- the issue for el salvador going forward is the ongoing volatility within bitcoin as well. is there any point we expect that to reduce a little bit so we see more regular use of the currency, not just by those

suffering inflation or seeing an issue with the hard currency peg? nic: it's hard to say. it quite's boat -- bitcoin's volatility is seen as a natural consequence of the security of the system. something like gold, which is similarly a commodity, fixed in issuance, does not evidence significant volatility. bitcoin is early in its life and patchily adopted locally. in terms of el salvador, it is a small country. foreign exchange reserves in the billions and the funds that president bukele was talking about establishing, he was signaling the $150 million range. smaller than many crypto hedge funds. while this does represent sovereign adoption, it is not sovereign adoption by the largest sovereign just yet. we will see. in as much as using bitcoin as a

medium of payment or bridge currency, you don't necessarily have to have exposure to the asset for a long period of time to take advantage of its nice properties. joe: the bitcoin community has a history of getting excited about certain people and then they break your heart. elon musk is probably the most prominent one. and then he stabbed you in the back. are you worried that the president won't have a commitment to bitcoin month and now we ask of the ethereum foundation to digitize health records and modernize the banking system and then it is just a bunch of crypto buzzwords in a few weeks? nic: what was notable about this bill that was passed with that it specifically says bitcoin, and all of the messaging is about the lightning network and the payment systems built on top of bitcoin. there is relatively little messaging around cryptocurrency or generally. the commitment in this case doesn't seem to be regarding bitcoin. of course, -- does seem to be

regarding bitcoin. of course, who knows what is going to happen in the future? it will be narratives about bitcoin consorting with what is perceived by many in the west as an authoritarian dictator. but any adoption at the sovereign level is interesting and noteworthy. there has been adoption of bitcoin by other sovereigns who are considered pariah states and nobody hides that. interesting to watch this play out in real time for romaine: very fascinating stuff, and the fact that you were there, really cool. nic carter. one of take you back to gamestop it the company disclosing that it did receive a request from the staff of the securities and change commission here in the u.s. looking into trading activity in the company's securities. this isn't a total surprise. sec was looking into trading activity in gamestop. the company says the inquiry is not expected to adversely impact the company and they are cooperating with the request.

joe: coming up, summer travel eyeing a comeback with pandemic restrictions easing across the globe. and look at the return of international travel, next. be sure to stick around after "what'd you miss." i will be speaking to senator elizabeth warren at 5:10 new york time. this is bloomberg. ♪ rg. ♪

romaine: gamestop shares are down in the post. some of this decline seems to be tied to a headline crossing the wire right now. the company saying it received a request from the staff of the securities any change commission in the u.s. regarding the trading activity going on in the company. it had the wild january where

the stock just skyrocketed. the company saying the inquiry is not expected to adversely impact the company. it is cooperative with the process. caroline: many other meme stocks down. it's turn our attention to travel. the european union approving the use of quarantine free travel within the bloc, on the heels of the u.s. loosening travel warnings. but does the move come in time for the summer travel season. here is the revival of international travel. >> so, i just made my flight from bloomberg's london office to new york the other week, and with the madness of travel with two small kids and the tests and quarantine, i cannot tell you how good it felt to be back in the air. thanks to more people being vaccinated globally and steadily decreasing, international -- virus numbers steadily decreasing, international travel is eyeing a comeback. >> we have the conviction that

if some of the barriers to traveling are removed like these quarantine procedures, then we think demand could come back very quickly. caroline: a survey of almost 50,000 people globally found that about 78% of respondents would've travel as long as more people get vaccinated. the indonesian government is discussing plans to offer vaccines as part of the holiday packages to attract travelers. the u.s. state department is easing travel advisories to dozens of nations, including many in europe. european parliament gave its final approval to the digital covert certificate. >> i think it is important for citizens to feel they have this level of predictability that we can open up economies and travel safely. caroline: fears of the pandemic -- well, they are not completely gone. >> we have no hesitation removing countries from the green list to the red list if we have to do so. caroline: u.k. just caught airlines by surprise last week, removing portugal from the

so-called green list, sending airfares to as high as $100,000 as british tourists to try to jump on the first plane home. fresh covid-19 outbreaks and lockdowns have delayed the revival in asia. movement remains to be restricted even in places where the virus has been contained. nevertheless, president biden will be jumping the pond this week as he makes his trip to cornwall, england, to attend the g7 meeting. president biden remains optimistic that everyone can travel. pres. biden: america's heading to the summer dramatically different from last year's summer. a summer of freedom, a summer of joy, summer of get togethers and celebrations. an all-american summer that this country deserves. caroline: we can all agree that after lockdowns around the world ease, people indeed are ready to travel, take a break from their homes. but international travel is still tough. for now, domestic seems to be by

far the easiest voice. i'm back. got on a plane. nice experience. guys, we have got some breaking news in a moment. romaine, you want to hit that one first? romaine: just real quickly, a big maker of cranes, those shares a little bit lower. the company disclosing that it has been the victim of a cybersecurity incident, and it says that right now systems are down and it is causing delays and disruptions and it says it has been in contact with federal law enforcement to try to resolve the situation. based on the language of the statement, it sounds like it has not been resolved. the company said it was scheduled to participate in a conference tomorrow and it says it will not be participating in that conference as well. joe: speaking of travel, caroline talking about her wondrous return to the u.s., and it is perfected in the stock price, at least to some extent. you look at the airlines that people are going africom home.

they have made a pretty impressive rebound, if you look at the airlines, not quite clawing all the way back, but quite a bit. if you compare it to last summer, absolutely extraordinary how much better the industry is doing then people would have otherwise expected. romaine: i'm sorry, can we at least talk about -- i love the personal touch to that package, for anyone who wasn't paying attention. a lot of the footage was filmed by caroline herself, who was the voice that you heard, as she made her way back on the slow plane from the britain to the u.s. we have been missing her for months and it is great to see you here. must've been quite an experience for you to be back in an airport once again. caroline: with my daughter making a run for it through the whole experience. people are getting back into the airports. it was really quiet. no matter what, the airports felt few and far between and people -- there was hardly anyone over -- super quiet when

we got into new york as well. but people, from the tsa numbers clearly, are domestically traveling. it is hard internationally now. speaking of reopening, we have got to discuss a space that benefited from the pandemic, all of us ordering food in nine f9. this food in -- ordering food in night after night. our guest will be talking about his love-hate relationship with analysts but also the growth of the business. this is bloomberg. ♪

caroline: today we are focused on the reopening, and one thing that saw a huge pickup amidst the pandemic was food delivery. one of the biggest stories has been the acquisition of grubhub,

more than $7 billion in the deal that creates one of the world's largest delivery companies. grubhub is set to hold the shareholder meeting on the mail. here to discuss world domination and his focus on the business -- thank you for staying up late over in europe. first and foremost, tell us how the market is exiting what we hope is some sort of significant exit out of covid life. are the numbers -- is the demand going to be there to substantiate this big effort to beef up your business? >> thanks for having me, to reply to your question, we have said we would grow faster this year than last year. for us we see continuation of our growth. joe: so, do you see any behavioral changes? continuation of growth, and we see that. are there any sort of behavioral changes in terms of how people order, what people order, how it fits into different lifestyles with the reopening of meal

delivery? >> i think for us the whole covid pandemic was about getting more customers on board with our website and getting those customers to order more. we don't see that change now. obviously it is going to be very difficult to beat last year. we do see behavioral changes in terms of people that are now going to go to restaurants and who is going to blame them for that. you need to realize that we have gained incredible numbers of new customers over the last year. it works on the basis of having more customers every year, and we can easily put it, kneecaps these customers --how many times these customers come. romaine: it is a competitive business in the u.s. i'm curious as to how you move forward, do you need -- does the

model need more consolidation to make this work? jitse: i've never been a great fan of consolidation. i have seen it happen a lot. i started my business in the holland a long time ago. i've seen a lot of consolidation even within holland. germany, europe, now the consolidation is global. the business is growing organically within all the consolidation. competitors are also now global. we can sit still and wait for somebody else -- that is part of the game. caroline: part of the game, as we see germany get more competitive. you have beefed up there in particular. this is a global story. it is also a global regulatory story. what is your outlook in 2021 and going forward command for the gig economy, how you make business model work? jitse: our business model

already works. we are highly profitable in the holland, germany, the u.k., canada. we are able to make money regardless of whether we deliver in canada and in the rest of the world. we know how to do that. obviously, we can invest in another country or we can invest, for instance, and a logistical network. in the u.k., that is something that costs money. in the u.k. we double the size of our company last year. those investments are yielding returns already now. joe: to further expand on this point, lots of questions about gig economy, labor laws, and in the u.s. specifically -- i guess i'm not as familiar with it elsewhere -- lots of talk about a tight labor market in general, and anyone who relies on gig economy services knows there has been an increase in prices.

do you think that is going to last a new price flow that we are going to see for a lot of these services? jitse: it depends a little bit on whether you look in europe or the u.s. we would not have that issue in most countries over here. in the u.s., it is of course different. there is a lot of pent-up demand. a lot of people are moving to restaurants, to serve investments rather than to deliver food. i think we should also realize that we are now moving from a pandemic right into summer, a rather strange pattern for delivery website. we usually grow in autumn, not a person summer. a lotta businesses are coping with the same issue. but i think it is good. i am also human so i like the fact that the pandemic is over. caroline: hear hear.

freight have some time with you. come --great to have some time with you. come back. live from europe, that does it on "what'd you miss." joe: "bloomberg technology" is next. romaine: have a great evening. this is bloomberg. ♪

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>> from the heart of where innovation, money, and power clyde in silicon valley and beyond, this is "bloomberg technology" with emily chang. ♪ emily: i'm emily chang in san francisco, and this is "bloomberg technology." coming up in the next hour, an intolerable level -- that is how a cybersecurity firm describes the volume of ransomware attack in the u.s. while testifying on capitol hill.