♪ joe: from -- caroline: from bloomberg world headquarters in your, i'm caroline hyde. joe: i'm joe wiesenthal. the question is, "what'd you miss?" joe: u.s. gdp -- caroline: u.s. gdp numbers show strong consumer spending.

people eager to get out. end romaine -- and romaine sampling the newest restaurant. growth threatened by the spread of the delta variant. and amazon numbers, another big tech miss like apple and facebook. but as delta worsen, -- but as delta worsens, could we all back on e-commerce? maybe we will be daytrading? the robinhood platform, didn't grow as much is hoped according to the company today. but let's talk with amazon -- talk about amazon,. joe: amazon shares sliding. they beat on earnings, but everyone beats on earnings. the outlook wasn't great. the bread-and-butter, e-commerce online sales, not great.

aws advertising, these are still big-money printers. but you can see it down 6%. online sales, weakest growth since the start of the pandemic. so a lot of that transition, that huge boost that they got, starting to fade. let's bring in bloomberg live reporter kriti gupta. kriti: it is interesting we got all this on the same day the eco-data came out. at the end of the day, the shift is from goods to services and that is showing up and amazon earnings. what struck me though, was that their numbers missed estimates you have not seen a technology company do that. -- missed estimates. you have not seen a technology company do that. caroline: pinterest though, with monthly users. kriti: amazon missed on their sales forecast, which is crucial because you are saying apple,

microsoft, alphabet, this is a bloody selloff for amazon. you can't miss anymore in this environment. romaine: a 6%-7% drop for amazon is huge. but this company is coming off 30%-40% revenue growth in the third quarter for the last few orders. a lot of that is driven by the pandemic. but there's only so much stuff you can buy. caroline alluded to this, the idea that people are focused more now on going out, eating, traveling and spending money on those experiences that were popular before the pandemic as well. but how does this change the dynamics of how you price in amazon, how you price in other details like apple or anybody else that sells physical goods that maybe people don't just need as much anymore.

kriti: you have to understand what amazon' is business is. because apple beat on products, services, and they blew analyst estimates out of the water. in those or luxury products. so their global exposure serves them well. amazon is interesting is that their net sale is what messed up. net sales hit their end product. and also, a massive shipping and distribution network, something a lot of people don't look at. because you have ups and other shipping companies that have already peaked. you have seen the shipping volume drop in now amazon is saying, our net sales weren't as great as people thought they were either. could this be an early signal of the massive consumer spending falling down? joe: we have got to check that out. thanks to bloomberg's kriti gupta. top story today, the robinhood ipo muted, down a little bit.

another company competing in this space is tornado, and investing platform backed by a-rod and pitching itself is a social platform that wants to provide education. joining us now, bernard yorke, cofounder and ceo. thanks for joining us pray lots of interesting this retail space at the last year and a half has been extraordinary, we have seen this boom in interest in retail trading, people investing the first time. i much growth is left there? -- how much growth is left there? >> thanks for having me on. obviously in the last year, there has been a huge flux of investors with the pandemic and people having more time to focus on finances. we think we are just at the beginning stages of seeing a massive secular shift in the space. there is a $60 trillion plus

generational wealth transfer taking place right now. and for investing apps and financial focused on gen x, there is a lot of tailwinds. caroline: usp seems to really be focusing on community engagement, the social aspect. there is also the education aspect, that is important when we hear the concerns that people at run them -- people at robinhood have when it comes to options trading, or we see the meme stocks, amc, and i don't want to ask about incredibly informed retail inspectors could -- retail investors, but how do you make sure they have the information as well? bernard: tornado, we empower anybody who aspires to become a better investor with content. there is a crisis in investing education right now. every week, there are headlines about young investors gambling

on penny stocks and options, even bankrupt companies. we believe the way to solve that problem is to make smart investing highly engaging. romaine: how do you stand out, though? when talk about financial literacy and giving retail investors more breadth about the ups and downs of the markets and not to chase penny stark sent to understand -- not to chase penny stocks and to understand that if the stock goes down one day, how do you guard against that? bernard? you have to ask yourself as an individual investor, does my brokerage become a better -- brokerage help me become a better investor? most of the time the answer is no. tornado is built with that mission in mind, helping people

take the next step in their journey toward becoming a better investor. we do that with community, content, education and world-class analytical tools that help people take that next step in their journey. joe: you mentioned people buying shares of bankrupt companies and some of these companies where the stock price may be divorced from the fundamentals. that is also very fun. it looks fun to me, anyway, i haven't done it, but it looks fun. caroline: you make money as well . joe: you make money, people are part of a social media movement, they tweet hash tags or something, is there a pitch to get people to not necessarily think like that, that looks fun, but there's more to investing? bernard: yeah, the key is that the user experience is engaging. that becomes the path of user

systems. it is a very different story if you are engaging with a community. you are learning and having a good time at the same time, versus reading a 500 page finance textbook. i think it really is about taking the process of smart investing and transforming it into an experience that people actually want to engage in. and also personalizing it, because we recognize everybody has a unique path toward becoming a better investor. so it is all about meeting people where they aren't helping them take that next step. caroline: you are obviously looking at robinhood's ipo. they had payment for order flows, and they tried to ensure that there investor, their user came along for the ride and got access to the ipo's. is that is something that you

think will stay, something you want to see? bernard: absolutely. robinhood has done the street a huge impact in terms of democratizing financial services and investing. the natural next question is, when you have access, what you do with that access on how do you make the most of it? for us, it is all about helping people on that journey. there has been a massive influx of new investors in the last few years, and they are starting a journey which well take a lifetime. having the right to those in community and content -- tools and community and content helping them is so important. caroline: bernie george, tornado cofounder and ceo, thanks for joining us. bernard: thank you. caroline: president joe biden is

still speaking, laying out next steps in the effort to get more americans vaccinated. and he called out the threat of the delta variant. we will bring you any q&a. >> those not vaccinated will be required to mask no matter where they work.

♪ romaine: today was the public they do of robinhood -- public debut of robinhood. this was the nexus four months for so many retail traders.

-- for months for so many retail traders. [no audio] caroline: you mentioned -- joe: it is an incredible force. you mentioned meme stocks bringing in a younger crowd, potentially smaller crowd, two hundred $40 the average account size, and millions and millions more have joined the company. caroline: and it is basically worth $30 billion. quite amazing. before the rise of robinhood and influencers, in particular on tiktok and twitter, joe, you are an influencer yourself on twitter, but we are joined now by robinhood kid as she is known on twitter. she is also on fintok.

kayla, you were livestreaming the ipo today. >> i did get allocated one share of robinhood stock. [laughter] and i will be holding it. i also have a couple more as soon as it open spirit so i am holding about five. joe: the company itself is a bit of a lightning rod end and our last segment, there is a perception that people just want to buy amc at some radicular price, or stereotypes about the trading behavior or knowledge level of robinhood traders. what do the people you interact with want to know about either trading or investing? kayla: they want to know what an ipo is. i have ranges between experienced traders, but mostly beginner traders. a lot of people have heard, i heard robinhood is a really nice

company, is that true? and being able to break down potentially exaggerated tory lines and things like that, just because of that fear of the market when i checked with them. for the most part, they are just looking to get started. romaine: we talk about the low-cost model robinhood has, but there is also the ease and simplicity of it all. when i was a young adult and started to invest, you had to walk into someone's office, there was a bunch of paperwork, days before the trade would be confirmed, and robinhood made it very simple for people not only to use, but also to understand. for folks that follow you and folks that you follow, is that the appeal? or is there something different? kayla: 100%. most people i talked to don't even know trading costs money at some point. you're talking about an ipo

future and i am like, i got a share at the ipo price and they are like, that is not normal? and i'm like no, that is not normal. [laughter] the ease of it is for sure and appeal on something like robinhood. caroline: some of the criticism thrown robinhood's way is the celebratory nature of it, getting one feeling that they need to buy confetti whenever they purchase. talk about your role in terms of the responsibility you feel, and that you make learning about investing fund and you make it clear people are on your journey. but how about what people misunderstand what they are doing with their money? how has robinhood tackled that? kayla: they definitely could tackle it better when it comes to making learning each is available on the app itself. but being an investor who has the opportunity to use an app where i can see what i am investing in and have autonomy

over that, i don't know if that is how it has always been, but being able to see things go up and down, at least then, i feel i have some sort of control, being on the phone in my hands and being able to talk about it. that is a major plus. overall, there are some features that could be added for sure, directly in the app, because most kids my age are not necessarily on a desktop when they are trading, or have anything downloaded on their computer, dust on their phone. so yeah, some learning experiences in the app great, courses or whatever it might be, to help along the process from the beginning. caroline: you said they just want to know what an ipo is. what about the whole idea that you are not getting into ipo's? the company had one of the biggest allocations ever toward the retail investor with this ipo, do you think you know when to get into ipo's?

because robinhood said, if you want to get in on it, you have got to hold it. kayla: yeah, i think there was a 30-day waiting period to hold it. there is a conversation about it being no a very volatile stash about it being a very volatile space to invest in ipo's. it stabilized back its opening price. i think more people will get into it and use the feature, but there is definitely still some fear around the initial price a company comes out at. joe: i want to go back to the extraordinary 18 months since we have seen the retail trade explode, since the beginning of the pandemic. have you seen an evolution? people make the distinction now, trading and also investing, and i'm curious whether you see

people who have been at it a while think more about the latter. caroline mentioned confetti, but then also wanting to know about portfolios and what a long-term diversified investment or folio looks like? kayla: i can only speak for myself. i have been at it less than 18 months. so the evolution is a little new to me. but i started in november on the ambition to swing trade and momentum raid and beat the market. and i thought i could. and over time, even though i was moderately successful, and i don't know how to moderate success, but in learning and trading, i realized the value of long-term invested in building up a portfolio for retirement. i never thought about retirement before i had the ambition to swing trade. though there is probably that evolution where people get into it on the hype and then they go wait a second, this is good. romaine: kayla, every few

generations, you get a new group of people who take the investing world and turn it into something new, and in many cases, something better. you are part of a new vanguard of investors, kayla kilbride, tiktok content creator, thanks. this is bloomberg. ♪

caroline: president joe biden, currently laying out next steps to get more americans vaccinated, and discussing levels of vaccination, and levels of delta. let's listen. president biden: the places people are going to have to wear masks are in those community where the high rate of the unvaccinated are high, and they

don't move. they don't move to get vaccinated. i think you are going to find the patience of a lot of businesses in the patience of a lot of people running thin, because if we had high vaccination rates, we wouldn't be in this spot right now. reporter: will there be a place set up for the vaccinated and unvaccinated? president biden: what i am going to do is keep people safe. i mean that sincerely. so if in fact you are unvaccinated, you present a problem -- to yourself, to your family and those with whom you work. because i was asked about why people who are already vaccinated get it. you have anywhere from 2%-3% on average, from the last study

done, that can still get covid. they don't get very sick, they don't get hospitalized, it is not serious, but they can catch it. at the concern is, they may be able to pass it on. that is all being studied right now. the important thing is, if people are vaccinated, the transmission rate drops through the floor. and that is all i am trying to do. yes? reporter: why not push for vaccine mandates in states and companies and do you want those entities to have vaccine mandates? president biden: i would like to see them continue to move in that direction. that's what i pointed out. i asked justice department if they are able to do that legally, and they can. local communities can do that. local businesses can do that. it is still a question of whether the federal government

can mandate the whole country. i don't of that yet. reporter: you said we are not headed back toward locked out, but if the science is evolving, how u be so confident? we heard you say weeks ago that the fire is -- that the virus -- and dr. fauci health also thinks we are headed in the wrong direction. president biden: what you said is correct but it doesn't lead to the conclusion you are implying. vaccines work against deaths, serious illness and hospitalization. if tomorrow, i could wave a wand and every american was vaccinated, then we would be out of the woods. now, could something else happen a year from now? could there be a different virus? possible. but i have talked about covid in the existing variants that have

come forward so far. so it is a simple proposition -- if you are vaccinated, you are highly unlikely, even if you somehow get the virus, a very small percentage do, that you are not going to be hospitalized, you are not going to be on a ventilator, you are not going to be sick, but you could be in a position to possibly spread it to someone if you have it in you. yes? reporter: why not require that people show proof that they are vaccinated? and with the $4 million, how much an impact you think this will have? give a projection on that. president biden: projection on what? >> on how many people will get

vaccinated. president biden: i'm not in the business of projecting. all i know is that we go through these periods and we go up against a wall and then people suddenly realize, my god, that is a problem the fact is, a lot of your friends are saying, now get vaccinated where before, they were saying, it is not a problem. this is democratic, with a small d or a capital d. people are becoming aware of these surges, and it keeps building. reporter: what about requiring proof? president biden: well, there is two ways to do it? -- there is two ways to do it, and you are going to see some institutions doing that. you fly abroad, you are going to have to have proof. you're not just going to be able to say, i got tested. you have to provide proof. my guess is, if we don't make

more progress, a lot of enterprises are going to require proof for you to be able to participate. reporter: what further actions are you going to take to encourage private business to follow this type of model to either require a vaccine or require testing or other preventative procedures? romaine: i asked president biden: i just did. i am going to keep at it. i'm going to keep talking about it around the country? reporter: [indiscernible] president biden: well, i have. that is why we have folks in the room from the chamber of commerce to manufacturers, etc. am i going to call a meeting of every business in the country to come to washington? i have made the case repeatedly. i doubt where there is -- i doubt whether there is a single business that doesn't understand that i think it is smart for them to require testing, and if

you can't prove you have been vaccinated, you have to be tested. [reporters shouting questions] reporter: -- said he was already considering mandating vaccine after it was already fully approved? would you like to see the mandate go into effect, and you think he is open to that? president biden: i know he is open to it and the question is, when is the right time to get the most bang for your buck when you do it. a lot of this is timing. i think this is going to happen, but look, one thing you are all politely and appropriately referencing is that it is still a temporary approval. when does final approval come? it usually takes a lot of work to get there. i made a commitment i would not

tell anyone in the justice department who they should prosecute, i would not tell the health industry, the government health entities, what they should ssy -- what they should say and do. my guess is, we are going to reach that conclusion in the early fall. reporter: you said to people who are fully vaccinated, you no longer need to wear the mask. [indiscernible] president biden: [indiscernible] reporter: in may, you made it sound like the vaccine was a ticket to losing the mask forever. president biden: [indiscernible] and what happened was, a new variant came along, they didn't had vaccinated,