>> we have seen investors take on big moves. they are scrapping that guidance. a sign that covid is still present. they had a really strong quarter. this is staying power in video games. that is good news. a different story for roku. not giving the guidance the streets have looked for.

their numbers were not as strong. i want to focus on uber. emily: thank you so much. i want to bring in an analyst. we won your analysis on what is happening here. sometimes it is there. what is your take on this. >> consumer demand was there. they had to spend a significant amount of money. ultimately when we look forward

even into 2022, this will still be an issue. writers might not -- drivers might not be able to have company in their car. grocery delivery is bigger than ever. driving in having people in your car is a better source of income than some of the other services. but there are major risks. emily: uber posting its first net profit as a public company. yesterday we reported on it. driven by that. do you consider this sustainable? >> the rideshare business has

been profitable for a while. at the same time, they are investing significantly in delivery. there is a massive opportunity there. as they pull back some of the spending, these become better for them over time. emily: uber obviously has the twin businesses. it is good for that business. which business ultimately wins out? >> uber is a twin business between rideshare and delivery.

the most important thing is this is not just becoming a restaurant delivery company but a delivery company in general. the third-party restaurant delivery apps. there is a huge consumer base. these are big thanks for uber. we should start looking at this competition as really competitive. that is not even mentioning amazon and walmart and rocher who have their own -- kroger who have their own large grocery businesses.

emily: thank you so much for joining us. thursday, you do not want to miss my life over station with the ceo of uber. we will get both of their perspectives on the results. sticking with earnings, rare quarterly earnings. they were hurt by the $800 million cost of the recall. take a listen. >> we will be very fluid. right now we work daily for the team. we are looking at making sure we understand the semiconductor situation. we are allocatingwe are allocats

currency. it is more like an entire operating system empowered by blockchain. do you see ethereum surpassing bitcoin someday? do you see less volatility after the seven raid -- this upgrade?

>> it has characteristics of a cryptocurrency. there is storage on the network. it surpassed the bitcoin ecosystem a long time ago. in terms of transaction number per day. in terms of transaction value. bitcoin is a brilliant use case. but it is a fraction allies and ft in its own right. there is a platform for decentralized applications. you are basically asking will the next-generation internet or economy bigger than a narrow

money system? i would argue yes. joe: the sound money was originally pushed by bitcoin. you are saying that they have similar characteristics. your consensus is influential. bitcoin does not have that. there are no individuals or companies that can say we will do that. if you do not upgrade, your coins are not going to work. does that get in the way of being a universal sound money when there are individuals like yourself and others who can change the rules? >> bitcoin's mission is to be a narrowly focused sound money

system. the major users of that ecosystem say things like, it is already substantially complete. it may get a little better. people are trying to build data. it is doing well for what it wants to be. that ecosystem is akin to the internet ecosystem. there will have so many different kinds of actors. but still be a very diverse ecosystem. there will be many more voices. emily: what will be possible that is not possible now? how will it change the internet as we know it? facebook, twitter, google, will

they be obsolete? >> it enables us to keep doing what we are doing. the transaction will be smooth. you will not have to do anything to keep using applications that you like. it will bring a 1000 reduction in the energy footprint. much cheaper transactions related to technologies that are building on top of it right now. they are already bringing hundreds and thousands of transactions second to our ecosystem. that is already reducing the cost of transaction. many of these technologies need available data. what it will bring is an enormous amount of reliably

available data. scalability and cost savings. emily: we will have to see if transaction fees come down. really interesting conversation. much more to come. stay with us. this is bloomberg. ♪

emily: chinese media including a flagship newspaper toning down the this is an of the games industry. this is helping recoup some losses. instead of calling them spiritual opium, they published

an editorial stressing the need for government, schools, families, and societies to work together to better protect children from excessive gaming. the ceo of instacart is reuniting with the -- an old faithful colleague. she is joining the company as president. i had an extended interview where we talked about the new hire and her top priorities as the delta variant takes off and mask mandates return. >> we are providing them with appointments. free supplies like masks to protect themselves. this is something that we take very seriously. emily: they are debating whether

to mandate vaccine now. up next, elon musk, now he is the highest-paid ceo in history. we will talk about his pay package, next. this is bloomberg. ♪

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emily: welcome back to "bloomberg technology." a phenomenal pay day for elon musk, he's the highest paid u.s. executive for the third straight

year, according to the 2021 bloomberg paid index. the scale of his pay premium has skyrocketed. last year it was four times higher than number two, tim cook . this year it is 11 times higher. how does the math add up? >> first of all, it keeps going up and the pay package is now worth a lot more. it is a trend that just keeps on going for musk. awards get bigger and pay just keeps going up. emily: are we accounting for tesla and spacex in these numbers? >> this is just tesla. emily: how much of it is actual salary and how much is just because tesla stock has gone up? anders: he gets paid only in stock options that grow in share if the price goes up.

so this package has become worth quite a bit of money. it is largely the case for most of the executives we see on the bloomberg pay index, really hefty and chunky equity awards that just skyrocketed last year as equity markets scored. salary is a small part of this, even though the figures are not negligible to a normal person. but for these guys, it's a different magnitude. emily: and they are all guys, no women in the top 10, as you see there, which is a shame. do investors approve? anders: investors largely think this is ok. some are a bit uncomfortable with big numbers, but generally the line that investors stick to is, if there's a lot of performance, it's ok if there is a lot of pay. tesla just kind of drew that to the extreme a few years ago and said, what if we pay this guy

$50 million if the share price goes up or than tenfold or the market cap rises? investors buying large said, we are fine with that. we are now seeing that spreading too many other companies with big awards with really lofty targets. in an upmarket, that really works. emily: much more to that pay index, check it out at bloomberg.com. meantime, grocery delivery upstart instacart is shaking up its executive team with yet another facebook veteran. carolyn embers -- emerson will serve as the president. i sat down with the ceo who recently joined the company from facebook to talk about emerson joining the team, and how demand for grocery delivery is evolving as the pandemic drags on, and what the business looks like the head a highly anticipated ipo.

take a listen. >> carolyn and i have been working together for 10 years, and i've always admired her. we thought she would be a fantastic president. i had not made my decision to join as ceo. we had long conversations about where we wanted to take the business and realized it was an incredible opportunity. we were both excited as a chance of working together again. emily: a specs book -- a facebook spokesperson told me, we wish carolyn the best as she moves into this new chapter. i know you both were important to the two people at the top. what did market shareholder say when you delivered the news? >> after a tough 10 years for both carolyn and i, it's not

surprising for leaders to want to explore things outside the company. i'm grateful to facebook for allowing me to have that and very excited about the next venture. emily: instacart's business model is musty faceted, not just advertising but grocery delivery , how is the composition of revenue right now and how does that evolve? >> we think that advertising is going to continue to grow as part of our profitability. we are growing triple digits year-over-year, and we are seeing a lot of brands are placing ads with us.

emily: more people are vaccinated, so folks are going back to grocery stores, but obviously the delta variant is rising, and i'm curious how this is impacting your mid to post-pandemic demand. is instacart speeding up or slowing down? >> we are starting to see demand pickup for the kinds of products you would expect, hand sanitizers, masks. we are really standing ready to help people during this time. we grew about four times during the pandemic and now we have a new resting heart rate, very much stabilized at these levels. so we are seeing many years of growth pulled forward by the pandemic. now it is really a matter of continuing to build great products so the online penetration of grocery buying continues to grow. emily: i know you have worked

hard to institute safety protocols throughout the pandemic. now things are changing, google and facebook have ordered vaccine mandates. will you mandate that your corporate workers and that your shoppers get vaccinated? >> it is something we are still in the process of debating, things change every day and we want to remain extremely flexible, but safety is of the utmost importance to us. we have done a lot to make sure it is safe, we are providing them with free appointments, free supplies like masks to protect themselves, so this is something we take very seriously. emily: the founder of instacart has said it will be profitable through the end of the year.

how does that profitability continue into next year? how profitable without the pandemic tailwinds behind you? >> what we want to do is reinvest a lot of it into growth and continuing to capture our share of the markets, but the company is profitable and will continue to be profitable. we will just try to reinvest a lot of our profits into continued growth. emily: you and caroline have both experience the challenges and problems that come with big growth. what are the lessons you learned and mistakes you made at facebook that you want to bring with you? >> i think a lot of what we have learned is to get ahead of issues and really be paranoid about the different ways in

which what you're building could potentially go wrong and lead to harm. that is something we will definitely take to heart at instacart. that's why i am so focused on safety and product, making sure that we really take care of consumers and our shoppers. that is definitely paramount for us. on the good side, there are so many things that are great about facebook. in particular, how facebook takes care of its employees in a very generous way, which is something we absolutely want to make sure instacart is known for , and has a great culture. as well as the ability to scale to other products for the needs of billions of people. emily: what are some things you want to combat before they get bigger? >> a lot of it has to do with

just making sure our shoppers and customers are safe. if a shopper or customer has a bad interaction with each other, we make sure they are never matched to the same person again. obviously if someone is on the -- is abusive, we take actions to remove them from the service. emily: women dominate your executive team, and the majority of your customers and shoppers are women. though i should say husband puts in his fair share of instacart orders himself, i should give him credit. how do you think having so many women at the top will impact the product and the culture of the company and the culture of the product? >> i think it is critical to have a production team that

represents the people you're trying to sell. 80% of our consumers are women, 70% of our shoppers are women. so product is very much geared toward the needs of a female audience. i think a leadership team that reflects that all the way throughout the company, people make decisions with that customer in mind and i fundamentally believe that i make better decisions when i hear any different points of view. i know that carolyn very much shares that leadership philosophy with me. so we want to create a culture where diverse voices are heard and it is safe to express your opinion. emily: you are going head to head with walmart and grocery delivery. there is a burgeoning group of smaller folks like joker or guerrilla. how are you thinking about the

competition, and would you be open to an acquisition? >> the grocery market is so big that obviously there's a lot of different segments of the market. we will always be looking for small acquisitions and we will always be open to that. we are focused on building right now because we have a lot of momentum. but if there are some interesting targets that would complement our strategy we will look into that. emily: we are still in a period of uncertainty with the pandemic. where do you see instacart a year from now or five years from now? paint the picture for me. >> we are in a period where people are fundamentally rethinking their relationship with food. they're going to want faster deliveries, more selection of products.

there's a lot more inspiration round what to eat. for consumers, instacart can be the place that delivers on all of that. the retailer side, fundamentally this is an industry that is much less penetrating than any other commercial industry. 25% of grocery orders over the next five years will move online. we present our partners with solutions that help their -- help them move their businesses on line in ways that are profitable for them. we think we have a very ambitious journey ahead of us. emily: the instacart ceo there, you can catch the full interview at bloomberg.com. meanwhile, an app that will fight your parking tickets. a look at what the future holds for so-called robo lawyers,

next. this is bloomberg. ♪

emily: parking tickets, we all hate them. 24 euros josh set out to fight them when he built do not pay.com, a so-called robo lawyer, aim to make the legal system a bit more transparent and cheaper for the everyday person. since 2015 the company has about 250 thousand customers and charges a subscription fee of $144 a year.

it was just dalia that $210 million. josh, great to have you here in the studio. i have gotten my fair share of parking tickets that i think are totally unfair. how could you help me? josh: do not pay empowers the little guy to fight back. we fight companies and the government across 200 areas of the law. emily: what is your success rate with parking tickets? josh: around 65%. a lot of the time it's 100% successful because we are just jumping through a hoop, like canceling a gym membership or that make you send a letter to a po box just to get out of it. emily: in your terms of service you say you are not a law firm. are there actual lawyers working on these issues, or is it just technology? josh: we have bloggers who help

us, but this stuff isn't rocket science. we are expanding the legal system in an underserved way. emily: clearly there is a bigger opportunity than fighting parking tickets. how can you make such big promises? josh: below $10,000, these big companies know they can get away with ripping people off because no one will fight back. so technology is perfect at doing that because these disputes are very clear-cut. if you want to cancel your gym membership, you should just be able to do that. emily: where do you see most of the growth coming from? josh: the world is changing so much with helping people claim government benefits. these big corporations are not treating people fairly. landlord-tenant disputes.

it's like an etf for the world's problems, and unfortunately there are a lot of problems. emily: one of your top features is how to fake a phone number which might help you get around verification on some platforms. those companies are doing those things to maintain the authenticity of the platform. why shouldn't we think that is a little shady? josh: when you give up your phone number, you are also giving up your privacy. there are data brokers, you can ask for someone's information just by giving the data broker your phone number. a lot of people don't want to give out the real phone number because they don't want to give up their information. emily: does this mean these companies are not using the right kind of process to verify their own users? josh: 10% is well-intentioned, but 90% is for advertising and

targeting. emily: what about when they figure out what you are doing? we talk to the match cfo about users faking their location to meet people at the olympics. they have all kinds of stuff in place to prevent people from doing that. how do you stay one step ahead of technology? josh: we are a lot more motivated. we are 14 people and a big company will never move as fast as we do. emily: can you end robo calls for good? josh: hopefully there will be addition for -- disincentive for robo calls to call a lot of people. emily: some breaking news, a startup car leasing company is preparing a bankruptcy restructuring filing,

potentially wiping out equity according to bloomberg sources. softbank, which holds one third of equity and serves as the senior secured lender would retain control of the company through that bankruptcy filing. we will continue to follow this developing story. coming up, robinhood catching the meme stock spotlight with the surge in trading post ipo. we will look at what is driving the latest frenzy, next. this is bloomberg. ♪

emily: shares of trading at robinhood searching for a second day as investors piled in, halting at least three times for volatility. pairing those gains to a mere 50% up, bringing its two-day gain to 87%.

this is after a lukewarm reception from day traders to the ipo last week. joining us is ed ludlow. is robinhood officially a meme stock now? adco -- ed: it's evidence at retail traders are driving it, but it's complicated. if you think about gamestop, a lot of that was in the options market. we have some posts on it. emily: you have been scouring the reddit boards. ed: they are regularly siding the robinhood app, but they are reminding us that in some cases they are selling amc and gamestop to buy this. maybe robinhood will ban them to -- a reference to earlier this year when robinhood restricted trading on some of the meme

stocks. emily: why did these folks not buy on ipo day? there was not a lot of volatility. ed: there was a lukewarm reception, to say the least. one reason was that restriction, these day traders, reddit warriors, whatever you want to call them, they felt aggravated by what robinhood had done earlier in the year. what institutional investors are saying, this is herd mentality. they are seeing what others are talking about on twitter and other social media and getting in on the act. emily: certainly there are institutional investors as well. what is it in the psyche of these retail traders that is convincing folks to still by now at this price? ed: the fundamentals of the

company are not that strong, according to bloomberg intelligence. what made robinhood popular? it was the pandemic. people stuck at home, buying these apps through their phone. but that is going away and was -- restrictions are being eased. the expectation from bloomberg intelligence is that the fundamentals are there, while the share price is significantly more than it was 24 hours ago, so it is hard to track that. emily: they're adding more features and crypto features and moving the on just trading. ed: there is skepticism about their business model. they make their money not through fees but directing transactions through other brokers. it ties directly to, if the user basis there, is it really there if people just go back to their

desk? emily: we will be following every step of the way. thanks so much, ed ludlow. that does it for this is -- this edition of "bloomberg technology." a big show tomorrow with a live interview of the uber ceo. and the lift president john zimmer will follow that up at 5:00 eastern, right here on bloomberg television. this is bloomberg. ♪

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haidi: good morning and welcome to "daybreak: australia."