>> this is "bloomberg technology ," with emily chang. [no audio] emily: i will speak to the ceo of uber and a representative at

left to talk about -- lyft to talk about the dragging on pandemic. novavax, a major catch, the new vaccine isn't officially approved. their ceo joins us in an exclusive interview. the rocky road or robinhood after a wild rally and multiple investors filing to sell. one analyst has a revived dollar ice target and says that you don't yolo this stock. first we have a look at the markets. despite bad news about the delta variant, we had gains coming in from the jobs were at a. what did you see? >> stocks or bonds, it showed up in the market, 0.6% with the nasdaq higher. not by a huge margin, 0.8%, and

even yields were higher on the day with a bit of money coming out of treasuries. it seemed like a risk on day, positioned ahead of the jobs report you sawtek out performance showing a bit of a cautious tone. other subsectors of tech, talking about it coin, they were extremely high with the semi conductor index and biotech index in the red. robinhood will be the major story. take a look at this five day chart. dropping by slide, coming after investors that were part of the early convertible bond sale sold at 97 million shares over time, really calling it kind of essentially the top of the sale after that surge yesterday. is this volatility going to stick around? that's the real

question around robinhood and the broader markets, emily. thank -- >> thank you so much for that update. it's the tale of two ride-hailing apps, and -- uber and "bloomberg technology -- and lyft. they couldn't be further apart. lyft pulled off a surprise with first ever adjusted profits ahead of schedule. for noise -- for now i'm joined by the president of lyft. how did you manage to do this with pandemic dragging on? >> we built back a better business allowing drivers to earn all-time highs and have our first adjusted profits. we are quite happy with the results. emily: despite that, it's still

hard to get drivers on the road and when i tried to call lyft a few times, i don't get matched with a driver. what are you doing to combat supply issues? >> driver supply is improving. quarter over quarter we had 50% more new drivers. that said, we are coming out of pandemic and we have a massive amount of demand coming back even faster than we expected and the margin is getting back into balance. it will take time, but it is improving. emily: are we coming out of it? delta variant speeding up, renewed lockdowns, how do you expect that to impact business? the next few weeks? are you seeing a dent in demand or supply in the last few days and weeks? >> what we said was that july was a further increase in rider demand and quarter over quarter we saw improvement in bringing

more drivers onto the platform and now we need to do that as safe as possible, keeping the mask mandate in place. we never took that away. it was a good call by the team and as more people get vaccinated, we are seeing more people want to get out, see loved ones. we are not anywhere near where we were prior to the pandemic that it is working in the right direction. emily: i spoke to someone earlier today where they are having driver supply issues. they haven't hit profitability milestones but they promised it would happen later this year. they said that if the outbreak continued or got worse, they have a backup plan, it was uber eats. listen to what he had to say. >> if mobility is hit because of delta, delivery business grows and we thought that the delivery business would get profitable by

q4 as well. we think we are reasonably protected. emily: lyft of course does not have lyft eats. are you in a potentially weaker position if the pandemic continues because you don't have another business to rely on? >> look, we are in this for the long term and have been at this for many years, building out the biggest opportunities in consumer transportation. adjusting profitability and the hardest conditions, it's a great is this and we will be able to with a focus on consumer transportation deliver a better service than anyone else. we have executed that year-over-year, as you have seen, against the odds, when people said we would get crushed and that we couldn't be profitable, we are going to continue to focus on this massive business opportunity and take care of our drivers and riders. emily: now, uber is planning to

tamp down on driver incentives to hit profitability milestones. they are confident they can do that it be profitable. you guys are amp and up driver incentives and i wonder if you see an opportunity there to win drivers who might use to focusing on uber and get them over to lyft. what's the hard-sell? >> know hard-sell, we are pretty straightforward and are happy with our strategy. we adjusted the profitability and had a large amount of driver incentive in the market in q2 and we will continue to do that in q3. it's the right thing to do long term. it's not a quarterly border game. quarter over quarter we meet expectations, whatever the market is saying is possible for us, we are surpassing and we

will keep doing that because it is right in the long term. emily: now john, over the last 18 months you have been joining us from home, but it looks like you are in the office today. how are you thinking about your return to work plans? amazon just pushed theirs back until january. where do you stand right now? >> we now have a vaccine requirement for those in the office. i feel much better here in the office doing these interviews than when my daughters were running upstairs. but overall we are starting to see people come back following the vaccines. we have allowed people to take up to early next year. there is no requirement for them to come back prior. emily: now there is still -- still no vaccine mandate for drivers and uber said they are not likely to do that, they said

they thought the government should be the ones to mandate that. i spoke to the ceo of instacart who said they are debating that and it could impact supply issues. are you at all considering mandating drivers get vaccinated to improve safety in "bloomberg technology -- in lyft itself but also to help with the lack of vaccinations happening across the country? >> we will look at every option, but there is a mask mandate in place for all drivers and riders, asking them to keep the windows down. that's different than the office environment, this conference room, i can't operate these windows. there will be different requirements for different scenarios, but i feel very good about the safety for different lyft rides, taken a few myself and done some driving as well. emily: how was that? lyft it was great, i was

comparing lyft to delivery services and it was really nice to see people again, learning on how we could do better. emily: what did you learn? what have you learned in the last year and a half that you think you can carry forward? >> what we have learned is that the investments in the long term in the marketplace, the technology, the thing that might not be the shiny object to announce or launch, but grinding it out underneath the hood to improve routing and mapping is paying off. it's why we can demonstrate the adjusted profit with higher driver earnings and being in the middle of coming out of the pandemic that the market perfectly in balance. focus pays off. we, we are just going to keep our heads down and keep doing it.

emily: all right, john, always good to have you with us. thank you so much for joining us today from the office. coming up, more from my conversation with the ceo of uber and how they are faring in parts of the world where constant shutdowns are becoming the norm. that is next. this is bloomberg. ♪

emily: as we mentioned earlier, unlike lyft, uber has yet to turn a profit. they are spending heavily to

lure back drivers and expand their business. beyond ride-hailing. i spoke to their ceo earlier about a game plan as delta rages on and his longer-term vision for two ubers. >> we are overall really happy with the results. we knew that we needed to get more drivers out driving and couriers delivering because the demand was growing so quickly, so we really leaned into increasing supply, adding 420,000 couriers and drivers between june and february, adding another 110,000 as well. we were really getting the earner force out there and it has resulted in topline volumes that are very, very strong, putting us on a path where q3 losses will come down significantly.

as far as the delta goes, it's difficult to tell the effect except for markets that have closed down. sidney has really shut down. it has grown significantly and we net out in sydney 30% ahead of 19 volume, so overall we have a great edge between mobility and delivery but looking at it city by city, new york and paris , los angeles, it's hard to discern any patterns as far as delta goes. emily: we will talk about eats and a second, but i have taken about 10 ubers in the last month after not taking any for a year and a half. sometimes i get canceled on, sometime is it's there in a minute. when do you see a more consistent balance of supply and demand?

>> this is what we wanted in q2. we wanted predictable pricing and eta's. it is coming back to historical levels in states like texas, florida, etc., they are getting there faster. it really is location by location but we are consistently seeing those coming down and i think that by september, october, november, you will get that magical experience that you have always been used to and as a company we are looking to get there as quickly as possible. emily: you are spending a lot to get drivers back out there. $250 million in the last quarter , but you said you were going to taper incentives. lyft says they are ramping up incentives. what makes you so confident that you can win back the drivers if you tamp yours down? >> because we are seeing them

come back. we started with incentives to really get drivers out there, but we are moving from essentially incentives to improving the onboarding process. we have improved onboarding by 90% with a new, much smoother onboarding process. we are reaching out to drivers who had stopped driving to resurrect them and get them back on the road. that has been enormous least successful as well and in july we were able to taper incentives and target them much more specifically in the cities we needed it when we needed it and at the same time the new drivers of july were up 30% from june. we are seeing numbers that are really encouraging and we are not assuming that we will get that are, even though based on the technological systems we have in place, we do think that we can get more targeted and better. emily: profitability is a really important milestone, but what

are the chances that delta could shake it up and you don't hit it? >> the good news for us is that we have a hedge. the delivery business is growing and we have seen that the delivery business might get not profitable as well. we think we are reasonably protected. it's a obviously uncertain environment but we are the only company out there leading in mobility and in delivery on a global basis outside china and these businesses are now strengthening each other and customers are using mobility and delivery to account for 50% of the gross bookings on a global basis. if you stay calm, you will use eats -- stay home you will use eats. restaurant is classic uber. that is a unique strength. emily: last time we spoke, you

talked about how you had built two separate ubers. which is bigger? you are expanding into grocery and instant delivery, but are they still twins or something else? >> emily, you are making me choose between my kids. i would much rather make them compete. they will compete with each other. we will see who wins. i do think that the delivery total addressable market, you know, we have expanded delivery from restaurants to grocery and alcohol. we are delivering for apple. we will deliver an iphone to your home. the total addressable market is probably bigger, but as it relates, we are getting into trends where we are wiring up taxicabs, two wheelers, three wheelers. it will be a great competition and i will be pushing them both to grow as fast as possible.

emily: you have helped companies manage logistics. what is your vision for owning supply and logistics? >> you hear it all the time now, supply chain becoming a problem for companies and a much more work of how they operate. 50% of our customers are consumer packaged goods brand makers and etc., the same brands that we were delivering into your home. we think that as it translates, we will be helping these brands manage their supply chain. uber freight connects them to the shippers that can get the food or the water or the sodas or the beer from the warehouse to the store and with eats, we can get that soda or food from

the store to the home. there is no one else yielding this kind of end to end logistics infrastructure powered by machine learning that understands where you are, when you are, they can make it most efficient. that's what we are building and the team is dynamite. we would be very happy to have them as a part of the family. emily: you pushed back return to work, mandating vaccines for corporate employees. you did have poet exposure at a board meeting and delta is real and scary. you are not mandating vaccines for drivers. the instacart ceo just told me that they are debating it for shoppers. is it on the table? >> these are subjects that we talk about all the time. it's different when you talk about employees who spend eight hours per day in an office. remember, for us the big issue is that if we mandate it or drivers, i think we have to mandate it for riders as well and when you have a company that

has essentially 100 million riders and drivers using the service every single month, i don't think that you have a company have the power to mandate vaccinations, over 100 million people moving around, that's probably the right call. we are going to work with governments based on local mandates, following them, at the same time pushing very hard to help drivers, couriers, riders get vaccinated, often providing vaccinations for free and we are absolutely doing our part. emily: we are coming up on your four year uber anniversary. the dad of silicon valley, you were called. from a cultural perspective, what are your priorities? especially when it comes to diversity and building a more

inclusive workforce. what's the company culture you want to build? >> entrepreneurs that want to have the broadest impact. this service will essentially allow people to go anywhere and get anything into their homes. millions of people earn. it comes with a lot of responsibility so we want entrepreneurs that want to build responsibly and diversity is a big part of it. we certainly have the diversity in the earner and courier base. ultimately that will help us to build a better product. we have got a lot of people who are incredibly excited to build. emily: that was the ceo of uber.

the company that he used to work for, expedia, out the results after the bell. shares of falling after the ceo warned about uncertainty and travel due to the many covid variance -- marions -- a variants. overshadowing the executive revenue for the quarter. we will be back after this break. this is bloomberg. ♪

>> clearly the narrative has recently changed from the fed. emily: in china, the owner of tiktok has laid off hundreds of employees. the social media giant shutting down a significant part of their online education businesses to comply with the new regulatory regime in beijing. curving afterschool tutoring includes a ban on profits.

coming up, novavax is holding so nations for clearance of the vaccine after striking a big deal to supply vaccines to the eu and i will speak exclusively with the ceo, coming up. this is bloomberg. ♪ so...i know you and george were struggling

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♪ emily: as cases of covid-19 rise around the world, companies continue to readjust the return to work plan. amazon is the latest company to further delay its opening day. announcing corporate employees won't have to return to the office regularly until january. it had previously set office workers would restart september. joining me for more is riley griffin. obviously so much changing as we speak.

is this the case of a company being too cautious or are we in for a rough few months? >> we know companies are closely following cdc data. forecasts of new reported covid-19 cases over the next four weeks are protected arise 350,000 to 1.8 million could hospitalizations as well which are mostly cropping up in unvaccinated pockets of america, new hospital admissions look like they are jumping by 6000 to 7000, all the way to 24,000. the data does not look good. we can look back to last year to tell the tale, it is typically when people shift away from the summer season and go indoors, temperatures get colder, cases rise. what we need to focus on is closing the gaps and getting the

rest of the country vaccinated so that the virus stops mutating and being transmitted. emily: we are moving beyond six months from when vaccines first started being available. health officials still are not saying that boosters are necessary, but people like my mom, people of a certain age and health profile want to know if they need them. other countries are ordering enough doses for boosters, when are we going to get clarity? riley: i think we will see health officials shift the tone about boosters white soon. we heard from an fda official this week who said they might come out with a strategy in the next two months. that is a separate comment from that which we are seeing from pfizer and bitter, both of which have been advocating for boosters. the dharna just today -- moderna suggesting we should get going

and boosting. there was good news tucked into the earnings report, efficacy at the six-month mark only waned by one percentage point from 94% to 93%. we can remain comfortable, but the first that are going to get that boost are most likely going to be older americans and the immunocompromised. dave: of coursedave: -- emily: there are children that still can't get vaccinated. delta is surging as kids go back to school. in california, we find out teachers do not have vaccine mandates. when will a vaccine be available for children under 12? riley: for children 12 and under, we are waiting on data that is being collected in real time right now. pfizer expects data for the

under 12 population could come as soon september. add that to dr. fauci's comments who say we should see all children eligible for a vaccination within the first quarter of next year. things are looking good in terms of research. to the mandate question, -- is going to be important. we are seeing in the 12-15 and 12-17 cohort that fewer than half of those eligible americans are actually getting their first dose. a lot of hesitancy seems to match their parents as well and fall across red and blue lines. the question will just be when we get the shot, it will be how do we make sure there is uptake and that is going to come down to mandates. emily: so much continuing to unfold. riley griffin, bloomberg news health care we appreciate your

reporting and analysis. continuing on the topic, novavax has signed a deal with the eu for 200 million doses of the covid vaccine. in the u.s., the company delaying submission for its vaccine clearance. we are going to speak with the ceo of novavax later this hour. more bloomberg technology after this quick break.

emily: novavax has signed a major deal with the eu for 200 million doses of its covid-19 vaccine. there is a catch, the company is still waiting on official

approval from the eu to distribute this vaccine. for more, novavax ceo stan erck. this is a huge develop and come but there is an "if," you need approval from the european medicines agency. what is the -- on that? stan: we have three major announcements. one was the signing of the agreement with the eu, which says there is continued significant demand for our product. the second was we have data that just came out that shows our vaccine works really well and this can be very effective against the variants, and the third -- these fit together well -- we have now filed our first regulatory filing for approval

of the vaccine for authorization. we filed a first in india and indonesia and the philippines. india is the country we are working with our partner. they know that process and have been working with the d cgi very closely. that is why we got early filing there. indonesia and philippines are desperate for vaccines and are following, we filed with them too. this is just the first filing. we will be filing with the european medicine authority, and an hra in the u.k., and ultimately the fda. the expectation is the mhra will be in september. i think this is the first step of cascading the number of regular tory filings. emily: let's focus on places you

have submitted filings. when do you believe the vaccine will be available and where? stan: what is going to be available is we are stockpiling vaccine now and stockpiling tens of millions of doses so that when the regulatory agencies do approve, we are able to ship at a moments notice. when? the sequence of approvals will come presumably from one of the three -- one or more of the three agencies we filed with. we are not in the business of predicting how quickly the regulatory agencies will approve , but i can give you insights that, although we have just submitted the data, we have had meetings with a substantial number of people in these agencies going over all of the questions you would expect to be asked. they have begun the intense

review process. i can't predict when it is going to be approved, but they are doing all of the things we want to have early approval. emily: novavax, and so many manufacturers, have been dealing with supply chain issues. i am curious what your manufacturing goals are now that you are in this position. stan: we have talked throughout the year about the difficulty of the task we are attempting, which is to get large-scale production in about eight facilities globally. it is really a challenge. it has been a challenge in part because we can't get some of the raw materials. simple things like filters, media which we use to feed the cells have been globally in short supply. that is becoming -- in the past

i think suppliers have done really well in scaling up capacity to meet demand. right now we are able to produce in all of our facilities. starting in the third quarter we can get to these levels of production we are predicting. for the first time, we have kept with the forecast we made 90 days ago which is will -- we will be at a rate of 100 million doses a month in september and 150 million doses per month in december. that is the expectation of a couple billion doses for next year. i think we have climbed that mountain. emily: one advantage of your vaccine is that it can be stored in a standard refrigerator. talk to us about the technology behind the vaccine. how does it fit in relative to the mrna vaccines that we are more familiar with?

stan: it is an important advantage. the product is a protein, a particle that forms a primer. it is very stabile -- stable. stable at standard refrigeration and probably stable at room temperature for some amount of time, which makes distribution easily. we have been doing vaccines for a long time that require refrigeration so there is a global cold chain. the problem with the mrna vaccines is they do require dry ice and freezing. that is a problem those manufacturers are trying to work around. for now, it creates a disadvantage. emily: obviously the work you are doing is incredibly important. you are dealing with covid --

how to deal with covid among your own staff. we are seeing companies delay their return to work plans. have you changed your plans? are you mandating vaccines? stan: all of our employees have been vaccinated. we are vaccine company, so that's important. isaac the whole world has changed in trying to figure out how they are going to deal with bringing employees back. so, we are working with it. in the lab, you don't have any choice. you have to have employees in the lab. other activities can be done from home. i miss seeing employees, i prefer to see them in the office , but we are working through that. emily: shares took off after you struck this deal with the eu,

talk about the longer-term business plan. does novavax plan to stay independent? stan: we have been building an organization -- let's say the first quarter of last year we had roughly 90 or 100 people in the company in the u.s. and 50 in sweden. we now have over 1000 employees. at first, those employees were in the analytical and manufacturing side and building that up. more recently, we have been building up a whole infrastructure of commercial. the good news is our first deliveries -- it's not like bringing on a new drug where you have to have thousands of sales reps. we are going to be shipping to central warehouses for government distribution. so, we have time to build up a more natural salesforce that could work with the seasonal flu vaccine.

there is a long-term plan for covid that is going to be around for a long time. we think we have the vaccine of choice when it turns to a commercial product. our plan is to be the lead covid vaccinator. emily: thanks for sharing those plans. stan erck, novavax ceo. stan: thanks for inviting me. emily: tomorrow, we speak with another vaccine maker, moderna. we will talk vaccine efficacy, boosters and the status of its vaccine for kids. robinhood has had quite the week. the trading platform stock dropped 27% after investors approved to sell 98 million. -- 98 million shares over time. investors have been taken over a wild ride after the company top 50% wednesday. i want to bring in -- who has a

rating equivalent to a hold. just a few days into this, quite a ride. would you say robinhood is officially a meme stock? >> that is a fair assessment. given some of the price action we saw this week. one of the interesting things we have looked at, our team put together this great screen where they poured through read it and tried to gauge where there is the most price action, the most general activity percolating. you can see robinhood is firmly number one. which really speaks to a lot of the volatility we have seen. emily: your latest big takeaway is do not go alone big stock, which means you only live once. what you mean by that? >> the idea being you don't want to lose your -- by being a long

horse. we are going to make a call on the fundamentals and there is a wide range of potential valuation outcomes. there is a bulk case where we can underwrite a share price that is north of $100, and there is a bear case where if regulation proves to be -- on overflow, our expectation is this stock could trade as low as $15. we are sticking out somewhere in between that. the key take away for us when we look at the risk/reward is you do not want to lose your shirt if you get short. the meme mania could certainly take this higher, but on the flipside if you go overweight on the fintech craze and the potential from robinhood to go from a brokerage shop to something bigger, it is really their ambition. when you hear the founder speak. for my position you have to be

on the sidelines. nothing was more telling than that than 98 million shares registered. for context, there is 55 million shares in the float, but there is going to be a lot more technical selling pressure as more shares at the market. we had 98 million registered today, there is going to be another 98 million reported. december 1 there is going to be 575 million shares that are no longer subject to lockups. people have to be mindful of those technical selling pressures as they decide whether they want to be involved. emily: let's talk about what the founder said. flag 10 of, i asked if he was worried about becoming a meme stock target himself. he wasn't. >> we are not thinking about anything that happens in the

market. the goal is to keep making great products to keep improving the service and keep growing with our customers. we have seen finance become more important and the retail investor become more important within investing. that is something we think will continue. emily: quick question, is it a risk? within the company, wild swings happening, could not become a distraction? could that impact the actual fundamentals? >> ultimately, that really depends on the employees at the firm. the hope or expectation is they are not going to get distracted. the bigger question is whether institutional investors are comfortable taking a position in robinhood, given the meme mania and volatility we are seeing

today. that is something most investors on the institutional side are simply not comfortable with. my hope is that as the flow grows larger, as it becomes less expensive to borrow the stocks, you're going to see less volatility and once that institutional venture comes through that is when the stock will trade better and ultimately move lower. emily: ok. thanks for joining us. we will stick with this wild ride. bunty moorehead. -- jon stewart embarking on a new streaming career with a deal to help the current affairs program for apple tv plus. the multiyear accord comes with an agreement for other potential content. more from stewart on the platform.

this is bloomberg. ♪

emily: president biden unveiled an ambitious goal for half of all vehicles sold in the u.s. be capable of admissions free driving by 2030. emily horn -- talk about the president's plan. >> significant considering how ambitious it is. given it is an executive order can only go so far in terms of fuel economy requirements. those are things the president has restriction over. automakers say for this to get done come a strong ev? batteries and charging stations. right now in the u.s. there are only 40,000 some charging stations.

that money is going to have to come from congress. we have already seen as part of this bipartisan infrastructure agreement, $7.5 billion for charging stations. in lockstep, you potentially could get there. but it is ambitious. emily: what has been the reaction to this goal and whether or not we can make it? >> one thing to me considering we are on the technology show, something you could -- elon musk was not at this event and was tweeting at the fact he felt tesla was snubbed. one who was there was one of these big power players from detroit and union workers. the president was introduced by a union worker. there is something in congress being debated right now, something the senate wants to bring forward about potential consumer rebates to buy ev's. you can get an even bigger

rebate if this were to become legislation if you were to buy a car from an auto company that uses union workers. emily: what are the next steps? >> the next step now is all of these auto companies already have their own ambitions. the big step is going to be what gets done in terms of legislation. biden has this executive order and these car companies agree on fuel efficiency, that's great, but how do you actually enroll a charging network across the united states? the biden administration wanted $15 billion but he is only getting $7.5 billion. we could potentially see more from the democrat only budget reconciliation package. emily: annmarie hordern, thanks for the update. that does it for bloomberg

technology, tune in tomorrow we will be joined by drew houston. anne frank turbo -- i am emily chang, this is bloomberg. ♪ and there you have it -

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♪ >> a very good morning. >> we are counting down to asian market open. >> good evening from new york. the top stories this hour. u.s. stocks hit record highs ahead of friday's jobs report. >> china blasts president biden 's