>> from the heart of where innovation, money, and power combine 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." the death toll by covid-19 in the u.s. has surpassed that of the 1918 influenza pandemic. a milestone many experts say was avoidable after the arrival of vaccines.

now the u.s. is doubling down on travel requirements for vaccinated foreigners and unvaccinated americans. plus, ted lasso and the crown steal the show as streaming services like apple tv plus and netflix rack up more emmy awards than any traditional television network. what is the next big thing for streaming? we will discuss. and he pinterest cofounders are -- and pinterest cofounders are hit with a shocking lawsuit. the plaintiff is a woman who claims she contributed a critical idea that became the foundation of the product but never got paid. christine martinez joins us in an exclusive interview to talk about her case against pinterest. but first, we have to start with monday's market selloff. u.s. stocks falling the most in almost a year. let's get all the details with bloomberg's kriti gupta.

kriti: you have had record after record with on the handful of names pushing the broader index to those records. it creates a coiled spring kind of effect. then you get a day like today where you see broad selling across the board. at one point the s&p 500 was down almost 3%. what led the charge? big tech. the money went right into treasuries. you see yield going down as much as five basis points. a lot of this has to do with simply the risks piling on. a lot of this also had to do with technicals. it is a shallower and shallower pullback so we were not getting the reset we needed. this is a chart i like to look at when we arched -- when we are talking about drawdowns. all the way since november we have not really gotten that. no more than 3% today. almost 4% as a drawdown from the september. what was behind it? a lot of it has to do with macro risk out of china. the evergrande story was the straw that broke the camels back. this is the chart i think tells

story. you have seen the chinese regulatory scrutiny get worse and worse were from the february -- get worse and worse where from the february pqc the chinese adr index drop 50% from its peak. now down 51%. does the selling continue or is this simply a one day ordeal? especially as we go into the fed on wednesday. let's get to the micro with ed ludlow. ed: the risk-off sentiment filling into specific took currencies. you can see most are holding steady but selling throughout monday. what happened was that impacted crypto-related stocks. coinbase down. also scrapping plans to have a lend facility later on. chinese adr, we saw pressure from different stocks, chinese companies listed on u.s. exchanges. this is part of the contagion discussion we have had. some pretty big point the kleiner's on the nasdaq 100 finally some news breaking. robinhood, the ability to transfer and hold

cryptocurrency, you can see robinhood shares initially rose but now down softer by .5%. emily: the u.s. will soon reopen its borders to most foreign travelers as long as they are fully vaccinated against covid-19. the white house said the new measures will also involve stricter requirements for covid testing and contact tracing. this comes as the number of americans who have died of covid-19 has now surpassed the number killed in the 1918 influenza pandemic. our political news director jodi schneider joins us now with more pre-these are not just for foreigners but for unvaccinated americans.

what do you make of them? jodi: the white house is doubling down on trying to split the vaccinated from the unvaccinated. it is not so much foreign travelers and domestic travelers having different rules, now it is everybody. if you are unvaccinated, you are not welcome in the u.s. essentially. if you're an unvaccinated american you are also going to have trouble. if you are vaccinated, you are welcome. you have to prove it and there are still testing requirements but at the same time it is much easier to get in. right now if you are an overseas traveler, including the u.k. and in large price of the world, you will have a lot of trouble getting in the u.s. now if you are vaccinated you are welcome. the administration saying if you are vaccinated you will get benefits. if you are not, there will be problems. this comes if the u.s. is in the midst of really large numbers of hospitalizations and deaths from covid. they went way down with

vaccination rates going up but with it plateauing, and the delta variant spreading we are near 2000 deaths a day. in 1918, of course the nation was only about one third as large as it is now, but still, that is a pretty sobering number. emily: incredibly alarming. there was a diplomat who just tested positive for covid-19 in town for the u.n. general assembly. many of the unvaccinated americans our children and there is not a vaccine ready for them yet what are relearning about the trials of pfizer and moderna as to when and whether these vaccines will be ready? jodi: pfizer today said its

large-scale trials for children ages five to 11 were proving very successful. that they seem to be -- they are great protections to the virus. and also that they have been pretty's -- pretty safe. so that is good news. and we had the most famous dr. anthony fauci saying he thinks we will see it soon for children. this cannot start soon enough as we are going back to in person learning being the norm in the country and outbreaks occurring. i think a lot of parents will be very welcomed -- this will be very welcome news that this is coming.

emily: thank you so much for that roundup. so much news to digest every day. meantime, coinbase is bowing to pressure from u.s. regulators and tabling plans to launch a product that would pay users interest for lending out tokens. it comes as the sec chair takes a line on crypto products that may fall under the agency's purview. jesse westbrook joins us now. what do you make of coinbase giving and where they have indicated they were going to stand their ground? jesse: this is pretty remarkable. it is very unusual for them to be this aggressive about threatening to sue a company before they launch something or before any actual misconduct occurred. usually they are going after conduct that has already

happened. it is a really new tactic from the sec and i think it sends a signal to the entire crypto industry that if you were considering things that we do not like, we will come after you. and it is a pretty strong hammer to get the market responses they want. obviously there is a situation unique to coinbase that they are a public company, so the risk of an sec lawsuit -- and they are u.s.-based, so the risk of a u.s., sec lawsuit is much more severe to them than a lot of their competitors who are operating in the shadows overseas. emily: is this a big loss to coinbase in terms of a potential big revenue stream? jesse: this is something that crypto platforms are increasingly doing. offering yields for the crypto sitting in your account much

like a bank would do. it is arguably a pretty big competitive disadvantage in that if i can go to -- go to a different trading platform paying me just five percent for my crypto to sit, is not the platform i would want to go to? i think that will be an issue coinbase will have to figure out. if competitors can offer you, you can just make money even if you are not trading, that is a pretty attractive option it would seem. emily: really interesting turn of events. we will see how this one plays out. thank you for that update. meantime, the sec is said to be invested getting videogame company activision blizzard over its workplace practices according to the wall street journal. the report as the company in several senior executives have received subpoenas following a

lawsuit from the california department of fair employment and housing alleging the company fostered a frat boy culture and discriminates against female employees. coming up, the streamers reigned supreme at the emmys. apple and netflix nabbing the biggest awards at television's biggest night. we will talk about it with the matthew ball. that is next. this is bloomberg. ♪

emily: the streaming industry was the real winner at the emmy awards. netflix nabbed 44 awards in

total. matthew ball joins us now to discuss. what does that tell you? i'm sure it is not necessarily a surprise. matthew: it is not but it reflects the way things have changed. this is the first time since 2014 hbo did not take home one of the best top prizes. hbo itself did not have any of the nominees. it was hbo max that did. then of course we had netflix's first win, apple plus's first win. things have changed. emily: is this a changing of the guard? can netflix and apple hold onto these leads come if you will?

matthew: i would say it happened several years ago. netflix has often led in total nominations. in 2015, it was the first year in which a streaming-centric networks had the majority of nominations. emily: where does that leave amazon, where you used to work. are we seeing consolidation in terms of folks who can really compete and lead the pack? matthew: i would not count amazon out. they had their first nod for the boys, another show on former president obama's top of the list. we had the perennial winner marvelous misses meisel, which did not air during this time. i expect going forward we see more strength. moving forward we should look to a future in which hbo max, netflix, amazon, disney plus and hulu do dominate year-over-year,

probably taking seven of eight nominations and every single win. emily: there are so many amazing shows but sometimes it's hard to find them. i'm done watching ted lasso and i do not know what is next. matthew: there is always a demand for another outstanding high-quality television series, but it is clear is how the lack of scaled disadvantages. for all mankind was an outstanding show on apple but was probably disadvantaged by the fact that apple had a very small audience, just in the same with a ted lasso benefited from a much larger apple. when you look at a show like queens gambit, one of the bigger shows of the pandemic. i would guess had that aired on a smaller network, it would not have been as big a hit as it was. that's a reflection of the consequence of the platform chosen. emily: bloomberg intelligence just published a report saying they believe disney plush could -- disney plus could surpass netflix subscribers in three years.

what do you think? matthew: and the global market we see over 750 million homes. by the end of the decade it is probably close to one billion homes. many countries have never paid for pay-tv. and they have a fair fraction of the audience. we're looking at a future where the largest streaming services have potentially half a billion households. i think it is unclear whether at this point it will be netflix disney plus. emily: your fund just surpassed one hundred million dollars in assets. i know you think this could be a multi-trillion opportunity. it will take over the current economy. how and when the you see that happening, and what sort of entertaining happens within that? matthew: the ceo and founder of nvidia said he believes the

economy of the meta-verse will exceed that of the physical world. that is mostly based on the fact that most of the future world will run in one way shape or form through the meta-verse, much like most of the world today is dependent upon the internet. that is a multi-decade transformation but it means over the next decade i think we can see substantial shifts of entertainment, of health care, communications, as well as many other categories such as business. emily: you have so much competition with the meta-verse right now. yet the vision painted is of a decentralized future. what will the role of actual companies be in the meta-verse, and how will these ethical questions of who runs the meta-verse the answered? matthew: the best way to think

about it is to -- is compare so-called web 2.0 with the original web. even today we have some of the most powerful companies in the world control what we do online. and yet none of these platforms are the internet. they are very powerful horizontal and vertically integrated platforms. in the future likely outcome is we have a similar construct. they are very powerful companies but they are not the meta-verse. they are dominant participants in it. the early web was far more decentralized. aol, yahoo, even facebook, had nowhere near the control that they do today. the big hope among the community is that the meta-verse will be less controlled than it is today, but certainly there will be dominant players. emily: fascinating. i am glad we have you to chart

the path forward and make sense of it all. thank you for joining us. coming up, investing in a greener future. we hear from bill gates and larry fink about raising $1 billion in corporate funding as part of a clean energy push. those details, next. this is bloomberg. ♪

emily: the fed holds its two day meeting this week before issuing its latest policy statement. we will be listening for any comments on inflation as well as looking for signals on a timeline for scaling back monthly asset purchases and the continued impact of covid-19. bloomberg will bring you all the details in our special coverage this wednesday at 1:30 pm wall street time. meantime bill gates has raised , more than $1 billion for his breakthrough energy catalyst program and he has big name

backers including black rock. he spoke to bloomberg about the biggest challenge, bringing costs down in green industries. >> at least a few of them, given the breakthrough technologies being developed, green hydrogen could get down to a low price within three or four years. sustainable aviation fuel, there are quite a few approaches there. the hardest is capture because how does that environmentally benefits. it is not a product like the other three are. and so that one i would say over the next 10 years, we need to drive that down. the other three i would be very disappointed if we do not see a germanic reduction in the green -- dramatic reduction in the

green premium because that should let us do two rounds of projects. the first round, take learning, then a second round and bring costs down even further. the government, you know, a lot of that money that has been allocated has to be spent in the defining time period, so getting catalysts going now is very, very timely. we need this private sector engagement. and in some ways, you know, these private sector companies we have represent such expertise that it is going to be easy for the governments to benefit from that as opposed to going to each company individually. >> i want to add one thing. once a technology or a product shows applications that fundamentally bring down the green premium, the amount of private capital running towards these projects would be enormous. the amount of capital standing by right now looking to put

money to work is enormous. now we need to make sure we are proving it, that it is reliable and we can build it. i'm not frightened about where the money is coming from. i just want to make sure we have the science and technology and the viability. once we know that, the capital will be there. >> is that any risk seeking capital regardless of what the people behind it think about climate risk? bill: within five years climate will be another risk factor across all investing. we may not even have esg investing anymore because it is just another characteristic like everything else we have. so i would say all investors whether they see an opportunity to invest in projects that will transform a society that is great upside to the amount of capital will be there. and right now i'm talking about more of esg capital but i am very confident if we can prove the technology and the

technology works it would bring down in a sub set way to green premium, the capital will be there. i do not care how we define the capital. it will be capital-seeking opportunities to make a good return for the investors. emily: coming up we're going to hear from a woman who claims she helped conceive the founding ideas of pinterest but never got credit or compensation. we will take a closer look at her lawsuit and how pinterest has responded. and let's look at what is ahead. more tech earnings tuesday with adobe and stitch fix out with quarterly results. wednesday we will see more discussions from the cdc. we are going to see what recommendations of the cdc makes. and thursday the white house holds a summit with companies in

the chip supply chain. we will bring you all the details. this is bloomberg. ♪

emily: welcome back. an oakland-based digital market strategist is suing pinterest claim and the founders used her ideas to launch the platform. christine martinez said as she came up with key concepts including allowing users to create pin boards to reflect their interests, but was never compensated for her ideas. pinterest has responded saying quote, we are proud of what we built at pinterest and appreciate everyone who helped shape the platform over the years. however, these allegations are completely without merit and we will defend our position in court.

joining me now is christine martinez, the accuser in the case. thank you so much for joining us. let's start from the beginning. what are the ideas you believe you contributed to pinterest but whenever compensated for? christine: thank you so much for having me. i would like to start by saying that actually helped to create the core concept of pinterest. i created its utility, but most important i found the community and introduced them and brought them onto the platform. a community of bloggers, designers, folks i had worked with many years prior to this. last but not least, i created the marketing strategy that helped pinterest expand in the viral way that it did that eventually led them to the mass adoption of the website.

emily: at the time you had your own e-commerce startup and your own blog. what did they already have by the time you started giving them and put? christine: they didn't have anything. pinterest was really just an idea. it was a drawing on a piece of paper that occurred at my apartment one evening. and there was no website. it was really something that needed to be figured out. both from its utility and its community. emily: you are suing for breach of implied contract, idea theft. pinterest says the allegations are completely without merit. how do you respond to that? christine: i respond i saying i know exactly what i have done at

pinterest and for pinterest for the time in which i did it. and i know that ben silverman and paul, they remember exactly who i am and they know exactly what i contributed. so i am confident in my case and looking forward to continuing to work through this with them. emily: you say that they verbally agreed to compensate you many times. can you tell us about those conversations and what was said? christine: we had countless numbers of conversations over four years. this was a 24/7 venture. this was something that was being worked on constantly. and those were things that are often come up in conversation. i think at the end of the day, no one want -- went into the situation with an understanding

that they were going to tap into my subject matter expertise, leverage myself, my community, and my contacts and the years i had established a relationship within that. i think the idea that you would bring someone in and not pay them or credit them after the enormous amount of work that went into that platform is simply absurd. emily: you were never formerly employed by pinterest as i understand it, and you did not ask for a contract. so why are you asking to be compensated and credited now? why do this now? they were founded officially in 2009 and went public in 2019. christine: i'm coming forth now to clean what i have earned. that is something what i'm

looking for, is what i have earned for the work and the years i spent developing the product. it was explicit, it was known. the expectation has been there. i just do not think that there should be any surprises from anyone about coming forth at this point. emily: did you try to reach out to them before filing a formal lawsuit? were any conversations about this started before the lawsuit hit? christine: that is something i have given a lot of thought to. i will tell you on ipo day, which was a really devastating day for me, they sent a very loud and clear message when they did not pay me or even acknowledge that i existed. like i said, it should not be a surprise. i certainly contemplated reaching out to ben on that day.

i actually started drafting in email. at the end of the day i realized on the other side of that email is a full team of lawyers and a lot of people that i realized it would be best for me to approach the situation in a much more appropriate manner. and that is why we are here today. emily: i understand you have evidence to back up your claims. do you have a paper trail, emails or text from that point in time? christine: we were working very closely together 24/7 for four years. so i am very confident in my case and what i have. and i am very excited to move forward and again, work this out and receive what i have earned. emily: can you tell us more about this relationship with ben? you went to college together, you are close friends, you were

a bridesmaid in his wedding. tell us more about your relationship and how that developed christine: christine:. -- that developed. christine: ben and his boyfriend were in the same residential college i was dating my husband and spent a tremendous amount of time there. we spent a lot of time together. beyond that went ben moved from d.c. to san francisco we picked up our friendship right where we left it. these are people, two individuals who came to my family -- my childhood home and opened presents with my family on christmas morning. so, i think that probably says a lot about the level of

friendship that we had. emily: there are broader questions about how pinterest treats women and people of color. former coo sued the company for gender discrimination. two black women have publicly accused the company of pay and equity and say they were pub -- they were victims of racism and sexist remarks at the company. employees have staged a virtual walkout. the company has been sued over its workplace culture. what do you make of this, especially given this is a company that serves a majority female customer? christine: look, i will say i am not surprised. i was not surprised to hear about any of those things that came out. i think at this point as you stated, there is just a long, ugly history of anti-woman bias and behavior.

i know how i was treated, i know what my experience was. so i was not surprised to hear about these things in the slightest. emily: what do you want out of this? christine: i would really love what i earned. i worked really hard on this product. i put my heart and my soul in it. any creator who puts their heart into anything expects at the end of the day at the very least they will get what they earned. that is what i'm looking for here. i want to put up a message that this is not just some way that you can treat creators. and i am here to stand up for that.

emily: we appreciate you sharing your story with us. christine martinez, content creator thank you for joining us. meantime, the restaurant -- raised the price range for the pending ipo. they plan to sell almost 20 2 million shares. the deal could buy the company up to $18. billion . they plan to hire as part of a broader expansion as they prepare for an ipo. coming up, hayden brown -- and the great resignation. workers leaving their companies amid the pandemic. that's next. this is bloomberg. ♪

emily: the impacts of covid-19 seem to be sticking around and with it, questions about how to prolong working from home. companies continue to reopen workplaces and -- hayden brown is president and ceo of upwork and she joins us for this work shifting segment. what new trends are you seeing in terms of what workers want and what employers want? hayden: i think the big trend is here to stay is around flexibility. whether you are a full-time employee or you are one of the 20 million americans who do not -- it is all about working when, where, and how you want to work.

on the company side, companies i talk to are saying remote work is now part of our permanent strategy. we are figuring out how we make this a should teaching asset because the war for talent has been with us for so long and now remote work can be a competitive asset in breaking through that worker talent and reaching populations of workers we were not tapping into because companies were looking into their own backyard. that includes reaching into the freelance pool. previously they were not looking for them because they were so used to looking at old ways of on-site and on premise which i think has proven to be very outdated.

a look that they are doing. the trade-offs they're making around. they are stepping back and saying, wait a minute. i want some thing different. i want something more. that's to not just shift from causing a ton of workers to not just shift from job to job, which is a lot of what is going on but we showed a survey that has 10 million americans are considering moving into freelance. this is a peak point from a trend happening pre-pandemic with employee tenure shortening and more and more workers joining the freelance workforce. now we are in a moment extended with a new normal that is represented by the great resignation but really looks at the workplace being much more dynamic, people moving in and out of jobs and into freelance at a rate we have never previously seen. emily: are people resigning everywhere? hayden: the pattern is

widespread. where we are going to see discrepancy is companies that really reject using remote talent as part of their strategies are going to be increasingly struggling to capitalize on where that talent is. what i hear is whether or not they are employees or freelance they want more flexibility. that is one of the great lessons out of the last 18 months is people wanting those controls over when, where and how they work. talk to someone who is now being called back into the office looking at giving back time maybe they were spending more time with their families, i think employers who do not listen to that and our drawing firm down drees in ways that do not work for workers are going to be continuing to struggle to attract talent going forward. that is where i think there will be a challenge for employers who do not listen to what the workers are saying they really want, which is flexibility. emily: where is demand coming from for freelancers and what is supply like? what can they provide?

hayden: demand is coming from all segments of businesses. we are serving small businesses, mom-and-pop stores. they also recognize this. demand is widespread. on the town side, these are workers who have every type of skill. everything from web development, design, marketing, writing skills. what we have seen over the last year-plus is really a broad-based realization on both sides of the equation that so much of this work can be done as freelance and can be done by skilled affectional's working remotely. this has been an amazing moment, although i think the supply of

talent is still ahead aware businesses are. because talented people have known for a while that they can and will work this way. it is more on the business side people are figuring out this can be real programmatic, sustaining work for them. we are really learning -- leaning into that opportunity. how they can build meaningful relationships on this platform these are sustaining ways people can power growth and sustainability. emily: coming up, the first all civilian-led space crew. we are going to talk about what is ahead for the commercialization of space. the new marvel film dominated the u.s. box office for the third straight week. the disney movie benefited from fewer new releases from competing studios. shang-chi is still only available in theaters. this is bloomberg. ♪

emily: spacex's mission is back, the four person all civilian crew marked the first time one went to orbit. i want to bring in ed ludlow. we were trying to see it friday night and i'm not sure if we actually saw it. but we certainly saw stars in the sky. ed: it was a dot right until it came into the atmosphere. it is a fully autonomous system. frankly it was perfectly executed. everything spacex said would happen did happen. they came out 24 hours earlier and said splash down would be at 7:06 p.m. on saturday and it was.

the crew was safe. they undergone medical checks and testing to make sure they were all right. what is more is the smashed the charity target for saint jude as well. emily: what is next here? ed: every official says this was a resounding success. the next step forward in civilian spaceflight we have seen. it does way beyond what richard branson achieved. this is a supply constrained business. they have a big backlog of willing customers. they say maybe four to six

launches over the next 12 to 24 months alongside everything else they are trying to pull off. emily: for more, i want to bring in space capital founder chad anderson. we have seen so much progress or high-profile missions in the last couple months. what does this one in particular mean for the future of commercial travel? chad: we were all certainly watching it over the weekend. and it is for more or less regular folks. i recognize it is a pretty expensive mission of these are people who would never met, came together and said why don't we jump on a flight together and go to orbit. it was just sort of fun to watch and it felt like if you're friend had a chartered spaceflight that you could go along as well. it was really accessible from that perspective which i appreciate. but what is most exciting about this for me is this is not a

one-off it is not like this is a successful mission and let's take a rest. spacex has other initiatives underway. their commercial starling satellite internet is coming out of beta and launching commercial next month. starship is gearing up for an orbital test flight which is the vehicle that is going to take humans to the moon and mars. elon says we can land people on the moon in 2024. this is a really exciting time because there's so much going on. emily: what kind of investment activity are you seeing at the moment? i am sure there is stuff happening on the private side. has that picked up as a result of these more high-profile successes? chad: certainly. the only reason you're talking about space as an investment category in the first place is

because of spacex. we have been operating in space for decades but it is only become an investment category in 10 years. in 2009, they removed the barriers for entry for new startups. the ushered reusability in 2015. they launched the first commercially launched human in 2020. all of this is giving investors a lot of confidence and the success is driving it. it's up from basically zero. spacex is the key instigator and driver you hunt a lot of the innovation and investment activity in space. emily: there has obviously been a lot of space spac's. but there are companies that will fail. is there a concern about that in

the space industry? chad: spac's are not going the way but they will be restructured, which is slowing things down a little. investment in the space economy requires specialist expertise. this will become apparent as some of these shake out and the rises. i am all for public markets getting involved earlier and getting in on the upside earlier. there is this assumption that if it is a publicly traded company than someone has done some diligence on the company. some of these spac's, that is not just the case. the next months are going to be interesting. emily: tomorrow we are joined by the airbnb ceo, the serials

force president. big show. this is bloomberg. ♪ manus: your top stars is

morning. yousef: the chain reaction from the debt crisis, the s&p is warning a default is likely. manus: justin trudeau is poised to win a third term in canada's election. but falls short of regaining the parliamentary majority he was seeking. yousef: