>> from the heart of where innovation, money, and power collide in silicon valley and beyond, this is "bloomberg technology" with emily chang. emily: i am emily chang in san francisco. coming up, a deadly collapse at an amazon warehouse put a spotlight on the company's cell phone ban.

a federal investigation has been launched. apple's biggest one-day decline in three weeks. the $3 trillion market cap is looking farther away. will we see it in 2021? and pellet on response faster than terry bradshaw. thousand -- how the fitness giant is firing back with a sex and the city spoiler. tech stocks leading the decline and crypto taking a hit. ed: i don't want to bring the mood down, but we are in risk aversion mode. the tech heavy index down 1.5%, the most in 10 days. the biggest pressure was on the mega cap tech stocks. this index down 2.7%, big names like apple. apple, $3 trillion, not quite. semi conductors down 2.5% as well. this is a big week.

we are going to hear from 20 central banks around the world. the federal reserve on wednesday, the bank of england and european central bank on thursday, as well as the bank of japan later in the week. this is going to set the stage for 2022 on global inflation, the global outlook for monetary policy. if you are an equity market investor or cryptocurrency investor, pay attention to the signals of what's to come. speaking of inflation, i want to talk about bitcoin. after a solid weekend, it has been a heavy selling session. we are now down below $47,000 and hovering around bitcoin's 200 day moving average. we have been monitoring that, a key level where we could either see a bounce back or see continued declines. there is an idea that bitcoin is an inflation hedge. let's look at the big stock

movers. one mega cap tech stock big on monday, meta-, the facebook parent. not sure why, but it is having a decent day. tesla down 5%, apple nowhere near $3 trillion. amazon down 1.5% as well. emily: thanks much. an amazon warehouse collapse that killed at least six people after a tornado ripped through edwardsville, illinois friday has amplified concerns about the company's mobile phone ban on the warehouse floor. experts say the incident highlights the need to access phones in emergencies. the company had relaxed its phone ban during the pandemic, but that has returned. melissa burdick is with us, a longtime former amazon employee. spencer, you broke the news that amazon is considering pausing the phone ban as a result of

what happened in illinois. spencer: this has been moving really quickly. we know amazon's plan was to resume this phone ban in january. this had been relaxed through the pandemic. they have had this ban for years previously. they relaxed it during the pandemic because people needed to get important updates. it was scheduled to go back into effect in january. we were told from multiple people from different facilities that some managers were resuming the ban already. when the tornado hit and people were trapped in a closed building, that amplified concerns among employees about having access to their smartphones, not only to keep in touch with family in cases of emergency, but also to get important weather alerts and

make decisions about whether they want to remain in the big buildings or try to go somewhere that might be safer. emily: osha is investigating. they have had investigators on the scene since saturday. do we know in this warehouse whether workers could use their phones or not? did they have to check them at security like they have had to in the past? spencer: amazon is saying that the policy today is still that all employees and drivers can have their phones. we don't have any word about this particular facility. osha is investigating, which is to be expected. six people died in the workplace. it could be months before we hear anything from them. they are looking for what kind of training did amazon do about tornado risks, what shelter areas do they provide. these buildings are big and wide open so they generally are engineered with some area that is beefed up structurally where

people can go for coverage during a tornado, which looks like happened in this case, but i imagine osha is checking how prepared they work. emily: what is your take on this story as someone who worked at amazon for many years? obviously this is a devastating tragedy. it seems to be unclear the exact details of what employees had access to on the ground, but what do you make of this? melissa: first of all, it's a terrible thing that happened. in terms of what i make of it, i'm sure amazon will restructure policies. they will take a deep dive into what happened and how they can improve things or go forward. obviously they would not have wanted this to happen so this might change policies for the better. emily: spencer, jeff bezos did tweet earlier saying the news is tragic, we are heartbroken over

the loss of our teammates and our thoughts and prayers are with their families and loved ones. that same day he was celebrating another successful blue origin flight. what else is amazon saying about what happened and the criticism about what more they could possibly have done? spencer: it is still pretty early on that note. they are having tweets from different executives, the obligatory thoughts and prayers tweets. some workers have said -- they obviously had to close the facility. there is another facility across the street they had to close to provide access to the parking lot for emergency crews. there was access to counseling services for some employees. they made this commitment to support -- there was actually a press briefing over the weekend with the illinois governor and they mentioned. that. there was not a lot of clarity

around that, but governor pritzker was saying he hopes they follow through on that. emily: you have been talking to workers. what are they saying about fear is about not being able to use their phones, whether in an emergency like this or on a regular basis? spencer: workers will say, maybe something happened to their kid at school. this was back when the ban was in place. it could take hours for someone to call the warehouse and get a message to this person, so it's not designed for people to get critical information from the outside world, which is why employees feel like their phones are so valuable. all this situation has done is reiterated that, especially with critical weather alerts. workers don't necessarily trust amazon to keep them informed about the risks outside and they prefer to have direct access to information and make their own

decisions for their own safety. emily: all of this happening against the backdrop of some amazon workers trying to unionize, melissa, which i assume would give them some more control over issues like this. do you think amazon workers, especially warehouse workers, should be part of unions, that that would better help protect their rights? melissa: i think the workers in general need to make sure they can be safe and work in a safe environment. is it unions, is it amazon being more responsive? there is a shortage of workers in general so if amazon and other places want to keep people, they have to improve policies to retain and make sure they are safe. whatever that mechanism is, that's what needs to happen. right now workers have a lot of power because there is not enough of them. hopefully policies will change

for the better in general for these guys. emily: in your experience, do you believe the criticism of amazon and how it treats its workers is fair? this is a company that is focused, it sounds like -- they say they are focused almost exclusively on customer happiness, but what about worker happiness? do you believe amazon focuses on that enough? melissa? melissa: oh, sorry. not being on camera and can't see you. that's a really hard one to say, not being an actual worker or being in the position to understand the day in, day out of how well people are being treated. i think times are changing. there has been a lot of information about amazon increasing people's compensation because it is harder to attract them.

but they also have to make people feel safe and happy in their environment. without having walked in their shoes, it is tough to answer that question. that's just through public outcry that we can cure these things. emily: certainly our hearts go out to all those workers and their families. melissa burdick of pacvue, former amazon employee, and bloomberg's spencer soper. time magazine has named elon musk its person of the year. the publication wrote that few people have had more influence on life on earth and potentially life offer earth as well. the announcement caps a run in which musk solidified his standing as the world's richest person and turn his one-time electric car startup into a $1 trillion company. coming up, apples run to $3

trillion, the stock market value falling short. when will the company hit that historic valuation? will it? we will discuss, next. this is bloomberg. ♪

>> apple has released ios 15.2, bringing new features like nude image detection in images for iphones operated by kids as well as a new mechanism to handoff your data in the event of your death. the new feature in messages is the most controversial. it was planned to launch earlier this year but was delayed after

privacy experts complained about a companion feature that scans user libraries for child abuse pictures. the latter feature is still on hold, but the messages feature will blur and prevent incoming or outgoing nude images as long as the child's parad -- child parent's opts in. another feature allows you to see what different apps are accessing the camera and microphone. a new toggle prevents the camera from automatically kicking into macro mode when you bring the phone close to an object. you can also now send emails from a random address if you subscribe to icloud and there is a new option for setting a digital legacy contact. the best feature is the new design for notification summaries on the lock screen. i am mark gurman. this is power on. emily: you can subscribe to mark

's weekly power on newsletter at bloomberg.com. apple turned lower monday as the $3 trillion market cap continues to be elusive. tom forte joins us now to discuss. is it going to happen before the end of the year? tom: it could. what i find fascinating about apple's march to 3 trillion is investors are putting in an embedded call option in apple that they are going to come out with an electronic vehicle or devices for augmented reality or virtual reality. investors' willingness to bet on a product that apple has not announced yet is driving the run to $3 trillion. emily: not only have they not announced, multiple car executives have been leaving. how confident are you they will fulfill these ambitions?

tom: if you ask me over the next three years do i think apple is going to launch an electric vehicle, i have a high degree of confidence. the next 12 months, less so. there have been a lot of stories about executives coming and going from apple that are supposed to start the electronic vehicle effort. at one point they called it project titan. it is interesting that investors are willing to bet on a product that has not formally launched. emily: interesting you are confident they will launch an electric car offering in the next three years. we are seeing apple's price to sales ratio priming -- climbing. why doesn't that make it a less attractive stock like it would traditionally? is apple really a bargain by at the moment? tom: if you look at apple, like other consumer technology needs, there were times it traded north

of 3% cash for yield and it was extremely valuation attractive. less so today. on the march to 3000, it is less about iphones. when it hits in august 2020 $2 trillion, that was investor enthusiasm for a multiyear upgrade cycle with 5g networks. i do think by historical measures apple is less attractive. it is interesting in that regard. emily: we will see if your predictions hold true. appreciate you putting some meat on the bones for us. coming up, the demand for even faster grocery delivery continuing to rise. i am going to speak with the cofounder of a delivery service that promises to have your order to you in as little as 30 minutes. plus, just like that, he's back.

peloton's lightning fast response to a storyline twist in these sex and the city reboot. that's still to come. this is bloomberg. ♪

emily: how fast can you get it to me? that's the question so many companies are asking. go puffs, a delivery service that aims four minutes, not ours, is becoming the standard. the service, available in over 100 cities in the u.s. and europe since launching. joining me now, the cofounder and ceo. it has been a huge year in the delivery market in general, and rapid seems to be what everybody aspires to now. what have been your top takeaways about what customers want and what they are willing to pay for? rafael: thanks so much for

having me, really excited to be here. 2020-21 was a year of learning. we continue to experiment with the things customers want most. we are being aggressive in expanding to new areas. we have opened up or square footage in the last 12 months down the last three years. we have been focused listening to our customers. one business we launched is the go puff kitchen business, a venture in which we build kitchens inside our fulfillment centers, deliver hot pizzas, milkshakes, tacos to customers alongside our regular 4000 skus in record time. we are now in new york city, los angeles, and pressing the accelerator in the u.k. and france as well, where we have seen tremendous growth over the last couple of weeks. we have grown 100% pico per week in the u.k. market. emily: doordash is now offering

15 minute delivery in certain markets. how much are you willing to spend to compete? rafael: it has been eight years since we created this category. we started this business in a pretty unorthodox way. for the first two and a half years, we did not really raise any money. we focused on the business model before scaling it. as we have continued to scale the business model, we built world-class technology inside our fulfillment centers, really strong infrastructure all over the country, hundreds of liquor licenses. the reality is this is a difficult business to scale. it is operationally intensive, inventory intensive, and capital-intensive. if you look at the data, today gopuff has 70% market share dominance in the u.s. what we are doing in europe is planning to be the number one player there as well.

we continue to assert market dominance in the u.s. by widening the gap. we are focused on having the same number one position in europe. emily: doordash is adding employees for this superfast livery service they are offering. you compete with doordash and uber and lyft and instacart for drivers. how are you thinking about the independent contractor model and if that is sustainable long-term? rafael: we really focus on the driver partner. we really listen to them, we survey and talk to all our driver partners and see what they want and don't want. this puts us in a very unique position. it is rare that you have an environment where you have driver partners that can apply to work inside your fulfillment centers as full employees, or stay driver partners in the regular network. drivers are making $18 to $25 an

hour. when we interview, the vast majority say they want to stay flexible, want to stay independent contractors. the ones that want to start a career within gopuff can work in the micro fulfillment centers. emily: it has been reported you are talking to bankers about going public. should we expect to see gopuff go public in 2022? rafael: i would love to talk about going public. you will be the first one to know. i will give you a call when we are ready to talk about it. i can tell you now we are ultra-focused on the customer, making sure gopuff can deliver around the u.s. and europe, embracing the magic all over the country and within europe. we are really focusing on our customers. emily: i am going to hold you to that, expecting a phone call in the near future. you have done some small m&a. can we expect bigger deals?

rafael: there is going to be consolidation in this space. when you create an industry and the business goes the right direction, clearly people are going to follow. i think there is going to be consolidation. i think a lot of the players getting into the instant needs category are not realizing how operationally difficult this business is. there is going to be some consolidation but also a lot of players that won't exist in the next 12 to 18 months. emily: we will be watching you over the weeks and months ahead. 2021, a record year for tech mergers. we are going to talk to ted smith about m&a activity this year and what to expect next year. tomorrow i am going to speak exclusively to the uber ceo at 1:00 p.m. wall street time, 10:00 a.m. on the west coast. this is bloomberg. ♪

emily: welcome back to "bloomberg technology." i'm emily chang in san francisco. there were full throttle moves in stocks. ed ludlow, take it away. >> harley davidson shares motoring monday. they will spin off their electric unit as part of a reverse merger with a spac. they hit the brakes, closing 5% monday. a significant gain. this is livewire, they will have

a spac, valued below $2 billion, raising $545 billion to help elect of acacia and efforts and harley davidson gets to keep its stake. speaking of spac's, lucid up 4%. in lucid's case, the stock will be added to the nasdaq 100 as part of the index's annual reconstitution. it is made up of the 100 and more most valuable nonfinancial stocks. that often means valuable tech stocks. we have tesla, down 5% monday. down more than 20% since the november high. it is in a technical bear market.

it has suffered from growth and momentum stocks. cathie wood's ark did sell shares of tesla. elon musk tweeting spacex has a new project to take co2 out of the atmosphere, turn it into rocket fuel. what a year that guy has had. on monday elon musk was named "time" magazine person of a 2021. any surprises? emily: he is keeping it up with the tweets and revelations that come with it. from intuit and mailchimp. to microsoft and others, they have been booming in tech. as the biden administration strengthens its stance on antitrust and pushes back on big tech, i want to speak with ted

smith from union square advisors. are you are expecting more m&a in the year to,? ted: -- in the year to come? ted: yes, we are closing in on $1 trillion in 2021. we are a better than 50% on last year. we see that continuing well into 2022. emily: what about those that fail? there was a bloomberg report that paypal tried to buy pinte rest. there is nvidia, which has not happened yet. ted: some deals will not happen, even when announced. there are regulatory questions. transactions around zoom and 5-9 was a transactional one. there was a vote from shareholders on both sides. even when you take all of those in total relative to the amount

of deals that got done, it is a small percentage. this has been a welcoming environment for m&a. that is likely the case in 2022. emily: what is welcoming about it and why do you expect those trends to continue? ted: there is a tremendous amount of capital available at the corporate level and in private equity firms that have come to play a significant role in the m&a landscape, the technology space. we continue to consolidate portfolios around larger and larger transactions. they are keeping companies in their portfolios private longer and longer, so they grow in size. if they do become public, they are very large ipo's. the capital that is available, and additional forms part of the ecosystem, there has never been

more capital available. the view is that the market continues to pay for growth. one of the best ways existing companies can get growth is to acquire it as opposed to building it. that has permeated much of the tech m&a landscape the last couple years and will continue to do so. emily: what about regulatory issues not just in the u.s., but europe? facebook and giphy, not sure that will happen. there is massive scrutiny of big tech going on around the world, especially of companies like facebook or meta, alphabet, apple, amazon. ted: first of all, the u.k. is asserting its view on mergers in ways it has never done before. that is an unknown we will have to watch into 2022. that will be the exception, not

the rule. more to the point, the faang stocks, even though they represent enormous parts of market capitalization and cannot be ignored on the tech landscape, the overall m&a they are driving relative to the $1 trillion is very small. even if the regulatory regime of the u.s. government is tighter on those companies, we don't think it will stymie the m&a environment. emily: what do you think the approach the biden administration will be, given we are going into a midterm election year and big tech scrutiny seems to be something both republicans and democrats align on? ted: i think we will continue to see that. the largest companies will find it difficult to get large m&a

deals done. they have always taken the approach of asking for forgiveness rather than permission and i think we will continue to see that, but i think they are mindful of the current stance i the biden administration. we will see less m&a from them. some of the m&a they want they may not be able to get to. for the vast majority of companies, we don't see the current stance from the biden administration being a hindrance at all. emily: ted smith, we appreciate it. we will speak with the ceo of offset, todd mckinnon, about the recent rise of see po's turned ceo's. this is bloomberg. ♪

emily: finance has withdrawn a request of a cryptocurrency exchange in singapore. we spoke with the ceo of finance earlier. >> we are not disappointed. this was the original plan. we have two duplicate things in the run. singapore is a vast market. we have both applications there

and it is healthy. emily: binance will also wind down its digital token business in singapore. this year has seen a game of executive musical chairs with newcomers. salesforce's new ceo, to jack dorsey's departure from twitter with its cpo taking over as ceo. i want to go over that with todd mckinnon of okta, who worked with salesforce for many years. great to have you with us. he is now co-ceo, does this make sense to you? todd: it is great to be on "bloomberg technology." thank you for having me. it is great for salesforce and brett and mark. you get a world-class product person in brett. mark is legendary in terms of

vision and the latest, greatest technology. it is a killer combination. if salesforce thinks about what it will do, it is amazing to have bret in that seat. emily: salesforce had a co-ceo before, keith black. why are chances better this time and do you think this paves the way for the other one to make an exit? todd: i can't imagine salesforce without mark. he created the company, he has grown it, he will be there forever. i would not say it did not work out with keith. i think this is the next evolution. when you look at the scale they are operating at, they have a lot of sales, marketing, a lot of product and technology to

build. having bret and marc in the ceo seats is an amazing combination. emily: we will see how long this one last. i hear you. we are seeing a wave of departures. whether mulesoft can deliver on numbers of previous years. todd: companies are coming together, there will always be change. i would like to look back at the landscape of what is going on. this is why not just salesforce or twitter, broadly why there are more technical cpo's being promoted in that job. every company has to think about being a technology company. if you are the ceo of gm or toyota, you are not competing as

much with each other, you are competing with tesla. if you are the ceo of any e-commerce company, you are competing with amazon, led by technologists. as the world moves more into technology, we are living through technology and the home as a huge asset. not just in companies we talked about, but with okta, it is a strong trend i see continuing. emily: totally understand why having technical skills can be hugely beneficial. ceo's also have to deal with major, global regulatory issues. jack dorsey is having to decide free speech issues, whether or not to kick the president off the platform. can it be a disadvantage to not have that global view of a business? todd: the thing about the job is, you have to have many perspectives and viewpoints.

may be the past one of the raps on technologists is that they were too narrow and everything else was at the expense of technology. these people who were promoted have a broad perspective on different challenges and opportunities and are also good at building teams. back to marc and bret, it is ultimate teambuilding to promote someone to ceo. there are strong teams behind these. you have to balance the tech-centered world with these broad issues. hopefully you get more issues right than wrong. emily: bret taylor was not only promoted to co-ceo, two years earlier he was promoted to the chair of the twitter board. isn't that a lot for one person, if you talk about taking things away, like jack dorsey? isn't that a lot for bret to handle? todd: he is a talented guy and

can probably help each company bring in the perspective of the other. you want to build a board of diversity in terms of different things, one of them being experienced. when you think of building a board from the enterprise side, the social media side, the rest of the people can bring that, it is a strong board. emily: nathan is one of the biggest players in enterprise and security. where do you think the biggest threats are in 2022? ♪ -- 2022? todd: we talked about this, as to how companies will build new products, take existing products and make them more compelling in this techno-centered age. along with rising rewards from automating things, the bigger

the risks are for security. there is all of the balance there. another benefit of having technologists in the boardroom and top executive chairs is that they have a perspective on the upside of technology and the risks. it is about balancing, doing most with assets without exposing yourself to undue risks, and managing it when it does arise. emily: well ransomware be as big a threat as it was in 2021, or bigger? todd: it is a rising threat. 2021 was a marquee year for ransomware and we expect that to continue. companies have so much at stake online, building big businesses, opportunities, connecting with customers, supply chain. that opens up risk. companies are taking mitigation steps.

we are working hard to make sure that is managed and companies do not run into unforeseen issues. emily: todd mckinnon, ceo of okta, thank you for stopping by. coming up, the twisted no one expected, including peloton. more on their response to the "sex and the city reboot." meanwhile, steven spielberg's "west side story" reboot, just a fraction of what disney spent to make it. older theatergoers are familiar with the 1961 version and the younger stars -- younger viewers recognize the stars. this is bloomberg. ♪ this is bloomberg. ♪

>> to new beginnings. >> to new beginnings. >> you look great. >> i feel great. >> should we take another ride? life is too short not to. [laughter] emily: "and just like that..." he is peloton alive. that was peloton's response to the new "sex and the city" reboot in which chris noth was killed off after suffering a heart attack while riding a peloton. it also suggests he may have run off with his peloton instructor, but we will leave that to another conversation. who wins here?

hbo, peloton, or none of the above? >> i don't think anyone wins here. the most interesting thing was me, the back story. initially when we saw this in "sex and the city," word on the street was there was an agreement about product placement with peloton and hbo, but there was no knowledge on the peloton side that it would be used for killing off a cast member. then i see stories that indicate there was no deal at all and hbo purchased the bike out of pocket and it was not provided by peloton. it is not clear what happened, but it was a good retort from peloton. anyone who watches tv or entertainment knows the person did not die in real life, it is just a tv show. i do think it was blown out of proportion.

it doesn't show you the potential health hazards. emily: peloton did give their instructor permission to appear in the show. i wonder if that was a mistake on their part, not getting all the details. mark: that comes down to contracts, what type of employee is this, what requirements, did peloton do their due diligence, did the instructor know, why was there no communication between peloton and the show afterward or between the instructor and peloton, will there be an issue between peloton and the instructor? this was quickly put to rest with this peloton ad. it is quite good to get everyone involved, the ryan reynolds connection as well. emily: i thought ryan reynolds

or chris noth would be the winner here. though he is killed off, i am not sure he wins. let's talk about how this plays into the bigger peloton story. there is a difference between fiction and reality, but there are real health risks at a time peloton is struggling to maintain those big forecasts. will this have an impact on the business one way or another? mark: chris is probably the winner because he is getting both money from the show and the advertisement. in terms of what it means for peloton, we saw health hazards related to their treadmill. i misspoke earlier, it was about the bike. there have been issues with pets and young children, related to the treadmill. that is still top of mind, given the tread plus is not on sale.

when you see a show with issues with the bike, long term i do not think it will have a negative impact on peloton, because people are aware of the risks of any exercise equipment. this has been an issue for years with exercise equipment. i don't think it is entirely new. there is a risk that comes with going to the gym, or using a treadmill or bike. emily: does it hurt hbo? i watched every single "sex and the city," episode and i had not gotten to the reboot yet. i don't know if i want to. i am already depressed because big dies. mark: i am not a fan, so i can't speak to that. i think hbo is still a winner. emily: thanks for having fun with this and us today. mark gurman, appreciate it.

that does it for "bloomberg technology." tune in tomorrow. i will speak exclusively with the uber ceo dara khosrowshahi. then, later on "bloomberg technology," i am joined by the kraken ceo, and -- ♪

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>> i'm paul allen in sydney. we are counting down to asia's major market opens. >> our top stories this hour, asian stocks heading into a risk off session. the omicron overhang and efforts by central banks to rein in inflation are bringing caution into markets. the virus is forcing businesses to rethink back to office