>> let's look at how mark is performed on the day. take a look at the russell 2000. you're up 1.6%. the big outperformer on the day. technology not far behind it. telethon was up 25 and 50% in the last two days. there is the official announcement of the ceo exiting but there are still some structural issues with the business. look at the 10 year yield. you're up for basis point on the day. if we change of the board, we now know why. we are approaching this cree -- this key crucial level.

if we get there, it will be the first time since 2019. that was the markets wrap. would you miss starts now. -- what did you miss starts now. >> today's triple take focuses on a company caught in the unevenness of the economic recovery. sales did beat estimates. the omicron way put in into travel. we will dig into those numbers and we will discuss challenges, the company facing a driver shortage while facing backlash. they believe their rights are not being addressed. >> this is less than with the

street was expecting. that is coming off the previous year. a lot more people are traveling and a lot of the business comes from those rides. take a look at the shares here. investors a little bit disappointed. the shares are down about 3.5%. >> let's break it all down. let me start with you. how are you thinking about these numbers? >> they are curtailing their subsidies. that is what is hurting them on

the active writer side. in my mind, this model is looking much more similar to airlines. you have the consolidated market. they don't want to compete on price. i think cliff is a smaller player. without a subscription model, the revenue addict ability is hard. >> i am interested in what your perspective is on how they managed to make the most of the ridership. numbers have dwindled in the face of omicron. >> i think it is really impressive.

we really should be focusing on looking at their revenues and revenue growth. the 15% increased in revenue. we hope to get them back to q4 2020 levels. they are 3% shire. >> the growth story --

investors focusing a little bit on profitability. should lived focus on that growth metric? >> as we eased out of the pandemic, look at the other numbers. they have active writers in the united states. they are getting well under thousand dollars. we have a five x growth partner.

i think they have already demonstrated that they can make this model work. they should go down the bezos path. >> we have talked a lot about the regulatory issues in california going all the way up to the court's there. if they are not, how does that affect the bottom line? where we no longer concerned about that? >> not so much for the ridesharing companies. clearly it is a risk and it is

not going away but it is lesser than the food delivery guys. >> they can expand their overall business model. >> clearly they can add more options when it comes to last delivery. lyft could do more be to be partnerships. can they partner? those are all the questions around their addressable market. if you think about their disrupting tax season, taxis are not -- are still operating. >> it is always a reminder that

they're not just competing against the consumer, they are competing against taxis and -- competing against uber, they are competing against taxis and bikes. >> i agree that the rideshare business model has been demonstrated to have more room for cost increases but i think the regulatory risk is picking up in 2022. washington state has introduced legislation of the kind we saw in california. but i don't think this poses an existential risk to the rideshare model at all but the risk level is more they were

friendly. it is something to keep an eye on. quick thank you. we were just hearing about the focus on massachusetts. this is the area of focusing contention. game workers saying that they are being hurt by antitrust laws. we will explore that. we also dig into the fact that these driving unions are using entities and the gopher democratization. i am not sure it is not to take on ubrer and lyft. this is bloomberg. ♪

>> today's triple take is focus on -- focused on lyft. massachusetts is shaping up to be the next battleground. they are doing things a bit differently there. >> they are erasing decentralization. they are trying to raise funds. this is what we are trying to do in california. now we have nfc's. it is to raise money for the massachusetts driving them. what they have put out is not

the prettiest. these are meant to be the people coming together. they are trying to hit the state. >> what is funny is i -- caroline said how do these two go? our bloomberg technology reporter is covering lyft, uber . this time, we are ready. is that the end goal?

>> at think it means more for this particular group that is relatively fledgling when you think about the labor groups. what you have here is the latest effort by a lot of these grassroots organizations looking to not just yet more tracking -- traction at the legislative level but they really want to create a blasting movement around good worker rights which a lot of people don't really have a connection to. >> i'm curious if you think unionization is going to be a little bit easier than these efforts we have seen at another company like starbucks. you're dealing with workers that are technically not employees. >> it will be interesting to see how it plays out but there is a level of complexity. the gig economy so vast. it could mean your editing someone's essay, you could be

getting grocery deliveries. i think the fact that it has been so diverse, it has been hard to get everyone together in one room but this is one of the groups we are seeing, reaching across lines, not just rideshare but doordash as well. >> this is where the tension is, when you speak to these ceos that are full-fledged ipo businesses they will say the people that work for us want flexibility. they don't want to be deemed full-time employees. whereas many say we need health care benefits and we need to be paid overtime and the like. what other benefits are the mainstay of what they want? >> there is no recourse for someone that experiences harassment or assault on the job. this is tough work. you're going to people's doorsteps. you have people in your car so if something were to happen to them, there is no responsibility by huber and lyft to offer any

help. they want that and other types of worker's comp., health insurance, a fair wage. more transparency around the algorithms that dominates their livelihood. >> we were speaking earlier about the proposition that caroline was mentioning and how focused a few years ago we were on it. at least for now in california and some other states we have not been as focused on these issues. where is the momentum at this moment? >> definitely tore the workers themselves. i think massachusetts is the next battleground we will see in the short term. new york is seeing a much more granular version of this with the city council and the slate of bills they just passed in the fall. that was kind of a step forward but in new york city, millions of gig workers are here and able to do it.

i think it will reverberate. >> we will continue this conversation right now. let's focus on some of the antitrust issues. another potential roadblock out there for gig workers looking for higher pay. this is from 2017 to 2019. let's start off with the antitrust issues. it seems like it fell by the wayside. now it is back in the conversation. and talk about antitrust, what does that mean? >> the main thing people should be thinking about right now is if gig workers can get together to set the prices or other terms or conditions they are going to get together with the gig companies or if that is price-fixing. >> all right. the realization, we were just

talking about gig workers being able to represent themselves. can gig workers work together against these gig companies? from demanding higher prices, better pay? >> that is where the employee -- they can get together and decide on the price they will charge independent customers. whether i have a giant company that is selling whatever it is i am selling or even m&a stands or drycleaners or gas stations, i can't collude with my competitor. i can't say we should charge the same price. let's agree on what the price should be. that is illegal and in fact criminal. you can go to jail for doing that. on the other hand, employees are allowed. there is a this -- specific

provision that allows labor unions to collectively bargain. in that circumstance, you can bargain for a specific weight or benefits. that is because when they were first written, they were used against labor unions and congress had we did not intend that, let's fix that. employees can unionize. that distinction is critical under current law. >> we have been focused on some of the individual states, massachusetts, california that have been front and center in the gig workers fight. does it matter what state-by-state issues are? is it more of a national conversation we are just not having yet? >> it is a heavy national component. states can't directly override that.

the states will have to figure out how to make this work with federal antitrust law and there may be ways to do that but it is not a simple question. >> do you think there is a way for these companies to circumvent or front run some of this? there has been a lot of talk about how you cannot actually request a very specific driver on these. if you -- you can do that outside of the applet that feeds the whole purpose. if they gave those drivers more flexibility to set up relationships with specific customers, would that stem some of the arguments? >> it would not help with the question of if the gig workers can get together with each other to deal with those companies. the kind of thing you're suggesting might help alleviate some of the problems that the gig workers face. it might be a way to address the problems outside of collective

bargaining but it does not solve the problem of how you do collective bargaining if you're not protected by this particular statute that allows labor unions to collectively bargain. >> you went back to how antitrust law was used against unionized workers. is there an extent of antitrust can ever be in some way protective of these workers? >> the current -- unite seat she suggested that something should be done to give some flex ability to gig workers to collectively bargain but there is a serious unintended consequence. it is one thing if they are deemed illegal employees and they just immunized like any other employees. i don't think other than economically there could be consequences but legally there

probably are a lot of unintended consequences to that. on the other hand, if you try to write new exemptions like are we going to allow collective bargaining by independent contractors who are defined in some way to be gig workers, you're likely to create a big loophole in the antitrust laws that everyone will look at and think i would like to collude on prices with my competitor. how can i make myself get around this thing. this is something we would have to be extremely important with. the unintended consequent this could be quiet severe. >> we appreciate your time and perspective. we are going to be back next with our final take to break it all down. this is bloomberg. ♪

>> time now for our final take.

looking at earnings on the day. we are talking about two straight quarters here. >> maybe the company needs to focus a little less on that. >> the revenue. it is picking up. about 15%. that was an impressive amount. >> we are pushing for less of a pure play from over. they have uber eats. cries are they profitable?

>> that does it. bloomberg technology is up next. do you know what they are going to be talking about? ♪

>> 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 and this is bloomberg technology. peloton has a new ceo but shares are riding high on the news. more on the massive shakeup at the iconic bike maker.