Facebook takes steps to erase the Conspiracy Theory qanon from its platforms. Reporters have claimed that withrities are in cahoots child abusers to undermine the president. Severaloutage disrupts slack users. The ceo will be my guest. All of this on the night of the first and only Vice President of the bay. We will have a preview of what to expect as mike pence takes the stage with Kamala Harris. Stocks climbed to a onemonth high on renewed optimism that u. S. Lawmakers can still reach an agreement on stimulus. A lot to cover, including the reaction of these Big Tech Companies on the back of staff reports. Really a stunning turnaround from yesterday. Not so surprising. When we were chatting yesterday, it seemed that President Trumps tweet could have been a negotiating tactic. Send in the day, he did out a tweet about individual stimulus package. We see over the last few days, a 2 selloff. A big recovery today. Its best level in a month. There are investors looking past the noise and going with the trend we have seen. The nasdaq 100 was sharp and higher. The dow transport putting in a new record high. That has everything to do with the airlines. Ony are confirming the risk picture from the stock perspective. The fact that investors were going after stocks. We have bonds selling off the 10 year yield. Suggesting the bonds selloff may continue. That could support this risk on technology. Houseory broke that the recommending the breakup of big tech. Tech had been all down because of that. The possibility of this breakup has been floating around for a couple of years. But it seems unlikely that it will be a 2020 event. Or any time. We have the stocks higher. Its interesting to see alphabet and facebook participating lessen the rebound rally. Apple and amazon had very strong days. A big piece of why we had the rallies on this risk on day. Up and down. It will be interesting to see what tomorrow brings. Emily facebook actually closing a little in the red. Thank you so much. I want to dig in the potential for breakup of big tech. Goodest has some really thoughts. Back,eport did not hold calling apple, amazon, and facebook monopolies. Saying that google neutralized its search rivals. And laying the groundwork for legislation that could lead to the breakup of big tech. How big a risk is this for these companies . That is a great overview. Monopoly was mentioned over 100 times in the report. They laid the foundation. It was a shot across the bow. I think this ratcheted up. Unless there is legislative , right now it is a contained risk. It hits a brick wall unless there are changes to the wall around antitrust. That is why investors shook off his news today in terms of big tech. Waveere is a full blue that impacts this, then that is on the table. You could see legislative change in 2021. The newsey shook off except for facebook, which did not quite. Hell saying facebook is a monopoly. The instagram could be even bigger today if facebook was not running it. They dont even consider twitter a big competition. Isnt that the very definition of a monopoly . Do you think the stock is any indication that facebook is different from the rest . I do put facebook in a little bit of a different category. They are most exposed. They are front and center. That is a target on their back. Not just from an antitrust perspective, but especially in acquisitions. That is something we will see Going Forward to be very difficult for Big Tech Companies to do acquisitions given the spotlight. Facebook and google are front and center. Inut amazon and apple next terms of who is caught in the crosshairs. Zuckerberg is front and center. Emily we did reach out to all of these companies. We have gotten statements from all of them. I want to give you some idea of the pushback. Apple says they vehemently disagree with the conclusion. Dominantnot have a market share in any company. Apple told me they will be releasing a more fleshed out statement in coming days. Google saying we compete fairly and a fastmoving industry. Americans do not Want Congress to breakup googles products. Facebook saying instagram and whatsapp have reached new heights of success because facebook has invested billions in those businesses. Landscape competitive existed at the time of both acquisitions. Companies arerge not dominated by definition. The presumption that success can only be the case from anticompetitive behavior is wrong. Those fallacies are at the core of regulatory spit bawling on antitrust. These companies have deep pockets, huge lobbying operations in washington. How do you think they will pushback and will they be able to make their case . I think they are all looking at microsoft in the late 90s and early 2000s, which i went through covering. That will set the precedent. Big is not necessarily the argument. I do think as you start to drill report, it will go into the competitive nature of amazon. Facebook and google, even though they are free services, depending on what they are doing from an advertising competition perspective. Is a legislative move. Wave, i thinkblue there is a game changer. It gets put on the table that you could have some legislative changes. , eu spines you use fines and not Business Model breakups. Especially going into the next 18 months. This will kick off what will surely be a long and contentious political process. Always good to have you here on the show. We will continue to cover the story as it unfolds. Coming up, thousands of workers relying on slack. What happens when it goes down for just a few hours . We will hear from the ceo. Emily slack experience outages for more than six hours earlier this week. Thousands of customers have grown more and more dependent on the service. With this extended work from home time. We are joined by the ceo. It is always a big deal when a platform has an outage. But especially now, when these are our lifelines. What are you doing to make sure this does not happen again . At thet of it is looking incident and building more resilience. This is been an exciting six month time for us. Uptime most100 months. Monday, itly, demonstrated the value that customers pay place on our product. This you announced morning the result of a global survey. Most Remote Workers are saying they are more satisfied than in offices. They want a hybrid model for long term. You have told your employees they can work from home indefinitely. But there is a school of ceos who are pushing back on this. Some say it can feel like sleeping at work. Us truly know what is going to happen. The market for talent, there is a real market. Employers are giving the option of flexibility. Belinda and going to have a choice. But i dont think anybody wants to work how we have been. Where you cant go outside and there is no childcare. You cant go get your nails done or sit in your favorite restaurant. These are the amenities of normal life that have been taken away. People want the flexibility to come into the office a couple days a week. Get together with their team and make a plan. They can work on their computer anywhere. They can do it from their favorite coffee shop or at home and get a lot of flexibility. We are in oneway path. I just hired our first executives not live in san francisco. Your firsthosted virtual user conference today. I will ask you a question about politics. The last few days have been quite a roller coaster. We have a president with covid, our political future in question , this big tech antitrust report coming out. Operate inas a ceo an uncertain environment and a potentially dysfunctional future. It has been challenging. Particularly in the context of larger uncertainties. We can definitely know for sure dont do well with this degree of uncertainty. This becomes even more important. It continues to feel like it is spending further under control out of control. Emily speaking of the house antitrust report, you have been in business a long time. Do you think all of these companies are monopolies that should be broken up . I may have to do a little shrug of my shoulders on this one. I remember reading about standard oil and the tactics and why antitrust laws were there. It is hard to swear them exactly. You have to be really careful about the remedies. Sois great that there is not much red tape around. There could be real unintended consequences. We should be careful about any action. This is the world we have and we are all living in it. To makelack is trying what we are going through a better experience. Features. Ying new how will that change our relationship with slack and the role that slack place for so many workers now . It is a great question. 130,000 customers around the world. , lot of momandpop businesses one of the things we have heard is we need to take policies and activities and make them asynchronous. Everyve the meeting be tuesday and 60 people show up. Purposeake that same and fulfill it in a different way . This might sound nuts. The experiencee consumers had. People can give their updates on a schedule that suits them. One of them has a lot more flexibility. That saves time. You have three minutes of participation. For a long meeting. If we can help people reclaim , itr time and flexibility is always there and you can enter and leave. Recreateto spontaneity and serendipity of office conversations. Instructing someone to ask questions. I am excited to get those out the customers. Fascinating to hear your vision of the future. You as always for stopping by. Good luck with the rest of your conference. Coming up, in a rush to save small businesses, 20 billion may have been inadvertently dispersed to scammers. Why several Companies Might be partly to claim blame. Emily in april, the ppp was under fire for moving too slowly. The government turned to companies to get money out quickly. Without too much paperwork. Praised. Ed was scammers found them useful as well. Joining us as a reporter who has a big story out on this right now. What exactly went wrong . The program was one of the biggest programs in history. Little has been said about how Companies Got there registration through. Many online lenders automated the approval process. I read through all of the criminal complaints that have come out about ppp and process that information. A lot of these firms are under scrutiny from the department of justice. Cabbage, blue vine, cross riverbank, and others, they handled 75 of the loans that are currently being probed for fraud by the department of justice. That discrepancy shows you how they became a big part of the program. The are very prevalent in overall picture. What is the recourse. Is the money just gone . Isthe department of justice recovering some of the money. 175 million has been taken so far. In some cases they cannot recover the money. It has been spent at a strip club. Because they gave lenders the certifications, and because the loans are 100 guaranteed, there is a chance no one will be held viable liable for this. One of the most of when things we have seen in our investigation is that a lot of , a Google Search wouldve shown that these copies did not exist or they were dormant. There was no way they had 200 employees. There was not enough due diligence. It remains to be seen if they will be held liable. Right now, no one has been accused of wrongdoing. Of how a better picture they manage to get through the system. Emily some extraordinary reporting. Thank you so much. Facebook is taking a stronger stand on a Conspiracy Theory movement that the fbi has called a domestic terrorist threat. We will have all the details, next. This is bloomberg. Emily welcome back. And overdue move, facebook has banned pages, groups, and accounts tied to the Conspiracy Theory movement q1 non. Conspiracies are varied but based on underlying claims that child traffickers are part of a deep state effort trying to thought President Trump with the help of celebrities and media, the fbi has called qanon a domestic terrorist threat. Facebook has taken marginal on q1 on limits qanon. It seems they are trying to op off the face of facebook entirely. It is definitely a stronger stance than we have seen facebook taken the past. They have said that if you are qanon and promoting violence it would take you off, but that left a huge portion of the group on facebook. What they did yesterday as said they would not allow groups or pages that promoted q1 on in any in any way. They are cutting down on places for people who believe in this to meet with one another. The groups were a hotbed for this Conspiracy Theory to thrive. Now you cant have groups that talk about that, so i think it is going to make it harder for people to find each other and build that network up larger. How do they make sure that qanon doesnt come back . The ark meant has been made that if you take away opportunities for these folks to communicate with each other, that could add more energy to the movement. I think this will come back. The question is will it come back on facebook . Group pop up in places. You may have heard of parlor, a. Ightleaning social network it is possible you might see activity there. One of the small loopholes facebook left is they said if you are going to promote qanon from your individual account, that is allowed. It is not like believing in this Conspiracy Theory get to off, there will be believers on facebook. The question will be will they continue to have the influence they have if they cant meet as groups or buildup pages. Emily facebook is unveiling some new policies to its protocols on and after election nights. You have been briefed on some of these changes that facebook is going to implement. The company saying they will temporarily ban political ads when the polls close, they will forbid posts that threaten or intimidate voters and they will alert users if races have not yet been decided. Tell us more about what facebook is telling you about these changes. It is linked to the idea that we are not going to have results on election nights. That is one of the reasons facebook has said we are not going to let campaigns run ads once the polls close, we dont more voiceso be sharing confusing information, misleading information, you dont want a candidate saying, we won, when we actually dont know if that person wanted. You mentioned if that person won. You mentioned the intimidation. About a week ago, we saw the president during the debate and donald trump, jr. Encouraging their supporters to show up at the polls and make sure there was not some kind of nefarious activity, but a lot of people took that as an intimidation, call for intimidation. Facebook says you are not allowed to do that, not allowed to join this chump army, which is some of the language they havent trump army, which is some of the language they have been using. You are talking with internal sources at facebook all the time. How confident are the folks that thatre that people work there, that facebook will have a successful election night, that is no issue . Or could facebook in some way mess this up . Kurt there are definitely nerves. My conversation with people they are for the past year has been this is the biggest moment arguably in company history. They have had four years to prepare for 2020, they know what is expected of them. Arequestion is going to be, they going to enforce the policies . I think if you look at what they have outlined, it is hard to imagine that there is going to be a lot of things that can slip whatgh the cracks, but they have not done is enforced away they probably should, especially when it comes to the president. Are they going to have the stuff down ifpull need to be . That is going to be the difference between whether we give them a solid grade or say they missed the mark. Emily a huge test for facebook. Be and sarah are going to covering it every step of the way, as will we. Thank you, as always, for that update. More on tech regulations coming up. How many house panels call for a breakup of big tech impacts the wider industry. We spoke with the cofounder and about howof lyft greater scrutiny could impact the ridehailing service. Regulation has been part of our history from day one. In theas much Transportation Business as we are in the Technology Business and transportation has been a regulated industry. We worked with california regulators to create a new category for regulation. It will always be part of our business. Part of how we think about the path to profitability but we are basically moving forward on that path despite anything that its going to change around us in terms of regulation. How are you watching what happens next in congress . This is the most broad effort by congress to do something to break up the larger companies. You are in one area and you are not really in a array in an array of areas. Impact the to operations of bigger tech, of privacy, the amount of freedom that you have, essentially, it would seem. The inquiry is focused on companies that are different than ours. We are in the Transportation Business, we use technology. Scrutiny is important, competition is important. We have learned that by punching up. We have had heavy competition, people thought lyft could not make it and we have increased our market share as we have been more competitive, so we are focused on what we do, our mission to improve lives with the best transportation. I think scrutiny is needed, especially at times like this. One of the places you are being scrutinized is this issue of how gig workers are treated and i know you make the argument that many of your drivers work parttime and that puts them in a different category. What will happen if some of these moves go against you . Talking about your cost structure, if the proposition in california goes against you, what does it mean for you . Importantion is less than the drivers opinions. Drivers want to maintain the flexibility, 80 to 90 depending on the market drive less than 20 hours a week. We think there is a better way forward then becoming employees and that is to maintain the flexibility and lets add more protections and benefits like we are pushing for in california. Drivers that were driving less than 20 hours a week, can you give us updated numbers on who is driving in the pandemic, how many hours cars are inservice and how it has changed over the past several months . The impact to us, the broader 70 , sorides were down we are halfway recovered across the board. That impacts individual drivers as well. If you look at how drivers have shifted, we have higher Driver Earnings now than even prepandemic because there is an equilibrium between demand and supply, writers and drivers riders and drivers. John zimmer there. Coming up, new guidelines surrounding a vaccine. It we will have the latest on why President Trump is fighting back. That is next. This is bloomberg. The fda has announced a new guidelines surrounding a vaccine. The Administration Says it will need two months to follow up with data before hitting the markets, putting President Trumps plan for a vaccine before the election into question. With us now, serge saxonov. This is not going to happen before the election, is it . Serge not as far as i can tell. Emily so when . What is your timeline . There the nice thing is are multiple efforts on the way and people are working as hard as they can to bring these vaccines to market and to scale them up in anticipation of the final approvals. I would hesitate to comment on precisely when these will emerge but given the number of efforts in given the early signs, i think there is reason to be optimistic that by early next year, you will start seeing distributions of at least one of them. Emily ok. That is more optimistic than some have seen. Do you agree with the fdas measures . Should they be more or less conservative . Serge the fda has to strike a balance. It is imperative to be cautious and make sure that safety is as much guaranteed as can be. At the same time, we are racing against the clock. The sooner we can get the vaccine delivered to the billions of people out there, the better. I think it has demonstrated a good amount of independence. They are striking the right balance. You have been a Critical Force in providing researchers with the tools and Technology Necessary to conduct covid r d. We have talked about how scientists are collaborating more than they ever have on getting this done. What are some of the highlights of the research and development that you think standout . Serge there have been a lot across the board. Our products have not been used in 300 have now been used in 300 laboratories. Understanding the virus, understanding the progression of it, and understanding why some people respond well and some dont. One of the main areas that is particularly encouraging is therapeutics, this development of antibodies to fight the disease. Close toow getting patients. That has stood out. In general, acrosstheboard, the speed with which we have learned about the disease given that it did not exist until this year is remarkable. The amount of collaboration and the focus that has been brought to bear by scientists across the world has been remarkable. Made a comment early on you are providing support to scientists, including china fordy in antibodies. The president of the United States has covid, he has received a number of drugs that are not available to the general public so if people got covid today, they would not get the same standard of care that the president is getting. Who will ordinary people contract this disease be able to get these treatments that seem to have served the president well . Is the key question and this is why people why companies have been developing the, racing ahead to get to clinical trials, but also in anticipation of those treatments getting approved, scaling up manufacturing. Hard to tell precisely when they will be widely available but the intentions are there and people are scaling up manufacturing of antibodies ahead of their availability. I think it is going to become available in waves. Workersirst responders, in hospitals, more vulnerable populations such as Nursing Homes or people with comorbidity conditions. Then hopefully wider as well. It is coming. Right, serge saxonov, good to hear from someone who focuses on the science. Coming up, we are looking ahead to tonights first and only Vice President ial debates. What will be the main focus . That is next. This is bloomberg. Vice president ial candidates are gearing up for the first and only debate and the stakes could not be higher with President Trump still being treated for covid19. Negative, has tested he and Kamala Harris will hit the stage separated by a plexiglas divider. There are bound to be some surprises. Contributor and Campaign Manager john mccains president ial run rick davis. It is hard to expect anything other than the unexpected. What do you see happening tonight . Rick i hate to say it because all the predictions going into the last debate had been thrown out by the first five minutes so hopefully we will last longer in this debate. S debate is under increasing numbers all across the country, developments of new vaccines and treatments, the fda pushing back on the president s pressure. I have no doubt that we have to follow some of the headlines in covid will be front and center tonight. Vice president pence will make a defense of his administrations and its of the virus effect on both us and the world and i am sure that Kamala Harris will take an opposite view and indict the administration on its handling of the virus. I would think that will be one of the key topics and what the American Public are most care yes about. Tweetedhe president another video message. We are listening to it now but he is saying he did not have to he could hospital, have stayed at walter reed, he could have stayed at the white house but he went to walter reed , the doctors did a fantastic job, we have great first responders, they gave him regeneron. What is your reaction to this . As somebody who has followed run president s, who has campaigns, certainly this is not something that has been in the history books. There is no playbook. How do you respond . Rick it is different. Every other campaign i have been associated with has tried to manage its message carefully. Before you put out a statement, before the candidate speaks to the press, before anybody does a speech or the advertisements, the interviews all get vetted and the idea is to create a viable message that excites voters, addresses their concerns and desires, and will last the test of time. This president has no filter. When he tweets, if anyone questions whether they are coming from him directly, i think we have dispelled that. It is his twitter account and there is none of that management , ande news, of the message trying to think longterm. This could just be stream of consciousness. It is certainly not what we are used to in politics. Emily pretty dramatic henouncement, he is saying views these therapeutics that has he had the bennett that he has had the benefit of as a cure, that he sees the virus as a blessing. We just finished a second with aco who says they will not be a vaccine before the election, not earliest,until at early next year. You have American People listening to what the president says and believing it in that its going to impact your vote. That this is the question this is the president that questioned the validity of using clorox as a disinfectant internally. The president went out of his way to spout hydroxychloroquine. , atas not been using that least he has not talked about it. This is the quandary everyone is in, you dont know what to expect, there is no Fact Checking before the president weighs in. Whenever anything gets spelled out as negative, he said he says he was just kidding. The bottom line is none of this is helping him. If you look at the state of his campaign since the last debate and since he has gotten the large his numbers by and have been drifting away in the battleground states and arguably thinking nationally and none of that poses well with people in 25 states voting right now and only three weeks left really in the Campaign Season to make your point. Regardless of what he is doing, he is probably not helping himself with these actions. Emily as we expect to be , regeneron up almost 3 after hours. The president touting the therapeutic, saying he wants to make therapeutics free for everyone, closing out that video message saying he feels great, he believes covid was a blessing in disguise. So much fodder for this Vice President ial debate. Rick davis, thank you so much for joining us and tune into tonights special Vice President ial debate coverage starting here on Bloomberg Television at 8 30 p. M. Eastern, it is found to have some moments that we dont expect. Im emily chang in san francisco. This is bloomberg. [ sigh ] not gonna happen. Thats it. Im calling kohler about their walkin bath. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. 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