With the toll it is taking on the american economy. The president tweeting that he alone has the power to reopen the economy. States deathork toll numbers are flat, but at a horrific level according to governor cuomo. Unemployment numbers somewhere between the Great Recession and the Great Depression meantime, apple and google, two tech rivals teaming up in a massive project to help deliver Contact Tracing to americans and people around the world. The companies would Work Together to notify users if they come into contact with someone who tested positive for covid19. You just got off a Briefing Call with apple and google. Still a lot of questions about how exactly this will work. Fill in some of the blanks for us. Peoplehe big question, want to know, will i be notified if i crossed paths with somebody off the street or in a Grocery Store . This is something that will be developed over time. One suggestion eight on the to 10and the proximity up minutes, that would allow them to notify them. The other question, could this be used as a surveillance tool, which apple and google quickly shot down, saying that this information is not collected. Emily talk to us about the privacy and security concerns. Lawmakers sending a letter to about how this data will be used. Who will be able to see this data, how long will it be held on to . Did they answer any of those questions . Mark they answered a lot of the questions. Timeline of 14 days came up. It seems like once a person passes through, they no longer have the coronavirus, they will be out of the system. Apple said it can be shut down at any time hopefully when the pandemic ends, apple will remove the need to have this in an operating system. They emphasized that this is a opt in situation. There were questions about whether they would start requiring the technology. They said this is designed for users to opt in, not something the government can retire can require. They are saying the right things about privacy. Apple has not let us down on the privacy front. But google is talking the same language in terms of privacy. And is a Global Pandemic they are doing what they need to do for this situation. About some of us the concerns that this could be left wide open to controlling, there could be hacks, people could lie and say they tested positive for covid19 and actually they have not. Mark that is the most part in question. Apple and google have said there could be what they call a verification flow, some kind of system. They say that is part of the reason why these tools will be exclusive to Public Health apps. Rapidlyd they will be developing. Users stion was through skin of a the camera. Hey said there would be emily what about the potential for not positives in terms of the Virus Testing but false positives in terms of being exposed. Standing behind someone in a grocery line. Notifying a bunch of people when there is not really a risk. Mark that is a very good question and it is really to be seen. I still think it is fluid. By june or july, it could be completely different. Ofterms of the question false positives, i think that is something we will have to deal with. They say that the Bluetooth Technology they are using is precise. They said this would be very specific just a few feet away for a specific period of time. They are talking about two people on a park bench. There is probably the chance that one of the people would transfer coronavirus. Less likely if they are walking 10 feet away in a Grocery Store. Emily thank you so much. We will continue to look for updates as apple and google continue to Work Together on this technology. That would work for them. Wither today, i sat down meg whitman, the ceo of max thehin the ceo of quibi, shortterm mobile content app. They did not expect to launch in the middle of a pandemic but the numbers are beating their expectations. Meg that is roughly in the ballpark over time of breakeven. It depends on the amount of watching, the advertising revenue, the split between advertising supported subscribers. We are very focused on profitability. Revenues need to be greater than costs. Clear businessry plan. We have got a long ways to go. Emily lets talk about the money. It is free for the first 90 days. How many do you expect will start paying for that . Meg we dont know because this is such an unusual time. Of covid, we wanted to give people a 90 day free trial if you sign up by the end of april. Those folks will not have to pay until july. But if you signed up may 1, you will have a two week free trial. It is hard to know. You just do not quite now. There are industry benchmarks, but who knows . Emily 1. 7 million downloads so far. You will get a lot of data on people watching. How do you plan to use that data . Out a Privacy Policy early. I want us to be on the right side of history here. Remarket anyl and information, just look at it on an anonymous basis. We look at, what are the . Econds, who is watching what we also know there are shows that have more of a niche audience. Emily what position are you in as far as content . We are looking at broadcast networks airing the same movie over and over again. If we knew we had if we knew wa lot of content, we also had anticipated that there would be a Writers Strike in a. For unscripted and documentaries, we are good through november. All our daily essentials have to be shot pretty much every day with the exception of some of the talkshows. Whether, sports, gaming news, celebrity news, all shot daily from peoples homes. On march 14 that this was not going to work so we had literally two weeks to get everybody organized. Our partners have been incredible. I have my hats off to your industry. How you have pivoted this fast is remarkable. Emily more and more companies having huge layoffs. Furloughing many employees. As somebody who ran hp, ran ebay, how much more of that do you think we will see . Meg unfortunately, i think we will see more. The more this goes on, the more on ourthis will have economy. Unfortunately for us, this is a rampup phase for us. Our employee count is factored into our model. As long as we remain on track, i think we feel really good about keeping everyone working. Ceo meg whitman. After the break, how the economy is affecting her personal investing strategy. And, the White House Briefing is expected to start. We will be there when it begins. This is bloomberg. Emily back to my conversation with quibi ceo meg whitman. Heralked to her about investment strategy. She has been investing on the side in various startups. I have lived through 9 11, the 2008 recession. This always comes back. When you are an investor, you just have to hang in there and remain calm. Professional sports are sidelines. Esports, completely sidelined. A broadcourse, portfolio. You just hunker down and say, this will ultimately pass. Emily do you think things will go back to normal . How do you figure out, or are you trying to figure out what changes, what stays the same, what is the new normal . Meg it is hard to predict. I think the economy comes back much more rapidly than 2008. Up,ink, when things open vshapedsee a recovery. It may take a while. We are shopping only online but spending less money overall. Talk about the challenge ahead theebay, amazon, and for ecommerce business in general. Meg ecommerce looks like a pretty good place to be right now. Amazon announced they were new workers or00 some enormous number. Ecommerce is the place to be right now. Back,k, when this comes it will probably revert not all the way back but certainly people will shop again in retail. Emily how do you think the Entertainment Industry looks different after this . Do you think viewing habits will change or do you think that is something that bounces back as well . Meg i think people will ultimately go back to movie theaters. We talked about this, you would watch quibi on your in between moments, at a doctors office. On a commute. Watchestion, will people at different in between moments at home . Users are basically watching premuch consistently between about 7 00 in the morning and 8 00 at night. In between interviews, in between a zoom call, and between wrangling the kids come in between cleaning up and doing everything you need to do. People are having a shorter amount of time with which to consume content. That will probably stay with us and accelerate. Accelerateple will their watching a video on mobile devices as well. Six minutes a day, when you watch video on your phone, now 60 minutes away 60 minutes per day. I think that will continue. Emily is the plan always mobile only . What if i want to get amazing, well shot stuff on my Television Set . Meg this is something we thought we would bring to market in six months. We never dreamed we would launch during a pandemic. I was just talking to my engineers about how fast we can do testing to the tv set. It is quite an engineering lift. The engineers are trying to think about, how can we do this on an accelerated timescale . It is for the moment and we have had a number of requests. They coming up, talking to ceo of redfin. Imagine showing or touring a home in the midst of coronavirus. We will also take you to that White House Press briefing scheduled to start any moment now. As soon as that begins, we will be there. This is bloomberg. Emily we are supposed to be heading into boom time for the Housing Market. Instead, the number of houses being pulled from the market is doubling according to redfin. Earlier, i spoke to the redfin ceo about the future of the Housing Market and how they are handling the crisis amid layoffs and furloughs. Of delistedate properties has doubled. New listings is down 44 . Anyone who wanted to sell a house has left the market. The only ones who remain are the ones who have to sell a house. I used to feel that real estate was not an essential service, that people are just looking at the houses. Now, the folks we are talking to have lost their jobs, they are in a jam, and we are trying to help them out. Emily how long do you estimate thousand market will be shut down the Housing Market will be shut down . Glenn i think everyone is trying to guess. The Housing Market is not completely shut down. It is down about 50 . That is the decline in demand. The opportunists are gone and the people who have to move remain. Emily it is difficult to even do a home tour because of a quarantine. You might have some technology to get around that. But, does it turn it into a buyers market, or is it nobodys market . Glenn i think it is probably a fire probably a buyers market. The question is, can they even see the place . Redfin has had a video chat touring option. It was such a dismal failure. Would0. 5 of homebuyers look at homes that way. Now it is about 33 . The numbers are shooting through the roof. We see these new contingencies that say, i am going to buy your house on one contingency, that i walk through it after you except my offer. The first walkthrough is done after people agree to terms. Emily you are cutting some employees, and i am sure these have been tough decisions. Employees, 41 going on furlough. Cut much deeper than our demand because we wanted to offer security to the people who are still here. Everybody at redfin is fairly busy now. Our goal is to bring all the others back. Everyone that went on furlough is supposed to come back september 1. We are hoping to bring them back earlier. We are working as hard as we can to do that. I think the federal employment insurance that just past a few weeks ago made it hard to hold onto people. About three quarters of our workforce will earn more than we can pay them. It has been a rough month for consumers, every business, but i think Housing Demand will be back. Emily do you think the Housing Market will be fundamentally changed after this . Glenn we have been telling our employees that the future have arrived early and now the investments we have made favor redfin. It is about the Housing Market more fundamentally. There are just structural reasons that i think will go back to a sellers market. The u. S. Has been so screwed up in its ability to build houses. There is nimbyism, zoning laws. People waiting 5, 6 years to be able to afford a place. If housing prices come down a bit over the next six months, it will not be the worst thing to come out of this pandemic. Emily what does it mean for pricing . Glenn prices are definitely coming down. 401 k s have been smoked. The stock market has had at least a minor correction. Then you have all this unemployment, which is forcing inventory onto the market at least temporarily. I have to believe that home prices are coming down. The median list price is down about 5 . People are asking for less and bidding wars are obviously less common. Kelman, the ceo of redfin. Coming up, we will talk about amazons hiring spree as delivery numbers skyrocket. We will also take you to the white house as soon as the press conference begins. Emily welcome back. Im emily chang. Amazon hiring another 75,000 workers as demand for products being sent to homes continues to skyrocket. This in addition to 100,000 workers amazon said it would hire a couple of weeks ago. I want to bring in matt day who covers amazon from seattle. Whats interesting about these workers on the folks applying for these jobs, these are all kinds of workers, not your typical warehouse workers. Some wouldlost jobs, normally have white collar jobs as well as bluecollar jobs. Talk to us about who these people are and what they are doing. Matt thats right. Small business owners, those who have been in the warehouses, it runs the gamut. Not a lot of companies could even hire 100,000 people in a few weeks. But they are certainly turning on the tap. 175,000 over eight weeks would be pretty unprecedented for them. It definitely is in contrast with some of the Seasonal Hiring they are doing. Emily meantime, the Company Continues to face controversy. It is on the front page of newspapers, it is fodder for comedy show hosts, just how amazon is treating its workers. There has been a lot of worker unrest. The company is fighting safety issues around the country and around the world. Some of the workers testing positive, warehouse is shut down. This is kind of a p r nightmare pr nightmare for amazon where you would think this would be amazons time to shine given it is one of the only ways to get the stuff we need. Amazon Just Launched a new round of commercials with workers wearing masks, this time. The last round of commercials did not get so much positive feedback because the workers in those commercials were not wearing masks. Now they are. Im still seeing comments on social media that this is amazon pretending to care about its workers. Talk to us about the p. R. Nightmare that amazon is facing right now. Matt i think some of this snuck up on amazon. They are not used to talking a lot about their warehouse workers. We have seen negative stories for years and years about conditions in their buildings. But as their own worker started getting sick, there were not prepared for the degree of backlash and the degree of fear among their own employees. Folks have been calling us, other news outlets to raise concerns that may be in a different time, they would have kept quiet about. This definitely stuck up snuck up on amazon and you certainly saw the p. R. Machine ramp up. The daily blog is outlining Safety Measures as they roll out with federal and w. H. O. Guidance. Jeff bezos even went to visit one of these things as it instagram ready moment. They seem to be realizing to avoid some of these negative headlines, they have to put their own foot forward. Emily amazon is launching new Safety Measures, cleaning, deep cleaning warehouses, temperature checks. They are paying workers to dollars an hour more temporarily. Is any of this, any of what amazon has been doing more recently quell some of the worker concerns . Matt it is starting to check those boxes. Masks started to arrive last week. Temperature checks was something in areas dealing with covid19 outbreaks, Health Authorities have been recommending for more than a month now. Amazon has finally caught up. I think they are started to catch up to some of the worker complaints. You have seen across industry, workers on the front line and being asked to come to work. Grocery clerks, postal workers, ups drivers. Theres always going to be that fear when you are out there going about your day to day routine during a pandemic. I suspect workers will always say their employer could always do more to keep them safe. Emily matt day. We will be back with you as the situation continues to develop. Thanks for that update. Meantime, video streaming is soaring and that is true, perhaps even more so on youtube where traffic is up 75 . The chief product officer and i sat down at the end of last week to talk about activity on the platform, with the company is doing to fight misinformation. Take a listen to what he had to say. There has been an increase in traffic, as you can imagine. There have been a couple of things that are interesting to note. Youtube in particular has had historically sort of slightly different patterns on the weekdays versus weekends. Weekends, you can imagine our consumption is much more spread out during the day. Weekdays concentrates after work hours. We are seeing much more distributed content disruption consumption. Overall usage is up, and it is up in a couple of particular areas to note. One of the biggest, and a big area of focus of mine and our team is around authoritative content. Peopleke yourself, trying to consume as much information around this crisis, of course, medically related, but also general news. Economic news, etc. It is top of mind for everybody. We have seen over recent weeks that kind of content on our platform growth in terms of consumption 75 year on year. Substantial increase in people consuming hard news on youtube. Lots of it related to this crisis. Emily what changes have you made to adjust for that spike in traffic internally and in terms of policy as well . Sure. Ill put that in two buckets