Work. We are finalizing the , whichl of a phase three we are hoping to start in july of this year. Severaly will be thousand subjects across many countries. That it will happen in july as planned. Talking about how it is accelerating its testing. I want to bring in taylor riggs. A lot more work needs to be done here to prove that the vaccine works. This would have to be going on for much longer and more sustained trials. How much of this rally is due to here . Pe of a vaccine taylor i would say that there are three things to be happy about this. Updating the stock to 105 a share with the buy rating. Saying that this vaccine hits the mark. Paper sandler saying this could have potential blockbuster sales next year. Essentially, you had analysts on the street doubling their price target today. You did hint a little bit about a note of caution. I will reiterate that as well. Was ats said the result sample from a small, first study looked to see how safe it can be in human volunteers and it should be viewed with caution. That said, the study shows no major safety worries, and that would be a key hurdle given that a vaccine would be given to millions of individuals. A lot of hope and optimism reflected in the stock price and general market as well. The speculation is that the economy could jump back more quickly if a vaccine is developed. Apple stores continuing to slowly reopen. Apple rally there. What else stood out among the green, if indeed it was a vaccine mostly driving it . Taylor we have been talking about this in the past few days, that tech has not provided the traditional leadership we have seen, despite the massive rally. Tech was the under performer. You have the nasdaq only up about 2. 5 , because other major , 6 . Ges were up 4 , 5 that said, you have the stocks chinaup 4 , on hope that is getting back to work. China has seen oil demand close to precrisis levels. Tooxx index,n the s with a lot of revenue tied to china, some of the outperformance today. Also, jay powell, who spoke on 60 minutes last night and came out with a release of what he will say to the senate tomorrow, says they are ready to do whatever it takes, they have full ammunition to support the economy. Then drove a lot of these smallcap stocks insulated to the domestic economy. Hope that we are getting back to work sooner. Uber more news out of after the Company Announced it is cutting another 3000 jobs in lostion to 3700 jobs earlier this month. They have already pushed out the profitability milestone to next year as opposed to this year. Thateo saying in his memo the company is still far away from these cuts being close to covering their costs. Why are investors optimistic taylor optimistic . Suspect,he timing is cutting 3000 jobs and saying they want to sell off some of their noncore assets. The timing gives you a sense that uber is focusing in on those core businesses, delivery platforms and traditional ridesharing. Investors are happy about this because there was some movement over the weekend initially, cooper offered one point initially ,uber offered 1. 9 shares for every grubhub share. They are getting closer to an agreement. While they are not meeting halfway, starting to see some movement to appease grubhub shareholders. That said, cutting those we thousand jobs, you wonder how much money it would save, how much impact it really does have on the bottom line . Emily they are incurring to cut awith the cost bunch of offices. I want to bring in lisette chapman. Closing 45 offices around the world including singapore. Where are the majority of these cuts, these jobs coming from . They are across the country and globally. They are not detailing what type of impact this will have on some of the more speculative units like autonomous driving, freight. Offices out of hundreds that uber has around the world. The largest by far is in San Francisco. A big consolidation effort happening in San Francisco and also in new york to get their workers back to one Central Location once they reopen after covid. Uber the spokesperson for indicating more layoffs could,. , layoffsted process earlier this month and everyone seemed to be bracing for more. Are there going to be more layoffs, where, and are certain departments living and working in fear right now . Andtte this was expected, coming for about two weeks. 24 of the workforce laid off. It is not necessarily the last. They are creating wiggle room Going Forward if rides do not bounce back. They did push out profitability target to the beginning of next year. They are looking to continue to cut costs anywhere that they can. Meanwhile, like taylor mentioned, they are pursuing the acquisition of grubhub, which is not anywhere near done. There has been no formal announcement of it yet. They still are facing quite a few antitrust concerns in recent klobuchar, andn, others. Thank you so much. Such a sad story, 6700 jobs lost at over just in the last couple of weeks. There update from tictoc. Tiktok. They have announced that former Disney Streaming executive kevin meyer will become the ceo of vitak, and the coo of dance, the Parent Company of tiktok. Exclusivean conversation with facebook coo sheryl sandberg. A new survey about just how devastating the pandemic has been to Small Businesses. This is bloomberg. Emily small and medium businesses have been devastated by the impact of the coronavirus. A new survey done by the Small Business roundtable to show just how much Small Businesses are struggling. Joining me in an exclusive interview, facebook coo sheryl sandberg. This survey found that a third have businesses stopped operating and 11 expect to fail. Most shocking to you about the findings here findings here . Sheryl we had planned this survey a few months ago. Three months, we were expecting a rosy figure for Small Businesses. That is not what we found. Small businesses are the engine of job growth in our country. Two thirds of jobs created before coronavirus came from Small Business. Along with the statistics you just shared, one third not expected at all, 11 to fail, more than half of Small Business owners do not expect to be able to rehire the employees they laid off within a reasonable period of time. That means we have our challenges cut out for us to get back to work. Emily Small Businesses account for two thirds of u. S. Job growth and the vast majority of advertisers on facebook. Talk about how important they are to facebook as a constituency and what Small Businesses mean for facebook specifically. Sheryl 160 million Small Businesses use our Services Every month. We are a big company and we have deep pockets, and we are lucky. Our focus right now is not really on our own business, but on helping Small Businesses. Fund,nched a 100 million 40 million of which was earmarked for the u. S. Our focus is really their business. All have a responsibility to do as much as we can through this crisis. Emily i know a lot of businesses have been getting creative, using technology, using the web to market themselves. Facebook has been working on bumping up the ecommerce experience on the platform. I wonder if you are accelerating any of these efforts, whether it is shopping on instagram or whatsapp storefronts . Sheryl we are, and we will have more to share with product updates tomorrow. We are seeing Small Businesses do on the platform is incredible. Icre is a bookstore called me out of missouri, a local Community Bookstore for black children to get books about their history and see the positive role models that are not written about enough. They are doing classes with. Acebook online there is a grooming company out of kalamazoo, michigan, now helping a local distillery make Hand Sanitizer and help people find it and donate it from local hospitals. The resilience from Small Business is now so apparent. It comes from our report. Theyf Small Businesses say are still optimistic over the long run for the future of their business. Highlightinge also some of the challenges being faced by female entrepreneurs. I wonder if you can share some about theoughts pandemic, childcare issues, school be enclosed, how that might be a double whammy and an order. Making it harder. Sheryl women worked a double shift before coronavirus. It is clear that women are putting in a doubledoubleshift. The average heterosexual straight couple right now, the woman is working 71 hours per week. Men are doing 50. That is a gap of 21 hours a week. We have talked for so many years about what has to happen in the workplace has to happen at home. This is a great time for men to lean in to their families and take as much of it that they cancel that women are not going canomplete of it as they so that women are not going to completely burn out. Sight,there is no end in as much as we would like to see one. It is looking like it will be some sort of abnormal recovery. Be modeling this out. What is your operating assumption about what it looks like and how much worse it gets . Sheryl we are not economists, and we are obviously following closely. We have already said we are going to be one of the last companies to go back because we will make way for essential workers to keep it as safe as possible for them. Into theo put products world that help. Foraunched fundraisers Small Businesses. A few months ago, when we launched fundraisers for Small Business, we never would have thought of it, but people want to help keep their local businesses alive. People working hard through this and trying to put product out there to keep people affect did keep people connected and help Small Businesses survive through this crisis. Emily facebook has told employees that they can expect to work from home through the end of the year. I wonder what you are thinking about the return to work. Will it only be safe when there is a vaccine . And how will the office look different . Sheryl we will follow health guidelines. This is obviously a situation that is changing as we learn more. We are trying to keep our essential workers as safe as possible. We know that we are going to follow very conservative guidelines. We also know that we will continue to learn. We dok if you asked, can our jobs at home months ago and we would have said no. Surprising how much we can get done. It changes our understanding about how much can be done in person. That is probably something that will not go back after there will be a vaccine or treatment. Reports from bloomberg that Mark Zuckerberg seems to be consolidating at facebook. Variety just published a story saying that you are a flight risk. I wanted to give you a chance to respond to that. Sheryl kind of no and no. I have worked with mark for 12 years, we have an amazing team. Lucky to be able to do this work. Helping Small Businesses survive, and i plan to keep doing it. Emily thank you for fielding that one. Around earnings, we spoke with another member of the leadership team, facebook cfo dave weiner, says that facebook was seeing signs of stabilization after that big plunge in march. He did talk about the possibility of further contraction in the ad market. Are you still seeing that stabilization or are you concerned there could be more of a retraction more of a contraction to come . Sheryl we are continuing to focus on putting the right products out there to help people and businesses, being conservative of how to spend. We are all taking a very careful look to the future. That is what we are all trying to do. News broke last week that an antitrustrsuing case against google. The doj and almost 50 states have been looking at facebook as well as the fec. What kind of progress is being made, and has the pandemic changed the view of some of these federal agencies given out valuable essential technology has been to survive this lockdown. Sheryl we work closely with regulators all around the world. I do think this pandemic has shown that some of the services we provide has been important. Right now, we are in a crisis, the whole world is. Economicealth crisis, crisis, so we are just rolling up our sleeves to do everything we can to get everyone through this. As theseork hard issues come up as well. Again, this is sort of a arms race. I know you are relying more on ai, trying to rely more on ai, but you are seeing information popup on video. Where do you think the Biggest Challenges remain on the platform. Sheryl it is an arms race. I think we are tremendously benefited. All of the troubles over the past few years are widely built up with the system we have. We have Third Party Fact checkers, Government Agencies so that when a misinformation starts to spread, we can take it down quickly. I think we have to be rigorous Going Forward. Period,that during this we have used all of the tools we have for this. We have pushed nearly 2 billion people to Accurate Health information by being aggressive by putting aggressive and Accurate Health information into their newsfeeds and into their products. Emily facebook just acquired giphy, looking to make it part of the instagram team. Are we going to see more m a more m a . Giphy we were working on before the coronavirus hit. I think it is a good acquisition for us. 50 of their traffic came from facebook. We will see, but this is something we were working on before. Emily the last question i want to ask about, some of these antitrust issues. You have critics like the avenue busy group, saying this is a acy group,dcvoc saying this is pr. Are you prepared to make changes that might need to be made to avoid that . Sheryl again, it is early in this process. We believe we offer a Competitive Service in a highly competitive environment. We believe we face competition for products from china and around the world. We will continue to work with regulators, make the case to protect ourselves, protect Small Businesses, and we will see what happens. I think this story will play out over a long period of time. Emily thank you so much for taking the time. Appreciate you joining us as always. Live. , leadership United AirlinesCeo Oscar Munoz joins David Rubenstein to talk about actions he is taking to carriere the airline weathers the pandemic. Staying connected your way is easier than ever. Youre just a tap away from personalized support on xfinity. Com. Get faster internet speeds with a click. Order xfi pods to your home in a snap. Or change your Xfinity Services with just a touch. All in one place. Youre only seconds away from all of that on xfinity. Com. Faster than a call. Easy as a tap. Now thats simple, easy, awesome. Emily lets get to leadership live with David Rubenstein. David today, we are pleased and honored to have oscar with us, the ceo of United Airlines. A company that has been affected by this as much as any company in the u. S. Thank you for coming today. Oscar thank you for having me. David i want to make sure everyone is familiar with your story. You are the oldest of nine children, is that right . Oscar true. David you have four children yourself and how many nieces and nephews . Oscar around 37 at last count. David do any of them fly anything other than united . Oscar absolutely not. David we were the first and your family to go to college and you have an undergraduate degree from pepperdine. You work through a series of positions through cocacola, pepsi and csx. Yes. Ceo whilep to be the you were on the board of United Airlines. Oscar president and coo. David then, somebody came along and said to you if you are on the board of United Airlines, you should become the ceo. And icided to do so assume you never regretted that decision, right . Oscar csx is an Incredible Company but united offers exactly what transpired. An important challenge in my career progression about where it was and it was a turnaround. Csx had been a turnaround and i have been part of the team. I felt this was my chance to do it myself. David you took over that position in september 2015. In october of 2015, you had a heart attack. And a few months later, you had a heart transplant. And then, you went back to work a few months after that. So, have you been in good health before you went to United Airlines . Were you shocked you had a heart attack . Oscar that is the one thing about heart disease. It is one of those diseases that you dont often know. I was a marathon runner, a vegan. I worked out as much as we can given our schedules. It was a bit of a shock to have that kind of a disease. Not so much to have it as the others as it manifested. David you were running the company. You came back from the heart attack. You said to your colleagues one day, i have to go do something today. By the way, i will let you know what it is. Then you had a heart transplant. Oscar exactly. Technically, the legal people have to say i was technically on medical leave. Were mind, i knew we waiting for the heart but we really couldnt tell anybody for all the obvious reasons. On the morning of my birthday, i got a call from my doctor saying we have a heart for you. Thats terrific, when do you need me in . Well, not until this afternoon. We had a wonderful strategic conversation going on about the future of the company where the foundation for what we have been able to do that morning. At lunchtime, i said i have to go to the hospital. There something i have to do that is impor