We will speak to the ceo in a moment. Stocks up, halting the rally. The market may have gotten ahead of itself considering we are in the midst of a health, economic, and social crisis. We are now officially in a recession here in the United States. What drove the stall in the market today . It is easy to see why the market would want to take a little buffet either. Little of a either. Yesterday0 as of turning positive for the year despite the fact that the earnings outlook is not looking great. The data is better, but still pretty pat of all things considered. You can see why investors may want to take a pause here and assess the picture and see whether it is time to be adding risk. The nasdaq actually did close in the green today. The nasdaq 100 actually did briefly top the 10,000 level. The Community Services index, those growth sectors were able to eke out gains today as well. The dollar, would have been its ninth day in a row down. It suggests that it was not an altright risk off day, nor was it ultra risk on. Emily Apple Holding a virtual version of its Worldwide Developers conference in a few weeks. Mark gurman reporting that they are for pairing the shift to mac chips and Apple Computers away from intel. Particulard apple in drive the rally that we saw . And drove quite a a lot of it. It was the biggest points contributor to both the s p and nasdaq. The chip format computers drove apple to fresh record highs. It is not just apple in that mega cap space. You also saw microsoft, amazon, facebook, they also carried the gains we saw. Talk to us about the decline. These values cyclical sectors really go back to the bottom of the barrel and lag. That is true for those beaten down travel stocks that have seen incredible rallies. Hertz, which declared bankruptcy last month, it gave about a quarter of the gains back. You also saw the likes of american, delta, norwegian lower as some of the optimism about the travel rebound has begun to wane a touch. Nikola does not have any revenue yet. But Company Stock debuted on the nasdaq just last week and is up 136 . Clearly, investors are still looking to take some risk in the market. That raises the question of how much of the action today was profit taking. Emily thank you so much for that update. Facebook also driving a little bit of the rally today. Shares of the social market ended with a up 3 as they continue to face controversy about how they are moderating content on the platform. Zuckerberg saying he is taking time to review the policies. But is it too little, too late . Joining us, john freeman. Contenty not the first controversy facebook has faced. What is your take on this . John i think between now and the election, there will be a lot of noise, some interested parties who will want to contribute to that noise on both sides. But whatever happens before the election is just that, just noise. Whoever wins, the regulatory situation will be starkly superposition the kind of situation now. Athink that there is worstcase scenario out there. Facebook, social content. Bel toward the to follow that logic through, i think the rest of tech, and you talk about a trillionplus dollars of tensions. Of k the market is kind i think youve seen what the market has reacted. It seems like investors have pretty much shrugged it off, the regulatory risk, that is. Emily twitter shares had been rallying. They are down today. Twitter taking an opposite stance on this post by donald trump suggesting that looters should be shot. This has opened a new front between the president and big tex. You really dont think it is going to matter once the election is over . John it will matter. But whatever you are hearing, what other whatever investigations are announced or executive orders are made, even like the last one, it was completely toothless, really. That grandstanding, and we wont see the real situation until after the election. There does need to be some adjustments to our laws to reflect the internet era. Helpfulit would be very for everybody. I dont think the fundamental principles are going to change. Guys will probably compete on the basis of, we like thesor at all, facebooking zuckerberg abroad. And everybody can kind of then of thehe social network suppose. Y like best, i emily suppose. How concerned are you about the regulatory risk, antitrust . Month antitrust side, that is a tough on the antitrust side, that is a tough assessment to make. There are investigations led by both the house and senate that are ongoing. Be resolvedl not until after the election. They will come up with some real recommendations, and there might be some more penalties and so forth. I dont think the fundamental principles will change. Maybe some guardrails and clarifications, particularly with regard to data privacy and that kind of thing. Emily john freeman, always good to have you on the show, thank you for joining us. Coming up, can your blood type tell you if more are tell you if you are more or less likely to get covid19 . Me saysarch from 23 and yes. We will speak to the ceo, next. This is bloomberg. The geneticrch from testing giant 23andme found that differences in a gene influence a persons blood type, that can affect how likely you are to contract covid19. This is potentially very groundbreaking. Joining us now to discuss the discovery, anne wojcicki, the ceo of 23 and me. Great to have you back here on the show. You have made some potentially extraordinary discoveries here. Talk to us about what you found. Anne we are grateful because our customers really rose to the challenge and contributed to this research. We had people who said they had covid19, 2000 of them said they were hospitalized. We were able to analyze the data. Typeund that the o blood looks like it is protective. It is not a huge increase, but it is 9 to 18 less likely to be infected and severe. There is more research to be found here. Which is part of the reason why we are still enrolling people in this study. Kitse giving away 10,000 for anyone who has been hospitalized. I really believe that we have the potential to find genetic associations that will help us know who is the most vulnerable and can we do more to potentially protect those people . Emily it is obviously good news if you are type o, and it is still early, but have you found any clues showcasing any trends for other blood types . Anne o looks like you have a decreased risk and the others looked to be similar. Science, to and understand why it is protective in some ways. To be able to identify people to say, you should be more protective, or help in vaccine or Drug Discovery in any way. Emily what is so interesting about covid is that it can spread so fast undetected, which means some people get very sick and many people do not get very sick at all. The question of the hour is why. Thatresearch indicates genes play a role here. Aboutre any clues here what role your own genetics complaint . Anne that is what we are trying to see here. Symptomatic would be interesting. That is why we are giving away kits. I just want to add, a lot of Infectious Diseases, things like thevirus, which is known as cruise ship virus, there are genetic mutations that say these individuals are less likely to get this disease. Even things like hiv, there are mutations where people are less likely to get infected if they have this mutation. We are looking for this kind of mutation. People are significantly less at risk for being infected. Emily most of the studies so far have had a few thousand participants. Hunch tou go from a actual took actionable information . I am really proud, but customers stepped up and rallied. Hundreds of thousands. It shows the power of having a Community Like 23 and me. A period of time. The Scientific Community needs to vent it, understand the biology around it, and this starts to get integrated into how we are managing covid19. It will take time making sure we have more people who were diagnosed and hospitalized with covid19. Emily how do you imagine using this information . Are you exploring any potential Drug Development . Anne we are not. We made a decision that Infectious Diseases is not something that 23andme has the team for, the background. We are absolutely happy to work with partners who potentially are pursuing that. Wille eager to say that we collaborate with the academic world. Useful for the Drug Discovery and Vaccine Development world. The science world has come together. Would you look at or explore collaborations with drugmakers in some way and what might that involve . Anne we have a collaboration right now with gsk. They have been our partner specifically looking at Drug Discovery from the 23andme community. Again, it the first step for us as a company is to put out this announcement, we felt the rush because it was so important for our customers. Second is to publish this in a peerreviewed journal and look at, are there people who want to partner with this around Vaccine Development and Drug Discovery . Emily what your blood can tell you about covid as well, specifically how severely you get sick if you contract the disease. How can that research fit into what you are doing and as you mentioned the Scientific Community coming together. One thing we have been ise to do with our customers reach out again and go back to them. If another team found that there was Something Else in the environment that we wanted to test, we could potentially reach out with our customers and see if we can collaborate. It is early days but it is exciting that the blood type looks so real. There is a reason why o type seems to be you are less susceptible to developing covid19 because of this blood type. Begin tobsolutely collaborate. The next and focusing on it is to continue to pursue genetic findings and we can do that would get more data. Emily meantime, the government has to clear the way in order to make sure that scientists make progress, vaccines are developed. I know you have had your own experience with u. S. Bureaucracy and the fda. How confident are you that the Trump Administration can clear the hurdles that have to be cleared in order to make Real Progress that needs to be made in the middle of a pandemic . Anne we have had a lot of experience now working with the fda. The fda is filled with people that are incredibly talented and they can react at the appropriate time. Vaccine development, there is all kinds of data out there. Normally, it takes a while. Everyone is rushing. A balance between the seed but also the need to have a product that works. I believe the fda absolutely has the ability and they have been really responsive in terms of partnering and thinking about what is the most appropriate way to move forward . Emily we are in the middle of not just a Health Crisis but an economic crisis and also a social crisis now as well as protests continue over police brutality, the death of george floyd. I know that these are issues you are passionate about. What can we do to change, what are you doing to change, and how can we hold ourselves come our companies, and our leaders accountable . Anne i think the most important thing for every company, not just a company but people in andral, is take a step back whether we realize it or not, recognize we are doing something wrong. The most important thing we need to first do is recognize there is an issue, then listen and hear the stories. As i have been hearing stories, i feel awful and that there has been this systemic problem. People within the company we have not even within the company that we have not necessarily addressed. I put out an email, i publicly came out and said, i have a problem, i have no one who is black who is over director level or above, or on my board. That is an issue that we need to change. We focus now on identifying these four pillars of what we can potentially do. The first one being hiring. What is our hiring practice. Is the funnel wide enough . Linkedin says that over 70 of people come from a network, a connection. We all have to broaden our connections. Second is the employee experience. Are we doing things within the company that create microaggressions that do not reach do not create a safe space for people. Third is the community impact. Pipelinepporting the of people who potential he come to the company and are we supporting a diverse pipeline . And are we partnering with companies that also have diversity . I can make decisions of who i do research with, why buy supplies with. Last is looking at our own product. Recognizing that our product is relatively eurocentric right now. We have a opportunity to broaden that to support all populations. Emily meantime, it is certainly not only a 23andme problem, it is an america problem, a Silicon Valley problem. Tech companies from google to facebook, problems with misinformation about covid19, yet so important with keeping us all connected as we shelterinplace. Important to share these stories, these devastating and passionate stories of change happening across the country. How do we find the balance for these companies in terms of using their power for good and curbing power when necessary . Anne that is a tricky question. I think there is a lot. I think every company has the spotlight shining on them right now about what they stand for. I think it is going to be really important. I think about this a lot, what are the decisions we are making today that we will look back on and say, were we part of the helpe, did we do things to set up the kind of future we want . I think we need to look at how is it that we are managing. Data coming in online. Companies have a responsibility to recognize what they stand for. Think covid has changed the company trajectory at all and if so, how . Anne i think covid has changed 23andme in that people are recognizing two things. One, the importance of prevention. For months, we could not easily go to the doctor. 23 and me is a lot about identity, learning about your genetics, health risks. The reason to learn about your health risks is because there is an opportunity to prevent disease. We have seen our customers are is a disturbance of people logging in and wanting to know what they are at risk for and what actions they can take now. Second, i think that fundamentally health care is changing because of the boom in telemedicine. Have always said is that the old days were about a onetoone connection between you and the doctor. Frankly, those days are over. You have to find additional ways to get care. Is that going to be through online, is that through a group setting, is that through telemedicine, is it chatbots . There is always going to be a need where you have to connect to a physician and person but there is a whole opportunity for keeping people well at home that can leverage the internet, telemedicine, and this sort of remote connection opportunity. Emily what are your biggest concerns obviously, there are so many who are going through so many things right now whether it the Health Crisis, the economy, layoffs, people fighting for. Obs across the country we have about 30 seconds left. Concerns . Our biggest optimisticd to be an individual. Optimisticeel because there is so much unrest and change, there is a massive upheaval going on. Frankly, the world is going to be different. What i think about is that it is our opportunity to lose. So we have to make those changes. Emily absolutely. Anne wojcicki, ceo of 23andme. Well be right back after this quick break. Emily welcome back to bloomberg technology. Several countries across europe and asia are using their own Contact Tracing apps to track the spread of covid19, but in the United States, regulators have raised concerns about privacy. York is now new working with the whistleblower of Cambridge Analytic and antifacebook scandal to introduce a new bill to curb privacy and data issues. I spoke with kaiser earlier today. We want to be able to save human life in the midst of a pandemic. Just like we have decided all to stay at home and obey other regulations and quarantine ourselves, we should also be interested in using Contact Tracing. Problem is that many of the governments dont have a great history of effecting Data Protection and privacy. They have not implement Data Protection legislation or regulation that will protect the privacy and how the data will be used. Been workingve with new york on an emergency bill that will be introduced to state congress about how to regulate contract chasing data tracing data. What are you proposing . We are proposing that people have a clear and explicit opt in so they understand what the data is held for, who has access, what it is used for, they will be modified by the individuals. Lookinglso explicitly at the last week and a half or gethen Law Enforcement access to that data. There has been peaceful concern for riots that has broken out across the nation whether or not the Law Enforcement have been using Contact Tracing data to track protesters and phaps prevent the peaceful and perhaps prevent it. It is potentially undermining the u. S. President ial elections. How has that experience informed your views around Contact Tracing and data privacy. What i learned at cambridge aalytic to was that there is big difference between what you can legally do with data and what you ethically should do with data. That is why i have spent so much time working with legislators to prevent the abuses i saw in the 2016 election. So we are using new regulation to make sure they are protected but this innovation can still go forward as long as it is done in an ethical and moral way. I obviously have a lot of quandaries had to do with and you can read more about it in my book. If you seen the great hack on netflix, that will also explain further why you cannot allow companies or governments to do whatever they want with personal data. We need to do it so that it is easier for companies and citizens to understan