Palantir pelletier set a september 9 date for an Investor Presentation. And bumble is preparing for a Public Offering that could come as early as the start of next year. Has, reports the cdc notified Public Health officials in all 50 states and five large cities to distribute a Coronavirus Vaccine to Health Care Workers and other highrisk groups as late as as early as late october or early november. Into question the timing because the president ial election is november 3. Lets see how the stories are playing out with Abigail Doolittle in new york. Stocks at record highs, but mixed messages beneath the surface. What are you reading . Abigail it was a very exciting day. At the beginning, we thought we would find a decent decline. The nasdaq went down by 1 . But at the end of the day, big gains including for the nasdaq 100. The s p 500 gaining 1. 5 . Perhaps because of vaccine hopes. For the mixed messages, there are nuances, including the fact that the mega caps you were mentioning like apple and tesla being down, they were up just fractionally today. And yesterday we were talking about bonds as a signal of caution. Bonds rallying again today. The best sector for the s p 500 wasnt tech or one of the cyclical sectors that folks like to see. It was utilities, a true deep end sector of 3. 1 . Those dividends look more attractive relative to yields on the day. A riskon day, but there were some nuances to keep watching as we push forward that could be worrisome. One sector that was truly on fire, chips. A stocks up nearly 3 . It had a lot to do with nvidia revealing a new gaming chip. From 5. 30 to went 650. 6. 50. 30 to apple,when it came to tesla, and assume all ending the day down, we discussed a big run up to those companies. We are preparing for tesla to possibly be added to the s p 500 any day now. What do you make of the fact that all of those names that investors have been so optimistic about were down . Abigail i think todays move was something that a lot of folks, traders, and investors were waiting for. How long can the stocks go higher . They came down to some degree. On tesla, news that gifford reduced their saved to a little bit more than 4 to close to 8 from 8 . That is a significant reduction. Apple down 2 . Apple was on pace for their worst day since march. Not a lot of news. We were talking about the possibility of technical selling. Some technical damage was done today. As for some of the other recent high flyers, zoom yesterday, unbelievable. Up 41 . Today down 7. 5 . They report tomorrow after the bell or it could be below before the bell. Analysts are pretty optimistic about that report. But some of these companies, ipody zoom and docusign over the last year or two. Have a lot of that new Company Momentum helping their shares higher recently. Especially companies doing well in the pandemic. New ipo newsoned around airbnb preferring the traditional route and bumble, 6 billion. Who knew . A dating app. Emily and who is on a dating app in the middle of a pandemic . Abigail doolittle, thank you so much for joining us. Continuing on the ipo theme, we rebuffing a spec offer from bill ackman. It was expected to be the biggest Public Offering since uber. And now the buzzing news about bumble. Is advisorsow cofounder and president. Lets start with airbnb. What do you make of the fact that airbnb is pushing ahead on this traditional route to ipo . They did consider a direct listing. They havent completely ruled out the acquisition just yet. Guest thanks for having the on. Pleasure to be with you. The final story for airbnb is written yet as to how they become public. Obviously, bill can be a very persuasive guy. Think those discussions may continue despite reports that they have largely broken off at this point since airbnb to filed for a traditional ipo. And last weeks news that the stockproved the new York Exchange for companies to raise capital may factor into airbnbs inking as well. It is brandnew for the direct listing market. My take at this point is while they have their paperwork in, and certainly prepared to be on path to becoming a Public Company in the near to immediate term near to medium term, they will keep their options open. Listing route can provide a significant advantage for companies. I think they will continue to consider that until they have to make a choice. Emily lets talk about those advantages. What do you think the benefit of this spac could be . Quicklyh spacs happen and time relative to a traditional ipo. But the advantages are the lack of a first daytrading pop. It doesnt first day trading pop. It doesnt leave a lot of money on the table. These pops happen in tech. And certainly there are a lot of folks, investors in Silicon Valley that talk about the first day pop and the amount of money that companies leave on the table when stocks ramp up significantly after the first day of trading and arent able to capture the value for the companys companies. Spacs dont typically see the first day pop. Tradeimes, you see them between 10 and 11. Given the incredible activity in the market, we have even seen some significant first day pops s, but nowhere near what we have seen with traditional ipos. A combination of timing, better dialed in pricing, particularly with things that spacs have offered to Companies Going public that way. Emily and you have news that bumble could be out of the gate as early as next year. I have been wondering about dating apps in the midst of a pandemic. It is more if a culture people to get together in person. But still, a potential 6 billion valuation . That surprised me. What is your take on that number . Mr. Smith we have heard numbers 6 billion to 8 billion. That is a tremendous value for the company. Hats off to the team there that has helped build tender and moved on to building bumble. We understand subscriber numbers in the 100 million range. I think it is a testament to the fact that the team has built something that is focused on women. It has built a tremendous and sticky subscriber base. I am not using dating apps at all, but the reality in this environment is that electronic connections are taking the place during the pandemic of physical connections. And even though dates look presumably a lot different in this environment than they did six months to 12 months ago, i think it is more about making those connections with people that you are not able to be with in the current environment. Dating sites like this that allow for those connections are really replacing the traditional conductivity that we have as him beings. Therefore, bumble is riding the wave of that. A building the connection between people. Emily we are going to have to do some better User Research there. You and me both. Lets talk about palantir taking a different route than airbnb and possibly bumble as well. What do you make of palantirs approach so far . Mr. Smith i was not surprised they were going to direct listing route. That was always talked about and has been in the cards for them. I think the fcc secs announcement last week that they are okaying direct listings that come with capital raising, the nasdaq will not be far behind. It augments that. We understand palantir is unlikely to raise capital with a direct listing because they just raise capital earlier in the summer. They have capital on the balance sheet. Its an approach that allows them to presumably cut down on overall fees necessary to go public and allow the shares to begin trading. It allows the market to set the value rather than the owners of the spac for the underwriters in a traditional ipo. It doesnt surprise me and i think it appeals to them and the ethos that people have driven in the company. Another thing interesting about palantir is we have been able to take the cover off the company and look at their paperwork. The company has not been profitable up to this point. It may never be profitable. That is often the case that companies that start out and are not profitable up until their time of ipo. That is a risk factor that you see in the filings. The company has engendered some fairly significant losses. Despite the huge name and huge success and the government sector, i think it will be interesting to watch how investors look at the 500 million loss last year and looking at how the business can grow and need capital going forward. Emily how is it that 2020 with a pandemic and economic recession, tens of millions of people out of work, has ended up to be a hot year for tech ipos . Mr. Smith its a testament to the fact that there is an enormous amount of capital out there looking for some form of yield. We have Interest Rates that zero notto be near only here, but around the world. To bes a hot place because of the growth that tech drives. It is viewed to be a way to generate meaningful return. Also, tech is part of the solution associated with the pandemic. With abigailt zoom and a number of other Technology Companies that have great tailwinds in this current environment because they are able to deliver this kind of conductivity that we are enjoying and others are enjoying to run businesses and be with their fellow humans beings. What we are seeing is definitely a hot ipo market. Once again, a market that, in many ways, is led by tech. It is a perception of a combination of great returns and the ability to help get through the pandemic until we can get back to a level of normality that we all hope for. Emily all right, ted. Think you for your insights. We will be all over this fall as Companies Come out of the gate. President of union square advisors. Coming up, the clock is ticking. Tiktok needs to reach an acquisition deal or risk being banned in the United States by september 15. We will have the latest twist in the tiktok story, next. This is bloomberg. Has learned the Trump Administration is debating the scope and Effective Date on the ban for chinese social media apps wechat and tiktok. It will make their decisions public later this month. Kurt wagner covers the company for us. What does this mean given the september 15 date for tiktok to sell to u. S. Company . It means that there is still a lot of confusion and a lot of stuff that needs to be figured out. The date is the timeline for when tiktok needs to be sold. It is also the timeline for when trouble make a decision about wechat, owned by a totally different company. There are a couple of different timelines converging here. The important thing to know is that most of the companies here are trying to figure out exactly what this means. We have been talking about it for weeks. Unclear if this will impact apples ability to do willess in china or if it be limited to the United States. There is a bunch of stuff still being worked out. I think that is what we have learned so far today. Emily in the meantime, i feel like a week ago, we were looking at 24 hours to 48 hours for a deal to be announced. Things seem to have significantly slowed down. Is that your sense . Is it the fact the Chinese Government has said that we will have something to say about this that some of these parties are wondering if a deal will happen at all . Kurt i think thats exactly what happened. You and i spoke on friday, i believe. I was saying that i would be sitting around over the weekend waiting for a phone call. That, obviously, did not happen. What did happen is the Chinese Government said that they need to be involved in this and basically get approval as well. You have the u. S. Government and Chinese Government that both need to be a piece for any type of deal to go through. My understanding is that has created a lot of extra hoops to jump through. And while the sides are still interested as far as no one pulling any bids and discussions still happening but it has definitely slowed down. There is a Third Major Party that needs to be on board with whatever the decision is. And that has created a bit of a delay. Emily there is also the question of whether tiktoks magic algorithms will be part of the deal. What is the likely outcome here, in your view . Kurt it is hard to predict. I am starting to lean towards whoever buys tiktok may have to create their own algorithm for the app. That is part of the Chinese Governments new rule. They need to have approval over any sale of Artificial Intelligence that would go to another country, including tiktoks algorithms. We know there is a discussion about buying tiktok with the algorithm and without it. That technology for a certain amount of time. If you are microsoft, could you ces technology while you build your own . It is unclear again if either both governments would go for Something Like that. I am told it is something that is at least being discussed. Timing, then, on your end . Will you be working through the weekend . Are we a week out . Two weeks out . Kurt i wish i knew. I certainly hope im not working through the weekend. Im getting the sense that this has slowed down somewhat considerably. When you and i were speaking late last week, people were sitting on pins and needles. I dont get that same sense of urgency from the phone calls i have been having so far this week. It certainly doesnt mean that it cant happen. But at this point, i think i would be more surprised if we get an answer before the weekend than if we do sometime next week. Iily for your sake, kurt, hope you get to enjoy some of it. Bloombergs kurt wagner, thank you for giving us that update and continuing to chase the story. Coming up, draft kings is making a draft of its own. We are looking at the newest addition to their board and what it means for the companys strategy. That is next. This is bloomberg. Emily former nba superstar Michael Jordan is putting his bet on the gambling space and draft kings receiving an equity stake in the company in exchange for becoming a special advisor to draft kings board of directors. Joining us now is brandon who covers the company for bloomberg. About jordan is huge. You cant imagine a bigger sports superstar. How involved is he actually going to be . Thaton this is the person is the most iconic spokesperson and brand in the world. Hes joining to be an advisor. What exactly that means remains to be seen. Having the jordan name involved in this, we saw the stock up 8 . Emily so what does this actually mean for draft kings . It is a big vote of confidence for somebody that is really popular. Could this materially change their trajectory . Brandon what i think it means is, if you are looking at this from the perspective of Michael Jordan doesnt need to do things like this. And he doesnt put his name to just anything. This is someone that has his door knocked on to advertise different products across the globe. And for him to be willing to do this, i think it says something. Emily and what is the outlook for draft kings at this moment with uncertainty surrounding the return of professional sports . Some have come back in fits and starts. It is a huge part of the platform. A lot of uncertainty ahead. Perspective, one what we have seen and heard from our colleagues at Bloomberg Intelligence is that they are basically priced to perfection right now. The stock has doubled since they started trading with the reverse merger back in april. Sense, not a lot can go wrong. Online. Is moving people see the opportunity there. The future is bright. For them to keep their stock price on this insane sort of line, there is not a lot of room for error. Emily what is next for the company . I know they have been getting creative about the kind of activities they will take bets on. How does that evolve as shelterinplace continues in parts of the world . Brandon if i had to guess, the big thing in this space is the fight for market share. You see everybody coming out of the woodwork. If you pull up a fantasy baseball application, you have the chance to do bets. The space is getting inundated and over the next couple of years, you will see a fight for market share. Something i know you and we will continue to cover. Brandon covers draft kings for us on the big news of Michael Jordan taking a stake in the company and advising the board. Coming up, how growing up in poverty and violence shaped this mayors vision for innovative change for his city amidst the pandemic. We will hear from michael taft, the first black mayor of stockton and the youngest mayor from a mayor major u. S. City. We will be back. This is bloomberg. Toly welcome back bloomberg technology. Im emily chang. Dayge 26, the same President Trump was elected in 2016, Michael Tubbs became the first africanamerican mayor of his town of stockton, california. He was the youngest mayor of a major American City ever. I sat down with him to learn how the people of his town are coping with the covid19 crisis and his thoughts on the controversial gig economy. Mayor tubbs i am incredibly proud of the resilience of the folks i represent as mayor. Howough im saddened by often they have to be resilient. 2008 recession hit stockton incredibly hard. We were the foreclosure capital of the company for two years. Folks had their life savings wiped out. Their folks who lost Health Care Provisions and their retirement. We saw the restructuring that came from bankruptcy. 2019 pandemice and recession. Folks are stressed and anxious about distance learning. If their kids will get the education will they deserve. Wondering if it is safe to go back to work. They are wondering how to make payroll as a small business. Peopley laying off nine on their staff that are like family to them, but making sure they have enough for their families. Worried about making rent. So many folks are essential workers. Migrant workers were not given the ppe protection they needed. A lot of anxiety. Beeninder of where we have in terms of the Economic Hardship space. But i thi