For the drop. The nasdaq 100 extended its 2020 rally. More now with abigail doolittle, our Bloomberg Markets reporter. L ofe been following al the action. What do you make of stocks rallying at the close . Abigail what an exhausting week. A mixed close on the week between different indexes, making it just as exhausting. All of the volatility tells you what we were talking about yesterday. The uncertainty out there. Theres the nasdaq 100 on the week. You can see the huge ups and downs. This tells you investors do not know what is going on. Between this month and last month, not a lot has changed fundamentally for these companies. Just technical movement, that in august. E had at this point, you do have the on thep investors up 2 nasdaq 100. The best week going back to august. Largely driven by apple having its best up week since august 21. From a also up sharply percentage standpoint. Apple, from a waiting standpoint, as you know, between those two companies in early 20 nasdaqsset 100 of the 100. To my knowledge, none of this movement is on real fundamental news or change. It is really momentum back into the stocks. For the most are comedies are companies that have benefited quite a bit from the pandemic. So, what stocks did move on real fundamental news . We know tesla had battery day, we saw a move there. What did you see . Abigail i would say tesla is one of those stocks. That is the biggest momentum stock of the year, still up more than 350 . Oracle stands out on the week. Really not doing much of anything at all. Trying to gain big swings up and down in between the. That. Still unclear what is going to happen between now and whether the deal will go through with President Trump and china for tiktok. The negotiations happening there still. Sunday or monday. Investors are hanging in there. Since oracle has been interested, the stock is up sharply, telling you investors like the diversification. Tesla is down 8 today. From a story standpoint, the stock that stands out the most is the electric truck company, getting absolutely pummeled on the week, down 43 . This of course is the ceo and founder that resigned amid fraud allegations. There are not a lot of words that investors say. One word that investors never want to hear is fraud. You can see it right there, the worst whatever for nikola. Down 43 . Emily what a dramatic slide. Bloombergs abigail doolittle, thank you so much for that update. Happy friday. I want to keep talking about nikola. Shares down over 50 from the start of september, following that bombshell report, accusing the company of fraud. That landed just after General Motors took an 11 stake in the company. Did they do their research . Joining me now is tim obrien. The story has captured the fascination of many. How could gm have mixed missed this . Did they do any research at all . There was a report that set the solid motion over the last 10 days or so. Set this all in motion over the last 10 days or so. Our bloomberg reporters it should not have been news to gm when the report landed. The question here is, what were they looking at and considering when they decided to do this deal . Remember upfront the financials on this deal were very good for gm. She got an 11 stake in the Company Without putting up any cash. Nikola harvest of the environmental credits that nikola has around this line of production. There were a lot of good, Smart Financial details. Ideailds around the that trevor moment is a show man and Snake Oil Salesman who sold gm a bill of goods. The deal came to gm through steve gursky. Is, did thequestion ceo relied too much on judgment in this . She has said publicly the lawyershad an armada of and analysts look at this before they did the transaction. Which they may have. ,t still raises the question of why did they not think about the reputation of what the exposed themselves to . Emily lets talk about that reputational risk. Gm emerge from this unscathed even if they did not know . It certainly does not look good. Mary is a very good, talented ceo. This is not going to bring the company down. Scenario, they clean of the mistakes they made around this, they learned their lesson, and they move on. Doje is an fcc and investigation looking into the circumstances surrounding a bunch of claims from nikola. Gm transaction will follow under the purview. It is likely gms board will have to take a close look at this if they not have if they have not already started to make sure they dotted all their theird crossed all ts. Im not an insider there. Emily you have also been looking closely at the upcoming election. You wrote the book on trump. It is looking more and more judge barrett will be President Trumps pick to replace Justice Ginsburg. Its been a dramatic and emotional turn of events for a lot of people. How do you think this changes what we see going into the election . I dont know that it will change that much going into the election other than it will incentive both sides of the aisle, because there are a lot of bread and butter issues involved in this nomination. I think the highlight around it is the state of roe v wade. But i dont know that that is going to move the needle that much between now and november 3. I think the thing to watch for is what happens after november 3. If the democrats get control of the senate in the presidency and the presidency, theres been a lot of interest around what they might do to seek retribution for Mitch Mcconnell and republicans in the senate now ramming this appointment through with such a short time between now and election day, essentially contravening their own statements in the past that they would never do anything like this. I think theres going to be a big political turf or after november 3. Turf war after november 3. That is where this will end up residing. Emily do you think it makes sense for this to happen essentially before the election, so that it doesnt potentially confusion among voters, and they can vote President Trump in or out . Believe from an institutional standpoint that it does not make sense to ram this through before election day. All the polling indicates that American Voters would prefer the decision is made after november , so whatever is elected president is the person home asked the final call on this. There is no question that inliberation will be rushed this time and there will be a lot of strongarming going around on this. I think it is something that should be much more deliberate than with the process right now entails. I dont think its a good idea. I think it erodes institutional respect for both the courts and congress. Both of those institutions already went through this during the kavanaugh hearing. This again is going to raise doubts in the publics mind about both the quality and integrity of the process. That is about thing a bad thing. Emily you have been looking at some of the president s statements about the election, mailin voting, the process itself being rigged. Is it rigged . Will President Trump declare victory if he does not win . Will he be prosecuted . First and foremost, no. The electoral system in this country is not rigged. We have one of the most honest and wellbuilt Electoral Systems in the world. It has flaws, there are abuses, but it is not rigged, and it is as thedled with fraud, president keeps saying. It is factually untrue. A large number of states, including red states have done mailin balloting and run on a selections for quite a long time honest elections for quite a long time. Whereis an Election Year i suspect donald trump is very worried about losing. He is looking for anything to blame for his defeat other than his own actions. Having said that, theres no question that what he is saying and doing has the potential to rode public respect for the process. To son has taken to twitter and sent people to take to the streets. And march on polling places to make sure there is a fraud. They are setting the stage for very unusual, vicious public violence that we all should be opposed to, regardless of whats what side of the auto we are on. However, donald trump is also, if you loses, i do not think he is going to try to call the military out into the streets of the country to preserve his office. If you were to do that come i dont think the military would listen to him. I dont think we are going to get there. It is a time for people to take a breath, be worried, keep an eye on the process, be vigilant, but do not be afraid, because our institutions have been beaten up, but they are still strong. Emily okay. Obrien, thank you for weighing in. Always good to have your opinions on the show. With got some breaking news about tiktok a judge has set sunday morning for a hearing at 9 30 a. M. Unless the u. S. Agree stability and impending ban on tiktok. This, at a request of bytedance. We will talk about what this means after this quick break. This is bloomberg. A federal judge in washington has set a date to halt the u. S. Ban on tiktok sunday at 9 30 a. M. This sunday morning. The u. S. Filed a sealed motion opposing tiktoks efforts. Details. The beatles lets get the details. What does this mean . The decision to of the ban, because it seems like they have not gotten a deal across the finish line yet and tiktok still does not want to be banned from the apple and google app stores, that they continue to fight the executive order in court. Now it is up to a federal judge to say, are you going to have a ban or not . The Commerce Department could come out and give another delay, which would not be tiktoking, considering is considering negotiations. Emily what is next . Howbigger issue about Chinese Technology companies can do business in the u. S. Is not over. This deal has so many different stakeholders between the u. S. Government, the chinese government, also needs to sign off on any kind of deal, not to mention the Different Companies and investors that are involved. It is really a microcosm for the bigger issue, which is the u. S. And china and how they are going to get along in the future, and what the u. S. Is going to consider for tech policy going down the line. How can Companies Continue to operate globally, crossborder, between the u. S. And china and other countries, as long as they have this fear that a u. S. President could come after them . Emily i know you will be tuning in at 9 30 a. M. Sunday morning. Thank you for continuing to follow the twists and turns of this. Wonder whoever powers your shopping checkout experience on facebook and instagrams . We will speak to bench and Instagram Experience on facebook and instagram . Ceo of aay to the company that does just that, next. This is bloomberg. The pandemic has accelerated the shift to ecommerce, pushing online sales above 210 billion in the Second Quarter of this year. That is up over 30 from the previous quarter, coating to the u. S. Commerce department. One of the companies that empowers merchants to build businesses online is big commerce, who partners with amazon, ebay, instagram, and more. Joining me is the cfo and coo of big commerce. Thank you so much for joining us. Give us a big picture look at demand. How has the pandemic impacted demand among your customers and platforms . Ecommerce was accelerating even before covid. I think in the march timeframe, ust dont that search is only continued. I think the shift online with accelerating. People thought we would be if the lettering this year. Nobody thought we would be accelerating to this degree we are seeing right now. Dust toou are one of platforms that allows shoppers just to platforms that allows shoppers to buy on instagram and facebook. Even though thought we even though we thought shopping on facebook and a cigar could be a big opportunity, it has not grown as much as some expected. How much traffic as the driving . Is that driving . Commerce is going to be an important way people consume and byproducts. We want to be in the forefront of that. I think the better the User Experience, the better the adoption. I think with our latest integration with facebook and instagram, the ability to buy and check out on instagram without having to be redirected another wayite is to improve that experience. That experience can be improved pretty rapidly, we believe, overtime. The Consumer Behavior is driving online transaction. That experience that we can provide or help our merchants provide to their merchants, enabling that User Experience that makes it really easy and seamless. We help merchants do that. Selling on market places like amazon and ebay and others is a way we do that. The more ways that consumers , big commercects is going to be in the forefront of the. Emily of that. Emily what is your outlook post pandemic . How much shopping that is done online goes back offline . It has to be a certain subset. Its pretty interesting. Precovid, it took over 20 years for ecommerce to be 10 of retail. That was 2017. Forenzie published a report total retail. In them in the months since covid, it is in the 30s. It is in isolation in terms of how covid is driving the percentage of total retail. It is hard to predict with the new normal is going to be. I think everyone recognizes that thees been a shift to consumer buying experiences, shifting online. Experiences are more normal today than ever before. I think one things get back to normal or as normal as they were before, think there is going to be a permanent shift to some degree in terms of Consumer Behavior, consumer expectations, and Technology Platforms like big commerce and our ability to drive even further adoption. It is really difficult to tell, but we do know ecommerce is only going to continue to accelerate. At some point, its going to be 30 , 40 of total retail. Exactly when that will be . I dont know. I dont know. But that is where the ecommerce market is headed. Emily big, as a big successful ipo last month. Shares have surged up to 400 . Having this conversation about pricing, valuation. Critics saying valuations are too high. What are you thinking . The ipo for us was great. Ensure process, we could the shares we were selling we could put in the hands of investors we thought were longterm minded. Its been great to see how well we have done. Weve got a series of focus on our customers and focus on each other other partners. That is really what needs to be the focus right now, its very distracting otherwise. Emily [laughter] im sure its hard not to watch the stock. Robert alvarez, thanks so much for joining us. Toing up, airbnb is planning go public next week. We will get thoughts from Todd Mckinnon ongoing public in a pandemic, next. This is bloomberg. You can go your own way go your own way your wireless. Your rules. Only Xfinity Mobile lets you choose shared data, unlimited or a mix of each. And switch anytime so you only pay for the data you need. Switch and save up to 400 a year on your wireless bill. With the carrier rated 1 in customer satisfaction. Call, click, or visit your local xfinity store today. Temer has turned out to be a huge month for ipos. Debut re was company is big tech about to hit and that is palan tir. Andhe midst of a pandemic an election two months away, what should they expect . The ipous to talk about environment is our guest. We have been in a roaring debate about whether these Companies Left money on the table. We saw snowflake go up over a hundred percent. Did bankers miss price this . Snowflake and palantir have better technologies than their competitors. Everything is data centric at palantir. Everything is moving to cloud. These companies are in a great position over the longterm. If we can talk about specifics on the ipo, they need to get out. They need to get their Companies Moving forward. Need to think about the variables involved and not the specific price on the opening day. The need to get about their business of Building Great Companies in the long term. Emily palantir is going out of the gate next week. They have chosen a direct listing. Airbnb will be happening later this year. If i called you for advice, what would you say . Say there is a reason why hundreds of companies have gone public a certain way. You have to think hard about trying to innovate around your ipo. You need to just get through it. Get a fair price, get a stable group of investors, get a stable stock price and get your employees comfortable than move on and get back to the business of building your company. Thats something that gets lost in this. You are trying to build a longterm Sustainable Company and the fewer distractions you have and the better relationships you can build with investors, the built to the company. Emily as we have been speaking, we have gotten some news in. Mark filing to go public. What does that mean for Everything Else . For m a int mean this environment . Are deals happening . You are seeing the secular shifts to cloud computing. To ecommerce. You are seeing things like snowflake and palantir about data being incredibly valuable and ways to mine the data. Theres a lot of money out there and the money wants to follow where the longterm future trends of technology are. Investors want those returns. They are ready to invest. People are betting on longterm trends. One thing that is interesting, there was applause because people had to figure out how to do these complex deals all online. How do you buy a company over resume . How do you build a relationship with that company . How do are you sure that the company is going to work with you to make your customer successful . Its harder to do that online. That stuff figuring out, you will see these deals start to happen. Emily companies have now been working at home for a while. I am curious another we have been in this for six months, how has it impacted culture . We have had so many ceos saying were doing this for the foreseeable future and employees should not feel pressured to come back to the office. Is this working . Are you able to build culture the same way as if you were in the office . The main thin