Out. Our conversation with jeremy stopple min later this hour. Tiktoks Parent Company is asking a u. S. Court to intervene in President Trumps attempt to thwart the sale. First, a comeback for big tech in the stock market. For more on the trade, we are joined by Sarah Ponczek in new york. Walk us through the day and how tech drove market action. Tech we did have a turnaround, this two days after the nasdaq fell. You see the nasdaq 100 back on top. If you look at your other major benchmarks, not staging as much of a rally. What changed . Not too much. You could say its just a comeback. At the same time, there were headlines about further restrictions in the city. It begs the question about whether or not people will be working from home, stuck at home with restrictions longer than previously thought, especially with the positive news on the vaccine. The that, we see stayathome trade likely to return. With tech getting hit hard the last few days, is the worst over, or is the worst still to come . Jon its a great question. One day does not make a trend, and neither does two days. The difference was that we did get positive news on the vaccine. As you see on your screen, bank stocks have been posting strong threes, above 2 , percent. Amazon, microsoft, really taking the lead, and what investors seem to believe is that if we get a return to normalcy, the minute you get the participation from smallcap stocks, maybe you get the value from airlines, cruise lines, but that doesnt necessarily mean that tech is going to fall behind immensely. Tech can continue to trend higher. You could also get more participation from other areas that need it. Emily thank you so much for breaking that down for us. We will be watching tomorrow. Saides secretary of state the state will begin a county by county hand audit of ballots in the president ial race that would be completed by november 20. The review comes as president elect joe biden leads by a slim margin of 14,000 votes in the state, but President Trump continues to tweeted that he will win with the help of his lawyer. We want to bring in tim obrien who has a new piece out on why President Trump may be scared to leave the white house. You always have a way with words, and as you point out, the president has overcome Sexual Assault allegations, impeachment , and the threat of personal bankruptcy. Can he get out of losing an election . Tim i dont think he can get out of losing an election. Biden is ahead in the popular vote by 5 million votes. He has a healthy lead that is likely to get larger in the electoral college. He is not going to get out of the fact pattern around selection. I think he is trying to create through these lawsuits and his tweets and what some other members of the Republican Party are doing right now, its this idea that it is rig, and he can say he never lost this election. I think he is wary of losing the power and the insulation that the presidency provides him. Those are the twin explanations for why he continues to engage in this stance of declaring himself the winner of the election. Emily to be clear, trumps legal challenges are focused on six pell grant states that he won in 2016. Biden is leading in five of them, and there is no evidence of fraud in any of these states despite what the president has said. That said, it seems like he is going to make it difficult between now and inauguration day. How do you think this plays out . Tim theres no question hes going to make it difficult, but he began telegraphing that months ago. He talked about how mailin ballot and could not be trusted. I think it was a foregone conclusion that november to january would be a difficult transition. Its worth remembering that when bush and gore were in a dispute over the florida election, it was only 537 votes that separated the two of them. And all of the states that trump is contest in, youre talking about tens of thousands of votes. Even if fraud existed, it would have to exist on such an epic scale for those many votes to get over the lead. The facts alone way against him. Weigh against him. He is using powers of the federal government to disrupt the transition. The General Services administration has not given the resources it typically does to the incoming president elect to get staffed up and in transition. Itself is feeding ideas that the Election Results are not reliable. He is going to continue to try to burn the house down. That is who he is when he is cornered. I think we should rely on our and the media to stand up for the fact pattern and truth. Said, how much confidence do you have that the house wont burn down, that he wont be able to inflict that kind of damage on the office in the 70 days he has left . Tim i think he is going to try. I think he will be hardpressed in theore than sit out sandbox with his pail and shovel for quite a while. He is clearly doing things to federal agencies in the pentagon. I find some of the moves hes made at the pentagon to be very concerning. He is putting loyalists in the upper ranks of the pentagon, and you wonder why when he only has several weeks of the presidency left. Day, we canf the all count on keeping him at bay. I certainly hope we dont get to that point. Howy what is your sense of scared he should be to leave the white house . There has been speculation that he will face prosecution in new york state at the very least. Is that going to happen . Substantialre two allegations. The attorney general is investigating him for possible tax fraud, and the Manhattan District Attorney is looking at the trump organization, his children, for similar inflating the value of assets to investors and lenders, accounting gimmick re, and possible financial fraud. Those are serious cases he is going to have to deal with. The manhattan das case could have felonies involved and the possibility of prison time. Trump is looking down the fact that hes got over 1 billion in debt that he is carrying against assets that are getting batted around by the coronavirus pandemic, and over 400 million of that is coming due relatively soon. Hes in a position where he might have to engage in some fire sales of illiquid assets to raise money to pay down his debts. Billgot this financial and hanging over him and legal anvil and financial legal anvil hanging over him. Emily thanks so much for weighing in. Coming up, the travel industry has been hit hard to say the least by covid19. The ridesharing sector is continuing to feel the struggle. We are going to talk to lyft cofounder john zimmer. That is next. This is bloomberg. Has sparedpandemic nothing and no one, and Ridesharing Companies have been battered amid a global plunge in travel and commuting. Saw a majority of its riders vanish as businesses shuttered and workers stayed home. With recent news of a potential vaccine and a major ballot measure being passed in california, the ridesharing business could be navigating its way back. Joining me now, john zimmer, lyft cofounder. It has been a long seven months and a long seven months for you. Lets talk about it. Earnings looked better than some of the doomsday scenarios predicted. Ridership is coming back, but it is still way down. What does ridership look like to you over the coming winter months . Quarter, wer over saw 47 growth in revenue. , but amaterial return ways to go. It is hard to predict. The news of the vaccine is great for society as well as for lyft, so we are planning to be thoughtful about how we plan to use our capital and be ready to hit profitability in q4 of next irrelevant to the speed of the recovery. Are you forecasting a vaccine will be ready, and how are you baking that into your model . Ton we are being careful predict a slow recovery. As a human living in society with the pandemic, i am hopeful that it is available in the first half of next year in a meaningful way, and that would obviously be great for our drivers and riders and business. We are ready to hit profitability at the end of next year even with a slower recovery. Your longerterm view of ridesharing with people leaving big cities to suburbs . Maybe we have a vaccine, but that trend continues. How does that change the Competitive Dynamics between lyft and uber . John one of the ways we are differentiating is we are focused on providing a portfolio of Transportation Options for personal transportation, the examples of that being bike share we purchased the bike share system known as bay wheels in of the bay area, divi in chicago, so we have seen bike share yearoveryear rise. Weve added consumer rentals to our mix. We are seeing that peoples interest in transportation as a service is going to be a longterm trend. Just as people have moved away from owning dvds and moving to netflix, music, spotify, we see the same thing happening in transportation. There will be shifts. There will be changes in how people get around, but by having a portfolio approach, we will be able to capture that shift. Emily you bolstered your delivery business. Youve done deals with grubhub to deliver food and epic to oriver nonemergency arrange transit for nonemergency medical appointments. What can you do to expand delivery as we wait for travel and commuting to bounceback . John we are excited about the grubhub relationship. With our Subscription Service we call pink, you get access to all of grubhubs restaurants with free delivery if you are a pink subscriber. In terms of medical transportation, it is something we continue to invest in. Medicalency transportation we believe is a multibilliondollar opportunity, and so that integration allows integrated to. Their software is used by 70 of hospitals across the country. That is a great integration. With delivery broadly, we are not interested in being another consumer platform. What we are focused on is what we can do to be a logistics layer for other retailers or businesses without cutting ourselves in between that retailer and consumer. What we are hearing from retailers is that while they are going through the pandemic, they wanted to get on some of these different platforms, but they want the traffic and their customers to be loyal and organic to their website and platform. I think that is going to be a nice opportunity for us next year. Emily how profitable can that be . How do the rates differ from your other businesses . John one of the big differences when you talk about uber, uber eats, they are subsidizing the actual cost, and then they are charging the restaurant in that case anywhere from a 20 to 30 commission. We work with retailers lets think of a nonperishable item, and we provide that last mile service at a similar rate to people getting around in a lyft, there are a lot of opportunities where existing providers cannot provide Sameday Service like ups or fedex. Was a huge 22 victory for you in california, and i know youre going to use that as a blueprint for conversations at the state and federal level. Engaging in are you first, and how do you convince a new administration, joe biden and Elizabeth Warren, who were against this . The john state of california is extremely progressive. I believe president elect biden one by 30 , and this proposition to allow drivers to be independent and get benefits like health care, as well as this additional insurance by a nearly 20 margin. It had support from all parties. To talk tolooking regulators and labor leaders to say, hey, lets work together. Drivers want to this on a six to one basis. Independenter to be contractors, but they also want benefits. We have to find a way by providing benefits that they dont all turn into employees, which many existing laws would not do. That would result in the things like schedules and other things. I know every new years eve, you are a lyft driver. Are you going to be driving this new years eve . John thats the plan. [laughter] year. One it every one year, we had our first child, i did it a few days earlier. My wife was not happy about that. Im going to do my best. Emily you will have to tell us how it goes, john zimmer, lyft cofounder. I have to say your wife is a champ. Aming up, what used to be nicety has become a necessity. A boom delivery has seen in the pandemic and has provided a lifeline to those at high risk of covid19. We are going to talk about that next. This is bloomberg. Emily over one million u. S. Households now use government benefits to buy groceries online. Those numbers spiking 50 fold this year amid the global pandemic. Once a nice perk, grocery delivery is now a lifesaver for companies for families across the country. With us, Bloomberg News west coast reporter matt day. This is something we dont talk a lot about, but we should talk about more. In the past, you couldnt get food online anywhere. What is the status now . Got you used to have to into the store, and this was until last year when they expanded a pilot to take this program into the 21st century. Now its online in 46 states and washington, d. C. In most of those states, you can buy groceries or pickup delivery from amazon or walmart. How does amazons offering different from walmart . Smallerazon has much brickandmortar presence. Walmart has thousands of stores you can pick up from. Amazon will deliver fresh groceries in most metro areas. Beyond that, youre probably looking at a much more limited selection of shelfstable or frozen stuff rather than fresh food. Are many worthy organizations out there working to fight hunger, but some of them arent happy about this. Can you explain that . Critique,overarching ecommerce and grocery delivery have been a thing for many years, but i think the biggest lingering . Is the number of retailers involved, primarily walmart and amazon, and there are concerns that the surface area in terms of coverage for deliveries is not as wide as people might have hoped. Emily do these companies, amazon, walmart, do they have anything special planned for these folks heading into the holidays . Matt matt its a great question. Both of them have ramped up donations since the pandemic began. No, i havent seen anything specifically targeted to food aid recipients. Emily it was interesting to see jeff bezos response to biden winning the election, becoming president elect, and im curious what your perspective is on what bidens election means for amazon given that the antitrust scrutiny is not likely to end. Wontnly, it means bezos have as contentious a relationship with the person in the white house. Matt that is certainly true. Amazon like a lot of institutions got tired of waking up to the headlines. Amazon contends that trump actually cost amazon the 10 billion Defense Department jedi contract. I think amazon will be pleased with a more predictable administration in the white house next year, but it is hard to say with that antitrust question mark. Day inbloombergs matt seattle who covers amazon, thank you so much for bringing this story. Business, how does a review site stay afloat when the world is on lockdown . We are going to hear from yelps throughow he has led pandemic terror, but finally sees a light at the end of the tunnel. That is next. This is bloomberg. When you switch to xfinity mobile, youre choosing to get connected to the most Reliable Network nationwide, now with 5g included. Discover how to save up to 400 a year with shared data starting at 15 a month, or get the lowest price for one line of unlimited. Come into your local xfinity store to make the most of your mobile experience. You can shop the latest phones, bring your own device, or trade in for extra savings. Thats simple, easy, awesome. Visit your local xfinity store today to ask, shop, discover the latest on xfinity mobile. Emily this is bloomberg technology. 20 on newsdespite of the early success of a pfizer vaccine. The most prominent platform laid off 1000 people when the poisedc came but stands to gain when the economy reopens. That reopening may not be straightforward as cities put new restrictions on indoor dining. I sit down with Ceo Jeremy Stoppelman to talk about how the company has navigated crisis the crisis. Jeremy probably the best word is terror. [laughter] foras a scary moment america, Small Businesses and yelp because we are away to find local businesses. The first thing crossing my mind is our people still going to buy advertising . We certainly took a big hit in advertising dollars as people pause their campaigns but we had a functionality that allowed them to set a future date so they sent a resume date for perhaps months later when the pandemic has passed or the panic has subsided. 20 on newshares by of the pfizer vaccine. If everything works out, it means the economy opens faster and its good for Small Businesses and yelp. How optimistic are you . Jeremy none of us have been through a pandemic before so we cant know any everything but in the last quarter, things had come back and Economic Activity had ticked up. People are starting to dine at restaurants in the Winter Weather isnt quite into winter yet. Local weather isnt quite into whether winter yet. We can finally say there is light at the end of this tunnel. That has been the scariest thing about the crisis. We hoped a vaccine would arrive but actually knowing what is there and it is effective is very exciting. Yelp, in the us at minds of Small Business owners and the rest of the world is happy to hear that news. Emily you regularly Read Economic in past reports and you found that thousands of businesses had closed on yelp. Where does that number stand now . We have seen lots of businesses reopened that are temporarily closed. 100,000 of closed businesses have opened up again, which is a great sign. And from a new business standpoint, we are seeing new business openings at levels in line with 2019. That is one really inspiring thing, showing the resilience of entrepreneurship. New entrepreneurs are still being born in this environment, which is incredible. I think it Shows Incredible tenacity and bodes well for the. Of the economy. Emily the pandemic has become very political and i am wondering what your take is on bidensn election election . Have to take a dispassionate look at politics out of it. We cant really have a great economy if everyone is cowering from the impact of pandemic or hospitals are getting overloaded by cases. Have to take a sensible appro