And only talk about the virus, the vaccine developments, when there is not much thats new. Why do this at all on a friday evening . I cant answer that. Its good to get out of the house, i guess. Been announcement about pfizer come a couple of weeks earlier, which to be clear, doesnt appear the science would have allowed, im sure we would be talking about a different political landscape. Even with that bad timing. It is certainly an achievement for this administration to have been able to help accelerate some of these vaccines, like the vaccineng moderna into the final stages, and hopefully the level of emergency approval and access to the American Public by the end of the year. That remains a very big deal if it does go that way. Emily can you clarify for the record what pfizers involvement was in operation warp speed . They did not get money from the government, saying they misrepresented the involvement. What do we know to be the truth about that . Question, andeat its important we clear it up. A number of companies that have gotten money to the federal government that went towards research and Development Efforts and manufacturing. Capabilities or capital they may not have had in hand, or been able to rest in the middle of this. Wellcapitalized and has many r d resources as you could possibly dream about in the world of bio and pharma. They did not do that. What they do do with the government is an agreement once the vaccine is cleared for use. Of the warp speed effort to get the vaccine to the American Public faster, but it doesnt involve the ip part of things, the manufacturing part of the things. Guess that thea reason pfizer has been quite sensitive about this is as soon as the u. S. Government say there is an investor in your r d or manufacturing process, thats how you get hauled up in the congressional hearing a few years later. This is a sensitive issue for pfizer, an issue of credit taking for this administration. But i think the administration deserves a degree of credit for helping accelerate the many vaccine candidates that are in development, not just the pfizer one. Emily of course, the Vice President not just mentioned pfizer, but moderna, and there would be other company vaccines approved next year, as well. Drew armstrong, thank you for your analysis. I want to get a check of the markets. Pfizer moving up a bit as the president was speaking. Abigail doolittle has been looking at pharma stocks. What did you see . Not much of a reaction. A bump as President Trump was speaking for pfizer, also moderna, astrazeneca, and eli lilly. This is actually a look at the major averages on the week. The we have going on is cyclical rotation everybody has been talking about. 2000, the0, russell s p 500 closing at a record high. Russell 2000 closing at a record high and putting in an alltime high. On the other hand, technology is trading lower. Linking it back to the virus, this weeks rally was kicked off by the vaccine pfizers vaccine introduced on monday. Even though we could be weeks, months from it being brought to folks in the u. S. And around the world, we have a big risk rally. The fact you have cyclical trade in favor, that really points to the idea that folks think the reopening could be sooner rather than later. The cyclical sectors value will lead more towards reopening. There are names on the week. You can see huge gains. Investors rewarding the companies for potentially having the amazing vaccine. Moderna will be releasing information. Companyy, this is one that has therapy. Not a vaccine, but therapy that can help seriously ill patients recover earlier. Thats down on the week. We have the after our moves popping a little bit more. Especially astrazeneca. 3 . See stocks, to moving at all is something. So there is movement for these pharmaceutical and other companies. Emily you dont normally get the president coming out on a friday evening in the middle of a contested post election season. Abigail doolittle, thank you for monitoring the move that we did see. Moments ago, we heard President Trump addressing the nation from the rose garden, giving an update on operation warp speed about getting a vaccine out to the United States population. I want to bring in mario parker, who covers the white house and has been following it. The press conference was perhaps more notable. What the president did not say or address, and what he did, he did not concede the election, did not talk about the election or votes at all, what is your take away . Absolutely. The president also didnt take andtions from very serious anxious gentleman gathered in yourose garden, as well think about operation warp speed, but the elephant in the room is the election and his postelection price the president has put up. Take the did opportunity to talk about the economy, which he says is rebounding. The fact that there was no National Lockdown. Take a quick listen to what he had to say. Estimates,g to some a National Lockdown cost 50 million a day, and hundreds of thousands of jobs every single day. Ideally, we wont go to a lockdown. This administration will not be going to a lockdown. Hopefully whatever happens in the future, who knows which administration it will become, time will tell. I can tell you this administration will not go to a lockdown. Emily we know president elect biden has a safety first approach he has been advancing. He has not called for a National Lockdown. What is your take on what the president had to say . Among thes probably news for his remarks, quite honestly. Thepresident talked about lockdown, which he has been doing for a while. Tore is no way he wanted have the country back to lockdown. He was the cheerleader in the spring for the lockdowns to be lifted. He was hesitant. Been touting the economy quite a bit. Hes been affirmed by some of the economic numbers. Of theplay the clip, one things buried in their is the first sign of uncertainty that we have gotten from the president. Haseast on twitter, he portrayed himself as winning the , casting doubt on the election. Making awe get him reference, if you will, to the fact he very well may not be in office come january 20. Emily absolutely. A also tweeted arizona was very close loss. He did use that word. Mario parker at the white house, thank you so much for the update. As News Conference coming cases and hospitalizations surge for covid19 across the country. California issued new restrictions about travel. New york has more restrictions potentially going into place around school. We will cover that in this show and follow it. Coming up, with the president still not conceding the results of the u. S. Election, others have gone on to prepare for what to expect from joe biden. We will hear from Silicon Valley, next. This is bloomberg. 10 days after the election, President Trump is refusing to concede. His campaign dropped a lawsuit in arizona. Many Business Leaders are of 2021ng anyway as will be a new day. On levie tweeted even if this is great for american competitiveness, while there is nothing magical biden can do, thats the point. Businesses need marketability, global trade that doesnt change on a whim, talent from everywhere, long range planning, and a lack of constant distractions. Thats not even if Trump Leaves Office and america differed it bitterly divided by politics will remain. Joining me is aaron levie himself. Great to have you joining us. You heard the president s News Conference. He did not talk about the election. He did come as close as he has so far to conceding by talking about how there would be no National Lockdown on his watch, sort of implying there might be a new watch coming in. Does thisess leader, uncertainty concerning you, or do you proceed as if joe biden has won this election . Thats probably the best we will get from the president on this front. It might be an invitation around the thinking as much as you can possibly need right now. As a business leader, most businesses are able to go through these Uncharted Waters we are in for the next couple of months, and this election cycle. I am more personally concerned as a citizen around the state of our democracy that we have these challenges. ,usinesses are really shifting imagine a world in january beyond where you have much Stronger International comeerships and isolation a greater stimulating on the geopolitical and trade front. I cleared a picture of the longterm position. The Immediate Health care prices. Impactful ismost how we ensure america will be at the forefront of competitiveness in technology. How we think about immigration reform, how we ensure the future of a privacy and encryption standpoint are right. These are the topics that will be defining over the next couple of years. It will shape the next decades of american competitiveness. Hope a do you think and Biden Administration will mean for the tech industry, given the issues you just laid out that are very important issues for Silicon Valley . First of all, we need to not take for granted that america has been at the forefront of the Technology Industry since the start of the industry in the first place. Companies that created the the Current Foundation we see today. That should not take position for granted. What we want to do is make sure the next decade, the decade after that, is next to google, apple soft microsoft, apple, that we have the ground for building these companies, able to attract the best talent globally. We dont have such a scarcity in thailand that you dont have to build our operations to scale your businesses. These are the issues that are very highly leveraged decisions made by both the white house and congress to make sure america is in the best position possible for our competitiveness in the future. Biden,eful joe especially carrying over the practices the Obama Administration had, as well as Vice President harris, they will be much more thoughtful for what it means for america, technology in the long run, and supporting in the long term. Note, biden has not he tells his thoughts on antitrust, but a lot of companies are facing antitrust scrutiny. Google has been sued by the department of justice. sinterviewed yelp ceo, who was not shy of his views. Take a listen. We have been shouting from the rooftops for a very long time that there is a monopoly problem in this country, in particular, a google problem. Google has behaved illegally. Leveraged its monopoly, innovation, competition, that its bad for consumers. Bad for Small Business owners. Its great to see some early validation of that from the doj. Box competes with Large Companies like google, microsoft, what do you think . Friend, andry good i completely agree with the approach hes taken, but if you are going to build a startup, you need to have fair rules on the internet how you can compete, get customers, how you can innovate. You want to make sure the really Big Companies take advantage of the success you have and change the rules down the road that might be successful or change information. So i think that argument is very valid, and something the industry, whether it is the government or not, needs to work through. Our business and Broader Software industry in general, we are moving to an area where we the to have a sense of rights of consumers on the internet. My data, the data i put on different platforms, i know there will be interoperability in these systems, it will be a fair marketplace for competition to emerge. I think these are incredibly important topics and issues. Something the new administration will be thinking on in a significant way. Congress is starting down that path. I think the current approach congress is taking is confusing, because it is dealing with a broad set of different topics between internet censorship, marketplace dynamics, and challenges. It will be interesting to see how they navigate through the highlyt and ultimately complex issues. But i think it would be hard to imagine a decade from now any form of regulation and emergence in this industry, given the concentration of power and the significance of technology in the market. Aaron levie, the ceo of box. Great to have you on the show. And for stopping by. Keep up the tweets. Very entertaining. Ecommerce jump start trying to take on instagram with new social features in its shopping app. How the ceo plans to outpace the giants, next. This is bloomberg. Emily launched in 2019, very shop is a new kid on the ecommerce block, but that is not stopping the company, founded by snapchats former chief officer, to try and take on behemoths like instagram. They are rolling out new social features on their shopping app, which may resemble a lot of what instagram is already doing, aiming to change the way we shop. Joining us now is the ceo and cofounder. Good to have you back on the show. Conditions are ripe for more ecommerce, but what about social commerce . What hasnt been taken off. Social commerce is probably the largest opportunity in ecommerce. The reason you havent seen that before in the u. S. , i think in the u. S. , people who have tried to create social commerce did not follow the foundation of ecommerce. What do i mean by that . To build a social commerce company, you have to get the Ecommerce Foundation right. You have to make sure somebody gets the product on time, somebody has an issue, they can call you. All of these things we came to appreciate as an you have to do that. We only focused on Court Foundation of commerce, now we are rolling out the social commerce. Emily talk about the new social features and how you believe they are differentiated from instagram, and how you intend to compete. Going back, we have the backend Ecommerce Foundation. If you buy something for us, you will have a customer experience, we have one of the best scores in the industry. The second thing, if you look at our projects, we build computer fission technologies, we have a content feed. Can watch any content created by our brands, influencers, our users, and if you click on any of the content, our Computer Vision will recognize the product in that content and recommend you similar products you will be able to buy directly from verishop or our sellers. The other thing we are doing is we are democratizing the platform for the brands and stylists. Any brands and stylists can come, you can follow your friend, and any content you see will be shot bubble based on the recommendation and the platform. Emily interesting. We will be tracking your progress over the holidays. Many years on wall street, you worked at snapchat for a long time. What is your take on the incoming Biden Administration, the refusal of the president to concede . Other ceos look at this as a series of coming stability, but nothing sure in 2020. Infirst of all, i believe american technology, one of the oldest democracies in the world. I believe in our institutions. We believe there will be a transition, new government, and a reallyechnology is important part of the american economy. Im looking forward to working with the Biden Administration in any way i can help. Emily how do you think he should weigh in on big tech . You are competing against facebook right now, a company that is very large and in the crosshairs. I think the most important thing is we need to make sure there is fair competition. One of the biggest things we need to make sure with Small Companies that there is fair competition. Im not a big fan of creating a lot of regulations for the sake of regulations to slow down the growth of the Big Companies, but one of the things we need to make sure is that there is always fair competition for everybody. Ultimately, the company that executes will win, regardless if they are big or small. Thats my point of view. s ceo, thank you so much. We will check out some of the new features. States, onen some election winner was online betting. Covid19,g cases of that sector might be seen as a safer alternative to casinos. We look at the future of the gaming industry. That is next. This is bloomberg. This is bloomberg technology. Im emily chang. Dmyfacts keep on coming and technologies Just Launched its third spac of the year. Another foray into gaming which involves a Blank Check Company that reached 272 billion to target companies to create compelling mobile app experiences. With us now is the ceo and cofounder of the group. Good to have you back on the ship. How confident are you that the right opportunity exists given all the spacs out there . Thats a good question. I have done three this year. We have found our first transaction in five months. The second one was in 2. 5 months. We have a really strong pipeline because, as you know, im still the chairman of blue mobile. I was the ceo for a better part of a decade. I have done about six Public Companies on both sides of the atlantic as a whole generation of entrepreneurs that have grown up that i have kept in touch with and we just keep our pipeline going, tracking companies that we think and be two or three years away from an ipo. We provide a lot of advantages, alternative paths to going public. Certainty, forwardlooking statements, a great board, and a lot of liquidity. I feel like we are a bit of a pioneer with our gaming spac. Gaming but probably going down than into the tech spac, the layers of the phone that support the ultimate consumer expression. Emily so, that said, what kind of asset are you targeting . What kind of deal should we expect given your long history in the gaming industry and where you