Move news out of moderna that they have a vaccine that is 94 point 5 effective on preparation of volunteers greater than 30,000 people. Real optimism there. We have the s p 500 finishing higher. We have nice gains out of the mat out of the nasdaq and moderna is sharply higher. We have a big Institutional Investment here. The big news out of berkshire, they added to their portfolio in the space of health care meyer,ng pfizer, bristol with the virus, perhaps these additions have something to do with the virus. Pfizer had been down in the day after the news around the virus came out. A divergence there. An interesting day. Interesting movement in the afterhours. Emily that was bloombergs abigail doolittle. Think you for that round up. I want to the airbnb filing. This is releasing Financial Results and previously confidential information on its operation. This listing is had to be one of the biggest of the year, capping an ipo surge. More, i want to bring in crystal. Pull up some of the highlights you are seeing so far. Crystal as expected, we are seeing a bit of a Third Quarter rebound. Notably, the revenue took a hit. This is the top line, airbnb. Net loss has narrowed in the same time. They are going through it, it hit about 20 minutes ago. Emily lets talk some of the risk factors. Airbnb says we may not be able to achieve profitability. That is not unusual in attack of any. It also says the Revenue Growth rate may continue to slow in the future. Iny will see greater decline experiences yearoveryear and that covid will continue to adversely affect the business. Obviously, airbnb has bounced back. There has continued to be a risk factor. Even though there has been news about a vaccine, a vaccine has not been here yet. What do investors need to consider . Crystal it is not uncommon for copies to have a very long risk factor. For airbnb, they have to has this. The covidto this is pandemic and the impact to the business, the operation and their financial conditions. Just because this pandemic really limits social gathering, that makes it difficult for airbnb to continue business. They have to disclose that. These losses could continue. They may not be able to achieve profitability. That is a very typical line that you see. I had a long and wideranging sit down with the ceo, brian chesky. He was frank about how terrifying it was. He has shown how the company is going back to its roots. We see in the filing, they have almost 7. 5 million listings available as of the end of september. They have pulled back on some of some of the more hysterical hits to their business. Is that going to be enough from a Growth Perspective for investors who are wondering futurehe companys prospects . Crystal they also had a pretty big job cut in the pandemic. A was in Something Like quarter of the company, they let her go. This after the tearful announcement. Said, it is up to them to decide whether they have done enough costcutting and going back to growth mode. Right now, they have shown that the top line revenue has gone up. Emily what are the next steps . When are we expecting this to actually happen . I know we were looking at december. Are they on track for that . Crystal 15 days from now, they are allowed to market to investors. As early as 15 days from now, we will see a price range that will give us a good sense of what aaron bv airbnb is valued at. Also, they will determine a price and the nasdaq following that. Now, we are coming through the perspectives and we see what else is interesting. They will be listing under the ticker. There had been some talk that airbnb was considering the longterm stock exchange. That is sort of an alternative exchange. It would have been a departure from the traditional past and a huge win for the longterm stock exchange. What do you make of the fact that they have chosen a more tried and true pack here . Crystal i would say that is. Ore of a marketing they have also improved the trading liquidity. Thet now, nothing treads on longterm stock exchange. Do would not happen until as early as next year. Is a big win for the longterm stock exchange. That only started in september. Emily we know that you will continue to be pouring through airbnb. Thank you for your analysis there. Is the end of the pandemic inside . Reports thatt with they have a vaccine that is 94. 5 effective. They will tell us how their vaccine has an advantage over pfizer. That is next, this is bloomberg. Said monday that is covid19 Covid Vaccine is 94. 5 effective. The highly positive readout comes just one week after a havear shot was found to an efficacy of more than 90 from pfizer. I sat down with a chair and got his thoughts on the new data and district vision timeline. Highlyhink this is encouraging as it relates to the possibility that our vaccine and possibly others will have a profound impact on pushing back the damage that has been done by this virus. The reason is because we need to attack this at the level of hundreds of millions of people if not billions. This is not a treatment it is a preemptive treatment. That inhave shown is these studies, 90 of them were in a population that did not receive the vaccine. Only five were in the population that did. As that scales to millions and hundreds of millions of people, we should be able to save lives, avoid severe disease and pushback this pandemic. Steps what are the next and when can you file for emergency authorization . Noubar we are in close collaboration with regulatory and other authorities. In terms of authorization, we will pursue an emergency use authorization. We still need to finalize gatherings and safety data gathering safety data. And we will provide the final four review for the fda. That should happen in early december we hope if all goes as planned. The authorization, we are already ready with supplies. They are appropriate to apply to the first wave. Emily when was that first wave be . When would people get that . Can be distributed through the operation warp speed supply chain that has been set up. It will be at the level of tens of millions of doses. Some 4020,000,000 doses will be made available. We already said 20 million of it will come from us. Quarter,the first those should ramp up to 50 or 100 million doses. It should ramp up to 500 or one billion doses. Be the only vaccine, there will be others. As it relates to individuals preceding it, the first wave will be the most vulnerable. The second way will be a bit broader. In the Second Quarter of 2021, we should see a broader update. We dont know to what extent people will hesitate in taking the vaccine. We hope this kind of data on the efficacy and safety, together with proper communication and leadership at many levels in the medical community as well as the government will lead people to take it as much as possible. That will also dictate timing. Emily there was a lot of excitement around the pfizer news was users the same mrna technology that modernity uses. Then it needs to be stored at 94 degrees fahrenheit. Yours can be stored at refrigerator temperature for 30 days as i understand it. What kind of advantage does that give you . Noubar i should say that moderna pioneered this field. It has worked on nothing else. There are many that entered the field more recently that are using technologies that we used and looked at some years ago. We spent quite a bit of effort trying to actually achieve the the minuss target, four degrees fahrenheit. Those are our longterm storage conditions. Already something that can be done quite broadly because that capability exists. Results ontioned the our storage conditions where it is clear that not only can we keep things at minus four degrees fahrenheit but we can keep things under referred refrigeration for up to 30 days. Hours, we can have it sitting on a table. We want to take the pressure off the this tradition system. We want them to not feel the stress of getting things wrong. Every of these vaccines will be precious. There will be a limited supply for a long time frame. We dont want 100 miles to go bad because people did not do something properly. The covid19 pandemic vaccine is the beneficiary of all the experience and research there we this. One and applied to like theur vaccine Pfizer Vaccine needs to doses. It will be troublesome to get people to come back. How troublesome do think getting this out into the world will be . Noubar i think there is a lot that has been done to prepare for this moment. I can say for example in the u. S. That the work of operation it has to do with the supplies that we need. Also, the entire distribution chain and the preparedness for that. While there is a lot of work to do, i think we have done quite a bit. Everything related to vaccines these days has been a point of debate and speculation. But the reason we are using to doses is to give people the maximum amount of protection. When we set out to do this, we could have done it with one dose. That is my own personal opinion based on work we have with others. The burden of the disease would be so high and so terrible. Emily more of my conversation with noubar after this break. Also, we have a huge milestone for tesla, this coming after some record delivery numbers and profitability. Shares jumping 5 after hours. We will keep our eyes on that. Tesla joining the s p 500 officially. Emily moderna was a littleknown company just a year ago. Now it has a potentially leading vaccine candidate. I am speaking with the ceo and chair. Product oferna is a a whole new different way of thinking about innovation. The idea is to look at rather the way then science looks at it into mentally, we look at not yet discovered, not yet invented capabilities and with big about what we wish we could do if you could do anything. Among the 100 such explorations we carry out every two years, was ae uncovered here code that would allow them to make a protein that was either therapeutic or helpful. This was back in 2010. We did not know how to do it, we did not know how effective it would be but we first envisioned that mention a tory these measures or things could be possible. Then we went with if we could prove it. Eventually, it became moderna. We tried a number of approaches. We were not looking for an application for discovery, we were looking for a discovery to fit an application that we got convinced would be transformative. The first years were quite remarkable. Emily what was the eureka moment . Mrnayou discover that tricks the body into producing what it needs to fight without actually injecting the virus . Bet would the eureka moment what was the eureka moment that made you think that would work . The cells gets into that you want and starts making a protein, theoretically, any protein. Anyone of yourselves could make any protein. An mrna based virus. It does the same thing. Viruses have figured out how to do what it took the biotech industry 40 years how to do. It is to stick rna in the body and give them the code that they could repopulate themselves. The irony is not lost on us that the very thing that will do in the virus will be an innovation that the virus made to begin with. Emily there are questions about the underlying ip and reporting that the nih may own some of the patents that moderna is using. What is the deal there . Has been both a collaborator of ours and has worked on the underlying protein that is a vulnerability of this protein,irish that they have worked on for many years. Several years ago, we began to collaborate them with them on the sars vaccine. This changes the protein sequence from this virus. That benefited us. Have found others proteins that are broad background proteins. Everybody is using the spec protein. That will be an important thing. Vaccinehat, the mrna takes advantage of many inventions that we have made. Including for the covid19 vaccine. That is the intellectual property that modernity has. I know that your fund which is a huge shareholder in moderna sold some stock earlier this year. What is your response . There are things that people have said about individual decisions. Wasur case, the flagship the founding institution and owned all of the company in the beginning. As we formulated the initial Founding Group with certain academic cofounders, we distributed show him some shows to them. Founding is the ownership. It is not an investment ownership. Having said that, our investors basically invest at appropriate intervals. S ofave been small amount sales in our case. That is a very different thing than what people have been describing has these executive sales. We could have talked for hours there. Ont was the chair of moderna fascinating vaccine development. Coming up another historic lunch for spacex and their lunch. A reallife astronaut will be joining us. That is next. This is bloomberg. Businesses today are looking to tomorrow. Adapting. Innovating. Setting the course. But new ways of working demand a new type of network. One thats more than just fast. You need flexibility to work from anywhere. And manage from everywhere. Advanced technology. With serious security. And reliable coverage, nationwide. Forwardthinking enterprises, deserve forwardthinking solutions. And thats what we deliver. So bounce forward, with comcast business. Spacex hitting a huge milestone this past weekend. Elon musks company launching its first regular nasa mission to the International Space station. Four astronauts took off from Cape Canaveral on sunday and will dock around 11 00 p. M. Eastern tonight. Joining us now for more thomas space shuttletime pilot. My kids and i were watching last night. They were so excited. It is almost as if nasa is inspiring a new generation after all these years. What makes this particular launch so significant . It is an exciting time for the country. We are now going operational with these commercial trip crew transport to the station. Now, we are out from under the russian monopoly with this operational launch of the spacex crew dragon. Next year, boeing will work on it. Nasa will have two for libel stateoftheart ways to get to the space station for the next 10 years of its research life. Emily what exactly will these astronauts be doing in space . We always hear that they will be helping out with scientific experiments. But what about some more detail . What are they doing . Astronauts that launched last night. They joined a crew that was already up there. That crew now has one extra person. More productivity and more person hours then three big labs up on the station. Everything from growing plants on the station to help us forge a way to marge by recycling Carbon Dioxide and making crude in space to astrophysics experiments with all of this. The latest experiment i have been intrigued by is using micros to attack and process rocks from the moon or asteroids to make valuable economic materials. The bacterial metabolism that can produce minerals and compounds that we might even years back on earth or in space for the support system or to construct Building Materials out of these microprocessed rocks from space. Mentioned, the names of the astronauts are sharon walker, a female and African American restaurant. This is a lot of history making. I saw a lot of parents tweeting about their little girls watching this last night. Talk about how this partnership with spacex changed the equation for american effort to get to the final frontier. It is a big and important developer that we switched over to two involve and enlist marshal partners in nasas exploration program. This is bringing together new rocket designs. Recycling the falcon nine spacex booster by landing in a recovery barge is new. It lowers the cost of launch services to orbit. That will not only help nasa funded by the taxpayer but it. Ill free up some more and Companies Like spacex and boeing will now be able to offer the same spacecraft to tourists that want to pay to go to orbit for a week, is it the space station but later on, there will be commercial hotels and pharmaceuticals and industrial labs in orbit that these transports will be able to serve. It is bringing innovation into the nasa program and lowering costs. Emily how far out is that . Intoa space tourist can go space and stay at a hotel up there . Is an exciting development. I see hundreds of people going into space outside of actual astronaut racks. I see that as generating broader support for nasa exploration efforts. There will always be professional explorers but if you can have a private experience, first, the wealthy and then competition will bring that cost down. In a generation, i think it will be much like a trip to antarctica is today. You can take an adventure sojourn for a few weeks. That is important, to engage a broader base of the public with a personal place of space exploration. I am curious about the g oppotaco forces at play here. Are we competing against china and russia the same way that we were in cold war times when we landed on the moon . Especially when we had a changeover in the u. S. Administration . Thomas i would say that we are not under the gun the way we were in the cold war in the 1960s where john f. Kennedy committed to the u. S. Getting acumen on the moon first. We had tragic failures like the fire on the launch pads that killed three astronauts. That is how serious the competition was. Theschedule was forcing United States to take on the maximum round of risk. The chinese are most capable, the russians are still involved, perhaps in a partnership with the chinese. But it is not a schedule driven race like we think of the 1960s space race. Instead, it is important to invest for the long term so the u. S. Has the technological advantage that it maintains over competitors like china. The chinese want to have their people on the moon in 10 years. We did that over 50 years ago but we cant allow the situation to develop where the chinese are the only ones that can reach the moon. We are no longer the technological leader of this planet if we cant work with other people and other planets. You have got to space for times yourself, you have done us up a spacewalk. You helped install a critical part of the International Space station. I know that you personally have spent you have done a lot of research on asteroids. Of mining the objects, the debris in outer space. Talk to us about how feasible a project like that is and what the actual use of it will be. Thomas here is another example of commercial innovation and outer space exploration. We are doing these lowcost transports and viable transports like the crew dragon and star liner. That will also be enabling cheaper robotic missions. There is water and ice available. Also on the nearby asteroids where there is water locked up on the minerals and services of some of these objects. What is like gold in space. You can drink