biden calling pruden a war criminal once again saying that russia must be held accountable and condemned alleged atrocities committed against civilians in ukraine. it was the president's first public remarks since images emerged. >> we have to gather all the details so that this can have an actual war crimes trial. this guy is brutal and what is happening is outrageous. i'm seeking more sanctions, yes. ritika: russia denying responsibility, calling it propaganda. three states suing to attempt to stop the biden administration from rescinding title 42. the trump administration imposed the order in march of 2020 but the cdc says it is no longer necessary and will be lifted in

may. ending it will lead to an unmitigated catastrophe according to three states. and in hong kong the chief executive says that she will not run for a second term, ending five years of seeing her city become more isolated and a crackdown. the next executive will be selected by committee of pro-beijing loyalists. global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm ritika gupta, this is bloomberg. >> welcome to "bloomberg markets." matt: here are the top stories we are following for your around the world. stocks ticking higher with tech leading the way. the nasdaq 100 is near the

session highs, tech gains aided by elon musk as he becomes twitters biggest shareholder, the move coming a week after hinting he might shake up the social media industry and now he has done so. hurts has penned a deal with ev startup polestar as they work towards becoming the largest fleet of electric vehicles to rent in north america. we will speak to both ceos about the deal. john? jon: let's get a quick check on what's happening with the major averages as we start a new trading week. green on the screen. matt highlighted the tech trade that is outperforming today. the nasdaq with a stronger percentage showing up above 1.5%. going under the hood, though, the issue of where the economy goes from here is still front and center. jamie dimon's annual letter is always hotly anticipated and

this year a lot of focus on inflation in the fed. here is the quote from the letter we wanted to highlight, jamie dimon does not envy the fed for what it has to do next. the stronger the recovery the higher the rates that follow and if they get it right we can have years of growth, but at the end of the day this process is going to cause lots of consternation and very volatile markets and at the end of the day i guess that's where we are right now. to wait -- have we waited too late into the process to get started? matt: seems like almost everybody thinks we waited too long. maybe brad doesn't think that. most voices are saying that this is an own goal. on their own part of the fed where they put themselves into a difficult position, which is why jamie dimon has pity for jerome powell and the question is, can

they engineer a soft landing at all now? or is the only choice to give us a hard landing that isn't too painful? we definitely expect a couple of 50 basis point rate rises coming in the near term. jon: lots of that coming up, in los angeles a firm getting a name change, kia securing a multiyear deal to rename a venue the kyiv forum. let's bring in the kia america chief operating officer and executive vice president to talk more about it. nice to have you with us, stephen. i remember you coming to the forum in 2014 after $100 million of investment to really rebuild things from the ground up. it is quite a facility. how did this all come together for you? stephen: well, it's very

exciting to be affiliated with the forum. it's an iconic music and sports forum. kia, we are a southern california youthful brand company and we are very excited to have our name on the building here. matt: kia is doing incredibly well, at least in terms of, you know, the design and the success of the vehicles, from the stinger to the telluride. what, what's happening to give you so much more success than your competitors and something that other people have tried and not been able to achieve? steven: its product, it's the spirit of the company. we have attracted customers that are younger, better educated, wealthier in the past five or six years. vehicles like telluride was named best three row suv for

families three years in a row by u.s. news and world report. it's an iconic product for us, more or less the flagship now. matt: the wealthier thing is what i find so interesting. you wouldn't expect people who would normally go out and buy a luxury car, a bmw or a range rover, are looking at the telluride because it has gotten such great reviews and it looks so amazing. is that part of your strategy, to attract the luxury buyer shimao genesis is doing it as well. -- luxury buyer? genesis is doing it as well. steven: absolutely. when you consider the value proposition of the products, we look very good next to traditional luxury brands. jon: we started the hour talking about the fate of affairs for the economy and the road ahead. you obviously think about that every day when it comes to

budgets, the health of the consumer. how do you feel about where we are right now when it comes to the health of the economy? steven: it's a challenging time, you will see interest rates going up. which makes everything more come -- more expensive. more to the components and the costs of doing business. what we need to do as business people is be frugal and efficient and continue to bring great value to our customers. matt: how much longer, stephen, until we see normalization of production and deliveries? i am sure that you have had more friends than ever saying hey can you move me up a spot on the production list should mark it me allocation for the vehicle? i need it in three months and i'm not scheduled to get it for eight months? steven: it's kind of funny, friends and family and businesses acquaintances calling, can you give me a deal,

but the deal part has kind of fallen out and it is just can you get me one. it's not necessarily bad for the industry. supplies have tightened up and businesses behave better when it comes to pricing policies. jon: when it comes to the kia name at the forum, obviously an historic venue when it comes to musical acts. anything you have learned over the years in terms of your own customer base and their leanings towards music? steven: absolutely. i think music is one of the things that brings people together. from all over, all over the world and different cultures. what we feel is by associating ourselves with the forum and with music, it's all, all positive. across any particular mindset. as a young company, kia is very

excited for this affiliation. in the end it is what you make of it, when you acquire these kinds of naming rights, sponsorships. it's not just putting a sign on the building, it's becoming part of the community and doing things. one of the things we want to do is install a bank of electric vehicle chargers so that kia customers who come to concerts here can charge vehicles for free. matt: we will continue on that note, electric vehicles, in this program. stephen center there, the coo of kyiv motors -- kia motors america. swinging between shares and losses in the first quarter, tesla. we are going to talk about tesla, polestar, and hurts, all coming up in the program -- and hertz, all coming up the

program. this is bloomberg. ♪ bloomberg. ♪

>> i think this is just the start of him on twitter. it's not going to just end with passive speech. it's going to be an active 10% threshold that starts what is going to be a broader strategic initiative for him at twitter. matt: this is "bloomberg markets," that was dan from web a bush. elon musk plopped -- promised to make a social media splash in the disclosure of this stake in twitter does that. ed ludlow joins us from stinson to the scope.

you were already covering tesla news and now you get this? ed: it's the biggest jump since their ipo introduction and it's interesting, the company is on track to add billions in market cap on this investment and at 9.2% elon musk becomes the biggest single individual entity or institutional shareholder of the company and it is important to note that filing was dated march 14. as you said, he hinted that he wanted to shake up the platform and that he might start his own social media platforms. he asked whether twitter represented free speech adequately. that was march 25, 11 days after the date of the filing he got today. he clearly had been thinking about this for some time. jon: when it comes to the road

ahead, we heard dan alluding to this earlier, any idea of what his next steps might be? ed: we call it a passive investment. to qualify for 813 g filing you have to have a certified steak and no intention to control the issuing company but the consensus on wall street, you heard it from dan, you heard it from evercore, from another of other analysts is that he will be activist in this. the debate is whether he is seeking change in twitter or is he seeking control. that seems to be the message coming out of wall street. jon: ok, we will be watching. coming up, ritika gupta makes eight -- coming up, hertz makes a deal to buy 65 million electric vehicles from polestar. that's next. this is bloomberg. ♪

jon: this is "bloomberg markets." matt, i know you wanted to have this conversation. rental car giant, hertz, agreeing to buy 65,000 electric vehicles from polestar, the bet being made is that customers are eager to drive electric vehicles beyond brands like tesla. joining us now is the hertz ceo and the polestar ceo. i know you have had obviously these large goals to become the dominant player with your electric vehicle fleet in north america. how does this get you towards the goal? >> it's moving in that direction. we are looking to build out the largest electric fleet in north america, adding to what we had purchased and will continue to purchase from tesla, putting us on that journey. polestar has really developed an

impressive automobile and to add 65,000 over the next several years will put us on a position where we can diversify the fleet and diversify what the customers are looking for. individuals looking to fulfill their own carbon foot objectives -- footprint objectives for services like uber. >> i think it's awesome, especially for the business traveler looking to have a good experience when renting a car, this makes it even better. thomas, how difficult is it going to be to meet this production goal? that's a lot of vehicles at a time when we are looking at a shortage of semi conductors and incredible inflation for raw materials. thomas: this is obviously a five-year program and i very much hope that in 23 and 24 we will get more into a bit of a

stable normal situation. the volume for 22, we knew barely enough incorporate that into the goal. despite the fact that it isn't a walk in the park, we are determined to deliver on that. jon: thomas talked about the ability to get the polestar brand out there. i'm curious about what that might look like at hertz. you know, sometimes people are doing individual rentals and they take whatever comes their way. what kind of brand building have you talked to polestar about as a part of the deal? stephen: well, i think hertz is all about renting and experience to our customers and to the extent that polestar has a vehicle that is exciting and people want to be in it, i think that whole category is lit up for our customers and as i said before, it really opens up a number of diverse channels for

us. it's not just about the individual leisure or business traveler. now companies want their employees in electric vehicles. uc consultants and the like, all of whom renting cars in the course of their work now being put into these easy to fulfill carbon footprint objectives that their employers have put in place. >> maybe even requirements. matt: and it's not just about renting cars. you do more than that there and there is so much more potential. what do you want to do with ritika gupta -- with hertz in the next five years? stephen: they are put ash we are poised to be put at the center of companies looking for mobility, the opportunity to people in things in different ways, electric vehicles, fleets, think about what we are doing with uber, we are this point drivers had to own or lease

their own cars but they can no rent an electric vehicle from hertz and there is consistency of product. i think all of that is exciting. keep in mind, a lot of that mobility will be driven off of data. we send out a lot of it. we know where cars are going, where people are going, where things are going. there is a real opportunity for hertz to take the hill in the context of how mobility will play out. jon: you are obviously ambitious in this area, stephen. we have been tracking that class action suit that hertz falsely accuse customers of stealing cars that have been but -- that were returned. what update can you give us on that? stephen: rectifying the situation is a priority of mine and i began that work inside the first 30 days i was at the company. it's unfortunate that even one customer was caught in the middle of what went on.

so, where a customer has been aggrieved, you can be sure that hertz is going to deal with that . but equally i will not permit people who look to do harm to the company and steal a car see that as a viable path. in this context it's important to understand what played out here is we had cars that were stolen or allegedly stolen. we put in a police report. when the car was found, the report was rescinded and unfortunately in certain circumstances when the car went out again, the customer was accused, the report wasn't rescinded. i'm not happy about that. we have policies now to mitigate if not remove the risk of that happening again and again for a customer that wasn't dealt well, we will do right by them and i would also point out that this is far from systemic. we do 15 million rental transactions per year in this represented literally 11

thousandths of a percent of those, but it isn't good for us or the consumer and we are dealing with it straightaway. matt: will you be able to settle that suit? stephen: i'm confident that we will be able to reach an agreement i those who were harmed and to do right. matt: from inception, thomas, i've been a huge fan of polestar. it belongs in a museum, it is a work of art. i have yet to drive polestar two or polestar three, but i have -- i am looking forward to it. is that the use case? are you hoping to get people in the cars to get them into the experience and then they say i need that in my garage? thomas: that is definitely one aspect of us working with hertz. very often, driving a polestar is a revelation. you discover our driver cars, the quality of it, the quality

of the tuning of it, once you are behind the wheel. but to even explain it very well, it's beyond renting a car for a weekend. this is as well about enabling companies to change their footprint with tapping into electrification. this is about polestar wanting to definitely be a part of the mobility seen when it comes to ridesharing. for that reason, hertz offers to us a much broader aspect of tapping into electric mobility. matt: are you going to be able to take on a tesla? is that even your goal? thomas: this is clearly about us joining forces to bring electrification forward. generally i don't think that our journey has been dedicated to

the premium luxury segment where tesla is now really facing competition with toyota and ford. it's a clear differentiation of what we are aiming for the long run matt:. matt:great to talk to you -- long run. matt: great to talk about the view, this makes me want to go out and rent a car. stephen scherr and thomas ingenlath, here to talk about their newly this is bloomberg. ♪ this is bloomberg. ♪ inked a deal. -- newly inked deal. this is bloomberg. ♪

ritika: here's first word, i am ritika gupta.

president biden: vladimir putin a war criminal, seeing the u.s. will seek additional sanctions against russia. he condemned alleged atrocities committed against civilians in ukraine, it was the president's first public remarks since pictures emerged of debt for zillions -- dead civilians in mass graves. denying responsibility from russia, calling them provocation by kyiv. former u.s. national security advisers says putin has suffered severe setbacks and russians -- and russia's war against ukraine. >> the russians miscalculated the extent of ukraine's resistance, which has been heroic. they miscalculated the capability of their own military, which has had one failure after another from the strategic level on down to simple logistics like food and gas. ritika: he also says russia is trying to regroup forces and