very recently staying with it regardless of the rally. >>wynn reports, scott, bought it on this dip got back into call spreads. >> okay. lastly weiss go ahead. >> xpo great quarter great guidance shocked the stock is lower >> thanks everybody. "the exchange" is now. >> thanks, scott good to see you midday hi everybody bitcoin hitting another record high as mastercard embraces crypto what does it mean for the industry and how it could open up the gates for new investors how the recent rise in popularity of club house can spark an audio only revolution and how big players like twitter could cash in. angry robin hood customers are showing up at the company's menlo park door step we have the details. let's begin with the markets this hour. seema mody has the story >> good afternoon.

three hours left in trading. here is where markets stand. fresh data on the jobs front raising hopes the labor market is on the mend after hitting a record high yesterday looking at the dow and s&p lower but just fractionally on the day sort of wavering between gains and losses worth noting overseas shanghai composite hitting a 52-week high two names after the bell expedia and disney as wall street tries to better understand the outlook for travel and entertainment for expedia it will be growth in the vacation rental platform vrbo which competes with airbnb after its blockbuster ipo. i want to show you a six-month chart. walt disney up 44% expedia higher by 67%. talking about hot stocks take a look at bumble heating up right now pushing its valuation to over $8 billion the ceo whitney wolf spoke with our julia boorstin earlier today who talked about how the pandemic has underscored demand for relationships and connectivity the stock trading higher by

around 67% andrew >> thank you, seema. meanwhile the data from main street a bit less rosie. while trending in the right direction did come in worse than expected today over 20 million americans receiving assistance under pandemic related programs as the fed chair jay powell said yesterday the real unemployment rate is actually closer to 10% stocks taking notice today with the averages losing all of their early gains from the morning did the bullishness get stretched? that is the question midday here right now. we have our panel. good afternoon to both of you. i'll start with you, gabrielle we've been on quite a wild ride. we come off a little bit here this morning but more importantly let's think out a little more long term here given the news you saw this morning and where you think the real economy is today and where it's going what are you doing?

>> so i think where the real economy is at the moment is resilient in a very difficult environment. that is the message we're getting from indicators like the jobless claims is it as low as we'd like? absolutely not it can't until we're past the pandemic but is it more resilient than it could be absolutely i think that speaks a lot to the fiscal monetary support that we've gotten we are much more excited about where we're going. we very much see a surge in economic growth here in the u.s. and around the world starting in the second quarter into the second half of the year. that is what we want to be positioned for that speaks to a risk on posture and it speaks to balancing out some of the structural stories that worked last year around tech, innovation, with some of the more cyclical stories for this year of the recovery. >> is this the roaring 20s all over again straight up of 1918? >> i don't think it's the

roaring 20s necessarily but you have a lot of pent up demand, people anxious to get out and about their lives again. on the question of have we gotten too bullish i do think investors did get pretty excited about the stimulus coming, about the economic recovery coming at the end of last year and you do see sentiment indicators, things like aai, net bullishness, data on u.s. equities futures positioning. you see some stretched indications on metrics like that we are bracing for a pullback here i agree with gabriela. i think where we are going is very strong. i don't see any looming threats for the outlook 2022 and beyond so we'd be bracing for a pullback but not doing a heck of a lot about it necessarily >> that was the question i was going to ask you if you're bracing for a pullback first of all how big a pullback are we talking about and there are those who would say don't try to time the pullback and those watching us right now saying, guess what even though you're telling me not to time the pullback i'm going to try to. >> that is a great question. one thing you have to understand

is that pullbacks of a decent size are normal coming out of a recession. we actually looked at the past three recessions and on average ten months past the kind of mid recession low and the s&p 500 you get a pullback and they ranged from 5% to 30%. the average has been about 16.8%. i don't think necessarily that deep this time around. i think you can expect something more than 5% there is a lot of froth from sentiment and bottom up valuation perspective. we need to take this market down a notch or two i do expect it to be a temporary phenomenon and, frankly, as soon as a whiff evaluation opportunity gets back into this market buyers will return. >> all right gabriela, if she is right, in this market given just how hot it is and, perhaps, even the expectation across the board that there will be a pullback, if that is in the consensus, it becomes hard to have a pull back, right? every time you see just a little bit off there is somebody ready

to jump in >> that's right. i think it provides a bit of a limit to how big the correction we see is because there are so many investors waiting for more interesting valuation opportunities. because that's one of the main things we hear investors are optimistic about where we're going but they're not optimistic about valuations. so everyone is waiting for that better entry point actually, if you do look hard enough, you do actually find interesting valuations opportunities. they're just not at the overall index level. i think there is a lot to be said here about investing outside of the u.s. for the year of the recovery and for this new, brand new cycle we're beginning. there is a huge discount of 23% outside of the u.s that is something to take advantage of today >> final thought on this we're about to do a bitcoin segment when we're finished. you guys are in the traditional

banking world. what does the rise of bitcoin say to you about the marketplace right now? does it say anything >> well, look. i looked at some of the comments that have come out from companies in recent days there are some people who are more willing to embrace this part of the market than others but i would probably sort of veer more on the side of the companies who say, you know, this is a bit speculative. it is not necessarily where we want to go at the end of the day this just tells me there is a lot of risk on behavior, a lot of stimulus, a lot of cash sitting around looking for a home and the animal spirits have been aroused is probably the biggest signal i take away from it >> okay. we'll leave the conversation there. gabriela, lori, thank you both for joining us bitcoin hitting a new all time high crossed 48,000 just earlier after big announcements one from bny mellon announcing it plans to hold, transfer, and issue the

cryptocurrency and mastercard saying it plans to allow merchants to accept some cryptocurrency this year joining me right now is the co-founder of anchorage the first federally chartered digital asset bank in history. good afternoon from your perspective right in the middle of it, you look at 48,000 and you say to yourself, fair value this makes sense to me this doesn't make sense to me? what >> the most important thing is not if the prices are going up or if they're going down the most important thing is for the prices to be down. three years ago people were saying they could not get into crypto because it was too volatile and there is not enough liquidity, no qualified custodians now we're seeing as you mentioned bny mellon announcing they are coming into the space in a meaningful manner and it is digital asset platforms like ank raj that are allowing these institutions to come and enter crypto >> so diogo, give me the upside

and down side valuation in your mind right now >> over the long run there is no doubt the crypto assets will be more valuable than they are today. and we know the volatility we know this will change pretty dramatically but the company is a digital asset company and the first federally digital asset bank we are solely focused on this market because we believe in the long term potential. >> i appreciate that there are a lot of viewers out there right now thinking either, that either own bitcoin either thinking i need to buy more or i need to get out of this at this price because it doesn't make sense. i think we are all trying to understand, quote-unquote, what fair value is. i won't even push you on that particular point when you look at the trend line right now but also recognizing the kind of pullbacks we've seen before, where do you think is the lower end of support right now and where, let's say, within the next six months do you think the higher end of support might be >> i think people should take a

look at the portfolio and include crypto regardless of the current price. we just talked about how the stock market is also at all time highs so the same logic applies here it is part bitcoin and other cryptocurrencies are part of the modern portfolio people should be diversifying their bets >> i understand. look, i don't mean to be difficult about it but at some point there has to be some kind of analysis beyond everybody's going to be using crypto there for it is worth more, right? i mean, there has to be an upper limit. we could start taking percentages of the gold market and i could work with you to get it to a hundred thousand i could work to get you to 200,000. maybe i could get you to a half a million dollars. i could also get you down to 30,000, might be able to push you down to 10,000 what i'm trying to understand is how you actually think of it not whether it is good business or not i know you are in the business and doing great. by the way, we're rooting for you. we want it to work i think there are probably some people who don't want it to work.

i think we also want to understand your analysis of it >> i think the same question can be asked of gold what is the upper limit of the price of gold? what is the fundamental value of gold is it all of it? because it has institutional demand and use or is it -- what is the upper bound? the answer is, no one knows. we know that the market goes up because there are more buyers than sellers we know that one of the advantages of bitcoin is its deflationary nature. there will never be more than 21 million bitcoin so the more bitcoin currently being held by people who do not intend to sell the higher the price goes. that is the only metric we can follow there is no fundamental analysis we can follow here. >> let's talk about that though. it is an interesting fact. the people who are buying it think it's going to go up. therefore they're holding it when you hear an announcement mastercard says you'll be able to transact in it or elon musk is going to allow people to buy cars with it should that be a great sign or, i mean, look, to me it is fascinating tesla is

actually buying this and planning to hold it themselves that's one thing but if you have an option to either use the money to buy a car or keep it because you think it's going up why would you ever use it as a currency >> so i think people are using bitcoin for the explicit purpose of capital preservation. you mentioned tesla. tesla is not going to be the last publicly traded company to take some portion of their treasury and put it in bitcoin we know micro strategy has done it we know squares is doing it. we are getting so many corporates, corporate treasuries reaching out to anchorage because we can provide them the brokerage, buy and sell, ability to enter, and safe custody regulated as a bank. so we are seeing this. they are not the first ones. if anything i would say to the viewers that you have only seen the beginning of it. you have only seen a couple companies, dozens of companies, publicly traded companies take this on their balance sheets and the goal is not to use it for currency the goal is to use it for capital preservation

>> final question then what do you worry about? i know this is your business and, clearly, you want it to succeed. i want to pleaknow, what is the biggest risk in your mind right now to the entyreko system we're talking about, the value of bitcoin? >> the worst risk for the value of bitcoin right now is obviously any kind of regulatory approach that does not consider the value of bitcoin and the innovation that is happening around digital assets in the united states. and it's a too heavy handed approach or some kind of approach that is not done with the private pocket this is why we're so excited to be the first federally chartered bank because it is a clear signal that the oldest banking regulator in the united states has been forward thinking to want this market to be regulated the same exact way the other national banks are regulated so this is actually really a good sign. >> fair enough we'll leave the conversation there. i appreciate you hanging in with

me and going back and forth on it it's fascinating to all of us and i think we're all trying to make sense of it and figure out where it is headed talk to you very soon. meantime on the other side of this break we got a lot more coming up. how audio only social network club house went from a hundred billion dollars to just a billion dollars in less than a year and how big players are looking to replicate the model think twitter. plus we'll talk about what's going on in the pot market check out pot stocks right now we'll tell you what's going on back in two.

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welcome back to "the exchange." clubhouse is the new audio only social networking and attracting so much attention from silicon valley to wall street and seemingly everywhere in between. the number of daily down loads now is growing steadily. just in the past couple weeks with more than 277,000 just yesterday. bringing the total number of app down loads to 5.2 million around the world. the valuation has ballooned from $100 million less than a year ago to a reported $1 billion today. here to talk more about this audio only social revolution and the rise of club house and

clubhouse copy cats, our cnbc.com tech editor who i saw last night on clubhouse and also on twitter's new version of it called space and julia boorstin on the west coast this morning i should say this afternoon. i'm still in "squawk" mode here. good afternoon to both of you. steve, you know, we were on this thing last night and i say this thing we were on clubhouse i was bopping between both, all sorts of fascinating conversations happening. the former ceo of t-mobile popped on. all of a sudden there are these intriguing conversations and interesting groups of people mixing up. the question i'd ask you is it seems fascinating today when everybody is stuck at home the question i have is in a post pandemic world i have to hope that some people go out for dinner and can't be on clubhouse. >> yes, exactly. you brought that up last night and i think the vp of product

over at twitter happened to hop in the same group we did and he even said he doesn't know how he is thinking about that this is so experimental right now we don't know how it is going to look in a post pandemic world. we know podcasting has grown very nicely prepandemic and it is doing great now during the pandemic what i liked about twitter's version of this is how organic it feels they already have this massive network and, for example, last night i saw at the top of my feed oh, andrew is there having a chat in twitter spaces i'll pop in. the next thing i know hundreds of people are talking with us and having a really deep, intelligent conversation about this product, about where it is going, and then there is the great moment, unfiltered moment from you where we heard you munching on cereal i thought that was fun, too. >> i didn't realize the mic was on you got a hot mic with these phones all the time. i was munching on these oatmeal squares. very loudly, too because sort of hard to eat the oatmeal squares particularly

quietly. >> we heard you clanking around the kitchen, too it was really fun. >> my son was running around julia, when you think about this, we've seen situations before and i'm thinking of snap actually that had great success and then we saw the copy cats come we say facebook come with insta, we've seen others try to do similar things and now similar things happening to clubhouse who wins in the end? >> well, i think what's interesting here, andrew, is that this may just be an entirely new category. there may be many winners here and i think one reason this is sort of the social audio space is considered the next frontier is because even if you go back out and about in your life you're going to be able to listen to these conversations when you're commuting. people will go back to work. when you're walking around now that we have the lightweight wireless air buds, these head phones, it is going to be easier to do this while you're doing other things i listened to a great conversation on clubhouse about robin hood trading on saturday

evening when i was making dinner i think there is this idea people are going to be listening to a lot more audio and maybe this will replace some of the time people spend listening to podcasts before. so i think there just might be a lot of space here and i think there will be copy cats. twitter, facebook, all going into the space you have mark cuban backing a new start up in this space that is a little bit more sort of celebrity led a little more like cameo meets clubhouse. i think we'll see a lot of action here and a lot of who succeeds will depend on which speakers are on which platforms. >> julia, if you are spotify right this second, are you thinking i need to call up paul davidson who runs club house, the co-founder, and buy this thing immediately, and i will over pay big time? and is apple, apple music, amazon, how does this work out >> i think that clubhouse is not ready to sell yet. i would say that because they just raised a bunch more money

now raised over a hundred million dollars and andrieson whowitz is backing this company and they are trying to build out their own media arm so we'll likely see them with more conversations with those partners leading them on clubhouse and using them as podcasts so i think andr andreesen horowitz is not going to let go of this yet. this is really early days for clubhouse. we're more likely to see the spotifies and apples of the world start exploring this technology themselves and thinking of it as a live podcast situation. if you do that with limited access it would be easier to start that off than if you just open the floodgates and have a full conversation with hundreds of people. >> steve, who is poised to make money out of this? at some point you'll have the sort of influencers group. you might have news

organizations trying to effectively convene people or have these kind of conversations. they'll want a piece they're not just going to do it for free >> exactly that is the way they're already thinking about it. club house has already said we'll have more like that model where, hey there is someone in clubhouse, someone in twitter spaces. i really like to listen to them. maybe i'll pay them a virtual tip or small subscription fee every month. that has been a really good business for sites like only fans cameo is about to raise i just saw a headline before we came on, they're about to have a billion dollar valuation, too. it is a similar model, celebrity focused of course but people paying the creators directly with the platform taking a cut that seems to be the way they want to go as opposed to finding a way to stuff ads in here >> right steve, julia, appreciate the conversation hopefully we see each other both on tv but maybe on clubhouse i'm surprised a spac hasn't tried to take these guys over and take them public already

great conversation look forward to seeing both of you very, very soon. meantime on the other side of this break big buzz on wall street for bumble as the stock is surging on its debut. another ipo. another big day. are the fundamentals there to support such a high valuation? that is the question of the program. plus, angry robin hood customers are showing up at the company's door step literally to vent frustration as lawsuits against the platform grow. we've got the details. don't miss it. and don't forget you can also watch us live right now on the cnbc app change is all around us. shaped by technology and human ingenuity, we can make it work for you and your business. ♪♪

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welcome back to "the exchange." the dow is hitting a record high earlier but has given up some of those gains since. all three major indices in the red right now. technology the only sector in the green right now. energy, industrials, utilities the biggest laggards and here are some of the individual movers of the hour shares of sonos sharply higher, raising full year guidance and strong speaker sales continue to be a tailwind in the holiday quarter. shares of molson coors sharply lower on an earnings and revenue miss with guidance weaker than expected pandemic restrictions hurting those results. zillow shares are sharply higher following a beat on the top and bottom line and upbeat guidance

the real estate website announcing it is buying a home viewing scheduling platform called showing time the price tag $500 million in cash now to courtney reagan for a cnbc news update >> hi, andrew. here's what's happening at this hour in ft. worth, texas a massive crash has killed at least five people 75 to 100 vehicles piling up on an icy interstaut. the total number of injured is still unknown. the biden administration is expanding sanctions on myanmar in response to the military coup there. it has black listed two top generals and six others and targeted three companies in the jade and gems sector britain's prime minister says it is unacceptable china has banned the bbc world news channel. china says the ban is due to biased reports last week british regulators pulled the license of a chinese broadcaster citing its ties to the chinese communist party. and a hacker's botched attempt to poison the water supply of a small florida city

is raising alarms about just how vulnerable municipalities are to cyber attacks. watch "the news with shepard smith" tonight to see how the fbi is telling local authorities to get their systems up to snuff and fast andrew, back over to you >> thanks, courtney. when we return it is not just about supply but also acceptance of results. a new cnbc survey that shows how willing americans are to take a covid-19 vaccine and volatile day for uber with shares down right now but off the lows the company posting a narrower loss as its ride and delivery business rebounded slightly from the pandemic lows. the ceo joined me on "squawk box" earlier today and had this to say about the path to profitability. >> as the opening happens people come to ride ubers again we are seeing a share gain on our platform versus other modes of transportation. we've invested a lot in safety we've invested a lot in trust and it is showing.

the delivery business is going to continue to boom again. what we are looking forward to is both of our engines pushing significantly positively and we think that is going to happen by the end of the year.

welcome back to "the exchange." since the vaccine roll out began close to 45 million people have been vaccinated with more than 33 million of them having received at least one dose and 10 million now having received two. getting as many shots as possible into arms has been a top priority for the biden administration we have new and exclusive data on how americans feel about the process. we have a special edition of cnbc's "all america survey" looking at biden's agenda. >> thanks. americans feeling as if the vaccine roll out is not going that great but they have hopes it will improve and support the new president's efforts so far the cnbc all america economics survey of over a thousand people nationwide, an online survey finding 68% say the federal government's vaccine roll out has been fair or poor so far but

60% saying they expect it to get better in the next 12 months that optimism could be helping to fuel president biden's high approval rating which is true across the board overall 62% giving the president the thumbs up when it comes to the job he is doing in the first call it 22, 23 days. 56% or so saying they approve of how he is handling the economy 59% at how he is doing uniting the country. there is that big number 65% approving how he is handling the coronavirus. we asked people about their preferences. 11% each really no different say they prefer pfizer 11% say they prefer moderna. johnson & johnson not on the market yet of course 43% no preference. 7% say they've been vaccinated and the big number that probably matters most 28% saying they are not willing to take the vaccine and that is going to make america getting vaccinated a big challenge. 46% of the public supporting biden's $1.9 trillion relief

bill the most popular parts, helping small business, the $1400 individual checks, and more funding for vaccine distribution i guess for political purposes right now it is the vaccine, stupid i don't mean that for you. >> it's fascinating. how do biden's approval ratings today compare with the first kind of ratings of other presidents at this stage in the ball game? >> we went back and looked at all the way back to bill clinton in 1993. these are the best ratings they are a couple points better than obama who you know started well out of the gate better than clinton who was down sort of in the 50s and about 18 points better than donald trump who started off at 44%. sometimes it goes down and sometimes in the case of for example the second president bush it went up big time because of 9/11. >> okay. steve liesman, we will continue

this conversation. i have more to ask you about maybe on "squawk" tomorrow morning. we have to run we have a news alert just out from the white house >> reporter: press secretary jen psaki just concluding a briefing where she made some comments about the global semiconductor supply shortage saying the administration is currently looking at ways to immediately alleviate and identify any potential choke points in the supply chain but the chip industry will figure prominently in a forthcoming executive order where the white house will be initiating a comprehensive review of critical goods that are manufactured here in the u.s. and setting potential incentives for onshoring that manufacturing. when she was asked specifically about a request by the semiconductor industry association to include funding for research and development and manufacturing in the president's upcoming build back better infrastructure plan, she said those discussions are ongoing and there is not yet a price tag for that package or a decision on whether it will be included

andrew >> okay. thank you for that it is important and we have to keep our eyes on all of it because it has such a large impact across this country and our economy, autos and everybody else on the other side of this break, investors are buzzing over what else bumble and pot stocks as they sink. landlords upping their game and taylor swift dropping her first re-recorded music. we'll explain ahead in "rapid fire." ♪ what if you could have the perspective to see more? at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪♪ we see companies protecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley.

- [announcer] grubhub perks give you deals on all the food that makes you boogie. (phone dinging) (♪ singing in foreign language ♪) ("2 phut hon (kaiz remix)" by phao) ♪ get the food you love with perks from-- - [group] grubhub! - grub what you love. welcome back to "the exchange" time to talk rapid fire and get you caught up with some of the stories that should be on your radar first topic, folks popular dating app bumble making its trading debut. shares trading now around $75. that is more than $30 above their initial range. the ceo is the youngest female

ceo to ever take a company public at just 31 years old. earlier she said bumble's future isn't about love connections listen to this >> we are very focused on taking our dating approach across the globe and doubling down on our strength and our growth and our domestic and core markets, but in tandem, in parallel looking to the future and we are very focused on a long-term horizon of being the global platform to connect you to anyone you might be looking for well beyond love. and so stay tuned. >> okay. bumble already has versions for friendships and business relationships. what's your take >> you know, we had this debate a few weeks ago on "squawk alley" is a dating app that lets the women make the first move, could that ultimately be market limiting you look at some of the stats versus tinder and match versus bumble there may be an argument to make, but it really comes perhaps to bumble that could be

the dark horses right? when you get into the friendship and business spheres and you're bringing more women in perhaps it is an easier proposition through bumble than through some of the other apps trying to copy cat that business strategy that is where the value could lie. so i know, andrew, you've been talking lots about these ipo performances which are incredible we just saw bumble up 70% in today's session pricing above the range. there is that case to be made that perhaps it is those businesses not the actual dating part of the app that could be worth more in the long run >> tim, you want to own this would you own this stock >> i tell you what, andrew, i wish we had this app growing up in scarsdale it might have made life easier the bottom line here is this is a case where the growth if you look at the s-1 filing of 16 million, 2019, months 1 through 9 to 2020, not that great.

the profitability turn-around i think has a lot to do with the level the stock was able to achieve on valuation obviously a growth multiple being attached to this like so many of these ipos i think it's a market where liquidity is as much about the story of the success here. exciting space certainly a very prominent new leader in the world than i think this is a company that has a lot of attention as it should. >> okay. tim, don't go anywhere because the next topic is all you. what goes up must come down. the marijuana trade is going up in smoke losing most of its gains after getting a boost from the reddit rebels earlier this year or i should say earlier this week the alternative harvest etf which tracks many of the names on pace for its worst day ever while tilray is down more than 40% and pacing for its worst day ever too tim, i feel bad. you own a lot of these names >> well, look. it is a case where the fundamentals in cannabis are great. and i think some of the

fundamentals for a handful of these canadian companies don't justify the valuations i think there is a difference between what's going on at tilray and a difference of what's going on at kuraleaf and green thumb and some of the other names. you have a place where first of all i run an active etf so we were selling tilray into some of this news yesterday. it's not ever been a very big position because again the valuations for some of the canadian lps is not an indictment against them. they're doing what they're doing but they are not u.s. players and i think investors really need to understand where valuations make sense, where there is long-term fundamentals and we're still very early in the cannabis trade and i think that is the good news. >> okay. i have to get robert frank into this rapid fire. this is his story. landlords are getting so desperate in new york city, unbelievable by the way, they'll actually let you move in for free you heard it right free if comes as thousands of apartments remain empty as the pandemic choking the rental market right here in the big

apple. robert, you have been following this story for us from the beginning. what to make of it >> well, look. the recovery has started but this is going to be such a long road for new york city there was a 58% increase in new leases in january over last year so that is a good number in the third month in a row we've seen strong increases. on the tough side you have 12,000 empty apartments in manhattan. that is about three times what we had during the same month last year. and the vacancy rate is now above 5% normally it is about 2%. landlords offering 2.3 months of free rent to move in so that attractive pricing incentive is working you are getting new leases but if there are 12,000 officially empty apartments people say there are probably at least 20,000 truly empty apartments because of the shadow inventory they don't want to put on the market because it would make it look so bad.

so there are still so many empty apartments that will need leasing and the question is prices were down 20% in january. how much further will they have to go to fill all those apartments >> my beloved new york diedra is the same thing happening in san fran right now? >> we're certainly tracking what's happening in terms of businesses and corporate real estate in san francisco. you have yelp recently saying it is going to be reducing its footprint. drop box you hear a lot of vcs talking about that move to miami you see companies also going to the likes of texas so this is certainly, you know, a massive topic. are the tech companies sort of leaving and, you know, there's a lot of blowback, too, about california policies and whether it's business friendly enough. so it is something we're keeping an eye on and, certainly, the real estate market has at least at that point when you're seeing the one and two bedroom apartments go empty, i mean, that is certainly an area that has just run up so much over the

last few years that's being taken down a notch. >> okay. finally, we have this story. it is a taylor swift story taylor swift rerecording love story just ahead of valentine's day the pop star announcing she is re-releasing a new version of her 2008 hit at midnight tonight. she also said she plans to release a rerecorded version of her grammy winning album "fearless" in april. swift is re-recording this stuff not just for fun but because of her feud with former associate scooter braun who allegedly sold her back catalog last year without her approval and swift says she hopes re-recording her songs will bring down the value of the masters that braun sold what do you make of this, guys >> a spite recording it's like larry david's spite store. that's what i think of and it's amazing she is taking this matter into her own hands though it will reduce the value

of her masters but she's always been so vocal. you know, it is a testament to her as an artist and her creativity as well if she can release new songs and they can be hits as well. >> robert frank, if you're scooter braun what do you do >> this reminds me there is a famous artist and he heard chris 'tis was selling one of his prints for $4 million and got really upset so he made dozens of the same print to torpedo the value of that auction and it kind of worked and really as deirdre just said this is about artists taking control of their market it's great because they should be the ones controlling their market i think it will be interesting to see what happens to the value of her previous recordings i don't think they'll go down. i think this is really just doubling the value of everything she owns because now she'll have two of the same album both selling in the millions. >> tim seymour if you could invest money, i mean, if they

were stocks and by the way there are some musicians that now are the equivalent or turned themselves into bonds or stocks of some sort >> yes. >> would you invest in taylor swift? would you invest in scooter braun? >> well, look. i'd invest in both of them let's be clear t swiz l is a torch bearer, someone that is a style leader she is clearly phenomenally talented but scooter braun, look. the private equity world has been buying music catalogs aggressively for the last five years and even more. and i think this is going to continue again this is about recurring revenue streams and, remember, the bowie bonds and the ability of musicians to use collateral or cash flow streams in the future to underwrite. this is very interesting stuff i think scooter braun is someone who's been phenomenally successful in the private equity world and paid attention to this a long time ago. the great news for taylor swift is she creates content in her sleep. this woman is phenomenally talented she will continue to be creating very valuable catalogs and good

for everybody here i think everybody won. >> tim, here is the thing i've been thinking about. could this become a trend? there are other musicians whose masters have been sold. >> sure. >> some actually thought they got good value out of it the first time around and maybe don't have a beef with who owns it but maybe they decide that they're going to start doing this en masse. if they do, what does that do to the value of all of this >> well, again i think if you look at stevie nix who sold a catalog for a hundred million and compare it to what michael jackson sold his catalog for, the beatles there is relative value in music catalogs just like in stocks and i think musicians also have to understand that you can't sell the rights to something and then actually believe that you still own it as an artist that is what many have come to deal with so again, i like this whole concept. i think the music industry benefits from it because it creates a more liquid market for

their underlying assets which is their content. >> fascinating thank you, guys, for the conversation robert frank, diedra bosa, tim seymour. that was a fun "rapid fire." they're always fun but that was particularly fun on the other side of the break we'll talk angry robin hood ang. they're literally showing up at the headquarters tethbrk.in menlo park, right afr e ea stay restless with the icon that does the same. the rx crafted by lexus. lease the 2021 rx 350 for $429 a month for thirty six months. experience amazing at your lexus dealer.

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welcome back to "the exchange." robinhood still facing a backlash from its decision to restrict trades of some stocks last hour, the department of justice is requesting documents. customers are going straight to the front door kate roger is in menlo park. >> reporter: a handful of clients have been coming right here to the headquarters in menlo park to vent some frustration that they can't get in touch with anybody when it comes to their account issues.

menlo park pd have been called multiple times in recent weeks police records obtained by cnbc show a total of ten incidents at the start-up's headquarters. before late january, the department said they had seen zero records this year in one case a man threw a t-shirt at a security guard's face, another vandalized a sculpture. someone allegedly through dog feces at the door. we witnessed one man kicking and banging on the door. he claimed he was unable to access his account we also spoke to reyes rail, who says he drove 2400 miles from indiana after losing $50,000 trading nokia. he says he was also locked out of his account >> i had money in my account here at robinhood that i need for living expenses, bill money, grocery money, family money.

my money is currently held hostage to robinhood, i can't get it out >> reporter: robinhood did decline to comment on these police issues and some of the customer complaints. they did get in touch with rayl, and he says some of his account issues have been resolved. these are just a few of robinhood's 13 million customers, but their experience has echoed customers about other users and complaints to the ftc in recent week this started with the limiting of the buy of certain stocks they did that because of requirements in their clearinghouse, not for the benefit of hedge funds that had gotten squeezed by traders on reddit in the past two weeks, they have filed more than 30 lawsuits, rayl is a professional poker

player, he rsays the stock marke is too risky, and is moving his cash. >> this is the oddity of it than any other brokerage firm what do investors say about the growth are they concerned about these incident >> reporter: venture capital investors that have bet on robinhood, even funded the company during the weeks that the gamestop chaos was going on, point to the use number and say it's similar to the growth you would see at a social media company, for example, they see that as the reason to back robinhood ahead of an ipo. all of the investors think the ipo is imminent, coming at least in the next year, think sea. >> we've got to run. 20 seconds do you believe they're going to set up a phone number so you can call this has been the one issue that people have been upset about before gamestop gamestop ever happened >> reporter: i'm told they will

contact people by phone in certain cases, but this is some evidence that, if they've been thinking about it, you would think now is the time to set up that 1-800 number. >> kate, my former producer, she's the best thank you. ahead on "power lunch," mr. worldwide, aka pitbull, has pushed for minority company investments, charter schools and so much more "power lunch" starts after this quick break. this is decision tech. find a stock based on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.

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- [announcer] grub what you love. good day, everyone welcome to "power lunch. i'm tyler mathisen melissa lee will join us in a moment jim cramer says we're on the highway to the danger zone kenny log gins, is it time to cash out some gains? the dating app bumble making its debut. after pricing at $43, we'll tell you why investors are swipin