good morning it is 10:00 a.m. in bismarck, north dakota, 11:00 a.m. on wall street and "squawk alley" is live ♪ ♪ ♪ happy wednesday. welcome to "squawk alley." i'm jon fortt with carl quintanilla and deirdre bosa hedge funds prepare to get grilled on the hill. spacex gets a $74 billion valuation, and it triller. apple's legal win in north dakota

deirdre? well, jon, that's right. the state senate there voting not to pass a bill that would have required app stores to allow software makers to use their own payment processing software and avoid the fee, the commission charged by google and apple. let's bring in the co-founder and chief technology officer and a proponent of the north dakota bill good morning thanks for being on with us. >> thanks for having me on again. >> i know you were prepared to set up an office in north dakota if that meant avoiding those 30% commission a number of other states are looking at similar legislation what do you think the chances are of this passing elsewhere? >> i think the chances will keep increasing people will learn more about the issue. i don't think every other state will be as intimidated as north dakota was it was truly remarkable to see one of the main reasons why

north dakota senators didn't want to vote for this bill was because they were afraid that apple or google would sue them and that would be too great of a burden for north dakotans to bear it wasn't about the merits of the bill itself. i spoke to several there and i testified. there was brought support. a quarter of the senators even against this risk voted to pass the bill i think once it moves to a bigger state where the legislators are more informed the issue up front where the massive amount of lobbying effort that apple and google are bringing to this is not going to have as much of an impact and not afraid to legislate big companies. we'll see very different outcomes >> and, dave, you've been on our program before and other businesses that don't like that 30% commission they pay to the app stores what indication do you have from users that they want this kind

of change? is that going to be important when other states make these decisions? >> i think we're just start to go get the education program going where users are realizing apple is, "a," a monopoly as was determined in the antitrust report that came out of the house last year and that apple's practices are simply unfair. when we say app developers didn't want to pay a 30% or 50%, most of them don't most of them simply don't. uber gets to run its own payment processing on apple's platform facebook monetizes through ads does not pay apple at all for any of that. in fact, apple goes out time and again and brags about the fact that only 15% of app developers being shaken down and extorted for this cut of revenue. i think once consumers realize that, they're not going to feel good about that, about the fact

a $2 trillion company is bullying small software developers out of 30% of their revenues >> david, i don't know if you're willing to get granular enough to talk about individual states, but george ia and arizona get mentioned the most coming out of north dakota and then we've talked to maryland about other tech issues related to digital advertising i just wonder do you have what will be the next test case, if you have one >> i think it's going to be arizona. arizona has a bill coming up, i think, next week i was scheduled to testify in favor of that as well. i think arizona is an interesting case as these cases come up we see more and more of the tactics they are employing when i looked up the bill in arizona just yesterday their entire public page is full of astroturf comments from

so-called very real. very concerned voters who bring out identical language the state shouldn't risk being sued by these companies. there are sleazy tactics being used and the more in the light of day the harder to press the matter again, i think north dakota was probably one of the smallest states taking this on. it was a very long shot they were going to vote forgiven the magnitude of this. states like arizona or others, i don't think will be as intimidated by apple and google as north dakota. >> you're talking about lobbyists. didn't the lobbyist for epic white this legislation and hand it to north dakota to begin with this is all a big legal fight with well funded companies on either side. nobody is as well funded as google and apple this looks like a coordinated

strategy by the folks on your side of this to break apple and google down. >> of course it is this is the coalition for app fairness, and what else would you have us do i mean -- >> if you're talking about lobbyists, everybody has them. >> well this is really the talking point. this is just a dispute between billion dollar companies basecamp is not a billion dollar company. i'm not a billionaire. when they say this is a fight between billion dollar companies they leave out the fact that google and apple are trillion dollar companies there's 1,000 times difference between being a billion and a trillion dollar company. i'm extremely pleased there are mid-sized companies who have the resources to go up with at least some of it one of the very interesting comments that came out of north dakota was that the republican

senator who sponsored the bill originally said, hey, he thought the reason this wasn't going to pass was that no one could match apple and google in terms of the resources they bring to play with their lobbyists and that's true for app fairness. there are some companies that do have bigger bank account than at basecamp this is not an equal playing field. not two equally sized companies. this is literally the biggest companies in the world -- the biggest company in the world is pushing this and extorting app developers of all sizes. >> you just said it this is mid size versus big tech where does this leave small businesses who don't want to change my brother has a small business and he celebrated giving them 30% commission because it meant

that his business was legitimized and he doesn't want to have to set up a payment system which, quite frankly, some people don't want to have to input their credit card details every time they download another app. what about that co-cord who like the system apple and google have created? >> it's wonderful. they have some good deals for some developers. all we're asking for is the choice no one is going to take away apple has a payment processing system you can choose to use if you like the benefits that go with that. if we don't have choice, we won't have competition or freedom from extortion and retaliation. this is the crux of this if small software businesses grow slightly larger they might think i used to pay $10,000 a year for these payment processing payment systems now i'm paying $3 million a year

in fees? for what the 30% cut is the biggest line item on any business accounting and it doesn't make any sense at all for basecamp this is why we're fighting it. this will help the small app developers as well they will keep having their choice, and when they get bigger they can choose not to have that choice anymore >> you make a good argument, david. i want to ask about the broader picture. for the last few years we've been talking about regulation at a federal level and over the last year or so we've seen a shift. states taking matters into their own hands as lawmakers really dragged their feet we see bipartisan cracks emerge. do you think this trend will continue do you think states will be more effective in taxation than congress has been? >> i think it's amazing. when i testified in front of the house congressional committee a

year ago i thought i'm just going to show up, give my case and probably nothing will happen so much has happened in a year when, frankly, we've had other things on our mind than just antitrust, right and so much stuff has happened already. there are several lined up to introduce similar bills this is exactly the kind of instant relief that we could get if north dakota had passed it absolutely we would have looked at opening an office in north dakota to get this kind of relief and this can happen so much quicker than if we have to wait for either the federal level or these antitrust lawse meantime the state action is wonderful. the fact that there are so many efforts going at the same time paints the picture where we're going to be in the future. can apple and google buy their way out, slap a #too big to

legislate on a bumper sticker? no they are going to be held accountable and we will in the end get the relief we should have and the fair open marketplace based on choice we should have had all along. >> we could see more lawsuits. we'll save that topic for another day. we'll talk to you again soon 24 hours from now we'll be in that house hearing on robinhood and gamestop kate rooney with a preview hi again, kate >> carl, the focus of the house hearing tomorrow is on halts we saw for those reddit stocks in late january we expect to hear questions about market manipulation in the era of social media and stocks colliding. among those testifying robinhood

ceo vlad tenev, melvin capital and reddit ceo there is one non-ceo on the list, though, keith gill he's best known for promoting gamestop stock through his youtube videos robinhood's 33-year-old ceo has come under, by far, the most public scrutiny of that group. tomorrow is seen as a big test for robinhood ahead of an ipo. for those coaching vlad commissioner dan gallagher joined robinhood last year, two of robinhood's top communication team members who just joined robinhood came from one of its regulators one also worked for president obama's treasury department. robinhood has hired reg nal brown, a veteran lawyer who helped prepare mark zuckerberg people are also paying attention to ken griffin he, of course, is the ceo of

citadel securities, the market maker that works with robinhood and citadel the hedge fund those relationships will require some scene setting and a lot of explaining to congress analysts i've been talking to expect law makeers to really grill these witnesses, especially the ceos similar to big tech in the past very few expect deeper conversations around market structure. >> realistically is this going to be some political point scoring around protecting the retail investor and big versus little or expect new information about the hedge fund/app relationship to come out of this >> that's the expectation, the first thing about a little bit of grandstanding a note was put out this morning essentially saying that there will be a lot of opportunities for law makeers to grill the

ceos and make points about consumers and investor protection some of the issues, payment for order flow, market structure is something robinhood will talk about. there are real issues to be discussed here other folks have said the same thing, there are things they could talk about and solve the emphasis on investor protection, social media and robinhood has gotten by far the most pushback. we haven't heard from the likes of ken griffin and it will be interesting to hear from keith gill or roaring kitty as he's called >> yeah, it's quite the cast of characters, kate looking forward to it. as we head to break a check on bitcoin notching a record high one day after hitting 50,000 do stay with us.

welcome back to "squawk alley. shares of vir biotech are surging up more than 14% after they announced an expanded partnership with glaxosmithkline. meg? >> jon, thanks so much george, it's great to see you this morning you, of course, have been working with glaxosmithkline on a covid antibody drug and are

expanding into flu and other respiratory diseases do you think this moment, and one might say it's obvious during a pandemic, but the industries backing away would suggest it's not do you think it signals the pharmaceutical industry is planting a flag because of the threat it exposes of other viruses? >> thank you, meg. i think there is a resurgence of interest i think they're one of the companies that has maintained an interest they're a very big vaccine company and have other programs coming forward we had been working with them the past 10, 11 months on covid. that collaboration has gone extremely well i think jsk has come to appreciate all that vir can do, and it's mutual. we've certainly gotten an appreciate of their

capabilities a lot of the work we're doing has implications for other respiratory viruses. it made sense to expand this collaboration to include flu as well as covid. >> update us on that covid antibody you're working on when will we know what role your antibody will play in the pan defensemenic >> pretty soon now we'll have data in q1. we're sticking to that number. or that date so pretty soon we'll have data actually >> how do you look at the way -- >> i'm sorry, go ahead >> the antibody drugs have not been used to the extent it had been hoped they would because it seems like they're very difficult to administer. eli lilly is trying to shorten

the time regeneron has a subcutaneous administration of one of its antibody approaches. do you think there's support of the u.s. government in trying to facilitate that? >> i do think they have a big role to play they work. when given to patients early in the disease, they substantially reduce the number of patients who progressed and need hospitalization and die. the reason they haven't been used more widely i think is for two reasons. they were on a very limited set of data and there still is some skepticism around how well the antibodies work. they have to be administered

intravenously which means you have to have a covid patient and there's limited use. the data is from a robust phase three trial. there will be enough patients so we get a definitive look at the extent to which our antibody is capable of reducing hospitalization. i think we should overcome that aspect, the limited use. we have a low volume a 500 milligram dose, smaller than the other companies are using. it's in a smaller volume it can be infused more quickly we're working on an i.m., intermuscular, that can be formulated or subcu. should overcome the barriers that have limited the use of

antibodies and they do provide a substantial benefit to patients in the early stages of the disease. we have our antibody in active three which is the nih-sponsored trial to look at potential benefits to hospitalized patients and we will also get data pretty soon to tell us whether we pass through a futility and safety analysis after 150 patients are dosed. if we can provide benefit there that is a new use of antibodies. >> i know a lot of people are eagerly looking forward to the data we're looking at your stock right now. up 337%. one month up 94% every time i see an announcement the market loves it. i get these negative analyst notes saying there's no way the valuation is supported by what's going on in the pipeline at vir. how do you respond to that can you support the valuation

here >> i'm not going to comment on the stock price. it is what it is my job is to build value in the company, to help lead the development of programs that will provide revenue to our shareholders and then it's up to people to decide what they think it's worth we have covid, flu, hepatitis b, hiv. we have drugs with substantial poe it tension to treat major diseases, so i think other than that i really don't want to comment on the value >> all right, george important diseases, we look forward to hearing about the covid data soon and the other things you're working on after that thanks again >> thank you, meg. >> and, meg, our thanks to you, our meg tirrell. d.o.j. antitrust division is

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i'm rahel solomon, and here is your cnbc news update this hour more than 100 million americans remain under some form of winter weather warning. in texas 3.4 million are still without power as another storm hits the state nationwide 31 deaths attributed to the freezing storms pope francis marking the beginning of lent. now instead of a profession through rome the pope led a mass through the basilica europe's top human rights court has ordered russia to release

alexei navalny medley. today the justice minister said his release had no basis in russian law. and in new jersey what was once the trump plaza casino is now a pile of rubble the dilapidated building, funds were raised for charity. what an iconic site. and "squawk alley" will be right back don't go anywhere.

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breaking news from the department of justice. carl, that's right within the past couple of minutes the department of justice has unsealed an indictment against several alleged north korean intelligence officials saying these intelligence officials were involved in a massive global cyber security fraud campaign designed to hit everything from entertainment companies to banks they were part of a $1.3 billion attempted fraud and extortion campaign we'll look for more detail on exactly what they are alleged to have down. we expect to get more detail in the next couple of minutes and bring that to you as soon as we can. the headline here, carl, north

korean intelligence officials indicted for alleged participation in a massive cyber security fraud campaign around the world. back over to you >> even as you speak some of the additional headlines are filtering through the wires. one says doj says a canadian-american also pleaded guilty to laundering money for the north korean hackers this looks more multidimensional than a north korea story >> absolutely. and the types are pretty broad sony and amc theaters. cryptocurrencies being targeted, a spear fishing campaign designed by these north korean officials allegedly in order to steal crypto currencies around the world. so the idea here is this was a wide-ranging cyber fraud

campaign designed at getting revenue for the north korean government apparently but impacting companies across the global economy >> eamon, any echoes here of what we saw from the sony hack some, what was it, six, seven years ago that seemed to involve north korea being upset over that interview >> in fact, the movie the interview is mentioned in the indictment document as part of the reason why the north koreans would have been interested there are details. i have not had a chance to review the entire document, which is quite lengthy this does appear to be u.s. law enforcement having rolled up this campaign. they have three, as far as i can tell, three north korean officials named by name and by alias. each one alleged to have a number of different aliases that were participating in this scam over the years so it's a multipronged,

multiyear scam it's going to take us a little bit to understand exactly how much money was allegedly stolen by the north koreans, what part of that was successful versus what part of it was unsuccessful in terms of the money theft piece of this. and then the other piece is the disruptive piece, the attempt to actually disrupt those they decided to target. >> and, more broadly, i don't want to ask you too many specific questions because you haven't had a chance to go through it in detail, but what's the cryptocurrency angle here? there are stories about north korea trying to steal hundreds of millions of dollars worth of cryptocurrencies through cyber attacks. is there danger to the individual crypto investor here or no? >> yeah, i think there is. doj officials are talking about the idea of stealing

cryptocurrency that's in crypto wallets around the world if you're an individual investor your eyebrow should go up here pay attention to what the threat it we're aware in the banking world but we haven't been as aware to those in the cyber world. your bitcoin wallet could be target might be a new one or a risk factor you'll have to think about going forward. this is clearly not something that will stop anytime soon. >> thank you very much, eamon. that is a perfect place to start with our next guest who closed a $120 million round led by the likes of google ventures and peter smith, the co-founder and

ceo joins us now who is responsible for nearly 30% of all bitcoin transactions since 2012 thanks for being with us on short notice we just heard from eamon javers. i want to start on the cyber hack and then your latest round. eamon javers was telling us about a crypto hack that targeted digital wallets what is the overall threat to crypto investors is that increasing as we continue to see bitcoin rally higher and higher? [ inaudible ] i think, peter, we're working on his microphone issue >> there we go sorry about that >> there we have him peter, did you hear my question? >> i did that classic are we on mute thing. >> it happens. >> i didn't have a chance to

look at that specific story but cyber security is incredibly important in the crypto space. and it's one reason customers do have a tendency to trust companies that have the long track record like ours to take care of them and their funds i think in the united states it's important to companies like ours that continue to work with the government to try to weed out bad actors in the space but most importantly that we take care of consumers. >> right and, peter, is that threat, though, increasing as we see more interest, more institutional, more retail interest in crypto currencies? >> i don't think it's increasing i think state actors like the ones you mentioned have been active for quite some time but the amount at risk has increased every year and you have to constantly be vigilant and constantly upgrading your security systems >> right and i want to talk about your latest funding round just announce this had morning. i think it was interested in your press release you took a little bit of a shot at robinhood it's ceo who will

be testifying tomorrow just a day ahead o is a market everyone has equal access you can connect the same way that citadel, which doesn't trade with us for the record, but the same way any other market participant would connect. it's a level playing field, and it's a financial system for the internet rather than an old school system that is, frankly, a little rigged. >> hey, peter, we're all sort of processing these headlines, the unsealing of these attempted hacks, according to the doj. i wonder more broadly, though, without having to delve into the specifics of the case whether at this point you see risk factors piling up more on the security side or just the price volatility side because some of the skeptics on the street this

week continue to say as long as the price remains volatile it will be a deterrent long-term sustainable investment >> yeah, i think we've been hearing that story for about eight years. and the industry has continued to grow. more and more companies have come into the space. institutions like bank of new york is getting into the clearing business. you saw some of the best macro investors in the world take a very significant position in our company. and that volatility is still there. it's still with us and will still be for some time as the whole industry grows and matures. at that time i do think the security factors are going up with time and that risk has to be very carefully managed. i'm less concerned about the volatility because i tend to look at volatility over a five-year basis and where the industry has come from the last five years and where it's going the next five years rathere-hour

basis. >> peter, what's the right level of security to be built into bitcoin wallets and kind of crypto accounts, because we see these stories about people who forgot their passwords and have millions of dollars worth of bitcoin locked up somewhere and a limited amount of guesses to access it. that in a way is a security issue. we have stories about nation states potentially trying to hack into wallet accounts. is there a different framework needed to save bitcoin from nation states? >> yeah, a really good product it sefbs the right customers and different customers will need different products some need a vault buried in the side of a mountain you have to build the products and do it at scale and

excellence there are few engineering teams on earth that can deliver those products back to your comments on crypto being the new robinhood, some of your comments sounded like what we heard from robinhood allowing anyone to participate. as there's more institutional that they stay true to those roots. is it built to withstand the broader market >> at the end of the day there's marketing and there's what you do we are deeply committed to engaging with our customers and to giving everyone equal access to our products and markets. it's very different from what

robinhood does they were leveling by charging zero commissions to retail the next impact is robinhood's real customer paying for order flow not the retail customers. our real customers are our retail customers, our institutional customers. our relationship is direct we are always going to put our customers first and will be up front with the way they're engaging >> thanks for being with us on such short notice. >> thank you for having me >> keep your eye on jd.com the company announces plans to spin off its logistics segment and list it in hong kong the u.s. shares of jd are on track for a six-day win streak

we're watching the markets the nasdaq down more than 1.5% and the s&p back to 3904

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keep your eye on some of the amusement park flames. gov governor cuomo saying they can open on april 9 at 33% capacity. also that summer camps can, quote, plan on reopening in june cedar fair up better than 3%, close, i think, post-covid high. we'll keep our eye on that >> good to see, carl ring central shares under a bit of pressure as the company reported an earnings and revenue beat in its latest quarter joining us now for a cnbc exclusive is the chairman and founder. vlade, good to see you looking at recurring revenue it seems to have hit a bit of an infl inflection how is the business faring as we start to move perhaps into a kind of normalcy out of the pandemic that drove so much attention to digital communication platforms? >> thank you for having me,

number one yeah, look, we had a very good year, a very good quarter. we pretty much beat on growth has been very strong we beat in earnings. so that's great and earnings and that is good news i do want to remind everyone that ringcentral, we are not a covid story. we've been doing just fine before, we were doing well and accelerated slightly, and ever so slightly during covid we certainly expect for our success to continue in the post-covid world ring central is not a work from home story we are a work from anywhere story, and i tell you, i founded the company based on this notion a couple of decades ago and it's never been more true than ever people will work from the office people will work from home, and people will work from planes,

trains and automobiles ringcentral is one of the leading solutions addressing these needs of modern distributed, highly mobile workforces >> right or some would only help. >> and vlad, i know you're not a completely driven covid story and you and i talked three or four years ago now about what the business is based on, but don't investors need to be aware of how the comps are going to shape up coming out of this covid-driven period? because when i hear you say you're not a covid story, that makes me think if i'm an investor, i should expect to see the same growth percentages year over year if this really wasn't affected by covid. how do you manage expectations coming out of this period? >> look, we have our earnings report and we provided annual guidance we provided strong guidance for 2021

if i remember right, we've guided slightly higher than we have guided -- been guided in the past as far as growth is concerned and this is on a much larger revenue base and we do have a -- so far unbroken record and knock on wood, but we have a very strong record of beating and raising every quarter, every year as a public company we tend to guide conservatively and then we try to do better, like we said before, we believe that the world is returning back to normalcy is a tailwind for ringcentral. we are the currently one of the leading companies, maybe even a breakaway leader to transition its own premise and pbs users through the cloud through our unique and absolutely differentiated partnerships with avaya, alcatel enterprise, at&t,

british telecom, most recently vodafone business. we have a direct line of sight to over 200 million installed pbx seats and that's out of the world total of 400 to 500 million. so we have an absolutely differentiated go to market motion combined with the superior product we think it will carry the day >> right, differentiated model, vlad it's deidre, by the way. i want to ask you about the competitive landscape. i know you can't talk about the deal, but in terms of pricing and the competitive landscape, if it does go through how might a new and bigger player change the unified communications landscape? >> well, look, firstly, i want to congratulate slack and stewart. it's a fantastic exit, more power, but i'll tell you what, we have a very well differentiated positioning and

both productwise and then they go to market wise. product wise we talk of mvp and message videophone, any mode, any device anywhere, this is not something that slack ever had. they are very strong in messaging and don't have any video and don't have any phone as part of salesforce, i expect them to continue to win on the message front, but what we see is people really needing multiple modalities and multiple devices where we have a very differentiated position there and combined that without differentiated gtm with 200 million seats where we are in a poll position with an advantaged position to have our product presented to the customer. we think it will continue having a strong presence. it's a winner take all market. >> how are you going to invest differently if at all in video

over the next two to three years given what we saw happen over the last year and the consumer and the individual business users' attention to video and multiple modalities. how does that affect your road map? >> look, we started on our quest of bringing mead why components inhouse over three years ago, way before covid we believe that to succeed and win at a large scale and remember, we're building a multi, multibillion-dollar revenue company out of 50 to $100 billion so we expect to have a meaningful, healthy share of that look, video is a corecomm bon comp component, and not to mention the center where we have a horse in that race, as well. our commitment to technology and

innovation is unparalleled we are investing ahead of our competition including much larger companies and even people like microsoft, we are in the same ballpark. our product will retain its competitive edge and competitive advantage and our market will be hard to manage >> we look forward to seeing what you continue to build there in ringcentral vlad, thank you. >> thank you for having me again. bye. keep your eye on some earnings movers like shopify, as well shares sliding a bit despite reporting a beat it's one week lower and stocks are still up 24% since the beginning of the year. don't miss the company's president later on "the closing bell." that begins at 3:00 p.m. eastern time we'll be right back. for smarter trading decisions. fidelity. (sam) gamers!

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you need to hire. i need indeed indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base claim your seventy-five-dollar credit when you post your first job at indeed.com/promo got to talk some spacex before we go to break. it takes musk's other company to a value of $74 billion the round raises $419.99 a share or one cent below 420 which, of

course, john, will be infamous for a variety of reasons >> just one main reason and the reason that we know, but -- o, my goodness. that's close to a billion dollar raise, deidre, and a sign of the times and we'll have to see how profits and revenue shape up for this company down the line >> a lot of indication that the private markets funding is flush and we know that for public markets, carl. >> yeah. >> let's get to the half all right, carl thanks so much welcome to "the halftime report." i'm scott wapner the question right now, whether rising interest rates will wreck the bull run for your money. we'll discuss and debate that with our investment committee today and we'll be joined later on by kathy wood whose arc investments has set the etf world on fire. joining me for the hour today, joe teranova, steve weiss, jon najarian and kerry firestone