>> from west texas. >> got it. that's an expensive 11 minutes but an experience you will never actually be able to replicate. >> exactly so we will see what we get on pricing. we will see what we get in terms of a timeline for trips to happen in the meantime that will do it for "squawk on the street. "techcheck" starts right now ♪ happy wednesday. welcome to "techcheck. i'm jon fortt with carl quintanilla, deirdre bosa and julia boorstin facebook's oversight board doesn't do what many expected and gives facebook homework. we'll try to explain what took them so long to come to the decision and what it means for other social media companies >> lyft, lower after an overnight pop despite showing signs of a post-pandemic

recovery bezos and blue origin sell tickets to space >> jon, the nasdaq is rebounding this morning after yesterday's sell-off cloud stocks back in a positive territory, but it has been a rough few days 60 of the 66 cloud stocks in the first trust sky etf are lower for the week semis higher after a sharp sell-off names like nvidia can swing 40% to the upside. check out arc innovation index it is back in the green today, but definitely in a slump, now down nearly double digits for the year after posting a gain of less than 1% in april. take a look at the three-month performance of some of the names in her funds these are the top ten holdings down massively tesla, the biggest holding down 21% over the last three months teledoc 44%. >> yeah. that's quite a performance in the meantime we have to start

with facebook. the independent oversight board essentially deciding to punt on the decision regarding the former president's ban, including telling the company that for at least the next six months the company needs to start thinking about what comes next in the end leaving the decision to facebook saying the board declines facebook's request. they agreed the decision to suspend the president was right, but asked facebook to create a rule regarding the term and then apply it by november 5th of this year the other facebook oversight board essentially made up of outside critics released a statement, quote, world's most obvious content moderation decision, still pending. we're going to talk about this again. >> we will julia, i got to say, i kind of disagree with a lot of the takes out there on this, that this is a punt once i spent some time with this decision, it occurred to me that oversight board did what, in effect, no other body could do

in this period of time, which is force facebook to go back and write some clear rules other people have accused facebook of not having clear rules and facebook says we do. now its own oversight board is saying you don't and you have six months to write some to me that's significant >> i agree, jon. i don't think this is a punt, carl, which is that was the term you used i think it wasn't a punt because they're saying we agree the decision you made in the moment to take trump's ability to post off the platform to prevent him from posting was the right decision, but you failed to do what you were supposed do, facebook the oversight board was saying it's not our job to make the rules. it's our job to enforce the rules and it's facebook's jobs to make makes the rules. they want facebook to be making rules and enforcing them consistently some really interesting messages in here, including the fact that they don't think that politicians should be treated differently. they think the decision of how to treat people posting should

be based on how many people are following them, sort of what the reach of those people are. but also that above all else, the risk of harm should be considered that's something that does reflect on what mark zuckerberg has said in the past for a long time he said we were letting people post because we think it's important to see their messages as political leaders even if there's some question of what the impact could be the oversight board is saying if there's a risk of harm, get that content off of the platform. i think in a lot of ways, the fact that this ruling was so complicated and so nuanced, explains why it took them so very long to get to this point. >> yeah. it also actually raises the question, why did it take them so long, right, if the policy needed to be in place, shouldn't it have taken them a short amount of time to sort of push it back to facebook. julia, bigger question here, why are we talking -- why are they talking about banning trump or not banning trump? isn't this an issue of amplification, suppression, the

way that facebook distributes, you know, these posts and, you know, let certain posts go viral, why not disable likes and comments and sharing features of someone who has the ability to create a lot of waves that they may not agree with or be good for society, whatever they decide >> well, look, there are two separate topics there. first to the question of why it took so long there are 9,000 comments that the oversight board got here it took them months to go through the 9,000 comments the 20 people are spread out all over the world, so they had to coordinate and discuss the comments, including a comment from trump, i understand, was in there as well. i think that the -- once they decided they weren't going to do a yes or no, keep him banned, let him on, they had to figure out what it was they were going to put back on facebook, what the responsibilities were they saw of facebook right now to do in the next six months the issue is not about

amplification because the decision that facebook made wasn't to amplify or not amplify the president's tweets -- i'm sorry facebook posts at the time the decision was whether or not to ban him from the platform i think they are sort of past the point of talking about amplification and one reasons that's the case is because so much of his comments were read because people were following him directly this wasn't about some niche qanon thing going viral, this was about people following the president and what he was posting. once you talk about amplification or not amplification, that gets into other things about algorithms. the key issue is if you post offensive content, how long are you banned for and how clear are the rules about how long people are going to have those repercussions of inappropriate comments on the platform >> yeah. you're getting into a really key area, julia, which is the algorithm and certainly not

every view of trump content was because of someone directly following, unless facebook is willing to argue that, the algorithm will share with people who weren't necessarily looking to see it. >> yes especially people can choose to share trump's comments the issue is they're not debating the algorithm, they're debating whether or not he should have the right to post on the platform that is what this comes down to because yes, posts can be amplified and go viral, things can be shared off the platform, we certainly saw that when the president was posting on twitter and then his tweets were read and shared in many other places, but i think this is the fund mental issue not of amplification but the right to exist on the platform at all right now he does not have that right and facebook has another six months to figure out if they want to reconsider and allow the president -- the former president back on to the platform the key thing here is, you know,

taking a step back from those questions of amplification and just about what the specific rules are about what gets you banned permanently, what gets you bapped for a specific period of time, but this indefinite thing was too big for the oversight board. >> mark zuckerberg on a shot clock. thank you. let's talk about facebook's stock and bring in mark mahaney who covers the company mark, we've long said that these sorts of policy things seem to have little impact on revenue, on the stock in the near term, but this is a new wrinkle, having this outside board essentially force facebook to write some rules >> and that's a good thing from both an advertiser and user perspective. you would like to have greater clarity on what's going to be allowed on the platform and what isn't. i think this was generally a positive event for facebook investors because the company's decision to remove content because it undermined their democratic policies, practices

and because those comments promoted violence, removing that and getting this essentially facebook supreme court to agree to that decision was positive. then pushing back on the company saying now come up with real guidelines and practices we can implement going forwards, all this is a step in the right direction. let's policy find, content moderation, good for the platform, we'll start removing more of the political controversy around facebook and that makes it a better platform for advertisers and users. it's a win for investors. >> does this suggest a new era of spending from not just facebook, but perhaps other social platforms on enforcement based on this renewed focus on let's have some rules, let's have some consistency from the oversight board? >> i think so. i don't know how much more spend -- right now facebook has 30,000 content moderators so there is an increase in spend. this is a company with a net

spending $70 billion to $80 billion, so this is not going to move the needle for them this is a harder issue for smaller platforms because they have to set up policies, procedures, hire people to moderate content yeah, i think it's probably a good thing, a safe thing and good thing for all of us to have the policies put in place. there will be plenty of debate around the policies but get them out there and it will be good for the ecosystem. >> maybe a good thing in the long term, but i don't see how we got closer with this decision i want to pivot to lyft because we did get the results last night and they did highlight a continued recovery in ride sharing. a headline, reminder it's not all smooth sailing the biden administration is said to be blocking a trump era regulation that would have made it easier to classify gig workers as independent contract and there's driver shortages that uber and lyft are facing. one analyst on the call said higher wages and higher rider

cost, that's untenable how does this imbalance lapse p -- imbalance play out >> rides are starting to come back and one data they had a 65% increase in rides to airports from january to april. we are ride sharing again. we're starting to recover. but it's still down 36% year over year. the revenue still down and it's still down from 2019 levels pretty materially. it's still a long recovery secondly there are these supply imbalances a major issue is safety. i think a lot of people are still cautious about letting strangers in their cars and that's completely understandable you need the vaccines to continue to roll out you also need more financial incentives that's starting to prove itself out. the average driver in some of the major cities is generating 30 to $40 an hour driving for lyft those kind of economic incentives and further vaccinations will bring that supply back in, but lyft will have to help provide more

incentives there and so will uber they'll auk about that tonight on this regulatory issue, yeah, this will probably come up again in the next several years. there was a battle that was fought in california and the populace of california voted pretty overwhelmingly in support of allowing gig economy employees to remain contract employees, so i don't know whether that's a harbinger for a country as a whole i don't think we're going to have a key legislative decision on this for three or four years. >> all right mark mahaney, thank you. >> thank you, jon. facebook's oversight board upholding the suspension of donald trump for six more months while pushing facebook to write better rules what do you think? tweet us your thoughts at cnbc tech check we'll show the conversation happening online carl >> when we come back the best value plays in tech a day after the tech sell-off as the nasdaq is going for its longest losing streak here perhaps since october and a member of

facebook's other oversight board. we're just getting started

. gut check on peloton today's biggest laggard in the nasdaq the company announcing a recall of its tread plus and treadmills following the death of a child and over 70 other reported incidents of injury. shares currently trading down over 9% and they're off about 50% from their year high of 171.09 john foley saying peloton made a mistake by not acting sooner and the company is committed to working with the u.s. consumer product safety commission moving forward to set new safety standards. carl >> let's get back to the story of the day that's facebook's own oversight board upholding the company's decision to ban president trump but giving the company six months to write better rules our next guest a critic of the company and member of the independent group of critics who call themselves the real oversight board, author of "the age of capitalism" and professor

at harvard business school thanks for the time and good to see you. >> hey it's great to be with you. thanks for having me >> of course thanks for the time. looking at your statement we've talked this morning about the degree to which your group finds this oversight board model is a failure, but they are going back and telling facebook to get something in writing so people understand what the rules are. is that not at least some marginal progress? >> well, not really. you know, the way i'm looking at this picture today is i'm seeing a doughnut and seeing a lot of people chasing each other, chasing each other's tails around the rim of the dough nut looking for answers, but the answers are in the hole. they're in a void. and we're never going to find them we're never going to find these answers at facebook. why? because the answers that we are

looking for are systemic, transparent and accountable public criteria for the rules of the road that will govern this unprecedented new communications median we call the internet. the only way we are going to get these answers is from democracy, from public law, from public standards based on rights, laws, and we're going to need new institutions to oversee and enforce it all, just as we did a century ago when we confronted unprecedented challenges of industrialism and invented what we needed to keep ourselves safe and to keep democracy safe in that age >> so you're talking about the way we got to rules, i assume, about say child labor?

i mean those kinds of -- unions, those came about through a lot of pain and hardship >> well, you know, on the one hand we have a situation where, you know, the real question is, how do we govern this new medium in a way to allow democracy survive in the digital century, and not only to survive but to flourish it does seem overwhelming. but on the other hand, this is where your comment is so important, we know the answer. we know the answer because we have been here before. a century ago or more we faced in every industry, business owners had all the power, they had all the rights, there were no workers' rights, consumers' rights and you're correct, there were decades of struggle, but eventually the public, the lawmakers, we all said no more chaos, no more injury, no more

injustice. we're changing this. that's when we finally invented new charters of rights and legislative frameworks and we inveptsds all of these institutions which kept us safe then for the 20th century and still keeping us safe. when you think about things like, you know, the fda or the sec or the national labor relations board or the federal reserve, these and dozens of institutions were invented in the -- most of them in the fourth decade of the 20th century when we had given these industrial companies a free run for a long time and all they did was exploit and oppress. that's the situation we're in now. we are being exploited and oppressed. >> yep only issue with that is that new institutions can take time anyways, we have a response from

trump so we're going to get over to our eamon javers in washington for that. thank you. what are you hearing >> yeah. deirdre, this is the first reaction from the former president coming in over e-mail, not social media the former president saying, what facebook, twitter and google have done is a total disgrace and an embarrassment to our country. free speech has been taken away from the president of the united states because the radical left lunatics are afraid of the truth, but the truth will come out anyway bigger and stronger than ever before the people of our country will not stand for it these corrupt social media companies must pay a political price and never again be allowed to destroy and decimate our electoral process. so there's the reaction from the former president interesting here that he's lumping together facebook, twitter and google all at once in his reaction to the facebook decision and also saying that social media companies as a whole must pay a political price. you can bet that this statement from the president is going to set sort of the political tone

now for the response from republicans on capitol hill who are very much sort of in the political obligation mode toward president trump here because they feel that he controls their base to a large degree, so, therefore, you can imagine a lot of republicans on capitol hill will take their direction from this statement in terms of this effort now from the former president to make the social media companies pay a political price. not clear what he means specifically by that, but clearly the president -- the former president not happy about this decision and add him to the list of other people who are not happy about facebook's decision today. guys >> yeah. nor would you expect him to be happy about it it sets up an interesting dynamic. we can bring the comments to tv, lawmakers, critics, supporters, they largely can respond on social media you said that the response was e-mailed, is that right? >> yeah. this is a response that was e-mailed out to reporters from the save america pac, a

political action committee operated by donald trump his political organization is e-mailing this out he's also set up his own website and on that website now, they're posting the sort of tweet-like statements that the former president has been putting out on various issues. those are sort of posted in a blog type format it's sort of retro in internet terms. the trump people have said that the former president is going to be launching his own social media entity at some point, not clear what that's going to look like or how that's going to be rolled out, but this sort of blog on this website now seems to be a step in that direction, but he's clearly got other things in mind in terms of a more robust social media presence going forward the question is, though, is that of any value to him because it sets up an echo chamber of trump and his own supporters and sort of, you know, for the supporters, there's no fun to be had in owning the libs if there are no libs on that social media

site to own. the question is how much adoption of that will take place. >> eamon, very well said, as always that's our eamon javers bringing us up to speed on the president's response to the board's decision. former cisco chief john chamers is going to talk about the sell-off we've witnessed in tech later and later jeff bezos begins selling tickets to space. "techcheck" is back in three minutes. wealth is your first big investment. worth is a partner to help share the load. wealth is saving a little extra. worth is knowing it's never too late to start - or too early. ♪ ♪ wealth helps you retire. worth is knowing why. ♪ ♪ principal. for all it's worth.

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welcome back let's talk about recently ipo coursera shares under pressure this morning after reporting its first public results ceo jeff maggioncalda joins us now to break down the quarter. jeff, good to see you. i guess the reality of post-pandemic is that growth rates year over year you expect are going to be different, right? >> well, yeah, i mean it's exciting to be a growth company.

i've been a ceo for 25 years, and we're valued as a growth company. we're growing nicely and still at the earl stages clearly 2020 was a very big year we grew our revenues 59% we expect a long-term structural shift that favors online learning and now we're seeing what new normal looks like we're happy with the first quarter. >> you said year over year revenue growth will be in the range of 21% to 26%. it was 64% that over 20% revenue growth still good, but what is driving that how much of that is the consumer part and how much of that is the enterprise segment we talked about be on the day of your ipo? >> yeah. the consumer segment is the one that's a little bit harder to predict. most of the highest growth is coming from the enterprise segment where we sell to businesses and governments and campuses around the world. the other higher growth rate is from the degree segment, where

individuals can come on to coursera and get a fully accredited bachelor's and masters degree from one of our university partners. you can see on the chart that that growth rate is also very high the consumer segment, you know, the year on year growth has been very good and it's a little bit hard to figure out exactly what the new normal is going to look like, but we're feeling good about growth across all three segments right now. >> talk to me about costs. how much are you still building your sales and marketing motion, how much investment is there going to be in that, continuing to affect margins as you explore that enterprise growth >> yeah. we did spend, if you look at q3 and q4 of 2020, we took a lot of the surplus of that extra growth that we saw because of covid, we invested in continuing to build out our sales force, so they directly call on businesses and governments and campuses a lot of the new enterprise dmaers you see in q1 come not only from big opportunity but a

larger sales force that are pursuing those opportunities what we're seeing right now, though, is that we'll continue to build out that sales force and platform and we set and manage our base based on adjusted ebitda as a percentage of revenue we expect to be approaching profitability pretty continuously from here on out. that's what we saw in q1 and we're expecting to see that for 2021. >> all right jeff maggioncalda, ceo of coursera, thank you. >> great to see you, jon also in the online learning space startup kajabi announced it raised $550 million at a valuation over $2 billion. i talked to ceo kenny rueter and scott wagner about the move beyond advertising in the internet economy >> ten years ago when the company was founded we pioneered knowledge commerce and today i think we're the leader of that category there's other players in the category so i want to use this

funding route to sew liddedfy ourselves as the leaders and kings of that category so we can do that in a variety of ways i think the biggest way at a high level view is we're wholistically trying to enable entrepreneurs to create businesses. >> there's a real opportunity here for kenny, for kajabi, to define a new category that personally i think has got a decade-long set of huge tailwind trends behind it. >> that full interview is on "techcheck's" twitter account and on our linkedin page carl jon, tight range today dow is up 75 let's get a news update with rahel solomon. >> hi, carl. good morning general motors posting a huge earnings beat on revenue that were roughly in line with forecasts. shares are rising as investors focus on the carmaker's strategy to deal with the ongoing chip shortage coming up later in "techcheck," ceo mary barra's response.

hilton's profits, the company says bookings were hurt by covid travel restrictions. a key revenue metric did beat estimates. hospitality and leisure businesses the biggest gains in april. the private sector created 742,000 jobs last month. nearly 60,000 short of estimates. the government april jobs report is due out friday with forecasts of 1 million non-farm jobs and the unemployment rate of 5. 8% peloton recalling its treadmills customers are being told to stop using the treadmills immediately. the peloton ceo said they made a mistake in a government request for a recall back to you, deirdre >> yeah. shares hit hard today. meanwhile yesterday's selloff across tech a reset? bob, you say no, but tech stocks, they have split into two separate groups, right, maybe

more of a bifurcation? >> that's exactly the way to look at it is tech resetting? don't bet on it. i agree, it's bifurcating. tech has been a notable under performer recently since earnings season began, the week of april 26th, tech has lagged the reflation sectors, energy, industrials, financials, trading down 4% as a group here. look closer and you can see that tech is really splitting this is the bifurcating. schematic tech, a former darling, clean energy, kathie woods, arc innovation, cloud computing stocks, electric vehicles, other tech themes all peaked in mid-february as the rates began to rise and they've had a tough time since then. well off of their highs. clean energy in particular has had a lot of trouble many of the solar stocks, fuel cells, sun power, sun nova, they're at their lows for 2021 today. it's been a rough couple months.

at the same time, mega cap tech has generally held up a lot better for example, the largest, alphabets, they're down in the single digits from their recent highs with apple and some of the larger chip names like nvidia closer to 10%. what does this mean? once rates started rising in february that was the key trigger point. it became a lot about valuation and profits. many of these thematic tech names like electric vehicles that got lost evaluations but they don't make money, they make no profits once rates started to rise in february, relative valuations became a big issue apple and many of those mega cap tech stocks on the other hand, they are earnings powerhouses and make a lot of money. apple's multiple right now is 25 times forward earnings it's been declining this year as earnings have risen. so carl, the key thing here, i think, is that it's not that people are abandoning tech they're moving more towards

quality tech, growth at a reasonable price tech, like apple and the mega caps and you can probably have that and still own, you know, sherwin williams and the reopening trade as well. that's what i mean when i say it's bifurcating carl >> you got that right, bob sherwin hit an all-time high yesterday. thanks very much brings us to our next guest, john chambers, former ceo of cisco systems, now investing at j 2 c ventures welcome to "techcheck." >> it's a pleasure to be with you, jon, deirdre, a pleasure to be back as well. >> john, let me start with what bob was saying, that is during the pandemic we knew we were in a rarefied atmosphere for technology as people were home and officers were reinventing i. trjs budgets how should our viewers think about the reset and those tech trends that got so -- that were the afterburners on coexist with

a grand reopening where siles a cyclicals are the star >> bob said it well. it's going to be a combination i've seen this cycle many times as you come out of an economic downturn, the tech usually leads very early andthen it's the fundamental companies that earnings will increase i still have not changed my view every company will become a technology company and digital company, if you will, whether you're in manufacturing like gm or federal express that supplies airplanes and moves logistics. what that means is tech will outperform nontech dramatically over the next decade and it will go in waves. i have 20 startups every one of them is accelerating their growth, but there will be profits and there will be cyclical times in tech if i were betting tech for the next decade i think that's where i would continue to put my money in you will cycles around

artificial intelligence. if you want your kid to major in something cool, artificial intelligence and cyber security is the place to bet your future on tech will expand be a be a good place to invest for the next decade >> yeah. john, those sectors you mentioned, cloud, artificial intelligence, cyber security, those are the ones that haven't really kept up their momentum when bob talks about this bifurcation, you're seeing some of the more value or legacy tech names get more of a bid this year how long does that play out for if you are looking years in advance, what are you betting on >> i think you said it very real, deirdre. we tend to think short term. it's one of the tough parts about companies that run their business on this quarter and this year numbers. if you look at the trends i've talked about over the last several decades, it was all the way back in 1998 when i said the world would go digital digital countries, digital

companies, digital was where you wanted to be as you move from devices connecting to the internet to what would be $500 billion, then if you go to 2011, that's when i said [ inaudible ] will be free and it had huge implications, i'm sorry in 1998. it would have huge implication on the service provider but didn't show up for another decade 2015 we made a statement at the economic forum, there are only two type of companies, those that have been hacked and those that don't know they've been hacked people look at you on the key trends but you will see those scenarios expand the issue with solar winds, cost american business and government well over a trillion dollars they're going to have to spend on products that really enable the prevention of those type of areas and that's where i'm putting my money i have eight startups in that category and a new one you might want to watch long term, versec

is really good i think you have to look at this in a one, two, three-year phenomena. i've never been good at predicting this month or quarter but the long-term trends are impact for a.i cloud moving to the edge not just cloud, but a major reset as cloud moves to the edge and perhaps a new generation of leaders that lead in that category >> all right john chambers from jc2 ventures, great to have you with us. >> it's a pleasure thank you, jon and deirdre. what gm ceo mary barra told us about the chip shortage that is next. watch match getting a boost after an earnings beat and positive outlook on dating demand that stock now, let's see, up about 5.5% today "techcheck" returns in two

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got some breaking news a federal judge has blocked an attempt by the cdc to extend the federal eviction moratorium. the plaintiffs in the case argued that cdc had overstepped its authority in eggs extending in the original moratorium as you know, after it was first

enacted by the trump white house last fall. that's big news in the housing space. we'll watch that. >> it is indeed, carl. meanwhile, automakers around the world cutting production because of a global chip shortage. gm ceo mary barra joined "squawk box" to talk about trying to meet customer demand take a listen. >> we are really leveraging all of our creativity and ingenuity to understand what chips are we going to have access to and maximize those when you look at how strong demand is in the united states, i think opportunities, we're going to build every vehicle we can. whether we can make up every single vehicle will depend on, you know, the whole chip supply. >> you've got the u.s. commerce department this morning pressing taiwan semiconductor to prioritize the needs of u.s. automakers during this period. tsmc announcing new fabs, a lot

of companies announcing that boom/bust cycles here. it could be an issue >> i'm looking at, jon and carl, china's chip making progress they have so much ground to make up here, but the export ban under the trump administration really had the effect of creating this unprecedented drive by the chinese government and their chip makers and as we've seen with evs, ground can be made up when the chinese government supports it and puts the money behind certain industries >> yeah. i mean it's worth saving this very moment on tape and talking -- maybe we'll be talking about oversupply on some commodities in a matter of months it remains to be seen. we'll take a break here. bezos is out and his plans for space tourism. we're going to talk about that next plus, nvidia is going to rise 40% to the upside. you can read why only on cnbc.com/pro

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dow hitting a record high just moments ago it's up 150 points in the session. meanwhile, jeff bezos and blue origin begin selling tickets to space today. morgan brennan is with us and surprisingly not in line, morgan >> not right now

although i think i've made myself very clear and i will do it again on the record right here saying i would love to be the first reporter or journalist in space for anybody who is listening. i joke, but -- >> should give you a seat. >> yes but in all jokes aside, jeff bezos, blue origin, launching ticket sales today for trips aboard its new shepherd rocket and capsule combo. the capsule which launches atop a 60 foot tall suborbital rocket carries 60 passengers. it will be an 11 minute of ride to experience weightlessness, views of earth's curvatures. they will become the latest company to sell rides behind virgin galactic, its direct suborbital space competitor, and spacex offering orbital trips including the all civilian mission slated for this fall and awaiting all the key details including ticket price, how many tickets. for reference, sir richard

branson's business sold tickets to 600 passengers in the first day at a price between 200 and $250,000 apiece. we'll see when we get details from blue origin, these trips could cost upwards of half a million dollars and in case you're wondering why we're getting this news today after years of anticipation from would-be space tourists, today is the 60th anniversary of alan shepard, the capsule is named after, becoming the first american to travel to space, guys. >> morgan, do you know who is buying these tickets that's a lot of money. >> high net worth individuals. what do you get with that? special pictures, video? i imagine bragging rights have got to be part of it >> absolutely bragging rights. the trip itself from launch to landing is going to be about an

11 11 minute trip three minutes of weightlessness in the midst of that it launches from west texas. the expectation is that would-be tourists are going to fly down there in advance, i want to say two days days in advance. in terms of all of the details around what will actually be offered and what a potential, i guess, bigger, broader package could look like, i expect or anticipate we may get some more details around that a little bit later today once we get the bigger, broader sales game plan. that being said, keep in mind this is jeff bezos very customer focused. certainly we know that from the amazon side of things. he has said repeatedly over the years that will be the game plan for this company as well i think there's also -- and i know this from my conversation with the folks at virgin galactic over the years, they're competitors, but i think in many ways you will potentially see some overlap in terms of people that buy tickets on one but also maybe buy tickets on the other as well, because they are

different experience, albeit ones that go to the edge or just past the edge of space >> we could see some space c connoseurs maybe they could throw in some edge-of-space photographs. meanwhile, honest opened shares gaining about 30% in initial trading. it was founded by jessica alba head to cnbc.com to watch the full interview doge, another surge today, now up more than 13,000% since the start of the year. you heard that right a lot more "chectechk" still ahead, so stay with us

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i do think, you know, when you think about the whole spirit of what this crypto revolution is, there's something pure in what ghost point has done. it is a little bit of a middle finger to the system people are unhappy with the current financial system >> that's bitcoin bull michael novagratz on doge, up another 7% today. jon, it seems strange to say but we're in a market where "saturday night live" this weekend could be a market event if you follow crypto. >> yeah, maybe it already is

i mean dogecoin, i have gotten in trouble with some of the doge lovers for calling it the chuck e. cheese of crypto. i stand by it because bitcoin, which is institutionally back, ethereum, which is institutionally backed, dogecoin has value. if and when the economy turns down, we will see how that holds up. >> john, i'm with you. it can be both it can be a chuck e. cheese token, a joke. it also can be a store of value, sort of the gamestop of the crypto world you know, this is a social currency for a generation. that's also what mike novagratz said carl, these are the times we live in that dogecoin based on a meme can be worth billions of dollars in market cap, worth some of the companies that we cover day in and day out. >> yes. >> it has been fascinating to watch. it is a store value. as jon said, you can't program on it, you can't do much with it maybe you can actually pay for stuff with it if you are mark

cuban and you want to accept it. >> store of value. to jon's point, i think b of a called it the tinker bell effect tinker bell exists in peter pan only as long as kids believe she exists, jon. >> tinker bell is very popular in disney merchandise, carl. >> nothing wrong with that. >> for all of the tinker bell lovers, we are not making fun of tinker bell. next, "techcheck" returns after one more break (♪ ♪) a fashion first, (♪ ♪) a science first, (♪ ♪) or a first for us all (♪ ♪) whatever you hope to achieve for your business, cloud first helps you get to value...first (♪ ♪) let there be change accenture new projects means new project managers. you need to hire. i need indeed. indeed you do. the moment you sponsor a job on indeed

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for our crowd source today, we asked what you make of facebook's oversight board up holding the ban of president trump for at least the next six months actor sasha barrett cohen, who has become a frequent critic of facebook, pointed out facebook shouldn't have special exemptions for politicians because they, quote, have greater political power to cause harm than other people former labor secretary robert wright says he thinks the board made the right decision, but he can't help but worry about one company's massive political power. rounding it out, pin board says the facebook oversight board is accountability cosplay and it seriously advances facebook's

goals of being a law unto itself guys, carl, we will get plenty more takes on this over the next six months. >> yeah. a lot of news headed our way later on today and tonight tomorrow we will be able to talk about booking holdings, uber, paypal, etsy and a lot more. let's get to "the half." i'm scott wapner front and center this hour the true state of the tech trade as that sector comes off its worst day in more than a month from arc to the faangs we are debating where your money will work best in months ahead. joining me stephanie link, jim lebenthal, joe terranova and jim cramer, the host of "mad money." welcome back, jim. let's go to the wall and check stocks green across the board s&p, one half of 1%. nasdaq rebounding up two-thirds of