we just had evo ceo on we were checking with him including on charging stations thank you. that will do it for us on squ "squawk on the street. the market that has more or less been very strong tech check starts now. have a great weekend. ♪ ♪ ceo born in 1964 ♪ ♪ jeffery ♪ ♪ jeffery bezos ♪ ♪ come on jeffery ♪ ♪ you can do it ♪ ♪ put your back into it ♪ ♪ look where you came from ♪

♪ >> welcome to tech check karl has the morning off today, the end of an era at amazon the legacy of jeff bezos and his last day as ceo of the company he founded robin hood is finally going public later another day one. qualcomm started yesterday with ceo getting a new leader and ibm looses we just got that news down more than 4.5%. >> didi went public.

we talk about the regulatory risk if the government chooses to take them down. it took less than 48 hours conducting the cyber security this isn't an isolated phenomenon stocks down across the board >> a special shot here amazon founder jeff bezos steps down replaced by his long-time lieutenant andy jassy. bezos will remain the executive chairman amazon sold its first book in 1995 and expanded to selling, well, everything and up ended the retail world then there was prime aws which reshaped the

landscape. acquisitions of zappos, whole food, soon of hopes, mgm of course alexa home devices it all comes back to this stock price north of $3,400. joining us now with some of the contradictions that make amazon such an interesting stock story. this is one of the most trusted brands in america but faces fierce criticism for how it treats employees but he owns the "washington post" and will fly himself to space in the next couple of days many still argue it is under appreciated.

many will talk about the challenges and opportunities let's talk robin hood as retail investors are around robin hood dropping its s-1. a couple of key metrics on that. our next guest has written extensively and crypto makes up

70%. >> great to be here. i'm still trying to recover from that amazon song that was something robin hood's s-1, when so much of the revenue is given in options and crypto and potentially meme stocks, there is a risk. i was even blown away. going from $278 million in 2019 to $1 billion in 2020 to $22 billion this year. astro nom call they went to a $7 million profit in 2020 you never see the hyper growth go

profitable they say 80% of their users are organic or referred. i believe it revenue went up 450% >> redity was its marketing until it turned away at the end of q 1 >> we don't have an idea of the cost because frankly, the systems weren't ready. we've seen the upside but we don't see the cost that will come in as necessity of coping with it. right? >> yep risk there's a ton of risk. there's actually 75 pages of risk in the s-1. pretty hard to read through.

they list everything temporary outage, customer outage risk. especially pushing people towards these products a couple of things that red flagged customers. people who say i want low risk tolerance would still be approved for options there is misleading and as you push people towards the risk, are wear they are a more lucrative business clearly the sec will be in on this a few months ago, we thought

this company might go under. they are back with a $40 billion ipo. maybe they can turn it around in that regard. it is important to know over 80% of the revenue come from payment and over a third of that is coming from scitadel in particular this is a company that does not have diversified growth. >> so payment for order, they take their customer orders and then they improve the price. pass that back and keep that as revenue. >> sit adele, 34% lies with that

one market maker robin hood lists this clearly if they change their terms or stop dealing with them. that does represent a big risk again. 34% was an interesting number. that was the amount in crypto that doge coin represented going back to these concentrated risks that q 1 were spectacular. crypto revenue went from 4% to 17%. of that, 34% was doge coin whenever i'm on tech check, it always comes ba being to dogecoin what is q 2 going to look like i think it will be interesting especially with any amended

filedings. we'll see how do these play out in q 2 >> i think some were calling doge coin the potential whale. angering some of its base. a claim on wall street bets of users talking about how they might be able to short this ipo. does robin hood have the potential to become an anti-meme stock. >> that did not cross my mind. that would be the most ironic and sweetest of justices payment for order in it self- i don't believe is a terrible thing. it is more being transparent about it meanwhile citadel

securities showed 4.1 ebita. customers feel they've been taken in some kind of way when they find out how much has been made this backlash could cause some problems but the game stop melvin was also taking place the same time the users and revenue was skyrocketing >> thank you for breaking it down for us. this will be an interesting path to the public markets and beyond >> what can we expect. there is a general intention anyone can follow bezos. he's known for a softer

approach perhaps at a time amazon needs to soften its image. bezos led with those new examples of empathy amazon can no longer be obsessed with the usersanymore. i disagree with the whole premise about softer taking on lar larry ellison. saying, you know what, i'll move off of it and aws will continue

to grow. he's got a nuanced approach to his leadership he is a value creator and has never found another founder ceo that has taken the trillion dollar market cap. looking at tds the $500 billion then google, larry handed over the-ranges early on. mark zuckerberg is the closest and he just crossed $1 trillion. jassy in position to take the

hand off having built aws the way he has the fact that he did build aws shows how entrepreneurial he is. pointing out this softer, gentler amazon the company understand from a regulatory and employee standpoint it is essential that they address these issues and the environment. they see they'll be a force for good and why they are embracing these for good >> i like these takes.

talking about this throughout the show one of amazon's earliest investors. the special edition of tech check just getting started it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard

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>> got a gut check on ibm. that stock is down following the announcement the president will be stepping down joining ibm where he was ceo rob thomas stepping up as senior vice president and stepg up as scp of cloud a lot of comments >> shares down and as mentioned end of an era of jeff bezos. the company was incorporated 27 years ago on the same day 1994 jassy will have to navigate the company through hurdles. with its huge and growing work

force. now 1.3 million strong who better to discuss the era than john door, early amazon investor john, good morning thank you for being with us. you first met bezos in 96. i think we have a picture of you two from the early days. at the time, it was far from certain amazon would become this giant tech and successful online book store what did you see at the time >> what i saw was an amazing founder and amazing opportunity. he had a technical background, we shared that.

i remember flying up to a pretty seedy part of seattle. we built these tables purchased at home depot and went on line and could deliver the world's books in a shorter period of time better than anybody and that story has continued for decades. >> what's needed in the current climate does it risk losing its edge with the startup mentality?

>> i don't think it will lose its edge that is deep in the culture but the company is currently paying a lot of attention to other stake holders. has for some time. the community and the climate. it is marvelous in my view, job creator over a long period of time of really good high paying jobs they pioneered raising their wages to $15 an hour niecely twice the national average. >> reflect for us, if you can jeff bezos as founder and ceo it strikes me, he's got this rare

combination taking this company from 0 to $1.7 trillion in 27 years. it is like an ultramarathon. so many people will hand over the reigns as ceo at some toint. we've never seen anything like it, have we? >> it is unprecedented there are some nearly comparable situations what i want to tell you is that from the very beginning, jeff has obsessed on the customer but then on the team the tenor of the amazon team members succession and development and one of the strongest benches in the industry is why amazon can innovate can deliver and a hallmark of our conversations with jeff. i remember him insisting in our board meetings

he's chosen andy knowing andy verywell >> can amazon become the earth's best employer or the best place to work. talking omni channel last mile delivery so many times. tech companies have to take on these larger work sources. >> yes amazon may be the most interesting employer in the world. the range of their workers from delivery to distribution to ai

experts. every one is deeply respected and protected. when jeff wrote he was going to make amazon the safest place to work, the best place to work that was quite an extraordinary commitment we hadn't seen from any other founder or looeder amazon has created more than a million jobs it is a marvel. whether or not the bill is enacted, we'll leave that to

deliberations of congress. what is clear to amazon is the benefit to consumers i don't know if you or consumers could imagine what life is like without amazon it is one of those few services i would miss indeed. jeff's obsession on lower prices, broader selection, customer experience i think will cause it to farewell in a world where more regulation is inevitable and i think even appropriate. >> interesting we'd love to have you on again the company you've invested in has grown in all these areas in light of all of that, how has that changed your in vesting are you interested in e

commerce do you think it is not as appealing because there's a company so dominate like amazon right now? >> only damn fools stand in front of on coming trains. you don't want to go directly against amazon but the e commerce is large and highly competitive look at the recommerce, reselling of clothing and fashion is but one examples of a vibrant market in which amazon is not the dominant competitor it makes all of these businesses better and better. it is serving the world when there is times of the great need like during covid or the return to work like today i think amazon and others will

show the way >> pushing back, i think there are companies going head to head with amazon. s shopify and some of the issues that had been reported on the change ofthe story going forward. >> i don't consider shopify to be a direct competitor of amazon does it change the game? yes. it is a race to offer the best to consumers and businesses ash the world. >> a few years ago, you said you were convinced there would be a prime health that hasn't

appeared yesterday do you think health is the pillar or something else >> i think health is the largest, best position part of the american economy for improvement. how amazon fairs in health will depend on how they will do that will be something to watch for during the andy jassy coming decades. >> certainly john door, thank you for being with us. claim of kleiner perkins >> great to hear from jorch. now over to eamon javers >> employers added 850,000 workers with the hospital at area making up more than a

third. average hourly earnings are up more than 3.6% rising imports all set with a smaller increase of imports. now up 45% from the same period in 2020. that's a big number. remember where we were a year ago today. so 45% up from a year ago. tesla car sales rising from a new record despite the global ship shortage ford sales sank 47% overall in june pick up sales dropped even more. those are roughly in line with the forecast the condition of two pilots are unknown as they managed an merging landing of a boeg 737 plane in the ocean off hawaii. one pilot was airlifted.

the other taken by ambulance another day one, next with the new qualcomm ceo more about the challenges a haeds for andy jsyas and amazon purely as a tech stock follow me. ♪ (realtor) so, any questions? (wife) we'll take it! (realtor) great. (vo) it will haunt your senses. the heart-pounding audi suv family.

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i got a chance to talk to qualcomm's new ceo on his first official day yesterday he told me where he sees strong opportunity for growth especially in iot and edge >> as a mobil company, we used to count our customers on two hands. it is a highly concentrated company. you are working with large corporations what people don't know is that

now we have 13,000 customers which is an order magnitude inc increase doing a lot of reference designs. some customers may never be able to get direct engagement we'll move those directly to the cloud over the segment >> turns out he was once a competitive arm wrestler a key is knowing your angels >> in arm wrestling, angel is very important your hand goes like that, you lose all the power it is about hand, and arm and angel. qualcomm getting to a different

sort of arm wrestling. some will push back, guys. not all love for bezos on his way out. spes especially if you compete against him. amazon wanting to create more of a rebel alliance cloud player ceo going further with, quote, never trust amazon on twitter there more trait ahead stay with us there's an america we build and one we discover.

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>> markets quoted and taking a look at that >> under pressure following a report from the wall street journal. the department of justice is investigating the company. we don't know anything more than that down almost 13%. already an sec inquiry that

lordstown is cooperating with. s at at this point, all we have is the wall street journal investigating the electric automaker. we'll probe this story and give you any updates or further information from the doj back to you. >> those shares down 11% back to jeff bezos he created a new kind of media giant gaining share in three key areas. first, digital advertising amazon is the only to make gains on amazon and dulg's duopathy. then there is prime video.

second only to netflix with 207 million subscribers. but they did just acquire mgm which could bolster. building in to sports. amazon spending $1 billion a year for rights. and testing an estimated $9 billion on content that is less than netflix's $17 billion. all of those investments amazon wants to grow a subs subscriber base.

so interesting here to see how amazon is playing with a different end game its interests may not be aligned. >> i don't understand amazon's full media strategy as well as i want to where prime is concerned. more thinking it is like digital foot traffic associating with its apps to steer them in that direction and to up sell >> i feel like amazon prime is sticky that they feel like they are getting something more than just free shipping all of these companies want to own our living room. we've talked about the fire stick and home devices

whether you are asking alexa to at something to your shopping cart, you don't have to leave that eco system. >> i'm thinking it may be its own eco system giving includes a few weeks ago. not willing to say this is the next pillar or next big business we want to dive into the stock performance as well. more on how amazon has traded in the last fewdecades.

>> in the last two years of how amazon has traded turning around the stocks in the first year since the pandemic trading right in lock stop there since last labor day that's all kind of traditional retail which is kind of the back from the dead trade. also not the case since all of e commerce has lagged and put on $165 billion at the same time they had stuck and saying the marginal mover of the valuation

is the cloud business and how the nation views it could be fairly coincidence and how the investor is classifying at this point. >> sure. i want to highlight a couple of stories you should really look at today bank of america says uber is a better buy than didi sayss stock next our stock survey show most investors believe t unbicoin wi end the year below 30,000. more after this. it's so good to see you. good to see all of you, yeah! why is jerry so... popular? it's been like this ever since we started using workday. what do you mean?

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>> didi shares are falling fast holding above that price the ride sharing giant discuss the ride sharg review. no new users will sign up for the service until that is complete closing up nearly 16% on thursday it used to be no foreign companies were safe but what has been so remarkable is that

chinese companies aren't safe either no matter how high profile they are. after ant group and what happened to him. this should come as no surprise. we talked about this leading up to the ipo we talked about this now continuing with a threat on the shares of the chinese companies. the broader group as well. >> what about american companies? any of those safe for regulation you can argue that it is well in tended but there is a little bit of a pot and kettle here >> sorry go ahead >> i was going to say, i have to wonder how much this action from the chinese government has a

chilling effect on innovation in china. do you think it slows down innovation or makes people want them to bring innovations out of the country? >> it is a great question. i think we had a guest earlier saying we hadn't seen as many tech giants in recent years because of this. we'll see how it all shakes out. it probably faces the same question we do does that open the field for foreign tech giants. if we limit the dominance or power. there is this whole geopolitical battle as well as for the chinese government, the ccp, they have a lot less tools there to punish these as we continue to see >> we'll see how long it takes

them to loosen up the reigns there on didi. back over to amazon. jeff bezos stepping away from his chief executive role but will world's richest person for new joining us now robert frank request more on the wealth side of the story. >> jeff bezos became a millionaire back in 1997 when amazon went public and raised $54 million. the next year jeff bezos reached the forbes list the first time at 1.8 billion the year after that, $8 billion on the forbes list now, in the early days bezos's wealth grew faster than his taste. in 1999 his amazon wish list included a dvd player and his okorn dvd. his wealth crashed during the.com bust but by 2010 it reached skap velocity.

10 billion, 20, 50 in 2017 he topped $$100 billion that year for the first time becoming the richest person in the world, passing bill gates. his divorce cost him about a quarter of the total amazon shares he also sold billions to fund blue origin, "the washington post," his more than half dozen homes, and of course his philanthropy last year jeff bezos became the first northwestern history with a net worth over $200 billion. as of today you are looking at amazon stock up again. he is likely to end the day right back at that $200 billion mark, despite selling more than $6 billion in shares just this year so the question everyone wants to know is what would it take for jeff bezos to become the first trillioner and the answer relative to amazon, the shares have to reach

$15,000 per share. which sounds crazy but does $3,400 a share, as they are today if you look back at 1997, guys >> you never underestimate how much richer rich people can get. that's one of the things i learned from you, robert i learned that watching you. >> thanks. >> amazon meanwhile compounded wealth through building up sectors like the jassy led amazon web services. while that credibilitied 59% of profit aws makes up 12% of overall revenue with overall sales and third party sellers at amazon making up two-thirds of the business, much of which is supported by an ever-growing team of logistics and warehouse workers. the workers are important. recently the company found itself pressured to improve warehouse conditions in april. alabama complained to federal officials that the company illegally interfered in a failed

unionization effort. the company of course has pushed back on that in may the strategic organizing center released a report noting there were 5.9 serious injuries per 100 amazon warehouse workers in 2020, 80% higher than the rate for the warehouse industry a a whole. this past month "the new york times" exposed the churn among warehouse employees at amazon at it's staten island fulfillment center as well the company is trying to address the issues bezos announced in april after the union vote that amazon is going to aim to be the earth's best employer and safest place to work. the push to be earth's best employer was added as a company core principle yesterday along with calling for sustainability and corporate responsibility and i would point out, julia, as jassy takes the reins as ceo to focus on some of this stuff, jeff bezos himself in the same

shareholder letter where he laid out the earth's best employer, safest place to work within he said he is working on special projects, forward-looking projects, including this very thing. so now as the roles shift, they are both focused on employees more as stakeholders something tells me the data points that they can move perhaps in safety, however you measure best, that's their argument against regulators and others outside union organizers who want to change the way amazon operates. >> absolutely. when i asked john dor about the regulatory risk he centered how well amazon treats workers and serves customers that's the recurring theme look how good amazon is for the economy, at helping small businesses sell. i think that's going to be a key argument for them. the more they invest that that, the easier it will be deidre for them to have the defers against >> as we talk about how much

bigger and dominant amazon has become keep in mind it's the second largest private employer in the country. there is more scrutiny and certainly we heard and seen from lawmakers and regulators on this front so really important theme going forward for andy jassy's amazon. a reminder, if you missed the bezos show follow the podcast, listen any time anywhere available wherever you download podcasts "techcheck" is back after one last break

tonight the investigation into what went wrong in surfside florida, more than a week after the craps. what to expect as millions hit the road for holiday travel. the facts, the news with shepard smith. 7:00 eastern cnbc i'm jeff bezos. >> and what is your claim to fame >> i'm the founder of amazon.com. >> dot come. >> this is day one, the very beginning of what charter covers. >> are we set to go. >> bezos founder of amazon.com. >> we offer 1.1 million books six time as many as the largest book store. >> in the spring of 1994 i came across the startling stask things rarely grow that fast that was the wake upcalled. >> we had not believed this possible. >> would you like to know why amazon is so successful. >> success is for customers.

>> customers. >> customers. >> customer. >> customers to say wow! >> that obsessive focus. >> obsessive attention to the customer experience. >> and the long-term there is never misalignment between customer and shareholder interests. >> you're a different kind of ceo than most people. >> i laugh more. >> it's a lot of fun >> we got the laugh thrown in as part of the contract >> i have a full-time job which is to try and help build an important and lasting company. >> we hope will stay around for a while. >> you got to be intense but you also want to have fun while doing it. >> you seem like a guy that gets in trouble. >> only the right kind. >> since high school i've been trying to turn earth into a national park. >> earth is the best plan zbleet solar system good plan net the it's earth. >> thank you and i'll see you next time >> guys, you got to laugh, love that laugh and i'm glad we got a few in there

that was a slice from the digital side as we wrap up the special show on jeff bezos and the legacy at amazon and jassy takes over see more content like that online cnbc.com/tech check. let's get over to sully and "halftime report." >> dooerds, jon, julia thank you very much and welcome to the "halftime report" on a big jobs friday "i" brian in store for scott again. more americans going back to work and the growing economy has markets and your money at new records. money pouring back into a crucial area of the market, maybe moving out of another. so how does it balance out and are there more gains ahead for the markets in the money and a lot of topics to debate and discuss. we have the perfect investment committee today. shannon, courtney gibson, michael farr and jim leiben that will before we get to them here is a quick hit on where stock