there's shares of hertz. we were just talking about them.p 45% that shareholder group winning the auction for the bankrupt company. one of those shareholders joins us now glen view'slarry robins is wit us larry, thanks for coming on today. >> absolutely. happy to be here. >> you were part of the ad hoc group of shareholders. are you surprised at the outcome? give me your reaction to it. >> we are not surprised with the outcome. we have seen the situation in other post-bankruptcy situations in the past. i mean glen view has been around for 20 years we saw it in a negotiation with clear wire, which was out of bankruptcy we saw it going back to the early 2000s in the pcs affiliates and in the -- and in the cellphone tower companies. oftentimes the bondholders when they need to reorganize will try to keep all of the value to themselves, and in this case as the economy recovered, as the travel economy recovered, it was obvious to us and others that there's a role for the equity holders to play, that there's rightfully a recovery for equity holder

if you recall, carl was a big investor in hertz.ed about a year ago so, jim, the stock is up on the knighthead bid, which is deemed to be better by the board. i'm just -- the battle is less interesting to me than what would it mean for potential investors in the stock. >> right. >> moving forward in a post-pandemic world with hertz back as a player. >> well, i think the biggest problem hertz is going to have is fleet cars. none of the car companies are ready to sell them cars. they don't have any. i think that one of the things that is making the gross margin so great for the auto companies is they're not selling to hertz. so i don't know, maybe hertz can go to auto auctions. those are pretty sold out, too i don't know where they're going to get the cars and that's my worry. steph, you know that there are not cars to be had so if you were to become -- you run hertz, your single most difficult problem is to get enough cars to handle the demand >> and not to mention the fact that it is just going to be a very competitive environment,

the hertz's of this year's sold a huge number of cars.e desperate to find inventory but the chip shortages having a meaningful impact. david: it is because they cannot get new cars. the automakers are dedicating their production to large suvs and pickup trucks and things that make them a lot of money, things like family sedans, compact suvs people rent when they go on vacation just for business trips. that is not being built. companies are announcing downtime in those factories and that is what hertz, avis, and enterprise all buy. enterprise told us they are buying used vehicles. avis did not give us much guidance. they say they are working with the automakers to see what they can get. it is tight given the rebound in travel. that will continue and maybe get worse throughout the second quarter. alix: that is key to the broader market. if you are planning on using your car, your using gasoline, and many individuals are looking for gasoline recovery and that strong command to help stabilize the market. what i do not understand is the lack o

lights, who is going to pay for the camera tickets, it is not hertz, it is me.ection 230 works the same way, and if i go on to read it and i defame you and i say ashley is a crook, while you can sue me, but you can't sue read it because we do not want reddit to have to go through every single one of those, and take responsibility, but you certainly consume me and asked but you certainly can sue me and people do. , it is important to understand this because section 230 encourages that kind of personal responsibility, but the other thing it does, it actually gives platforms legal protection to take action against hate speech, hoaxes, conspiracy theories, and twitter has been sued, and they successfully defended those lawsuits on section 230 grounds. it is an amazing law and has been essential to making the internet better, but it is widely misunderstood or it is mischaracterized out of political bad face. peter: but doesn't this go to complaints from conservatives, donald trump is barred from facebook and twitter, dennis prager can't be on youtube -- would you con

from this speculation that we're all mocking that are actually good outcomes for these businesses hertzher example so i think we owe the investors in these companies that have made thousands of percent on their money a little bit more respect than maybe we are giving them in the financial media. >> okay. i'm glad you made the point that you did. let's take a break we will come back. we will talk about more problems for boeing, and ge is down today but shares are near three-year highs. the committee taking their positions on those two stocks. stephanie link owns them both. she weighs in next fun. it was an act of freedom and inspiration. but somewhere along the line cars just got boring. you deserve a car that thrills you. like sports cars with three pedals. trucks that take you to incredible places. colorful crossovers. and cars loaded with technology. and there's a car company that believes that too. one that has been delivering thrills for over 80 years. this is the new nissan. ♪ ♪ with a bang. this is the new nissan. energy and change came to every part of our universe. seismic or sm

hertz is a significant recovery value. but it is interesting.the way, the same jay clayton is the chairman of apollo which is the big buyer of the preferred, one of the big participants in the re-emergence from bankruptcy. funny how that works won't let him sell the stock at the s.e.c. and you will take advantage of people, it will be a zero and of course it ended up not and participating in jay clayton. >> that is too funny. >> that's called irony, david. >> is that irony >> it's irony. >> thank you >> carl? >> that's it >> was that like a faber report. >> kind of. >> we'll bring more up for you. >> there it is there is some of the direct common tock. apollo sup. >>> buying a preferred a billion and a half some of the details and hertz's move yesterday was astounding and it is again to your pound, a beneficiary of this idea of a big recovery in travel and in normalcy >> do you think that the cdc actually wants this to end >> it was a levered play. >> they seem to love the limelight, the cdc >> well -- >> the rockefellers. >> it's been disappoin

they were right in the idea things would get better for hertz.think anyone should buy the equity vostok going through bankruptcy -- the equity of a stock. i just want to clear that up so it on the record. tom: when you kick a soccer ball could you make it curve like he made it curve? jonathan: yes. i've not seen his goal. going youtube. roberto carlos. it was the warm-up tournament for world cup 1998 in france and watch roberto carlos' kick. that is where they started to manipulate the flight of the ball. tom: is at the ball making it curve? jonathan: the ball is changing and players have learned how to manipulate the flight of the ball by kicking it any specific way. lisa: is that what you do when we talk? watch football clips? [laughter] jonathan: at least during the interview. he will be listening to the response. do not notice at the top of the 6:00 in the 7:00, i've asked the guest a question and it is like he is somewhere else, then he restarts interview. lisa: never change, tom. we love you. jonathan: coming up, chetan ahya of morgan stanl

vehicle for a lot of families call so -- for families and also for rental companies like avis and hertz. once they are there, they can get those out and shipped to quickly, but they just don't have the semiconductor's to boost production right now. it is not a matter of running more over time. joe: great stuff. our to bloomberg's david welch. i'm glad you mentioned that rental car aspect. this might be my favorite story of the year. i've decided. caroline: wow, high praise. joe: yeah, i know. catherine doherty is with us. the reddit or's -- the redditers and robinhooders were buying this last spring. everyone was saying they did not know what they were doing. a year later, they are entirely vindicated. catherine: that's right. 99% of the time in a bankruptcy case, i would say the shareholders are getting nothing out of reorganize companies. this is a different scenario where not only are they getting something, it is actually much larger than what anyone could have ever predicted. it has to do with a number of confluent events. david was talking about the rebounds and also the prices th

he said god told me to put money into hertz >> unclear if that can be applied to long-term strategy. if this continues to feed gunjin, thank you. good to see you. >> thank you for having me >> becky. >>> thanks, mike when we come back, a southwest airline flight attendant lost two teeth after a passenger got angry over instructions to put up a tray table and started throwing punches we will talk to the national president of the flight attendants union about the rise of rowdy travelers and what should be done about it. >>> as we head to break, check out the biggest movers salesforce is up 4.7% and followed by dow and p&g. stay tuned you are watching "squawk box" and this is cnbc ver just anothe. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powe

if i were to rent a car from hertz and i go rent a bunch of red lights, then who is going to pay for those tickets? it's me. that's appropriate because otherwise i would go run red lights all the time. section 230 section 2. if i go on to write it and defendant say ashley is a crook, then you can see me but you can't sue read it because we don't want write to read o through every single one of those comments and take responsibility for each one this comment but you can sue me and people do. it's important to understand this because section 230 sectio0 encourages that kind of personal responsibility but the other thing it does is it gives platforms, the legal protections take action against hate speech, hoaxes, conspiracy theories. twitter has been sued by individuals by white supremacists who were removed from the platform and the successfully defended of lawsuits on section 230 grounds. section 230 is an amazing law. it's essential to making the internet better but it's pretty widely misunderstood or it is mischaracterized out of political that faith. >> host: doesn't this go to the

hertz is like i want to beat pulitzer at the circulation going to do whatever it takes to do that andcare groups are not respectable i'm going to win. and women were part of his strategies in the period. [laughter] get this sense of this very segregated world. there were women's magazines and genteel contributors who sat home and watched columns about housekeeping and answering advice queries. then you have the magazines grouchy in the gilded age the general interest magazines become much more popular. i think as the front tier vanished in the country was settled by non-native people and schools were set up there were all these literate people wanted to read about the society around them. it could infiltrate certain papers definitely not all of them. there is elitism in the newspaper world. but once your characters a break in, what did you find were the obstacles in their careers? those who were leaving journalism can you talk us through that? this is not necessarily a lifelong or career long path. >> i think the obstacles were, one i think particularly early on once a paper hired one

but lydia hu is at a hertz in new jersey.ramus, new jersey, this facility is sold out for cars this weekend this is happening as we return to travel. aaa says 37 million americans will be headed somewhere this holiday weekend. most of them, nine out of 10 are going to drive. that sort past the reason why it is so hard to get a rental car now. watch this. >> 34 million will be traveling by car. but we really have to look back to 2019 to compare it. so we're still about 10% below 2019 travel numbers. but considering where we were last year, this is a big deal. reporter: as you have book ad car for this weekend you may have paid more than the typical rate for this time of year. the national average right now for a daily rate according to aaa is $134. inventory is short right now because rental companies sold off their fleets last year during the pandemic. now they're slow to replace with new cars because of the ongoing chip shortage. new cars are just not yet available. experts say improve your chances booking a car this weekend

. >>> coming up, hertz global looking for the bankruptcy plan exit with a rare payout to shareholders. >>> and details next of tesla backing out of bitcoin over environmental concerns cryptocurrencies right now, as you can see, are showing pretty big losses today which came after losses yesterday we'll be right back. >> announcer: this cnbc program is sponsored by truist financial. bb & t and sun trust are now, it r truist better together. these days you have to keep everything moving and reinvent the wheel. with a hybrid, you can do both. that's why manufacturers are going hybrid with ibm. with watson on a hybrid cloud factories can use ai to automate the little things so they can focus on the next big thing. businesses that want to innovate at scale are going with a smarter hybrid cloud using the technology and expertise of ibm. we're carvana, the company who invented car vending machines and buying a car 100% online. now we've created a brand-new way for you to sell your car. whether it's a year old or a few years old. we wanna buy your car. so go to carvana and enter your license

therefore i give _ mcavoy, nick mullins, reform uk, 325 hertz. therefore i give public - 325 hertz.. can i thank my opponents from the mainstream parties during the selection, for the democratically successful way and respectful way this campaign is being conducted. i really appreciate that. i must of course thank all my supporters who have worked throughout this campaign without having a candidate here to work with them for so many evenings and parts of the last month. you have been absolutely fantastic. my agent, selwyn hughes, once again and everybody else who has played their part. speaks welsh and of course, mostly and mainly to the residents of the west cardiff constituency for once again having faith in me and welsh labour to represent them at the senedd for the next five years. we represent them at the senedd for the next five years-— next five years. we didn't really aet over next five years. we didn't really get over commentary _ next five years. we didn't really get over commentary on - next five years. we didn't really get over commentary on how i next five years. we did

"the new york post" says hertz is considering relisting after it comes out of bankruptcy in a twist,f the old exchange they may be switching to nasdaq. >>> moderna may manufacture its covid vaccine in japan chief executive telling the nikkei that the company is in discussions in several countries in asia. including japan. >>> two companies owned by byron allen with a lawsuit against mcdonald's the suit seeks $10 billion in damages. >>> d taiwan semiconductor company is the world's biggest semiconductor maker and it is taking unprecedented actions to help the automakers. we are back rit tethghafr is gan. that serves dinner at 4:30. personal assistance just a text away. one of the many things you could expect when you're with amex. it's coming back to you now... real pants. find amex offers to save on the brands you love. one of the many things you can expect when you're with amex. in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can de

endorsement hasn't been good since hertz rent-a-car five years ago.he back, the man is a widower for god's sake. this is the problem. >> greg: i knew this would happen. >> this is the problem. the news media thinks the rest of the world cares about what's going on with liz cheney. we really don't. we have much more serious things going on so they are going to tell this as if it's something in your face, where as normal people have more important things to worry about. we're on the brink of war in the rest of the world. we don't have gas. prices are going up. we don't care what's going on in wyoming. aoc's district has more people in it than the whole state of wyoming and hopefully liz won't make a dancing video for us. >> greg: i like that dancing video. >> i have a ranch in wyoming with larry. i disagree with you. >> you call it a ranch. >> greg: god knows what you people are planning. all i know is there is a weird buzzing noise coming from your ranch. anyway, kat, there is a paradox. when o.j. offers you support, if you accept it you look bad but i

companies including hertz and enterprise are among those hurt by the semi-productive -- semiconductorage. that is being passed on to renters. former president donald trump will find out if he can return to facebook. his facebook and instagram accounts were suspended when he was blamed for his connection to the deadly capitol storming in january. officials also denied an irani and report that the u.s. has agreed to -- with the release of $7 billion in funds. world powers are trying to broker a u.s.-iranian deal to abandon the policies of former president trump. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries, i'm karina mitchell. this is bloomberg. amanda: hi, i'm amanda lang. welcome to bloomberg markets. matt: i'm the matt miller. we welcome our audiences each day at this hour. here are the top stories we are following from around the world stop billionaire warren buffett has joined the long list of executives saying serious levels of inflation are starting to take hold as the u.s. economy ro

hertz has capped a dramatic brawl for control over the ring to car industry -- over the rental car industry center bridge partners -- the u.s. has agreed to a move in china's -- to remove china's xiaomi from a blacklist. xiaomi sued the u.s. government after an order designating the firm as a chinese military company. another tax defeat for european company and chief margrethe vestager. the eu general court ruled today that amazon did not get special treatment from luxembourg's tax authorities. last year, they successfully challenged a record tax order. that is your business flash. guy: not a particularly good time of things at the moment, vestige or -- moment, vestager. but you basically don't want to have to fight these kinds of cases. i think that is the narrative that is evolving here in europe. potentially the biggest threat to amazon could come from your side of the pond. i think there is a subcommittee vote today that could get voted in a little later on, but some of the recent writings she has been putting out on twitter are not particularly amazon positive. alix: that is the proble

in the seventies, jose was the general manager at hertz, and impressed his sons by bringing the company'sus spokesman, o. j. simpson, home to dinner. >> josÉ was, of course, living the american dream and he wanted his boys to continue that american dream that he had set forth for not only for himself, for his family. >> in 1986, josÉ took a job with carolco pictures in los angeles. the company that produced mega hits like basic instinct and the rambo series. carolco just bought a video distribution company from a man named noel bloom. and they gave jose the job of running it. >> so we think 1989 will be a tremendous year. we think we will be very happy with the growth of the company. >> that was the year, 1989, when robert brand, a reporter for the miami herald went to las vegas to cover a trade show for the home video business. he happened to meet jose menendez. >> what was your impression of the guy? >> talk to him for maybe two or three minutes. seem professional, dynamic. >> a high powered career. a beautiful family. and finally, the one missing piece of jose's american dream -- the p

because hertz doesn't want to keep a lot of cars around during a pandemic and spend money, they get rid of the cars. now you want a car? they have to find some. so looks like there could be inflation short term demand. i'm seeing this. it's just part of reopening a $28 trillion economy. nobody in their lives, nobody on this earth has seen what it's like to shut down a $28 trillion economy. so economist out there knows what it's like to start one up. i just think a lot of this stuff is in the wrong places and it will take time until we get these things -- if supply chains fed and watered and doing the things that they're doing on a timely basis. that could take up to a year. >> charles: here's the concern though with that, scott. we had the michigan consumer sentiment number come in. it was down. the lowest number in three months. it really should have been much better. you have record households balance sheets, all of this money gushing in to the economy. the main reason, expectations for inflation, 4.6% the next year. 43% of respondents see 5% inflation the next year. when people feel

think ball the other, hertz got rid of cars. now you can't get a rental car, right?things, everybody wants everything now. lumber, they want a rental car now. microwave computer chips now. that caused a lot of the stuff to rally really hard. charles: okay. >> who would have thought last april would be the best time to buy a house? have we invented a new technology i don't know about? be careful getting too long at the highs. charles: just to interpret it again for the audience, scott is saying don't get too greedy. if anything, don't get too greedy. thank you very much. i got the message. >> that is all i ask. charles: giving the message of a lot of chatter about dogecoin after elon musk's appearance on "saturday night live" but i think the media missing the bigger picture, right? the dollar has been going down, down, and major cryptos are going up, up. this could be a changing of the guard. joining me with the very latest. susan li. susan, do we understand the sides of this market? >> you always come up with great information like the study and survey from gemini. y

appreciate that's the view from inside gaza we're going to keep a close eye on those pictures as well of hertz explosions going off in the background as our correspondents were reporting foreign ministers from the islamic world held a meeting to discuss the escalating conflict in his opening statement to the organization of islamic cooperation saudi arabia's foreign minister condemned what he called flagrant violations of palestinian rights and says palestine's foreign minister pushed the international community to pick and then steer israel's military operations harare was hardly. free people of the world all the people who believe in human rights and justice should reject this the palestinians are facing a cowards occupation that kills children and to rosa's families the patient must be faced it must be attacked must put an end to this occupation we need to know what should be done against the israeli aggression. across night in ramallah in the occupied west bank need a permit it is therefore a need what do you think people in ramallah will think of that statement from the palestinian foreig

what you mentioned about used cars and rental prices, i remember a year ago we were talking about hertz getting ready to sell off their fleet of rental cars. americans were springing out and traveling. they can't get rental cars because the rental car companies don't have enough supply. so these are serious distortions. but i'm not sure that in time they're not going to be fixed. >> charles: you know what. >> the prices may not have to be sticky with these shocks. i don't know in we can go two more months. you saw the market. a massive sell off in almost all of the stocks. meanwhile a big meeting at the wise house today, there was. president biden pushes trillions of new spending. will that only make inflation worse? iowa republican senator, member of the finance committee, chuck grassley joins us now. senator, the spending is what is driving this up. we have money supplies that have gone through the roof. we have never, never seen anything like this in this country. yet still, there's more spending on the drawing board. what do you say about it? >> well, when you have $6 trillion sugge

like, like amc breaking out on the short squeeze, to turning around, turning higher take a look at hertzll street leaving just only retail investors behind the stock. so guess what it was $0.40 in march and the so-called dumb money, after this bankruptcy, they are going to get $8 a share here to help me with the week that was and the week ahead i want to bring in ceo, c i'm financial company rob luna. you know, rob i just want to begin with the notion that momentum works in both ways, some people learn that the hard way, right? so you can take profits on the way up or take losses but you got to also understand that it's one of these markets where if you believe in a name, sometimes you'll be tested to see if you really believe. >> yeah, no, convictions key in a market like this charles and that's what we're seeing a lot of these young investors too as we know charles they just got in last year, during covid. they were sitting around some of the robinhood investors and they haven't experienced what a down market looks like but just normal healthy volatility so when i hear us pulling 4% of

in a van or in a cadillac or maybe you will do what some of the cannonballs would do is you'd go to hertz rent-a-car and you'd rent a car for a week and then drive the hell out of it and then turn it in. okay, and this is the first it's in, new york. at a bar and the winner will be this ferrari here to the left and it will be driven by quite a significant american race car driver dan gurney who is one of the great american formula one race car drivers in history. you just recently died and his co-pilot will be block yates, but there'd be about eight cars involved in this and dozens of speeding tickets including one of the interns. you've got five speeding tickets in one town. okay? uh, yeah. so 1973 was a significant year in the story this bigger story. we're telling you about the 1970s because 1973 had two parts. it had the summer. and that summer part will see in film in an astalgia of american life that was beginning to slip away 73 was the year vietnam was coming to an end in america had lost the war. but then in the fall or the winter of 73 was also the great first oil shock and so w

there is still evolution going on there into 5k video, 120 hertz refresh rate. 120 degrees field of viewevolving. the fan box wargaming is fast. have we reached the potential? >> i think the way people are designing the future workplace, future education spaces. a lot of it is taken from what we learned about gaming. i would say we are using gaming methods. obviously what fortnite is doing with epic. they are building these worlds where people interact, and we are learning a lot about how people are behaving and interacting in these virtual worlds. i think the key battle is the meta-verse. what are we doing? how are we learning, how are we thinking? everything we do in the physical world are more and more being shifted into the virtual world. and the time we spend on the virtual world becomes more valuable. i think using gaming metaphors to design these worlds is a great start. but, i think at the end of the day we need to design spaces and tools in this virtual world that will help us be more productive. which is part of our thesis. we are investing in more productive, remote work, virt

but the time spring came, the texas cattleman who had hertz out there, they had lost anywhere from 70 90% of their herds. about the only thing that they were able to harvest where the hides. the newspaper accounts here in lawrence record shipments of just cars filled with cattle hides, going back to the tanneries. that was all that was left that the catalan could salvage out of this particular winter. so once again, what are the connections between texas, crowed is a law, winter. these are the kinds of things that i was trying to figure out and how that affected markets. geography also affected all of this. the way that cattle were being driven. they were oftentimes driven on the trails and this is the other connection. they have to be driven up a place where you have grass and this territorial survey map, there is no indication of trees. this isn't southern campuses. there are life creeks on either side, so you're on a rich here. so you can see what is coming at you from either side. you are always close the water. and you're always close to grass. that is the key component in making