joe: iac, the internet powerhouse, spinning off from zinio. the ceo of iac joins us now.e see the stock having a bit of a slump. what is your take on the market's initial read? >> it is a weird thing. we did not do an ipo of vimeo. we did a spinoff. we never sold shares to the public. they just started trading. today was the first day they started trading. the stock price is down is because there was an issue in market trading for a few days where there was no volume. i think 14,000 shares traded a day ago at one price, and everyone is using that as a reference price. the business is doing fantastic as a result. the last shares were sold work to private investors. that was four months ago, and that was that valuations 30% or 35% below where they are now. we think that is pretty good. we feel pretty good about it on behalf of people who have invested in vimeo and iac. for employee's and us, it is a homerun. caroline: i'm looking at capitalization. $7 billion is where the market cap is. as you say, you just raised funds in excess of $5 billion. it is down 30%, but when peop

pitched it to the ceo of iac, and that has taken off. perhaps investors wonder about the next phase of growth, how big the idea could really be? how do you answer that? >> our next phase of growth is fulfilling the mission myself and our team set out to do in 2017. the reason it is such a long-term opportunity is the market, if you think of it as every business in the world, there are hundreds of millions of businesses small and large, a vast majority are not using good quality video. you look at the ways we communicate, work, email, chat, marketing, social media, video should be a first-class citizen. it is not, because it is so hard. we look at our market, we have 1.5 million customers. a tiny sliver of the market. so we think there is plenty of runway and growth for vimeo. not just for quarters and years, but decades. just given the power of video, and the fact it should be used by every business in the world. emily: being in the video business myself, i can understand that. it is hard. videos available on nearly every social platform

of course, the video streaming platform being spun off from iac. and that was official today.meo thank you for joining us >> thank you >> as david mentioned, your stock is down over 21% key bank initiated with a neutral, not a sign of much optimism from the analysts what is your message to investors and to analysts? you been growing your revenue, expanding your margins what's your message with the stock down so much at the open >> i think ultimately we'll let the market and investors decide how they want to value you vimeo in the short-term. we're in the early innings of an incredible market. every company should be using professional quality video most are not today and we're building the tools to put that power in their hands i'm really excited about the momentum in the business strong revenue growth. increasing margins profitability. well capitalized balance sheet, but more importantly, we are just starting to innovate. we're launching new features and tools and capabilities to allow more businesses from amazon, starbucks, all the way down to the mom and pop shop to use vid

match group, tinder, okay cupid, pushed vimeo out of the nest and as as they lose altitude so does iac, and pulling back 5.6% and the entertainment empire stands at $159.58 but pot name, canopy growth shares lighting up after mkm boosted its rating on the cannabis titan, to an out right buy, canopy moving higher, and mkm planning hopes on canada regaining steam as our neighbor to the north reopens its economy weed rivals aurora cannabis are also feeling the bullish hi, better by 3.9% aurora cannabis speaking nearly 7%. let us gun it over to the ev pickup race, lordstown shares jackknifing into the close after the truck maker slashed its production estimates for the year, saying do you know what? at-best we're only going to produce 1,000 of our endurance pickup trucks versus prior estimates of 2,000 units. lordstown, whose stock is dropping 8.8%, also says it would need to raise more funds to support its operations. talk about some major speed bumps. rideshares now stand at just $ 8.81. this as electric is reporting the pre-orders for teslas coming endurance rival the cyber truck, have

bye-bye. >>> coming up, a wide ranging interview with iac's barry dill l dillner. from the city's reopening to surging travel demand to time -- to warner media's tie up with discovery. don't miss an exclusive interview with microsoft's ceo salt satya nadella. stay tuned, you're watching "squawk box" on cnbc before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. keeping your oysters business growing for a prospectus containing this information. has you swamped. you need to hire. i need indeed indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base claim your seventy-five-dollar credit when you post your first job at indeed.com/promo >>> when we come back, "squawk box" heads to the little island. what does that mean? andrew can tell us he's there andrew, what do you have coming up >> we have the introduction of a once in a generation moment right here in new york city. little island and

parent company iac, of which it was spun off is down 5%.ng from younitised airline ceo who expects to see a big ramp up in business travel add early as september this is an area investors have been concerned about shares are up 3% today cnbc is out with our 9th annual dis disruptor 50 list. jeweulia is a look at the indusy dominating this year's list. >> there are more fin tech companies than any other category in this year's disruptor 50 list. it has more than 20 million users. it hasn't officially said that number of users that it has since it reported 13 million a year ago robinhood is joined by other consumer facing services, chime, new bank and latin america ripple offers global payments. stripe and check out.com and flutter wave offer online payment solutions. brex powers small business expense management this comes as $46 billion was poured into fin tech companies world wide, so far this year that's already more than the $43 billion invested in all of 2020. only 20% say they think traditional financial institutions are evolving fast

after it spin off from iac. we will hear from the ceo. amazon will hold its annual shareholders meeting, where investors want to know how the company will move forward without jeff bezos at the helm. also wednesday, another launch for spacex. the rocket blasts off with the 29th batch of satellites for the company's broadband network. and we look at results from salesforce, vm ware, hp inc. among others. just a few reasons to stay with us here on bloomberg next week. we sure to keep it here. this is bloomberg. ♪ emily: other stories we are watching. closing arguments have wrapped in the three-week trial between apple and epic games. lawyers for the popular videogame fortnite made their pitch claiming that apple has an unfair monopoly by taking a 10% of purchases. the apple lawyers maintained that the fees are industry-standard and it has improved quality for developers and users. the california judge says she hopes to deliver a ruling soon but did not specify a date. amazon is said to be getting closer to a deal to buy film studio mgm hold

meat wait, there's more we'll also get numbers from shake shack, expedia, trip advisor, dropbox and iacall these results as soon as they are released. stephanie link is still with s. tiff me mcgee joins us mike, first to you on a strong day for the bulls, we've got this divergence between momentum in technology and some of the cyclical plays. >> that's been the case all week it's all netted out to about a half percent gain in the s&p 500, not too far from its highs. so clearly it still reflects mostly being a fitful rotation from some of those secular growth areas where they are not going to have very special earnings growth and people are definitely pricing in a tone of optimism further about the economic acceleration everybody expects so it's a we bent but didn't break we have this jobs number coming in the morning and it seems as if people will remain open to potential good news even though the bond market is doing a whole lot of nothing still. >> tiffany, do you like the action today, the rally into the close and essentially all three of the indices looking pretty good, despite as w

vinmeo spin-off from iac off to a rocky start shares are down 8% making it the third down day in a row for a cumulative loss of close to 20% from its monday closing price of 52.08 stands at 40.35 right now. zip recruiter is taking a breather down 2 1/3% after popping 20% in its direct listing yesterday but in this final hour, the robinhood crowd is going gaga for couture scrubs maker figgs sending shares to the moon. coming up we'll show you how high they are jumping plus the co-founders are here on where they take their high fashion hospitalwear company up next. the nasdac struggling here, folks it is flat as a pancake. "claman countdown" coming right back. (vo) while you may not be closing on a business deal while taking your mother and daughter on a once-in-a-lifetime adventure — your life is just as unique. your raymond james financial advisor gets to know you, your dreams, and the way you care for those you love. so you can live your life. that's life well planned. that building you're trying to sell, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercia

check out iac interactive shares higher ahead of today's spinoff of vimeo given trading on the nasdaq right after this music) ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ i'm evie's best camper badge. but even i'm not as memorable as eating turkey hill chocolate chip cookie dough creamy premium ice cream and chasing fireflies. don't worry about me. i'm fine. you can't beat turkey hill memories. dave doesn't need a posh virtual receptionist, because he cloned himself. while his clone watches the phones, dave can work on his code. and lead his team. dave trusts his clone like he trusts himself. so, in summary, we're going to sell the company. who's in favor?... perfect. but if cloning isn't an option for you, just get posh. virtual receptionists who can answer and transfer your calls, because you can't be in two places at once. >>> almost sounds like the mgm lion, doesn't it that roar. amazon is closer to a deal to buy mgm studios for $9 billion according to a person familiar with the matter who spoke to cnbc the deal could be announced as soon as this week. meanwhile, megacap tech stocks rose yesterday leading the

ceo of iac joe, great to see you. a great quarter and what maybe an interesting moment and inflection point for the company given the spinoff and the cash you will be sitting on. i want to spend a little bit of time of what you will do with the cash >> that's all we think about another new beginning for us we have done this before we spin off the biggest asset. we spun off match in the summer. we are spinning off vinmeo now hope that will be done in two weeks with the shareholder approval with we have done vinmeo as the 11th this time we have more cash. just under $3 billion. more earnings and more tools to work with to rebuild the cash is certainly the biggest question in there. >> joe, how should investors think about the company now? you have the unique mix of assets all in different spaces. care.com in one space. you made investment in mgm which is a bet on vegas and traveling and china and all sorts of things now you have the cash. how should they think from the multiples perspective or comp perspective? what sho

. >> josh, thanks for that one >>> iac chairman barry diller and snap ceo aaron spiegel were both oneaks it down for us. >> media and tech moguls taking opposing views on the issue at the center of this lawsuit barry diller, who has a range of apps in the app store, saying of the 30% apple charges an app, that apple overcharged disgustingly >> if you go through let's call it the equivalent of an app store, a credit card, the transmission cost is about 2%. that's what credit card companies cost for putting up that whole system and doing all that stuff that's what they charge to the person -- to the producer, let's say. here apple says, oh, no, 30% 30%. i mean it's criminal >> but in contrast, snap's ceo evan spiegel praised apple and its business model. >> snapchat wouldn't exist without the iphone and the amazing platform that apple has created. so in that sense i'm not sure we have a choice about paying the 30% fee. we're happy to do it in exchange for all of the amazing technology they provide to us, in terms of the software but also in terms of their hardware advancements. >> snap

the answer, iac. >>> welcome back to "squawk box" this morning google won approval for a massive newnd into the downtown, at least that's the lan is google leading the way towards the future of work in cities that's the question this morning. we've got jon fort to weigh in on both sides. >> andrew, google is showing the way to the future as local companies are trying to chart the way forward coming out of the pandemic 80 acres, 20,000 workers, 4,000 new housing units. it's a multi-billion dollar campus office space isn't that sort of 2019? aren't all of silicon valley's engineers moving to oklahoma to work remote? it is growing but it won't take over cities thrive on foot traffic, crowds, serendipity of discovery. i used to live in downtown san jose i can feel how significant this is for san jose. they're building this next to a train station to push the idea of mass transit as an affordable and environmentally friendly way to commute housing, affordable housing is a big plus the cost of living in silicon valley is insane. >> good for google maybe but maybe other companies are going

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