i want the s.e.c. to define which cryptocurrencies are securities and subject to the same regulations as stocks and bonds. even if he doesn't think he has jurisdiction he can kick some over to the financial stability oversight council that exists to look out for threats, good forum to look at tether which we talked about last week going to keep revisiting it. show us the commercial paper they claim as their reserves third, the s.e.c. needs to go after blatant pump and dump schemes because we're seeing them everywhere. not what reddit did with gamestop but a one or two-day blitz before they cash out wendy's shot up 25% in a day before marauders moved in. last week they did the same thing to an e-commerce one called new wave crashing now same thing is happening to smaller names. sgoco, only had one press release in the last 18 months, it was a deficiency notice from the nasdaq for failing to follow their annual report. this is up tenfold in the last two trading days the s.e.c. could triangulate who did t

in that state who are in the s.e.c. can say, nope, i got a veto here. it's a gentleman's agreement, it's not a law but if a&m were somehow able to keep texas out of the s.e.c., and texas went off to be an independent like notre dame, and everything could go nuts >> it could, but i can't see that happening you know, i got -- >> they got a long horn network. >> they do, but i like texas joining the s.e.c. >> i do too, but i mean. >> now you create that rivalry i mean, they can do that technically they can, the long horn network, that's a moneymaker for them, but i just think this is about, you know, creating that extra media rights because remember, once this media rights agreement ends with the s.e.c., and you add texas and oklahoma, now you're talking a bigger package, possibly even bigger than the big 10, so, you know, the s.e.c., this is about money, this is about power money, power, rmt respect. >> it's about money, power and respect for texas a&m, too, and ross bjork, the athletic director, they will move heaven and

the s.e.c.determine what is a security, they couldn't pay american developers with their token so they went out and hired a team of developers in europe instead where they can confidently comply with existing regulation. as i mentioned, fintech and cryptocurrencies are the future of finance, but we're missing out as a country because american entrepreneurs are still unsure of how to navigate our existing regulatory system. this means high-tech jobs are going overseas and capital formation opportunities for everyday americans are being missed, all part of the chilling effect that comes when we do not answer the questions that industry leaders and consumers are begging for. questions like, what digital assets are a security? what digital assets are a commodity? what digital assets are currency? answering these questions will keep innovation here in america and unlock new opportunities for every american to access. to conclude, let's be clear that these things are already regulated, but we need cla

clearly the s.e.c. was raising questions about the transaction. the timing of the questions and answers meaning when this could get sorted out if it gets sorted out, appeared to have presented a problem as this deal had to close according to the contract, the agreement with vivendi, by september. because so many questions were being asked, it is hard to believe and i believe this is why, effectively, this decision was made it would have been able to have the questions answered to fulfillment or ssatisfaction of s.e.c. vivendi back stopped this transaction and he will buy the shares he will be eating his own cookie we will talk to him about this and what is happening with this particular transaction i want to talk to him a bit about what is going on in the marketplace this morning he did have some very strong views, as you remember, joe, about covid. the first time around. here we are with the delta variant and we will talk about inflation. >> with the s&p doubled since then not to say -- he is buying he

according to the s.e.c.reholder rights, and the role of the board of directors. but our next guest says most companies don't have good governance, and in the end, shareholders lose. let's bring in ta cnbc contributor. count on steve to throw a grenade into the conversation. we welcome it and we welcome you, steve you say there really is no such thing as governance, not merely good governance. why? >> tyler, we really, as investors, are at the mercy of management and you hope they have great grounding because there is no corporate governance the role is a myth what the independent director is qualified by what the exchanges say constitutes. if you're the new york stock exchange and competing with nasdaq for a listing you're not putting onerous requirements on the board. you're saying i want to make it as easy as possible to get them on here. martin franklin has been on the network numerous times when he ran jardon a shareholder sued, not the institutions, just a hedge fund. and what the court found, and none

let's take a listen. >> before we sign the deal, the s.e.c.id we have some concern about whether remain co., this entity we were creating was going to become an investment company in order to address the concern we changed the structure of the deal to provide that we were going to contribute the stock that we purchased to a trust, ask we thought that would address the issue. then we signed the deal, and then we pushed forward with the transaction, and then actually in the last -- this week, the last few days, the s.e.c. raised i would say a deal killer, which is they said that in their view the transaction did not meet the new york stock exchange spac rules, and what that meant, i would call that a dagger in the heart of the transaction. >> one of the key questions that i had gotten, and you know, obviously spent a lot of time trying to figure this out when he announced it. it was a -- creating a new entity, a warrant, a spark, mr. ackman doing things that were very creative. one thing that some people didn't understand is was he really giving

the s.e.c. has the authority to investigate under the authority of s.e.c. code. as senator dodd testified, there is a gap here, because unlike specific commodities here like a cattle auction, you are buying it from me, and i am selling it to you, and so accordingly, it may be reasonable to extend to these entities, and again, to follow gensler's recommendations is another piece of legislation that you introduced last congress with, sorry, represent, former representative conway introduced and you sponsored would be for guardrails for representation where these people are trading these commodities at the spot rail. >> and i introduced the clarity act for the s.e.c. and token issue to swiftly determine when and if a token is a security. in the short time that we have left, i do believe that we have the regulatory framework, and the laws in place, and people don't get to run in this country under the radar if they are complying with kyc and all of the regulations out there. and would you agree, mr. van valkenberg, the real issue is that as we can do some work as con

and that's at the heart of the s.e.c.ake a look at shares of lordstown motors over the last three months, remember they not only have the doj investigation that they're dealing with as well as the s.e.c. investigation. so, more questions surrounding lordstown. kelly? >> phil, thank you very much >>> shares of disney are also on the move right now let's bring in julia boorstin. what's happening >> disney shares are moving lower on a report in the information that says that disney plus u.s. growth slowed sharply in the first half of 2021 this report citing internal data just want to look at disney shares down about 1% this report says that disney plus had a little bit more than 110 million total subscribers late in disney's third fiscal quarter. that's up from 104 million that the company reported for the quarter ending april 3rd so, this is on a report, and they do say in this information report that most of the grow was in india and latin america and that's where the service has more recently rolled out so, we have not he

they use proprietary data what is likely to produce the best, and buy art and securitize it with s.e.c. filings. allow you to buy shares and a given price. isn't this brilliant these are more like bonds and stocks, the strategy involves selling each work after three to ten years, then distributing the proceeds to shareholders it's intriguing. i kind of like it. let's take a close look at scott lynn, more about how he's democratizing art investment welcome to "mad money. >> thanks, i feel like i couldn't have said that intro better myself. >> i have to tell you, my mom is an artist, and worked at a gift start, i'm acutely conscious of how difficult it is to try to figure out who's going to be really big and who isn't, but let's go back for a second i have always said to people that the two things that have held up their value in the craziest times of hyper inflation are real mansions and master works, empirically, is that not true? >> i think that's true, and we have a lot of data to suggest that art prices are inverse li ly correlated interest rates we're seeing a rise across the entir

kelly, we've been in active dialogue with the s.e.c. dating back to 2016 they've remained highly engaged with the industry and market participants like grayscale. we continue to believe that an etf is really a matter of when, not a matter of if, and certainly over time as the market matures we'll see those moves toward bitcoin etfs, including the conversion of gbtc to an etf. >> you've made moves with bnt mellon to set this up. you are the first, the biggest mover in this space. so big that whether you're trading at a premium, it's set to be one of the biggest movers of the price itself. you're huge in this space. what happens as others, including well-known names like kathy woods also file etfs and presumably could all be available on the market? >> well, we don't believe a rising tide will solve those the grayscale team is hard at work on getting ready for an etf conversion working with trusted longstanding service providers like bny is just one more step on our path towards becoming an etf and ultimately, we believe the digital syste

and it's as simple as that i think that concerns about the s.e.c.ke that are really quite secondary >> all right let me ask you, larry, since we have you this week and since maybe we don't have another china answer for you to suggest for 25 years, although we'll probably get a sense in the next year or two of how this is about to play out, and investors are keenly aware of the market risk. but let me pivot and ask you about the fed. we have the decision tomorrow. you are in the camp where you say, you know, as concerned as you are about inflation, as much as you talk about their models are wrong, you don't necessarily think they're going to start tightening because the uncertainty created by delta you think kind of delays that whole trajectory >> right my job is not to tell you what i think they should do it's to tell you what i think they're going to do. and all political institutions, including the federal reserve, their main objective is going to be survival. that may be a little bit harsh but you have to realize what they have is kind of a loss

listings from every other country so in 2013, the s.e.c. gave china a pass.. investors. and so i believe that chinese companies won't submit themselves to covered audits and what you're seeing happening now is china saying we're not going to list in the u.s we'll list over in hong kong now that we control hong kong. and i think that's their end game. >> but, kyle, the reason i ask is whether you think that the numbers are going -- to the extent there will be companies still listed here, whether those numbers effectively become more credible because of this crackdown or less credible. >> look, i don't think they're cr credible at all, just to start i think if you're not willing to submit yourself to a western-style audit, then who knows what those numbers are andrew, come on. no one believes china's numbers are real and i do dv i think people -- if people do believe that, they will continue to print fake numbers and it will look like growth but i think now the game has changed, given, again, trying to discount the chinese government risk on the audits themselv

and josh i'll come back to you anastasia coming to new a s.e.c. this company needs to grow up in a hurry. the gamification of some of the activities around what robinhood has been accused of in the past, not all of that's going to fly in the future a a publicly traded company the way that robinhood and its ceo vlad tenev communicate with investors changes overnight. i mean, it's a publicly traded company. the scrutiny is going to be on this company unlike anything that existed to this point in time that will cause them, josh, to perhaps grow up a little bit as well it may cause some of the investors that you think are gambling too much and not looking at investing as a long -- long game to do the same >> you can only misunderstand this if you are deliberately trying to misunderstand this listen to me very carefully. there is no possible way you can make the case that robinhood is not trying to get as many people to place as many trades as frequently as possible that is how robinhood wins again, people free will, don't have to go along with the gam

remember, we did the spac because it was supposed to happen quicker but what's happened when the s.e.c. said, oh, we want you to now treat things differently in a spac this way and different this way and we want you to do your warrants this way, it ended up slowing down the process. but, you know, we've gotten through that all spacs are very upset about it right now but i think us and the s.e.c. are all plowing through it and hopefully everybody will have a merry, merry christmas. >> as you look at the nba season, the finals begin i believe it is tonight. you've got milwaukee and phoenix, two teams that haven't been in the finals in years, decades, decades what are you looking for there and do you have a lean toward pick here? >> you know, i don't mark lazarie and i'm a big fan of milwaukee and those guys and rick sarber has done a great job out there and chris paul is there and i think the world of chris. i'd love to see him win a championship but it's great for the nba that you have a team that has never won a championship like phoenix and you have a team that won one 50 years ago, g

>> you've taken a look at it let's do this deguys you've gotten on gary gensler, the s.e.c.tely there is direct response to my 17 different attacks on him. >> our viewers may remember it was only last week they cut the price they were paying for this momentous basically in half, satellite company, but the s.e.c. has charged them and come after them in a big way. >> ever. >> you've got the complaint here >> it's brilliant. the complaint's just nothing but brilliance. >> i've got the press release. >> i got the complaint i read the complaint michael >> here's the complaint. we're just holding it up for you so you can see it. >> minutes to the proceeding. >> let me give you the specifics on it. still trading above 10 >> that's crazy. >> here's the quote from gensler. the case -- well, let me get to the charges. they allege the company misled investors. let's read the quote first, the case illustrates the risk inherent to spac transactions as those who stand to earn significant profits from a spac merger may conduct inadequate due diligence and mislead investors. that's the key

the s.e.c.vil, the doj criminal, this obviously goes back to some of the things that the company said in terms of preorders for its truck and what it said and how it said it and whether, in fact, they were misleading or perhaps even outright lies board has had some difficulties to say the least, one of the main ones is they need to raise a lot more capital to actually even try to make good on some of the promises that are out there in terms of production. >> and they've said as much. they remain dramatically undercapitalized based on what their business plans have. to your point, a lot of the issues surrounded this idea of whether or not the orders are binding. you look at their presentation, and they, you know, mention that they have these orders without going into too much detail about how that revenue is playing out into some of their projection, and of course with a spac you're able to share financial projections in a way you wouldn't normally see with a traditional ipo. the documents are ab

we push forward with the transaction and then actually in the last -- this week, last few days, the s.e.cay a deal killer which is they said that in their view, transaction did not meet the new york stock exchange spac rules and what that meant -- i would call that a dagger in the heart of the transaction, put tauntine in an awkward spot. >> he clairerified a key sticki point is a minority stake in a company that is due to list later this year in amsterdam as for investors, shares are trading just about 2.5% above the spac's ipo price, but after a run-up earlier this year, due in part to retail interest, the stock declined 26% year to date. so now tontine has a year to find and consummate a new deal he said if he finds one, it will most likely be more of a straightforward merger rather than one with more of the creative and complex structuring as was the case with this most recent deal. but one of the broader takeaways from this news is that the regulators are clearly paying attention to spacs, begging the question if the s.e.c. purportedly scuttled this deal, will it scuttle others the s

>> robinhood out with its s1 filing with the s.e.c. just a few moments ago. a place holder on the first page offering size of about $100 million. that figure will likely be multiple times higher when it does go public listing on the nasdaq under ticker hood. the main underwriters on this deal, the bankers, goldman sachs, jpmorgan, barclays and citigroup. financials here, robinhood did report a loss in net income in the court. $1.4 billion last quarter. revenue, though, about $522 million. for the quarter, some user numbers here a lot of interest in that. it now has 18 million net funded accounts that's up from 7 million a year ago. so about 150% increase there assets rnd management also a massive jump $80 billion in assets under management for robinhood that's up from $19 billion a year ago and kelly, interesting note on customer allocation. robinhood says they expect underwriters to reserve approximately 20 to 35% of shares for retail traders. for robinhood customers specifically and still diving into risks and financials here. we'll bring you more headlines

s.e.c. in 2025 it's a move that could significantly change the landscape of college sports from coast to coast now, all the long horns and sooners have to do officially accept the offer which could happen as early as tore. it's possible the two programs could try to leave the big 12 before 2025 but have the to pay a penalty of $76 million each. s.e.c. super conference, it just means more. >>> something is killing songbirds across multiple states a mystery we've followed here. wildlife experts are joining forces comparing notes and theorys to try to stop the spread from killing more birds >>> and 19 people found inside a one-bedroom apartment. for police in soheutast houston, it's a familiar scene. oh! are you using liberty mutual's coverage customizer tool? sorry? well, since you asked. it finds discounts and policy recommendations, so you only pay for what you need. limu, you're an animal! who's got the bird legs now? only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ what'

the s.e.c. needs to crack down on this stuff because i think it's basically sophisticated pump and dump scheme i wish i had a subpoenaed power. and cryptocurrency, in retrospect, it peaked right around when people started talking nonfungible tokens seriously. who came up with that name very much of a close situation don't you think? up there for the nfts, do you think we'll remember that acronym in six months. we've got billionairitis have you notice how bitcoin seems to be hanging by a thread, once again a sign that the speculative excess comes to an end. i want to see it dragged to lower levels before i consider it going back in don't get me started on sable coins like tether that are unstable pegged to the dollar, allegedly backed by green backs, as well as solid commercial, we have no idea what the paper is or who's selling it to them i'm selling it the achilles heel of crypto. it's eye opening there's a ton of speculation in oil. without the opec agreement, it could have won a hundred dolla

s.e.c.move that could significantly change the landscape of college sports from coast to coast now, all the longhorns and sooners have to do officially accept the offer which could happen as early as tore. tomorrow it's possible the two programs could try to leave the big 12 before 2025 but have the to pay a penalty of $76 million each. s.e.c. super conference, it just means more. >>> something is killing songbirds across multiple states a mystery we've followed here. wildlife experts are joining forces comparing notes andspre theories to try to stop the spread from killing more birds >>> and 19 people found inside a one-bedroom apartment. for police in southeast houston, it's a familiar scene. memorable as eatingot as 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. what's on the horizon? the answers lie beyond the roads we know. we recognize that energy demand is growing, and the wor

more velshi in a s.e.c. a s.e.c what can i du with less asthma?dupixent, i can du more....beginners' yoga. namaste... ...surprise parties. aww, you guys. dupixent helps prevent asthma attacks... ...for 3!... ...so i can du more of the things i love. dupixent is not for sudden breathing problems. it's an add-on-treatment for specific types of moderate-to-severe asthma that can improve lung function for better breathing in as little as two weeks. and can reduce, or even eliminate, oral steroids. and here's something important. dupixent can cause serious allergic reactions, including anaphylaxis. get help right away if you have rash, shortness of breath, chest pain, tingling or numbness in your limbs. tell your doctor if you have a parasitic infection, and don't change or stop your asthma treatments, including steroids, without talking to your doctor. are you ready to du more with less asthma? just ask your asthma specialist about dupixent. ugh, these balls are moist. or is that the damp weight of self-awareness you now hold in your hand? yeah-h-h. (

the s.e.c. -- the southeastern conference you're talking about it. >> well, the s.e.c. is actually well-run because you've got university -- you know, those colleges are excellent, but aren't you worried if you're going to one of those colleges or football games, that's the kind of things people are thinking about. >> they're thinking about it. >> they're thinking about we haven't adjusted the hybrid work hybrid, rich people want to catch them, obviously there's not enough people. president xi's new tone -- >> china has definitely got to be a key thing you mentioned it in terms of the potential of their economy slowing because of the spread of the delta variant. we talked a lot about the changes that they made, their cybersecurity laws that made changes for didi's business model after the company went public and what it all is going to mean overall in terms of the ratcheting up of tensions between our country -- >> david, you've been saying over and over again, billionaires are in trouble in china. >> well, he's an autocrat and he wants to make sure he knows who's in co

south carolina clyburn and s.e.c. talk about expanding broadband.

eight years, the plan would give the founders restricted stock worth about $4.7 billion, and in an s.e.cto receive the shares if the shares hit $120, and they receive all of them if the price hits 300 that would give the company a valuation of $250 billion. that's a long way off, given that the market cap right now after closing is only $29 billion. guys >> yeah. robert, clearly that's almost a ten bagger from here, so that's your stretched goal to get the full incentive compensation there, but it is interesting that out of the gate it's mostly stock price -- it's not necessarily as much on operational performance metrics? >> that's in keeping with a lot of tech companies that have gone public recently. you look at elon musk's compensation package, that's kind of the new model. it's interesting you mentioned ten bagger when facebook ipo'd, that was -- today they are over a trillion they pen bagged it over about the same period as this plan would be not impossible, but they would have a long road ahead. >> thank you very much, robert longel wl r the ceo of hologic. "csi bl"ilbeight back m

did want to share a statement that we've gotten that's been put out by s.e.c.er on what they're calling recent developments in china. there are some specifics here that certainly are of interest to u.s.-based investors. it does involve the variable interest entities that are created by many chinese companies that go public here in the united states. and that arrangement -- and i'll read here because it may be clearer here than i can explain it a chinese based operating company typically establishes an offshore company to issue stock to public shareholders, then the shell enters into service and other contracts, the chinese operating company issues shares on a foreign exchange such as the new york stock exchange. here's the important part for investors as well. gensler says in light of the recent developments in china -- and we all are well aware of course and have seen the fall in the stocks as a result of that new guidance and restrictions that they're doing -- in light of those recent developments and the overall risks with the china based vie structure, he h

on s.e.c. to act. david: it is still a moving target whether they do and if the ticket private, at what price. yvonne: that will be the key question. as the best option to ease concerns with investors. we are not seeing easing of concerns here. it is like groundhog day. david: it is friday. it is looking like this. i will join you at the table and a couple of minutes. there a little down on the csi 300. iron or futures are the one to watch. equity futures, i would imagine would see a lot of pressure. nasdaq futures are not down relative to other future contracts on the back of that massive drop. currency markets at this point, nothing worth noting apart from the fact that on a weekly basis, the index is on track for quite a steep weekly drop. as things stand, we are still looking at what is happening in china, of course year. yvonne: everybody is licking their wounds but they are quite raw. if you look at csi, golden dragon, it has been a brutal week. we call it one day of relief that we are still lowe

they're recovering as well and they a fine $8.1 million with the securities and exchange commission, the s.e.caslinda. haslinda: it's upbeat about its prospects. they will sustain the business momentum for the second quarter as they continue to be a trusted partner for clients. they will focus on growth, execution, evolution of its strategic initiatives, that's driving its strong financial performance across all of its businesses again, again, a beat for u.b.s., rish, let's mark that line on wealth investment pretax and it's the strength of the company as well. rishaad: across the board with a few exceptions known to be the ficc part of it as well. generating assets at $25 billion. if you want more on this, go to your bloomberg terminal. you'll get comments and analysis from bloomberg's expert editors as they sit through these numbers from u.b.s. with a fine-tooth comb. coming up, cases soaring, the mo in the world as coronavirus restrictions expirement we head over to london for the latest. this is bloomberg. ♪♪ haslinda: the u.s. has warned its residents not to travel to the u.k. as covid-19

south carolina clyburn and s.e.c. talk about expanding broadband. the joint center of political and economic studies. >> thank you barbara, it is a pleasure to be on this panel to talk about our forth coming report, affordability and availability expanding broadband in the south. to better understand it, the rural counties is 35% or higher. plaque people make 49.2% of the region's population and make up the largest racial group. we collected data that were part of the plaque belt to understand the characteristics relative to other parts of the nation. we uncovered that 38% of plaque americans in the black rural south lack internet access. high-speed broadband is not available to some house hoaltd because the service has not been deployed by an internet service provider and where it is available some low-income households lack access because the service is not affordable. national broadband conversations focused on rural america can play -- give not enough attention. we understand african american-americans is a problem in metro and rural areas. and

in the s-1 filing with the s.e.c. leslie picker is joining us now with what we need to know.>> reporter: seema, robinhood disclosed the prospectus yesterday. nothing short of high popping growth the company has more than the entirety of the accounts added at the end of 2019, for the whole year the company quadrupled the top line generating more than $500 million. robinhood with $1.4 billion loss that was entirely to the discount over emergency fund raising over gamestop mania. robinhood agreed to pay a fine due to outages in march of 2020 and misleading communication with customers and investors in the prospectus, it is the rfk f risk factors that were top of mind robinhood may not grow at considerable rates, but many in the country are returning to offices. the bulk of the business is transaction base the payment for order flow that is money robinhood receives for routing transactions this is under scrutiny by regulators robinhood needs to maintain requirements and many are not hypothetical it came to light during the gamestop saga. shares will ultimately be listed in a mont

> it's a true equity investment unlike an nft or crypto, each individual asset is qualified by the s.e.cres get sold during the initial process and then after a lockup around 90 days later they trade on our secondary market through registered broker dealers. everything from vintage baseball cards all the way up to modern basketball cards and everything from classic cars to dinosaurs, meteorites, all these huge assets with great history, great stories, but the access layer has been missing they have really dramatically seen increases in prices so we're able to do that with no minimums and allows everyone to get access to these assets >> how do you respond to the skeptics who say things like this are the epitome of a bubble business, if you will? what's happening with nfts and collectibles in general and you're at the right place at the right time with a compelling product but what happens when the stock market rolls over, interest rates go way up or just the whole environment changes? are you thinking about that? >> yes, and it's the right question to ask. we've root this had product in t

another source here that says, listen, no true fiduciary can own china shares it's impossible for the s.e.c. to regulate these shares as it does for u.s. holdings therefore, you should reconsider your holdings. >> i wrote that. who is that? my ghost writer? >> no, this is a long-time buddy of mine, a long-time hedge fund manager. >> i totally agree with everything he just said. >> by the way, did you notice that even though all the americans who participated in didi were shafted, gary gensler said nothing why not say i am going to subpoena goldman, morgan stanley. why not? why shouldn't they have subpoenaed why doesn't he just say listen, we want to freeze -- >> we want to know what you knew when you knew it and why you chose to do the offering if you did know there was a crackdown coming on didi. >> the narrative had been they're going to do it in hong k kong then it became there's so much demand in the united states, we're going to rush that now we're thinking is it rush because they knew china was going to crack down friday it could be crucial, there's 30 more deals in the pipe >> they'r

that the majority of the revenue yis predicated fo paying on order flow that is being reviewed by the s.e.cusiness and it is being rev reviewed, i have concern of owning robinhood from the stock perspective. you have to remember, nothing in life comes for free, frank. >> true. one more thing on the road ahead is the two-day fed meeting what is your take? does that add to the volatility of the market you forecast or help rehe duce it? >> it adds you have so many people on either side of the fence alarmists are excited about the inflation or the fact that the fed was going to do something due to the inflation that is when the 10-year note went up 1.75 the fed will stay prudent. powell will continue to articulate the message they have no intention of doing anything any time soon. we are hoping to get some type of hint of reducing the $120 billion stimulus in the marketplace. i don't see it this week that will cause turbulence, frank. it will be okay once we get through the fed meeting. >> jeff, one thing i didn't hear you mention and haven't put in notes you sent to us is the take on the delta

be able to get access to that level of detail of china it is that sensitivity and the fact that the s.e.chearing could potentially ask for access to didi vendors or where equipment goes to as part of the accounting review. that kind of thing that information could get in the hands of the united states and right now with the relationship with the u.s. and china, it is not necessarily the information the chinese want the u.s. to have >> i guess what i'm getting at, eunice, what they are worried about there is stuff widely available here our government, not that i know of, seems that concerned about it it is basically super public information. it sounds like what the chinese government is scared of is stuff that every day citizens in america can access any time they want here. >> reporter: brian, you are assuming in america, there may be a consensus as to how the maps are laid out in china, there is not consensus of where lines are and what different areas look like. also, a lot of sensitivity about exactly how to pinpoint maybe sensitive locations in the far west, for example, or to have dr

prior to the rule the s.e.c. tried to delist the u.s.ed in china, chinese laws took hold. there are bigger issues at play. everybody knows china is looking to be a super power to replace the u.s. that requires tech yousupremacyn military supremacy and stock listings as well >> certainly didi goes public in the states and the chinese government comes out and said you should not have gone public. the stock fell 25% or 30% in one day. a huge crackdown on their data is there a situation, cyrus, where china is the leader? do you think other countries may follow what their doing? a lot of regulatory discussion over here as you know around anti-trust we are knocking china, but maybe they're the first to do it what do you think? >> i think any many ways there are anti-trust claims in europe for many years the u.s. started to look at that i don't think it would be wise for the u.s. or china to breakup big tech you know, big tech has dual purpose. both countries need strong, big companies vying for power and super power status >> yeah, truly is. w

s.e.c. commission now they are working to identify the new merger and payout indemnity costs. the following news this morning is that instead, it is bill ackman's fund will replace the spac deal for 10% of umg the deal is between 5% and 10% the intent to sell was a shortfall to other investors before the distribution of the 60% of the cap of umg to vivendi. the final construct is 60% of umg go to vivendi shareholders tencent sold that stake months ago. the remaining 10% to vivendi this will be completed on the listing on september 21st. the largest music group in the world. it is interesting development here bill ackman has been working on this deal and we mentioned this morning the share price was down 18% since that deal with vivendi to reassess and work on a different deal and find a new merger interesting here from bill ackman's point of view not a huge difference here vivendi shares are down 0.5% mostly in the red this morning, joumanna >> charlotte,interesting a close one to watch especially the spac price performance of the pershing square spac. >>> also coming up on "s

schools could move to the southeastern conference where they could earn millions more each year from the s.e.c package. >>> and naomi osaka knocked out of the olympics, losing in straight sets in the third round of the tournament. more results from the olympics ahead in the "bleacher report." >>> let's dig into coronavirus as an alarming trend is growing worse by the day. 46% of the u.s. population now lives in a county considered to have high covid transmission again. it was less than 3% in early june but now the entire map you see there, it is red. missouri, louisiana, arkansas, mississippi, alabama and florida all those states almost every county has a high transmission rate. the miayor of orange county, florida says that we are in crisis mode. doctors and nurses are on the front lines once again. >> the increase started happening so quickly and it is multiplying so fast, we can't open up beds fast enough. >> i admitted a perfectly healthy 19-year-old woman, perfectly healthy 25-year-old. so you are seeing these healthy people walking around saying i don't need a vaccine, i'm fine, if i get

chinese etf, alibaba lost a combined $184 billion in market value since the start of the month this as s.e.c. officials are calling on chinese companies listed on u.s. stock exchanges to disclose the risks of the chinese government interference. let's head out to eunice yoon. eunice, beijing is trying to rein in any company it sees as a threat >> reporter: that is the concern. i'm in beijing right now it is known for the plethora of companies. it has a sign on it after it is after school here, but there are no kids here it is closed this is one of the many schools that we visited in the area that have the same notices up saying that they are shut with no idea when they will resume classes. a lot of the schools we have been talking to that were open say they are in survival mode. what does that mean? one rebranded itself offering calligraphy classes. offering classes outside of the curriculum many offering online classes especially one-on-one private tutors teacher's who could teach at home or teach online and finally we found that there were some talking about switching to teach adults and w

the board decided not to proceed with the purchase after the discusses with the s.e.c pershing said vivendi is not left at the altar. it will be a long-term shareholder of universe after the public listing don't miss bill ackman on "squawk box" at 8:00 a.m. eastern. >>> and the biden administration is talking about vaccine misinformation the surgeon general murthy said companies fueled false narratives about the safety and effectiveness of the jabs. platforms like facebook are killing people by allows misinformation on the services facebook pushed back over the weekend and said, look, it is not the reason the biden administration has missed its vaccination goals. >>> england is entering a new phase of the pandemic. starting today, almost all virus restrictions are being lifted despite a spike in covid cases due to the delta variant prime minister boris johnson and his top official are self isolating because they had contact with a cabinet member who tested positive for the virus. we have conflicting push and pull trends in the uk, brian >> 150,000 screaming fans at the british formula 1 rac

the pipeline given the s.e.c. guidance and even seen some of the big name that had have de-spac'd.c market in the first quarter, they launched hundreds of spacs, new spacs came out in the first quarter, fast and furiously, and then the pipe market sort of quieted down for a little while and the pipe market what, happens is with the spac, big institutional investors validate the transaction like in satellogic soft banking and put in 25 million saying this is a good deal at $10. we're in $10 and we're going up there. the pipe market is open and getting better and stronger every day. i agree with you two months ago, it was really quiet, but now it's starting to come and you're starting to see these things trading up. sure, there's companies where there's all sorts of problems but, you know, great companies are going public through spacs and they are starting to trade better now and you'll see over the next few months this market is going to get better and better as more and more institutional investors see that this is an opportunity to take a big position in a company like satellogic

or i guess missouri is in the s.e.c. now.se are the kinds of things you're going to have to do in order to get people onboard and i think that is the kind of thing the biden administration needs to look for and that is the biggest and most harmful action the red state governors are taking is preventing these sort of carrots from being able to be used in their states. that is how to resolve this quicker than the mask issue which would be a band-aid on a problem continuing to spike. >> go ahead, gene. >> one of the challenges i think the biden administration is facing related to what you just mentioned. we know that 40% of those new cases are in, what, i think three states. the idea there will be this national mandate when we know that there are communities that are actually doing better and that are getting vaccinated, that did wear masks and did socially distanced will not be a popular policy among those communities who did what they needed to do. it's one of these moments where big government applying to the masses is not go

. >> let's get to robinhood here filing to go public with the s.e.c. kate rooney has the details. >> robinhood plans to list on the nasdaq under the ticker hood we got a look at the trading app's financials with the ipo paperwork earlier. for the full year, 2020, robinhood was profitable with net income of $7 million compared to a loss the year before for most recent quarter, robinhood lost $1.4 billion, i'm told due to a one time writedown on debt it issued to stay afloat during the gamestop saga they raised $3.5 billion from vc investors in convertible bonds and 30% discount, i'm told that's what's behind the quarterly loss the majority of that was transaction revenue or payment for order flow mostly. and most of it comes from options trading. that made up about 38% of revenue, and equities about a quarter of revenue and cryptocurrencies now accounts for 17% of quarterly revenue that was up from about 3% in the same time a year ago dogecoin accounted for 34% of total crypto revenue in q1 robinhood has 18 million net funded accounts. that's 150% incre

we have clover health as well, the medicare provider is a big underperformer and s.e.c.ghing on that stock. down more than 40% this year and real estate company open door, that name is down roughly 27% this year. two other shell companies, by social capital, haven't announced deals yet. those are flat four social capital biotech spacs that debuted in late june are also flat. the former facebook executive has been the face of this spac renaissance this year so far chamath and his firm raised more than $4 billion for blank check companies. he's also promoting a lot of investments on social media with a very close retail investor following around what he's been backing. the social capital team has also been part of a handful of other deals as what they call the private investment in public equity or also commonly known as the pipe the list includes mp materials, it is a rare earth mining company, desktop metal, those returns are also a mixed picture. back to you. >> it is going to take some time to see how this performance shakes up. he wants a spac for every letter of the

the s.e.c.has always been clear that the situation of uninspectable auditors in one country just couldn't go on. >> reporter: and if the u.s. rec late tors don't deter chinese leaders, didi was hit with a review and then kicked off app stores. >> they are handling huge amounts of data that is deemed sensitive. >> reporter: and china has proposed all large tech companies to undergo a cybersecurity review. and allcated by tensions between the u.s. and china. >> didi and the recent events here have sort of given ammunition to those this congress for example the china hawks in congress, who really want to accelerate this process and are saying that this is not good for u.s. investors. but if it looks like the relationship is sort of going further south, then i would say that the chinese government may decide that, hey, why should we agree to auditing of our companies. >> reporter: it is clear after years of a fragile but mutually beneficial status quo, something has to give. and investors could be c

and frequent recurrent testing in the sporting events, like we did with the s.e.c., minimum three timesjapan they're testing daily. do i agree with that? yes, that's the way you stop this as we move forward. >> thank you to the doctor there. you can see my full interview with him coming up in the next hour. >>> a top u.s. track and field star is speaking out about her failed drug test ahead of the tokyo games. sha'carri richardson was suspended one month from the u.s. olympic team after testing positive for thc, a chemical found in marijuana. so that means she's forbidden from running in the 100-meter sprint, her signature event. she may still be allowed to compete in a later event like the 4x100 meter relay. she says the shock of learning about her mother's death from a reporter is one reason why she consumed marijuana. >> i apologize. i didn't know how to control my emotions or deal with my emotions during that time. but sitting here, i just say, don't judge me. because i am human. i just happen to run a little faster. >>> u.s. president joe biden said he was really proud of the way r

. >>> and the college football season set to kick off in about five weeks and the s.e.c.old reporters yesterday that games won't be rescheduled if the team has an outbreak. instead he is saying that teams forced to cancel may have to forfeit the game. and sankey made it clear he expects everyone to get vaccinated. >> vaccines are widely available, they have proven to be highly effective and when people are fully vaccinated, we all have the ability to avoid serious health risks, reduce the virus' spread and maximize our chances of returning to a normal college football experience. and to normal life. >> sankey oalso said only six o the teams have reached the 80% vaccine threshold. >>> and michael irvin says he is disappointed that the dcowboys yet to reach the 85% covid vaccination rate. saying nothing else is more important and that there are other things to a great number of people on this team that are more important than winning championships. and that makes me worry. and the nfl tells cnn that only 13 of the 32 teams have at least 85% of their players vaccinated. and