this get more from sonali basak. how do the concerns swear up? nali: two different sets of concerns. one thing is the economic environment might get more challenging. the challenges are no less daunting even though the worst of covid is behind us, jamie dimon said it's a tale of two cities and highlighted inflation is a big issue. if you look at lawmakers, what happens to the consumer ability to borrow as it gets more expensive to do so. haidi: are there specific issues that have been addressed by the ceos in terms of the regularities? sonali: you have seen them address some of this and prepared testimonies. addressing the issues of fees and overdraft fees that have been contentious. that is one thing there has been direct response to as well as commitments to minority communities in terms of banking services. one of the things under review is legislation, you're going to hear the banks speak to the ability of these firms to grow, what it means and whether it is serving the best interest of those communities, by and large some of these banks have

always appreciate you joining us, alongside our own sonali basak.g up, getting ready for the kickoff, 2022 nfl season starts this week. we will get in full gear with a jason robbins, ceo of ash talking about the sport for the series and the introspection of technology. ♪ emily: nfl season is kicking off we are exploring introspection of sports and technology. we are starting with sports betting. in 31 states, kansas being the first -- most recent to join. draftkings, contains their leadership on daily fantasy sports, market that has gone $4 billion. they're predicting this football season will be the biggest season yet. joining us to discuss the ceo jason robins. give us a status update on the numbers and how much you think nfl kickoff will kickstart and already building industry. >> this is our holiday season, to make an analogy. this is when everything come all of the numbers go up and it is a fun time of year. a lot of work from the team goes into preparing for this. we lost a lot of features and products, in the last 90 days, including our new r

we want to bring in bloomberg's sonali basak. no surprise we get this before tomorrow. n it that was key? sonali: we've heard this before from jamie dimon, saying they are coming at the wrong time, that the economy has a lot of headwind looking forward into the economy, but really worried about the tightening from the federal reserve, about potential headwinds ahead in the economy. that is really what that is about today. of course, the question for me is he is speaking to lawmakers tomorrow, not the fed, so what does he expect lawmakers to do about this issue is a critical question. i've got to say that consumer lending is a huge one at this time. when you think about lawmakers grilling bank ceos tomorrow, this is a hearing that is saying holding the megabanks accountable. that is by name the point of this hearing. you have lawmakers concerned about communities facing high inflation, potentially less access to loans. some communities had banks leaving them for a very long time, higher mortgage rates, higher rent, potentially higher cost of housing and some of these area

emily: it is great to hear what you are doing now, kevin rose along with our very own sonali basak.are going to be right back. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. ♪ -- this is bloomberg. ♪ emily: here are the stories we're watching tessa considering building a better be great let the refinery of the gulf coast of texas. the company is filed an application for tax breaks with the comptroller's office and will be the first of its kind in north america. the electric carmaker is evaluating a site in louisiana. and amazon sellers are bracing for a bleak holiday shopping season as inflation bitten consumers are curbing their spending. many merchants who sell more than half of the goods on the amazon website are concerned they will be forced to cut prices to move a mountain of unfilled inventory. this is a break from -- that let them check up prices. that is a trend we will continue to follow. that does it for this friday edition of bloomberg technology. monday excited to have ray donahu

let's bring in our wall street watcher, sonali basak who has been covering this news. of this sizable announcement, how surprising is it? sonali: it is pretty surprising. not in the sense tcw wasn't expecting to have a new ceo. we knew david lippmann would be stepping down. but the move was surprising because she was recently elevated in terms of her role at goldman sachs and she has been at goldman sachs for 20 years. folks who worked in the asset area for that long, it's not a surprise. when she becomes a rare woman to lead a firm of this size, it comes at an interesting time in the asset management industry overall where there has been a lot of movement across and among firms. kriti: four tcw in particular, why is it pivotal time? sonali: we mentioned david lipman said he would be stepping down but you have one of his top bond managers saying he would step down, so you have a change in talent, a lot of new executives at the firm and assets, while it is $220 billion, it's one of the largest mutual funds, certainly in the fixed income world. but assets are down just a

sonali basak is here to break it down. sonali: happy friday. you have the s&p down more than 1%.n the back of that expectation of a hawkish fed. it did try to scrape higher in the day, ending lower. the nasdaq 100 ending more than 1.4% lower on the day. you are seeing the s&p 500, both indices down on the week significantly. the two year yield, interesting you have that arise significantly into the week. getting well above the 350 level. really tiring some of those rises you see on the two year yield. those yields have a big impact on how you value a lot of these high-growth companies moving forward. bitcoin is back below $20,000. $19,959. we are watching that closely. it has not broken too far below these levels. bitcoin trades into the weekend. let's look at another asset. correlated to bitcoin is the nasdaq 100. the five-day move here, when i said significant, but i meant was 4% drop. not the biggest drop we have seen, but moving into september, a traditionally hard month for stocks, it will be interesting to see how this trades next week we saw traders try to get back some of

here to talk about that and more, the solana co-founder and sonali basak. thank you for joining us.: if you look at the overall energy versus action, it's less than a google search. it's basically using a web to service. -- web two service. emily: what further steps can be taken to reduce energy on the blockchain that you are not already doing? guest: as a network matures, hardware releases, next-generation computers are energy efficient. this will naturally get cheaper and faster over time. sonali: you find that people who believe in bitcoin are relying on mining. when you talk to investors, what is going to be pushing people into more environmental concerns? guest: this is important for applications. users care about energy efficiency. we see web three companies pick solana because of this. sonali: we are a couple of days away from the great merge, but does that mean for you? guest: even post-merge, ethereum is less energy efficient. i'm excited by the fact this will finally put the debate over whether this is secure. it will prove to everyone the technology is not mature enough t

. ♪ ed: time for our daily crypto report with sonali basak. >> we are going to talk about the intersectionweb three and politics. thank you for joining us. i'm curious because you have about 800 people that you surveyed. was there anything early surprising to you? we know that more money has been going into crypto lobbying. it will be seen as an issue for lawmakers. what was different here that you didn't expect to see? >> there were a couple of real standout issues going into the midterm elections. the next congress is very likely to write the rules that will define policy for the next generation of the internet. it is critical for those policymakers to know what americans are thinking as they embark on that process. the first big take away for us is the web three voter is now a significant constituency. if you think historically about the role that organized labor has played in u.s. elections and it has been consequential role, we have 50% more voters in these key swing states that hold digital assets than a union card . this is a very substantial swath of the electorate we are talking a

sonali basak has been covering this for us. have you been up all night? >> i woke up at two a.m.at it happened. while it was successful, also one of the biggest upgrades in the cryptocurrency industry, it is still the beginning of any changes for ethereum to get to those ultimate goals they are looking for. what is changing? now, we are moving to the proof of stake model. they're looking to become more scalable, improve transaction fees and gas fees. that is not going to happen right away. there are things that will be talked about today on twitter that will get closer to that, but there are concerns right now as we look at the merge and how the next couple of days and weeks work out. those concerns include scammers attentively appearing and creating forks that look like the ethereum chain as it continues through the merge. also the impact on layer two tied to ethereum. also any unanticipated glitches that are not tied to this merger, but other upgrades that will continue to do the things that we want to see from ethereum which is improved transaction fees and speeds. to your poi

our very own crypto contributor, sonali basak. we think it is going to happen in the next 24 hours. expecting a y2k situation where we think it is going to be a big deal but nothing is really changing? or will this have a dramatic impact on the current landscape? >> i think it's not going to be like that, businesses have been at a point to this upgrade. what we're waiting for is ethereum making a big show to do its upgrade as well. we are expecting it to happen in seven hours. someone may want to call, and wake him of then. everyone is excited. it's the talk of the town. i think it's a general consensus that this is not only a massive upgrade for ethereum, proof of work to proof of stake, what an incredible upgrade for it is an asset. there will be a 90% reduction in emissions, making it much rarer and turning it into a productive asset. people can stake it to secure the network, earn yields and fees and it is being burnt as transactions are going through making it deflationary as well. it's a great until of upgrades making ethereum is a network, safer, more sustainable, a better as

ethereum did tell sonali basak things are running smoothly after the upgrade. >> so far, thing is a success everything is a success. what we will see over time is to the metrics hold up? do we continue to see nearly 100% participation? sonali: looking out longer-term, what you be watching for? are there any potential red flags that you will be looking out for? >> great question. with these kinds of upgrades, it is important everything stays online. it is a really hard thing to do, but, you know, with these upgrades, they are also so complex, right? there's a lot of things that can go on. we make sure things are working really well before we do the upgrades, but things we are looking for, just making sure we still have the same time as before. it is a much smoother blockchain , so, really, we just maintain that the software stays online, that participants are staying online, that the network is staying healthy. sonali: how do you know when this will be successful? price action today was not not all that good and actually was down, but you did see it rising very significantly until this point

i am sonali basak with guy johnson. guy, that rally did not last long. guy: we are absolutely flattered. the s&p is almost exactly five. we have come up and down, but this speaks to what we are seeing. we are seeing to it all over the place, in a multitude of asset classes. this is where the risk lies. people cannot cope, their risk models cannot cope. sonali: they sure cannot. you have to wonder how much leverage is left in the system. we will be talking a lot about that. think about what is so crowded from equities to the dollar to treasury markets. that leaves a lot of people vulnerable. guy: absolutely. yesterday was emblematic of this challenge. in the u.k., there is leverage but not where you necessarily expect it to be. people have figured out that there could be a problem in the hedge market home about what it highlights is that there is still limited in the system and that composed huge problems are very -- 10 pounds. problems very quickly. we are trying to figure out our question of the day. how much leverage is left in this system? where is it

shery: that is joseph speaking exclusively with kailey leinz and sonali basak.heck on the latest is this flash headlines. the trial against a man who they say it was a serial lighter -- liar. the niccolo one model is not even functional when it was unveiled in 2016. it was -- the defense is saying that the prosecution was distorting the facts. he face a five years if convicted. volkswagen has agreed to buy stock, volkswagen has said it is over the evaluation of 70 billion euros. it is looking to finalize a price range and take investor orders early next week. starbucks jumped after boosting the outlook for sales and profit on rapid expansion and the expected recovery in china. it sees earnings rising 15% to 20% in each of the next three fiscal years. sales are a key metric and they are seeing rising 9%. haidi: twitter shareholders have approved the $44 billion buyout paving the way for a pile next month. bloomberg's sarah joins us now. we see training to the base of its own story, a selloff we saw across technology stocks overnight. >> it is really an indication

ed: sonali basak, thank you. coming up, a delay in depositions.heir depositions before the october 17 buyout trial. we bring you the latest next. this is bloomberg. ♪ ed: three weeks away from the court showdown between elon musk and twitter. starting october 17th, a delaware judge will decide whether the world's richest person has legitimate grounds to walk away from a deal from -- a deal to buy the platform for $44 billion. monday was supposed to be a key moment in the lead up to the trial but it did not pan out that way. joining us to discuss, kurt wagner. elon was supposed to be deposed it did not happen. monday. what happened? >> both elon and prague are trying to reschedule their depositions. elon was scheduled to be deposed in delaware. the ceo of twitter was going to do so in san francisco. in both cases it seems like the timing is not right. we are told this is not super rare in a situation like this, but what makes it interesting is the trial is three weeks from today so there's only so many days they can push this thing. ed: i want to b