emily: it is certainly a new chapter, and one without adam neumann. understand, there was a big celebration in the city today. ellen, thank you for helping us chart that journey. we do have some breaking news, a panel of cdc advisors has unanimously backed moderna's booster shot as well as j&j's booster shot for single shot recipients 18 years and up. huge news, pfizer the only one that had been approved until now. the panel of cvc advisors -- panel of cdc advisors unanimously backing moderna and johnson & johnson. coming up, my interview with christian klein. we talk about whether the company shifts to the cloud and if it's paid out and how it has been impacted by supply-chain issues. let's take a look at mumble, match and spotify, all three popular subscription apps rallied after google announced it is slashing fees it takes from services like these on the app store. from january 1, the google play store will charge third-party subscription apps of 50% commission. previously they were charged 30% the first year and 15% beyond that. it will not affec

>> deirdra, if i'm not mistaken, the payout that adam neumann got to leave $1.7 billion in the bailoutl, that's worth more than his existing 11% stake. so, julia, as far as i'm concerned, of course he's happy. he got paid on the way out he's got a stake now that's worth less than that, but kind of doesn't matter what happens to it from here if you're adam neumann, i would think >> well, if you're adam neumann but may matter for investors look, i watched that wework documentary featured some great reporting from deirdra and you have to wonder, how much adam neumann's involvement is a liability. is it a red flag he owns so much red shares face of the down fall of weworks, deirdra. >> yeah. you have to look at the financial projections too. a lot of folks are focussed on the idea that this was once considered a technology company worth $47 billion, 8, $9 billion at lot more modest you look at the projections and spaks and we'll talk about this later on in the show and they're pretty steep i mean, they've got to get to 70% occupancy to break even on adjusted ebitda. 58% as of the end of th

y is a >> what about adam neumann himself, is he expected to get cash out of this >> he still owns aboutthe company, and at the current valuation, he stands to make about a billion dollars, maybe even a little bit more, when all is said and done so a lot of folks have written the story about adam newman already, but i don't think it's over yet. >> see you in the morning on "squawk," andrew, thank you. >>> new records for crypto set today and that's what is stopping cnbc's "on the money. bitcoin hit an all-time high the world's largest cryptocurrency climbed to $66,000 a coin that breaks the previous record by about $2,000. crypto got a big boost yesterday with the launch of bitcoin futures in etf >>> covid comebacks, 85% of the businesses temporarily closed during the pandemic are now back open that's according to a new report from yelp. another sign of recovery, nearly 440,000 new businesses opened in the first nine months of this year that's about 6,000 more than the same period in 2019 before the pandemic. >>> and tesla's in tunnels elon musk's boring company, a step closer to buildin

andrew, be american loves a comeback, but as wework fundamentally changed since the adam neumann era such a fascinating story because the company is what it was before under a different culture in many, many ways but a beneficiary of the pandemic, which is to say everybody thought no one would go back to the office but at the time we were talking about hybrid workplaces and the like, all of a sudden weworks are booming, big corpses across the country are saying we're going to get a subscription for our employees so if you don't want to go back to head kwauquarters every day, still have another place to go, a third place. so it's a very, very unique story in that it really is a comeback. >> it what about adam neumann himself, is he expected to get cash out of this >> he still owns about 11% of the company, and at the current valuation, he stands to make about a billion dollars, maybe even a little bit more, when all is said and done so a lot of folks have written the story about adam newman already, but i don't think it's over yet. >> see you in the morning on "squawk," andrew, thank

it financed adam neumann as he took the first run at building the company.hey are the largest shareholders but they are unlikely to recap their full investment in the company anytime soon. they put in some $10 billion or by some accounts $17 billion. rishaad: our asia tech executive editor, peter. business flash headlines. snap shares diving down about 27 percent lowering its earnings forecast in the fourth quarter blaming supply chain issues weighing on advertising spending. snap owners. intel also on its way down. giving a lackluster output. saying they are spending to regain industry leadership. it is also in talks with sifive without reaching a deal. sources talking about a bytedance investor looking to sell about $500 million of its sales. the firm initially tried to sell a stake in the firm. just take a look at tokyo, after the lunch break there. the imperial palace looking a bit grim at the moment. the nikkei up 0.7%. >> welcome back. another day, another major hiccup. this is bloomberg. ♪ if you missed it, this algorithm set bitcoin at 88%. obviously

it got rid of its charismatic ceo, adam neumann. and it is much smaller and more modest. does this mean for a softbank that poured a lot of money into that company? >> i think the question now that people are asking is can softbank recoup the $17 billion it has poured into wework? it is too soon to say but is possible. if wework is able to get a lot of the people that have gone to distributed offices, if it can continue to grow and is market cap increases dramatically, it is not inconceivable that softbank all make its money back which is saying something tense it looked close to death in the last several years. shery: adam neumann did not make as much as expected but he is weaving with a couple billion dollars. >> yes. he is walking away according to the bloomberg billionaires index with $2.3 billion. it is less than the $14 billion that it looked like he might make. at one point, he was describing himself as the world's future first trillionaire. considering the company really struggled in 2019 and then again during the pandemic, two point $3 billion is remarkable parti

it no longer has adam neumann at the helm., it is really not describing itself as a tech company so much but short-term office rental company. it is come down and investors have reacted much better. softbank has put in $17 billion. a little unclear if they're going to make that back. we won't know for a while. one take away is that even if they break even, people are going to think that it's a win. coming out flat on this will not be bad for softbank considering that we work has been close to death multiple times. >> adam walked away with billions of dollars. >> yes he is now worth $2.3 billion. that is not the $14 billion that initially it looked like he was going to wind up with. at one point, he described himself as the future trillion or. the $2.3 billion comes down from that, but it's pretty good considering that thousands of people lost their jobs in the last few years at wework. shery: it's time now for morning calls ahead of the asia trading day. bmo capital saying the fed decision to begin winding down asset purchases

jonathan: can we talk about adam neumann celebrating the so-called listing of we work?in 17 point whatever billion into we work. what is the worth of that company? david: it closed yesterday at 9.3. jonathan: can you imagine what softbank leadership is thinking? " imagine that you gave me $100 and i torched 50 dollars of it and then i said 'look at this $50 i made'!" jonathan: where is gensler -- tom: where is gensler?! david: this was a company that was publicly held. we work is still losing money soho knows what happens to about $50 -- so who knows what happens to that $50 down the line? jonathan: i am sitting in the cheap seats here. i have never seen anything like this where someone loses $17 billion from softbank. tom: there is always a silly season. the average account size of robinhood versus the other discount brokers, it is like -- it is ridiculous. jonathan: would you be celebrating? tom: it is foreign to what i know. jonathan: that was fun, wasn't it? can we give a shout out to twitter? what music was playing? if you go on twitter and find this video, it has

adam neumann may no longer be on the board but still holds a sizeable stake, now worth almost $1 billion of the private investment bankjahani & associates in new york. thank you very much forjoining me, joshua. is neumann still toxic by association? what is their appetite for these shares?— what is their appetite for these shares? , . , ., these shares? the shares are u - , 1396 these shares? the shares are up. 1396 on — these shares? the shares are up. 1396 on the _ these shares? the shares are up, 1396 on the first _ these shares? the shares are up, 1396 on the first day - these shares? the shares are up, 1396 on the first day of. up, 13% on the first day of trading so so far, the data suggest the outlook is positive. the idea of the previous drama that you referenced with the past ipo, i think it is affecting wework and i think they are trying very hard to get beyond it and to make investors excited about their technology and business model. , ., ., model. does the new world of work, whatever _ model. does the new world of work, whatever that _ model. does the new world of work, whate

remember, adam neumann walks away with more than $2 million, despite stepping down from the board. he does retain some relationship with the company. however, this smaller, slimmer we work that still has a lot of losses to contend with is something that you see people buying the story for, at least for today. guy: we will dig into the details a little bit more of a little later on as we track the progress of the newly listed wework. let's turn to the earnings story we are tracking so carefully at the moment. it picks up even more in europe next week. there's plenty to dig into right now. abaco doolittle come over to you. abigail: tesla shares in the premarket overnight had been lower on a somewhat cloudy outlook. you can see investors rewarding the company, up 2.1%. sales very strong, beating consensus, plus a record profit. we will be taking a look at that in a moment. autonation soaring, up about 11.7%. they beat in a big way on profits. ibm on that chip shortage. then we had some losers, ibm and freeport not doing as well. take a look at this. for the third quarter, $1.62 billio

adam neumann, the former ceo, has left the company.ght in quite experienced real estate manager to take over. they closed down a bunch of the operations that were losing money. they restructured the company, worked on some of the financial obligations that they had. it's in better shape. the key question is what you asked. what is the prospect for this business now as people begin to go back to work in person? is this flexible workspace going to be a good opportunity in the future? we work is betting that it will be. softbank is hoping that it will be so that they can recoup some of that $17 billion. shery: peter elstrom there with the latest on we work. we are counting down to the start of trade in tokyo. here are some of the stories were watching today. a cryptocurrency exchange is involved with creditors, eventually distributing $9 billion in bitcoin. local media reporting this should be see chemical is pledging net zero omissions by 2050. the company will reach this partly through renewable and biomass fuels. september supermarket

should tell you the company's leaders were at the new york stock exchange at that opening founder adam neumann did together we're just so proud today and for this day we just want to congratulation the current wework team and marcelo, and sandip for executing on this team's vision. >> so a little complicated they were beg very nice to each other on both sides, but they weren't together i'm sure there will be folks asking lots of question about what adam was doing. at the same time we were saying he probably gets a lot of credit for having the idea, though, by the way others were doing this before as well he sold it i think he's probably changed the way work will be done, to spoke degree, but a lot of other things happened on the other side of the story. >> it was a drama, you are correct. i'm sure we'll hear more as people dig deeper. >>> alternates more han half an hour to the opening bell dom chu has some of the prematter ma market movers. >> beyond meat, we are now currently down about 13% in the premarket trade. it basically came out and updated their guidance they cut their current quarte

i think it's an exciting story now that adam neumann is not involved, what is it, less tequila?t you're talking about. >> this is much more of a real company. >> let me ask you about another story that may require you to take a shot of tequila the facebook oversight board saying that the company has not been forthcoming, according to the "wall street journal." what do you think is going to happen here? >> i've been saying the oversight board will function as the supreme court of facebook. what they say is going to be gospel when i looked at the members of the advisory board, you cannot believe it not one of them can be so-called bat. they're amazing people and this is very damning. this is not necessarily unexpected, but what does zuckerberg do? he may not say that's gospel, but i feel that it is. we have a lot of work to do on this one do you like the stock? >> the stock is very inexpensive, has not lost a lot of -- the only thing i would think is if there's a drop-off is if apple accounts for things differently. what are you wearing >> jim cramer -- >> it's fall outside you've