violating the embargo on russian energy put in place in march >>> disney announcing it is extending bob chapek'st by three years the company's board voting to keep chapek on its staff chapek facing a rocky tenure so far including engaging in a political battle with organizers in florida, the company's stock is down more than 35% year-to-date and the new movie "lightyear" appears to be for that movie a bust. >>> let's get random but interesting today on something we all wish we could do right now, and that is fly private while airports are packed and flight delays are happening all over the place, those who fly private face none of that. you park, walk into your terminal and within 10 minutes you're in the air. if you're a ceo or top company executive, this is usually a huge perk of your job you're not sl sleping in for a flight. even with your company dropping $10,000 or more per hour, despite that high cost, the private jet perk is booming post covid. the final times crunched iss data and found out what companies are paying up. overall the average spent on top executives rose 36% last year to $

if the the tenure of bob chapek as a ceo is ultimately a successful one.point. people say this is a guy with no people skills. emily: chad peck has been facing some pretty tough and public battles. what does this say about his leadership at this point? >> what was bigger news this week then peter rice was the fact that disney florida directors put out a statement saying that jpeg -- that chapek and his team have their full support, and that is significant. this guy has definitely been under fire. stocks down by 1/3. he had his municipal district taken away from them. we've had plenty of problems before that internally, not popular, moving a lot of employees to florida. scarlett johansson lawsuit last year. he's had more than his share of struggles. emily: shares are way down. how long do you think the board will put up with this? >>'s contract runs another few months. given the statement he just put out yesterday, he is certainly safe this year. it is coming at a time when netflix has those subscriber numbers. the whole media sector is down, so disney is n

. >>> a vote of confidence for bob chapek, disney announcing it extended the ceo's contract for three years. >>> cost cutting under way at tesla, the company cutting about 200 jobs in its auto pilot division and closing an office in california. >>> it's wednesday, june 29, 2022 and "squawk box" begins right now. >>> good morning, welcome to "squawk box" here on cnbc. we're live from the nasdaq market site in times square i'm becky quick along with joe kernen andrew will be joining us later this morning he's live from the aspen idea festival with a big lineup including slack ceo stuart butterfield and alex carp. >>> this is a movie we've seen play out before, things have turned weaker, dow futures down 21 points s&p 500 down by 7, the nasdaq off by 32 and yesterday was a rough one for the markets, the worst in two weeks which doesn't sound like a lot but it's been a horrible first half. the dow down by about 1.5%, a decline of almost 500 points, the losses got worse from there with the s&p 500 off by 2%, and the nasdaq off 3%. getting lower and at the end of the first half the s&p is d

anytime they mention something negative, all that bob chapek has to say is a land of enchantment. and then it's over. that he goes to 140 and everybody's happy. the teapot is happy. >> jerry orbach. >> they are all happy with the plan. >> we are going to watch disney and the other non-china specific names. we will talk robinhood as well. and then the statements that there are no active discussions. >> let's not confuse this with ptu fm myicrerocollege. >> absolutely. >> the futures are green. more "squawk on the street" continues in a moment. hit the road in skechers. as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network with no line activation fees or term contracts... saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. >>> throwing cold

disney has given a vote of confidence to ceo bob chapek, extending his contract for another three years has spearheaded disney into a streaming powerhouse. they are getting closer to taking over the number one streamer netflix. global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. today's challenges require real insights, to get to tomorrow's opportunities. ( ♪♪ ) what can we expect in the coming year? this has been a record- shattering year for m&a. five trillion dollars in deal value. and we're still very bullish on the deal market for 2022. in this kind of climate, what are you advising clients to focus on? we really think companies need to elevate their risk management processes and also scenario planning. what's your outlook, kim, for the 2022 labor market? organizations really do need to take a pivot on their lens of their people and talent from a cost center to make that a value creation center. for key insights into what matters today and what lies ahead

disney's board of directors unanimously voting to extend trend bob chapek's contract for three years. >> his contract was set to expire in february, susan arnold saying in a statement, disney was dealt a tough hand by the pandemic, yet, with bob at our home, he weathered the storm, but maintained the position of strength. with disney shares down about 45 percent in the past year there were questions about whether the board would extend his contract after he faced criticism for mismanaging disney's response to florida's so-called don't say gay bill. it's chair issued a statement, with many questions regarding firing senior executive peter white just a few years ago, they have faced challenges, including subscriber goals for disney plus streaming services. sources tell me that executives have concerns that disney's recent lightyear movie had one of the lowest box office debuts of any pixar movies after each of the last pixar movies were released exclusively to disney plus, leading to concerns that disney plus is cannibalizing the box office. >> just hypothetically, if they were looking

ceo bob chapek has abruptly fired the head of television, peter rice, for not being a team player, according to bloomberg sources. rice was chair of general entertainment content and oversaw a vast swath of shows carried across disney networks. the sudden firing is the latest twist in a tumultuous stretch for chapek. he wrestled with challenges that included a high-profile dustup with florida governor ron desantis over a new law limiting discussion of sexual identity in classrooms. coming up, after apple announced it was getting into buy now, pay later, affirm ceo told me he is not worried. does the ceo of klarna feel the same way? i will ask him next. later, i sit down with two senators from opposite sides of the aisle who are working together to reppert -- regulate crypto. this is bloomberg. ♪ >> you cannot say cryptocurrencies go here. you have to say this particular token, this particular digital asset is regulated sec or somewhere else based on its purpose. ♪ emily: we're learning more about apple's into the buy now, pay later business. the company will handle lending and turning -- len

disney has given a vote of confidence to bob chapek. it has extended his contract for three years.e battled controversy and a crippling pandemic. at the same time, spearheaded disney's transformation into a streaming powerhouse. the company is coming closer to overtaking netflix. tesla has laid off about 200 workers on its autopilot team. bloomberg has learned the majority of those let go work hourly workers. last week elon musk had outlined plans to cut 10% of salaried employees, but said he would be increasing hourly jobs. distillers are shaking up the ancient industry introducing lighter, reduced-alcohol varieties and aging whiskey in barrels that formally held rum or beer. it is the biggest single contributor to sales growth. that is your latest business flash. guy: i'm one of the older customers, and have been really happy with the product. i want to take you back to the nato summit taking place in madrid. let's get some more details on that side of the story. bloomberg's washington correspondent, annmarie hordern, is standing by. over to you. annmarie: thanks. he recently got

the company's board is also meeting and it's focused on ceo bob chapek's future. >> disney's 11 member board which includes the ceo is meeting right now in florida to review the company's businesses and also to consider his future. now, the stock is down 45% in the past year, and chapek's contract is expiring in february sources tell me they do expect the board to vote to extend chapek's contract at this meeting or at one in the fall after the board's chair issued a statement in support of chapek following his firing of senior executive peter rice the question is how long that contract extension is for. he drew criticism for his mishandling of the company's response to florida's don't say gay bill, but sources tell me that management's response to roe v. wade's reversal was in contrast well received friday morning disney emailed all its employees reiterating its commitment to providing them and their dependents with reproductive care, no matter what state they live in. but sources tell me there is another business challenge that is now very much in focus. disney's recent release of "li

a lot of questions whether bob chapek would keep his job. he has a job through february of 2023 this fall will get re-signed or not. clearly the board has support behind him having said that, rice was considered the last iger era or the last of the hollywood talent centric creative piece of disney that part of disney. he had the relationships with hollywood. the creative community and media and advertisers. he was that guy. that's why a lot of people thought he potentially in a post-chapek world, could be his successor. a lot of people in hollywood are scratching their heads guessing and speculating about what happened behind the scenes. according to some reporting, no indication to rice prior that there was a problem or issue that raises more questions >> consolidaconsolidation. >> they would not talk about a chapek successor in terms of a normal it ttenure >> look, i think there is a lot of -- >> he is only 60 and new to the job. why are people talking about successor? >> i think there are a lot of questions. some people are fans of chapek

we haven't talked about bob chapek yet >> they're going to open museums, movie theaters, indoor sportsinning friday. china is at a three-month high >> china is coming back. we don't have anything definitive, you know, russo-ukraine. we know they had a soft quarter which surprises me because they have the switchblade drone, but they had supply chain problems and weaker orders. but china, i mean, i reiterate that sbux seems interesting here >> maersk said the ports are operating well labor secretary walsh says the port workers deal appears to be coming along >> walsh doing that, you have secretary raimondo maybe getting the $52 billion, the semi -- there are some things going right, and i don't want to overlook the fact that china is going right. it's a big change. let's not forget it. >> let's dig into chapek just a bit. was it a surprise, this morning's report >> amd is down so much those who are close to this would say absolutely not there are some huge -- big shareholder on the board, there are a lot of people sick of the sniping, people who don't like what chapek is doing i think th

. >> reporter: taking part in the festivities disney's ceo bob chapek. >> you're going to get the disney>> reporter: i met up with the cruise director ashley long for a special look. >> we're entering the grand hall. this is really the heart of our ship and where our guests first step on board and get to experience their first taste of their enchanted family vacation. >> is that cinderella? >> it is. >> and gus gus. >> and lucifer too. the whole grand hall is inspired and designed around our classic fairy tales, especially cinderella. this theme of enchantment runs throughout the ship. tere is magic around every corner. >> hi all. >> hey. >> what do you think of the grand hall? >> it is an absolute dream comeo explore. >> well, we better be getting. >> hop along now. >> thank you. >> reporter: this massive 1,100-foot cruise ship can hold up to 4,000 passengers, housed inside over 1,200 staterooms, including the first ever suite inside a ship's funnel tower. >> where exactly are we now? >> we're in the wish tower suite. we like to think of this as our penthouse in the sky. the first time

meantime, disney has extended the contract of ceo bob jpeg for three more years, given a vote of confidence to a ceo who has battled much controversy. chapekformed the company into a streaming powerhouse while also battling with florida, the home of disney world, over a new law discussing gender in school. coming up, a social network that is teaching kids about nft's. and it is being backed by the nba. more on what that is, next. this is bloomberg. ♪ emily: time for our crypto report. i want to look at the future of kids in the metaverse. we are focusing on zigazoo, a tiktok style video sharing app for kids which just raised $17 million from the like of tiktok stars and also the nba. the kids social network is looking to expand into augmented reality and the metaverse. founder and ceo zak ringelstein joins me now for more on all of this. you are a former teacher. how exactly does this work? what are kids doing on zigazoo? zak: such a pleasure to be here. zigazoo was started out of our own home. my wife and i have three boys. we were trying to figure out at the beginning of the pandemic what to do with them and we were bummed out that the o