. >>> david einhorn is taking aim at elon musk and wall street.e state or lack thereof regarding regulation of stocks that you may own. >>> nfts are the new craze. if you don't understand it, you've got to tune into my everyone talks to liz podcast. we'll be right back. ♪♪ use a single hr software? nope. we use 11. eleven. why do an expense report from your phone when you can do it from a machine that jams? i just emailed my wife's social security number to the entire company instead of hr, so... please come back. how hard is your business software working for you? with paycom, employees enter and manage their own hr data in one easy-to-use software. visit paycom.com for a free demo. hon? first off, we love each other... it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy

it's not particularly funny or clever and what purpose does it serve so i'm with einhorn. is illegal no i'm not suggesting it is is it infantile, 100% and does it have far-reaching ramifications? i'm sure it is funny to him and his pals, a lot of people made a lot and more lost a lot of money. >> seems a bit of the pot calling the kettle black david einhorn does come on air and he does tweet and puts out letters stating his position why is this different. in social media the impact is more immediate but it's all the same isn't it. >> i think you make an excellent point. right. we know david comes out and has positions and he tells us what his positions are and why he is short or long, whatever it might be he makes one point in the letter i thought was interesting, he is pointing out champion go - going after. robinhood and how terrible robinhood is and not at the time -- or not going out of his way to disclose he has a sofi position which one could see as a potential competitor to robinhood. so david makes that point, which is interesting by agree i think free speech. i th

you know, people like david einhorn, perhaps, or more dedicated shorts like kadir or nate copicar inp research and try to expose fraud and other issues to the market they consider themselves to be sort of forces for good. although, of course, they're trying to make money at it as well when shorts are lambasted and harmed by a huge runup not based on fundamentals as they were with gamestop and as they were to a degree by the other main stocks, it causes trouble for the whole complex, right david einhorn is not a professional short, per se he runs a long short book. but he for many years has been part of that band of people that tries to raise red flags when they see issues. his short position in lehman brothers is one of the bearish signs that company could be headed for a collapse to name one example. i think his frustration is palable and understandable folks like elon musk have such rock star status at the moment that they don't have to do much to kind of keep the party going in terms of the longs and the excited retail investors piling into either tesla or game stop or what have y

it is always interesting, josh, when david einhorn opines on things crit channeloff and the gamestopdavid has been a short seller throughout his whole career. he has a vested interest in that sort of didn't that was taking place within the market at that period of time. >> yeah. for the last 12 years i read every letter david has ever put out. i have a lot of respect for him and always take his view but i am not sure on the time horizon. like, i don't even think the sofi thing is closed and it may or may not have even been announced when the gamestop thing happens. but i am not 100%, so don't go by that. but that seems like a stretch. i feel like there were a lot of internet celebrities who just wanted to be involved in the uproar over gamestop and some of them were placing trades for fun and making light of the situation. i don't -- i don't know. i mean, it's -- maybe it will come out that there was more to it i just feel like it was more casual than what mr. einhorn is applying. >> what about brenda this notion that inflation is only going one way, and that's higher, and his belief

here with the latest, we are joined by bruce einhorn in hong kong. thanks so much for joining us.e bit of a preview of what to expect. what do we know about the american families plan biden will likely be discussing in this speech? bruce: the president's american families plan will likely include funding for things like childcare, for paid family and medical leave. there will likely be a $200 billion program for universal pre-k schooling. the president is also going to talk about tuition free community college, as well as a four-year extension of the expanded child tax credit, which was in the pandemic relief bill passed in march. annmarie: what more do we know about the plans to pay for this with tax increases? this is really going to be at least what investors are going to be focused on this evening. bruce: yes. as we have reported, the plan is likely to include a near doubling in the capital gains tax. we also know that the administration wants to increase corporate and personal income tax rates. we also know that the administration is considering plans to kill a list of other

annmarie: bruce einhorn, thank you so much for a recap of what is going on with the g20.n major, hsbc global head of fixed-income research, still with us. steven major, he heard a bit there from all those finance chiefs and even an oecd head. how realistic is a global tax rate? steven: well, i think it will take time. it is a step in the right direction, because we have not heard too much about taxation so far this year. it has been mainly about spending and fiscal deficits. and it is required to balance the books longer run. and i think that the idea that there is a free hit from government spending is basically incorrect. so, over the longer run, the books have to balance. i think even as soon as this summer, we could see some sort of fiscal challenge in the u.s., because the debt ceiling is up. why would anyone assume that this spending will just increase and increase? it has to be balanced at some point. i think it is quite refreshing about a step has been moved in the right direction. manus: steven, we have been peddling narrative. fiscal stimulus will un-anchor infl

einhorn with the pink sheets. how far apart are you? barry: i do not think we are apart. me preface my remarks by saying i am a -- he was one of the first people who identified lehman brothers as technically insolvent. i take everything he says seriously. he is wrong across the board about all of the things he suggests regarding this idiotic $100 million deli. let me start granular, and say in 2015i wrote i was looking for disconfirming evidence. we tend to look for things that confirm our belief. i was bullish and said let me find something that might make me less bullish. i found similarly on the pink sheet, $100 million grilled cheese food truck. to be fair, they owned four trucks, not just one. they did not own the land underneath the way the deli does. it proved nothing. they're always garbage companies on the pink sheets that have crazy evaluations. they stopped trading. i wrote that in 2015. they stop trading in 2019 enclosed last year. to draw a conclusion from an outlier is bad rhetoric. lisa: there is a question, how do we know when something is idiosyncratic, a

. >>> up next, david einhorn firing the opening salvo in what onuld be a war of words with el musk. first big investment. worth is a partner to help share the load. wealth is saving a little extra. worth is knowing it's never too late to start - or too early. ♪ ♪ wealth helps you retire. worth is knowing why. ♪ ♪ principal. for all it's worth. ♪ i wish that i knew what i know now ♪ ♪ when i was younger ♪ you need a financial plan that fits the way you want to live in retirement. a plan that can help grow and protect your money. now or in the future. with an annuity in your plan to help cover essential expenses, you can live the retirement you want. the right financial professional can show you how. this is what an annuity can do. ♪ ♪ >>> last hour we told you about a short report from scorpion capital that sent shares of quantumscape falling today quantumscape just released a series of tweets responding to the report saying qs stands by its data which speaks for itself we have provided higher transparency than any other solid-state battery effort we are aware of with details on curr

one way of share your peers i'm joined now by dr lena einhorn a filmmaker and for all a just from swedish she's a fierce and outspoken critic of sweden's corona virus strategy dr a very warm welcome thank you for your time put this in perspective for us how polarizing has the swedish health authorities approach been. it has been very very polarizing and mean if you look at the commentaries under the great articles and such it's fierce i would say so it has been very polarizing now there is the sense of exception of those i'm almost at that you get from this approach the sense that we do things our way what's wrong with that. well what's wrong with that is that the rest of the world is not crazy as i understand nell said last summer you know i mean you learn something i mean this we dish approach was perfectly normal in january of last year even beginning of february but you know when reality changed most countries changed with it sweden did not sadly dr as you can see like other places in the world who have strict lockdowns coming in and out of lockdowns they're not doing really that much

juliette: bloomberg's bruce einhorn, thank you so much.'s get a check on the latest business flash headlines. hsbc will allow 15% of staff to return to its offices in hong kong. the changes take effect from april 12. hsbc previously said only critical workers should enter the buildings. local infection numbers have fallen and mid social distancing measures. -- amid social distancing measures. sources told bloomberg china koran is preparing to sell of units -- selloff units -- sell off units. stay on the manager of bad loans submitted the plan and it has received positive feedback. they are delaying its earnings report. jay ll is said to consider a plan to fill a management company in china. the potential sale has drawn interest and some competitors and financial investors. the firm's real estate oak ridge are not part of a possible bail. last year, representative jayapal -- j ll -- from the greater china region. rishaad: coming up, the mainland chinese property expanding its presence in hong kong with billions in acquisitions. is it a sign

manus: bruce einhorn, tracking the stimulus story and some of the risks coming from china to the biden still coming up, locking up for the month. emmanuel macron, nationwide lockdown as europe struggles to contain the rising surge in the coronavirus infections. the latest from france. this is bloomberg. ♪ >> the future of work is really about the future of workers. what, to me, is the most important question is really defining what a worker is. all the other aspects around worker advocacy, mental health, etc., emanates from there. >> you have to think that the evolution as we all move into this new normal. >> you have to come up with a new operating model. that will have some cultural changes, some norms that are new. >> may be 80% of people will come back to work in a hybrid way. >> we are just about to enter the messy middle. >> by the fall, we think we will be able to open all of our offices. >> we thought 2020 was complicated. but in many ways, what we needed to do was more clear. 2021 was -- is far more complicated because how we do things, at what pace, and what impact small deci

david einhorn mentioned it in his letter to clients as an example of the crazy stock market these dayse deli is called hometown international or the stock is. it owns only one small deli in a new jersey town called paulsboro. despite only $35,000 of sales in the past two years, the stock has soared, growing its market cap at one point to more than $100 million hometown is also the principal and wrestling coach, the ceo is, at the high school the cast of characters gets even stranger from there. dan mangun has been digging into this company and its investors who are the big investors here and what is their background like >> so the largest investors here appear to be both -- or in addition to the ceo, paul marina who is head of the high school wrestling team, there are several entities, several in hong kong and the other in macaw, china they each have the same address. there's also the father of the chairman, peter coker, jr. peter coker jr. is his father and he owns a good chunk of shares and lives in north carolina he controls another entity out of north carolina that owns shares with

and a relatory sanction is probably necessary declined to comment in response to this letter from einhorn elon musk he notes the real jet fuel came whose appearances on tv and twitter respectively at a critical moment further destabilized the situation he goes on to say that has been done through a dspac which competes with robinhood he notes and left us with the impression that by destabilizing gme, he could harm a competitor. and then he also goes on to say that he half heartedly wants to defend musk because if regulators wanted musk to stop manipulating stocks they should have done so with more than a light slap on the wrist when they accused of manipulating stocks back in 2014. a long-time bear on tesla. he hasn't provided an update on his positioning in sthis letter but has been critical in the past with regard to regulation, he says for the most part no cop on the beat it's as if there are no financial fraud prosecutors to engage in malfesance have little to fear. he goes on to say that many who would have never supported defunding the police have supported and for all intents and p

this anomaly was only discovered a hedge fund billionaire david einhorn and his greenlight capital int example of the froth and outlandish pricing taking place in these records stock markets, but hometown international doesn't really trade much and there's not a whole lot of value in stocks and shares that trade on the exchanges so most of it is over-the-counter and there are concerns about where this money is actually coming from and where does the money come from. do you get what i'm saying? the money is being questioned and i'm getting calls about it as well. stuart: i'm almost as concerned about the new jersey delhi as i am about dogecoin, but we will discuss that later. thank you. businesses across the country are reopening and in many cases one thing is missing and that would be the workers. we will explain to you how government handouts keep workers out of the workforce. that's next and before we go, there it is, that is denver, mile high city literally. a blanket of snow this morning. ouch. hope you are watching, denver. ♪♪ ♪♪ seeing blood when you brush or floss can be a sign

it is interesting to see david einhorn coming up with his own.uggesting hometown international inc., i had never heard of it, just to set out the stall a little bit, this is a business that owns a single deli in rural new jersey. sales in 2019, 20 $9,000 as well. -- $21,000. and yet market cap reached $113 million on february 8. quite an incredible price to sales ratio. mark: i absolutely love this story. i am not sure how useful it is. we have very stretched valuations. it is one of these extreme cases of the amount of money being pumped into the system. i'm sure their purse tommy -- pastrami sandwiches are delicious and maybe that deserves a higher multiple. this is really extreme. less than $20,000 revenues last year, over $100 million market cap. quite phenomenal. anna: it is getting enthusiastic support from somewhere. it is a serious point he is making. whether retail investors are involved, whether they are hurt if things turn -- this is another one to watch. another icon of irrational exuberance, perhaps. let's think about the start of th

plus >> yes, plus, investor david einhorn is blaming elon musk and another for throw, quote, jet fuelscuss with the ceo of red lobster on a hiring spree rks.having trouble finding woer all that ahead on "squawk on the street." llness company? their groomers work wonders for my confidence. i trust their vets, and i'm known to have trust issues. they deliver high quality food the same day. i was outside digging, what'd i miss? just everything regarding our physical, social, and mental health. exciting. i'm gonna take a spin around the room. great idea. ♪ ♪ petco. the health and wellness company. obsession has many names. this is ours. the lexus is. all in on the sports sedan. lease the 2021 is 300 for $369 a month for 36 months. experience amazing at your lexus dealer. >>> >>>. adding if regulators wanted elon musk to stop manipulating stocks, they should have done so with more than a light slap on the risk when they accused him of manipulating tesla shares in 2018 interesting. i would point out when it comes to tesla and mr. musk, he would short the stock for some period of time and if

that's the new jersey deli with a $100 million market cap that david einhorn called out as a potential market the 10-year is still top >>> welcome back shares of cnbc parent comcast higher today after raymond james upgrade the stock to outperform citing optimism around nbc universal and in part the phased reopening of theme parks universal's hollywood park is welcoming guests back today and that's where we find our julia boorstin with the latest julia, great backdrop. >> reporter: well, wilf, it's great to be out in the field and you can definitely feel the optimism here when there were lines when the park opened this morning. the park was sold out for its first three days open to the public universal hollywood and the 48 other theme parks and water parks here in california, they're now all able to operate at 25% capacity with online reservations only and of course distancing within the parks. now, the theme park industry contributes $1.5 billion to annual tax revenue and $14 billion to state commerce to the state of california here universal hollywood took 13 months when it was closed