when it bought instagram and whatsapp, but the ftc approved both those deals.they think that was wrong what they did themselves i wish they would tell what's did change from when they approve them antitrust enforcement has been a joke in this country for ages. now the regulation want to bring it back, but only for certain select high profile industries i think that's the wrong approach first, there is no sign whatsoever that advertisers are being screwed over by facebook if anything, it's the exact opposite if you listen to gary v., that's right, gary, the digital marketing guru, he made it clear that facebook and instagram represent the biggest bargains on any medium, including television, radio, and print well, gary has done extensive work, i've interviewed him on this for pricing for his clients, and he far vels at the cheapness of facebook ads. they're the biggest bargain, he says honestly, if the government really wants to go after these guys for anti-competitive behavior, it would make much more sense the accuse them of predatory pricing, deliberately und

i am emily chang in san francisco and this is "bloomberg the ftc sues facebook.acebook calls at revisionist history, saying deals were cleared by the commission. shares jump as much as 92% on ipo day, closing out a $60 billion valuation. i talked to the ceo on the big day. airbnb, a travel and booking site going out of the gate thursday, how big will it be? we will have details on one of the most anticipated ipo's of the year. first, the market saw a text tech selloff. abigail doolittle joins us. abigail: let's start with news that happened later in the day, the lawsuit against facebook, accusing them of being a monopoly of sorts, trying to thwart competition and perhaps seeking to break out instagram and whatsapp. this cent facebook lower along with other tech shares. the facebook response seemed defensive. they are saying those acquisitions were cleared before, as opposed to an offensive response. the suit couldn't have been altogether surprising to them, but it sounds like facebook is going to come up with a fuller response after they review the lawsuit. this

yesterday, the ftc in 46 states, plus two territories, going after facebook, accusing them of illegalopolization, wanting to force them to break up instagram and whatsapp. this will be a story that plays out for quite some time now. joining us with more, the open market institute of policy. thank you so much for joining us. ,rom a legal basis in your view how would you describe the essence in the case against facebook? >> well, the essence is that facebook did not acquire and grow and maintain its monopoly power by competing based on outperform competitors. instead, it pursued a bio or or bury strategy, where for companies it could not buy, they would bury them with anticompetitive conduct. antitrust laws have been weakly enforced in the tech sector, the clayton act does prohibit mergers that might lessen competition or create a ag'soly, and the state sued facebook for both of those claims, and the ftc sued facebook for the sherman act violation. joe: the general assumption is yes, this is how a lot of companies act, particularly in the tech space and with social media there is almost

is anticipating an antitrust lawsuit from the ftc as soon as next week. that would be the second major suit filed against a tech giant this year. sources familiar also telling cnbc that at least 20 to 30 attorneys general could join in. what comes next? we'll take a closer look after the break. don't go away. it's down to the wire, the team's been working around the clock. we've had to rethink our whole approach. we're going to give togetherness. logistically, it's been a nightmare. i'm not sure it's going to work. it'll work. i didn't know you were listening. >>> f facebook could be facing antitrust lawsuit as early as next week. thanks to our next guest for joining us >> glad to be here >> it's been sort of this simmering pot of regulatory threat when it comes to facebook i wonder do you think next week makes that picture change at all or maybe down the road >> the interesting thing here is they custom airily work together with the federal regulatory agency whether it is ftc or doj to avoid duplication of work one question becomes why now you only have,

facebook has paid to the ftc -- through the ftc for acknowledging a dissent decree.tors are used to fines. investors are used to this kind of scrutiny. i do not think it changes the investment basis. you would have to have a required. -- breakup or change in business practices. a lot of these models, it is kind of a trade-off for consumers. if you're a free service, you have to give up some of your privacy, some of your information. i think it makes the service a lot better. you get targeted ads rather than junk mail. i think most consumers prefer targeted ads. how they in fact get the information to target the ads, that's kind of a secret sauce for these businesses that they will not tell. they may be forced to now because of regulars. that's the new issue. i do not think it changes the investment thesis for investors. emily: what about the risk in particular of facebook being broken up, given that the ftc certainly has not required it but the fcc has suggested that could be a remedy? spinning off. >> one of the smoking guns that came out of those congressional hear

the ftc taking action against facebook the ftc lawsuit against facebook was supported by 48 attorneyseneral. what do you make of that case against facebook do you agree with it >> you know, you can't really comment. one, it's a live litigation. two, i wasn't privy to the facts and the evidence that the federal trade commission had before it. you do have five member commission there and two of the commissioners dissented. whereas three of them legally, the lawsuit still goes forward and, of course, you have the 48 state a.g.s. you have two kbhigsecommissionet dissented from bringing that case that is a mod that wiel that is difficult for law enforcement. i've been in my capacity in legislation that senators mike lee, josh holly, i think senator bloomenthal advocating taking the antitrust functions from the federal trade commission and combining them it is one you really need to have one person who can make a decision and, of course, if they're recused, you have a chain of command but to have a five-member commission, get involved with law enforcement it makes for a difficult process. >

they have the mouse trap i wonder if the ftc, not being facetious, if the ftc-likes sl this company and these guys have squelched competition, no way they can be that good. what, david? >> i don't think it is in danger at this point. you're very voluntaciferous in r opposition. >> i dislike failures. >> you could question whether they're squelching innovation. >> why don't we break up the yankees? reference to murderer's row. >> i understand. we really wonder what is the stock, 68, well above the initial pricing range for airbnb we watched doordash yesterday. i would point out, though, a year ago doordash, you know, he was sitting there with general atlantic saying you're going to do a round at 9 billion and now yesterday door bash was 71 billion at the close airbnb was valued at 35 billion for a long period of time. >> right >> this is not as big a move up at least as doordash. >> they did a round at 18 billion. >> yeah. >> carl? >> yeah. >> at the opening bell, guys, nyse, desktop metal, on squawk earlier. technology company that designs and markets 3-d printing systems. at the nasdaq

now, facebook has been in the ftc's cross-hairs for years.he ftc did impose a $5 billion record fine as part of a settlement with facebook over privacy concerns. they also forced facebook to restructure some of its operations as well so, we will see where all of this goes. now the ftc as well filing suit against facebook over aennti-trs concerns >> thank you very much, ylan for more on what this may mean for facebook and other priorities in the social media space, along with us is verge editor-in-chief eli patel and mark mahaney the stock has sold off rather markedly here. it's not as though this is a huge surprise to investors in facebook that's question number one number two, what does the rise of tiktok say about facebook's utter dominance of this space? doesn't the presence of tiktok show you that there is room for other competitors here >> we've had rising regulatory risks on these tech platforms. apple, google, amazon, facebook for the better part of three or four years there's no question, these are extremely powerful platforms there's

jon fortt, over to you >> all right thank you. >> meanwhile, the ftc this week has ordered nine techompanies to share information about how they collect and use data. it's the latest evidence of a growing anti-trust and recollect torre pressure on big tech joining us now for more on the antitrust outlook, the ftc's bureau of competition director i ian connor they asked amazon, facebook and others to explain how they use personal data and that comes this week as there's this dust up between facebook and apple about exactly that what do you think about the argument that end users ought to have the option to opt in to having their activity tracked across the web >> this is an issue that we're studying and that is the goal of the book that just came out for the study that came out the beginning of this week is to assess how much tracking there is by the data companies that collect so much on users. and whether further action needs to be taken on either the competition or the consumer protection side. >> well, i mean, regardless of how much fracking there, is we know there's a lot with th

been under so much antitrust scrutiny, especially in the past week, with the attorneys general and the ftc taking aim at facebook now they are levying the same antitrust allegation against apple. so really a lot of antitrust stuff and focus here and i think it's interesting they're shifting the focus of that spotlight back on their rival. >> well, see, julia, that was my question because the warning about engagement risk from facebook is not new. are we supposed to believe that this new blog post seven days after the state ags is not a giant attempt to deflect >> well, look, facebook has so many issues in terms of the regulatory oversight, but i think if you had to split it up into two major ones, it's privacy on one hand. they have had to deal with privacy concerns for years, going back to cambridge analytica, and on the other hand is antitrust issues. they say that, yes, maybe they could be better in terms of privacy around targeting, but if you are so pushing towards privacy that you eliminate all targeting that it's going to end up being an antitrust issue for apple and also really bad

everything you need to know straight ahead >>> facebook hit by sweeping antitrust allegations by the ftc and 46 states, they want to force the social network to unwind its purchases of whatsapp and instagram. >>> and airbnb going public today at a price above the expected range we have a full breakdown of the company's business from ceo brian chesky it is thursday, december 10, 2020 and "squawk box" begins right now. ♪ >>> good morning, i'm becky quick along with joe kernen and andrew ross sorkin let's take a look at what has been happening with u.s. equity futures. yesterday it was a down day for the markets, a bit of an interesting day because the major averages did hit new intra day highs before pulling back. but the big loser was really the nasdaq it was down by almost 2% and that was the biggest decline it has seen since october 30 this morning you are seeing some green arrows dow futures indicated up by about 62, s&p 500 by close to 6 and nasdaq up just fraction alley. and if you have been watching the treasury markets, you will see that the ten year looks like it is yielding 0.925

more than 40 attorneys general and the ftc filed a lawsuit against facebook on antitrust laws. the cases could remake the company. latita james led the group and says the platform should be held accountable for its alleged unethical business practices. >> for nearly a decade, facebook has used its dominance and mop snuff out competition at the expense of every day users. >> facebook's chief executive officer mark zuckerberg has described a breakup of the company as a, quote, existential threat. >>> you are in new york, thank you for joining us a little earlier than usual. you'll be back for money watch then. >>> president-elect joe biden's son hunter says the u.s. attorney in delaware is investigating his tax returns. looking at several financial issues and whether hunter bider broke tax and money laundering laws. president-elect biden's historic pick for defense secretary is sw getting push back on capitol hill. >> president-elect took the stage with retired four-star army general secretary lloyd austin. if confirmed, he would be the first black man to run the pentagon. >> i k

. >> the ftc and 40 attorneys general their lawsuit alleges they bought up or quashed competition.k lower today. it was down as much as 2%. now down just fractionally after fall 2g% yesterday but analysts are largely bullish. some 8% have a beyer overweight rating saying a break up is unlikely in part that years have passed since the acquisitions and at that the ftc did approve them that's part of their defense and they do believe that more deals will be going forward. >> is that what this is, a bet on wall street, the resilience of facebook's stock that the, the ferks c and anyone who brings cases against these prior deals that were approved are going to lose. >> it is disappointing but i agree request julia, i don't know how you can overturn what the ftc ruled on in 2012 and 2014 with the various different deals they did i am of the mindset anybody could have bought these companies and facebook decided to buy them. they were the ones that were successful do it and they put a lot of money into these companies as well over the years and have made them what they are. then i also loo

today we will get into the huge anti-trust lawsuits against facebook from the ftc and dozens of states attorneys generals and what it all means for you. first, two huge pieces of breaking news on covid-19. the fda advisory committee just voted overwhelmingly to recommend the authorization of a pfizer vaccine. the full fda panel will vote today or tomorrow and the state's icu numbers are out and the bay area has fallen to 17.8% remaining capacity. we have been dropping about 3% each of the last few days. by this time tomorrow we could well be under 15% triggering the stay at home order for the four counties in the bay area that chose not to implement it early. with that as backdrop we are grateful that california's surgeon general is able to join us today. thank you so much for your time. >> it is good to be with you. >> you issued a major report tackling the public health crisis caused by adverse childhood experiences. we want to hear details of the report. but with the pressing covid news, i want to start there. southern california, san joaquin valley all triggered the stay at home. b

and let me just read you a little bit of what the ftc had to say after it filed its suit. actions to entrench and maintain its monopoly denying consumers the benefits of competition. our aim is to roll back facebook's anti-competitive conduct and restore competition so that innovation and free competition can thrive. now, what is facebook saying about all of this? facebook is taking a defiant tone here with mark zuckerberg writing a memo internally to employees, warning them not to talk to the press about this and saying that we compete hard and we compete fairly. the company publicly saying that the most important fact in this case is that the commission, in this case the ftc, cleared these acquisitions years ago. the government now wants a do-over, sending a chilling warning to american business that no sale is ever final. of course, experts are telling cnn that just because the ftc approved these deals in the past doesn't mean that these regulators can't go back and change their minds now, in light of new evidence suggesting that illegal behavior may have occurred. john

people losing their jobs and he hung up on me >> reporter: the advice from the ftc, don't press 1 to speak to a live person don't call any number a robocall provides. don't give out personal information the ftc, amazon and apple say if you suspect a problem with your account call them directly on a number you know is legit. tom costello, nbc news, washington >>> up next, the power of music bob dylan's mega deal. >>> music legend bob dylan surprised fans today selling his entire song catalog. harry smith now on the historic deal. ♪ the times they are a-changing ♪ >> reporter: bob dylan wrote that song and 600 or so more in another song he said, all the money you make will never buy back your soul ♪ but the estimated $200 million plus payday he's earned from selling his song publishing rights would certainly qualify as down payment. plenty enough to provide -- ♪ shelter from the storm ♪ like a rolling stone, dylan's never ending tour has gone on for decades. ♪ like a rolling stone ♪ and the nobel winner's rough and rowdy ways have long left those who would try to understand him at th c

so robin hood is a free trading platform, came under fire from the ftc.ally, it didn't properly discuss close how it makes money. retail investors, they know they don't have to pay piece on their trades, but the way robin hood makes money for selling those trades to market makers. and now this is a very common practice, but the issue was that robin hood didn't properly disclose that, and what the ftc found was that some of the prices on those trades weren't advantageous to retail investors. they found that, basically, retail investors lost about $34 million over a three-year period, so they were fined about $65 million for that the, and they did not have to admit or deny wrongdoing. jack: we should explain that's not a huge hit for each individual investor, it's a fairly small amount. but what might be more troubling is something barron's called out back in august and recently regulators have been talking about, and that's the so-called gamefi case of trading. sometimes the potential gains are highlighted more than the potential losses. that's something t

the ftc and dozens of states filed antitrust lawsuits asking a court to force the tech giant to sell instagram us and what's app. the suit claims facebook uses its monopoly power to crush smaller rivals. in response facebook pointed out that the ftc originally approved the acquisitions and says the apps became what they are today. this saturday is december 12th and that means krispy kreme is rolling out its annual day of the dozens promotion by in a dozen donuts and get a second dozen of the original glazed for just one dollar. the offer is limited to 2 deals per customer. that is or cbs money watch report. for more head to cbs money watch.com. at the cbs broadcast center i'm diane king hall. >>> let's get a check of your forecast now if you're just waking up with us. >> we have a couple of items to be aware of. first one is a wind advisory for the north bay today. that one snuck up on us. and there is rain in the forecast. mainly focused on saturday morning and on sunday. two separate systems. let's get into it. first off, start of the day is a big cloudy out there. not the low stuf

the ftc, amazon, and apple say if you suspect a problem with your account, call them directly on a number is legit. tom costello, nbc news, washington. >> good advice there. >>> when we come back, much needed proof there are still plenty of good people out there. >>> icstk around kfc gets finger lickin' friskky. the new recipe for seduction ♪ lovely day, lovely day. lovely day. ♪ ♪ lovely day. ♪ lovely day, lovely day. ♪ shop pandora jewelry and receive a free sterling silver bangle as our special gift to you. tonight, try pure zzzs all night. receive a free sterling silver bangle unlike other sleep aids, our extended release melatonin helps you sleep longer. and longer. zzzquil pure zzzs all night. fall asleep. stay asleep. olay regenerist faced 131 premium products, is skincare from around the world better than olay? from 12 countries, over 10 years. olay's hydration was unbeaten every time. face anything. find out more at olay.com abundant wind and solar energy, we have the power to take on climate change. use less from 4 to 9 pm to keep california golden. ♪ standing over her shoulder

the ftc also wants to know how the companies determine which ads to show users.weather algorithms or data analytics are used on personal information. how the companies measure, promote and research engagement from users and how their data practices impact kids and teens. last week the ftc's dude face book to unwind, and its acquisition. >>> the flames broke out about 11:30 this morning. they forced some people to evacuate the building. video shows the smoke coming out of that 12 story building. firefighters were able to knock the fire down. one woman did suffer minor burns. >>> firefighters responded to a big rig fully engulfed in flames and threatening a nearby building. crews were able to keep that fire from spreading, it happens before 11 this morning on alvarado road. fortunately nobody was hurt. the cause of the fire is under investigation. >>> a newly released inmate is back in jail in alameda county. the sheriff's office says that he stole a groundskeepers golf cart as he was leaving jail this morning. he drove it to a shopping center three blocks away and

anti-trust lawsuit against facebook, 48 states and the ftc just unveiled. we'll dig into that in a moment. nasdaq down, 59 minutes left of trade, wilfred, down about 130. >> s&p down .8%. brian moynihan will join us on expectations of the economy and also a new organization he's spearheading along with the pope, pope francis, pushing for more inclusive capitalism. >>> big beat by campbell soup as the pandemic changes how we eat. mark clouse will join us on where campbell goes from here. leslie picker on that incredible first day of trade for doordash, and mike santoli, as always, tracking the markets mike, first to you. >> we're taking a step back. we hovered around the highs just as doordash opened, matter of fact, is when the overall nasdaq had a sharp pull back. it was almost this last little burst of enthusiasm. november 9th, the intra-day high was actually 3645, less than 1% down from here we actually touched that level going back a month at this point. we're still hovering a little bit above that right now seems as if the market is still holding toget

[laughter] and there's going to be a new biden ftc.? >> well, you know, it's actually remarkable. i mean, first of all, there's been this pent-up demand for republicans to do manager about these -- something about these social network giants who they believe are biased against conservatives. but the amazing thing is you don't see any democrats complaining about it either, because they hate the social network giants too. mark zuckerberg is the most friendless person in washington. i mean, look at the range of states that have all joined on what's an incredibly weak, very weak case. and the reason is because people are mad at facebook and others for what they perceive as social and political problems. i think the problem with this lawsuit and some of the others is that that's not what antitrust law is designed to deal with. but you aren't going to see anybody, practically anybody in washington push back on this. in fact, there'll be more suits to come. paul: all right. so i guess it'll play out in the court. all right. we have to take on

it was announced today that 48 states including california and the ftc filed antitrust lawsuits. the ftc, federal trade commission, accuses facebook of using a systemic and systematic strategy to eliminate its competition. that includes buying smaller up-and-coming rivals. facebook could be forced to spin off those services including instagram and whatsapp. facebook has 2.7 billion users around the globe. >>> now to a farm in san leandro that has ramped up during the pandemic to provide food to people in need as well as jobs to local residents. our east bay community journalist melissa pixcar introduces you to dig deep farms. >> dig deep farms started wanting to provide not only healthy food but healthy jobs to the community. >> it's a social enterprise that the sheriff's office and the deputy sheriff's activities league started with two small urban farms in san leandro. additionally, we support local emerging food entrepreneurs. >> ever since corona happened, making that pivot to where a lot of people did lose their brick and mortar, this has been a space where so many people ha

it will fall to whomever biden picks as ftc chairman. as joe simons leaves the agency.imons is a republican who voted with the agencies to approve the facebook complaint. the other republicans voted against it. in terms of the scrutiny on tech, it will be interesting to see what happens under president-elect joe biden. annmarie: thank you so much for that update. still with us to continue the conversation is eleanor taylor jolidon. tech has been the boom this year , continuing the stock rally. it has been all about tech. when you look at facebook and google, these regulatory models and backlash, is this going to affect other risk assets? is this video syncretic to facebook, google and the tech space? eleanor: certainly, i would argue that these are not new situations in regards to technology companies being attacked in the legally greener -- legal arena. it is expected that there would be cases going on worldwide. they are particular to these very large tech companies. perhaps, they grew at a time when people were not prepared with the legal framework to prevent them be

last year, facebook paid $5 billion to resolve an ftc privacy inquiry triggered by concerns about data collection by political consultancy cambridge analytica. we're now joined from copenhagen by cecilia last year, facebook paid $5 billion to resolve an ftc privacy inquiry triggered by concerns about data collection by political consultancy cambridge analytica. we're now joined from copenhagen by cecilia bonefeld—dahl who's the director general of digital europe. welcome to the programme. there's a lot going on, and the big tech terms of the world, mostly american companies, are having to get their heads around it. if we talk about europe, talk us through the biggest implications for big tech when it comes to this new digital services act? thank you, and good morning. well, i would say that first of all, i wa nt to would say that first of all, i want to mention that digital europe represents about 30,000 companies, meaning we have both the platforms and also the product of enders online, thousands of smes, and it is their 20th birthday of the e—commerce director comedy regulator in thi

rahel solomon with that and more >> facebook responding to the joint ftc 48 state lawsuit being a excusinghe company of buying rivals to illegally crush its competition. facebook says we're reviewing the complaints and will have more to say soon this after ftccleared our acquisitions and now the government wants to do a do-over with no regard for the precedence on the broader business community or the people who choose our products every day. the lawsuit targeting the 2012 and 2014 acquisitions of instagram and whatsapp comes after more than 18 month investigation. shares are down about 1% pre-market >>> and the european union will require, quote, very large tech companies like facebook and amazon to take responsibility for policing the internet or face fines of up to 6% of annual sales. and sticking now with europe, uk and eu leaders have set a sunday deadline for brexit talks after a tlae hour meeting between eu and uk meetings late yesterday evening. failure to get an agreement in the coming weeks, that would push up taxes and costs for companies on both sides. the trade deal would make

paul: that's a good point to make, when we come back the ftc in 46 states using the social media giantut do they have a case, our panel takes a closer look next. derriere discomfort. we try to soothe it with this. cool it with this. and relieve it with this. but new preparation h soothing relief is the 21st century way to do all three. everyday. preparation h. get comfortable with it. you're choosing to get connected to the most to xfinity mobile, reliable network nationwide, now with 5g included. discover how to save up to $400 a year with shared data starting at $15 a month, or get the lowest price for one line of unlimited. come into your local xfinity store to make the most of your mobile experience. you can shop the latest phones, bring your own device, or trade in for extra savings. stop in or book an appointment to shop safely with peace of mind at your local xfinity store. introducing the new sleep number 360 smart bed. now temperature balancing, so you can sleep better together. can it help keep me asleep? absolutely, it intelligently senses your movements and automatically ad

i do not think, there will be a new ftc when the administration changes and at some point it will bethey will drop the case. i think it will be pursued and i don't think facebook will give up. but one thing you can see, the interesting thing in addition to the two acquisition, the fdc is concerned about facebook‘s conduct which they allege suppresses competition and various means that facebook has used with respect to third—party apps and preventing them from interconnecting with facebook unless they agree not to compete with them. these policies have gone away. facebook chagned these policies in 2018 and a simple way to resolve this case is for facebook to agree with some sort of binding consent not to reinstate the policies. i think that could be a likely outcome if the government decided it will not be successful in getting divestiture of instagram and whatsapp but there will be a long struggle before the government agrees to give that up. let's get some of the day's other news. president—electjoe biden's son hunter has said he's under investigation for potential tax violations. i

people losing their jobs and he hung up on me >> reporter: the advice from the ftc, don't press 1 to speak to a live person don't call any number a robocall provides. don't give out personal information the ftc, amazon and apple say if you suspect a problem with your account call them directly on a number you know is legit. tom costello, nbc news, washington >>> up next, the power of music bob dylan's mega deal. (vo) i'm a verizon engineer, part of the team that built 5g right. we started with america's most reliable network, added 5g nationwide for millions of americans and the unprecedented performance of ultra wideband in more and more places where people need massive capacity and ultra-low lag. i'm proud ultra wideband was named the fastest 5g in the world. but i'm even more proud, all that work is gonna make a real difference for you. this is the 5g america's been waiting for. only from verizon. skip to cold relief fast. alka-seltzer plus power max gels. with 25% more concentrated power. oh, what a relief it is! so fast! balanced nutrition for strength and energy. whoo-hoo! grea

the ftc says if you think there's a problem with your account, contact companies directly. >>> the holidays also bring an increase in porch pirates. surveillance and doorbell cam video shows crooks making off with gifts left in front of homes. to keep the gifts safe, experts say you should request a signature for delivery, also make sure to track your packages. if you can't be home for your delivery, have them sent to your office or held at the delivery facility. >>> we now know who found a treasure chest hidden in the wilds of wyoming for more than a decade. it contained more than a million dollars worth of coins, gold and other valuables. it was hidden by forest finn. a medical student searched for the chest for two years before finding it in june. he came forward instead of letting his name come out in a federal lawsuit. she s.h.i.e.l.d. never reveal the location where he found the chest to preserve the wildlife there. >> there are rumor that is the treasure didn't exist. >>> coming up, remembering the shocking loss of a music legend. >> the tragic death of john lennon 40 years ago. a me

we will see what the ftc says that the growing problem across the country.americans are really upset about it. you are seeing legislators and senators starting to take action to reform big tech. a promising sign for 2020 and beyond. heather: on your list under biden media coverage. >> this is one of the most ridiculous parts of 2020. we heard constantly the donald trump and his kids were corrupt and they had done all these crazy deals with russia, to hack the election, special business deals and we found out actually all those things were true except it was hunter biden and his dad joe. 10% for the big guy, thanks to fox you guys covered it but all the other mainstream outlets failed to cover it. it greatly benefited joe biden and helped him get into the white house. >> curious how they will cover it come 2021. at some point you have to lose we will see. let's go on to the next one. the failure to address election fraud concerns. >> this is a big issue because elections are the heart of this country. peaceful transition of power is paramount to what we were

. >> andrew, let's talk about those deliverables past ftc privacy settlements have been criticized aseing toothless and fines in the billions of dollars for facebook and google they've been absorbed by these companies. what have you learned from those settlements and what would you do differently, if anything, next time around would you try toi implement mor structural changes at these companies? >> i don't agree the orders we obtained are toothless the monetary remedy are part of the order but not the only teeth. in some ways it's the injunction we obtain against the company that's more meaningful in a case like the order we got against youtube or order against too facebook, we have detailed requirements placed on the company and board of directors for changes in the way that the company fund ymamentally does business with facebook, any change to the service, they have to conduct a privacy impact assessment and get signoff from executives who are high up in the company so this order obviously is still playing out, but what we understand from public information that facebook has made

i was speaking with a source earlier, and they were joking this is not just the ftc coming after you.is the government of china, the communist party really dictating what you can do with the business and threatening a breakup, return to the original payment system that some of these big tech really started at. , of is the bigger risk here big tech in general in china? how careful do you have to be when you go up and accidentally say something in front of the chinese government? they pulled the entire ipo of ant group. sonali: kevin: i think what you are trying -- sonali: i think what you're trying to get at here is how beholden you are to the chinese government. of course, when the regulators crackdown so hard and so swiftly, they did stop short of demanding a breakup, but at the same time, they are imposing risks to some of the biggest growth drivers of ant group. you are not to seeing ant group decline. you are seeing company like jd.com, which is not related to ant group, also start to feel the pain. so you are seeing this concern that started with jack ma and his relationship to t

i am emily chang in san francisco and this is "bloomberg the ftc sues facebook.k calls at revisionist history, saying deals were cleared by the commission. plus,

i started thinking about broadcom as a grade acquirer why doesn't the ftc go after them, david?o that. >> just interested >> i mean, you any, to be fair, i know you went off on this yesterday, the facts can change and so can the mind of the regulators >> yeah, but, when you -- what would happen, carl, every time you did a deal, and it gets the ftc's blessing, and then about three or four years later, they say, we got that wrong, let me -- let's get a do-over. you're trying to run a business. who -- what kind of agency does that how about -- i think the agency, the first line of that brief should have been we screwed up, but we're not done but, no. >> listen, they got to prove it in court and that's where it will be. and it will play out over many years and if they can, then something will be done to remedy the situation in terms of an anti-competitive threat that they face. or that they present and if not, they'll go long and that will be that. >> that's it >> how would you like to be on that -- >> we are a nation of laws >> nation of laws. jefferson. i'm working with jefferson

and ftc did whatever it did and now we're yawning about it ftc was against something. >> alphabet and facebook are being sued nobody seems to care >> by what >> the doj and ftc for antitrust and anti-competitive practices >> right >> that story lasted a day >> i know. >> it is amazing when it was microsoft, we were here, i remember, every day. >> nci. >> every day we covered that story. >> like a tv show. i'm not that worried about these. i do think that the ftc is wrong about facebook since they approved everything facebook did mark zuckerberg, don't ththey dk him. >> we'll watch all that regulatory pressure closely. we'll take a break here. "squawk on the street" back in a moment turn on my tv and boom, it's got all my favorite shows right there. i wish my trading platform worked like that. well have you tried thinkorswim? this is totally customizable, so you focus only on what you want. okay, it's got screeners and watchlists. and you can even see how your predictions might affect the value of the stocks you're interested in. now this is what i'm talking about. yeah, it'll free up

it is report fraud dot ftc dot gov. you can report any scams there.or your money fragrance has been one of the rare bright spots for beauty retailers during the pandemic has shoppers buy home a sense like candles and if users in the 3rd quarter makeup sales were down by 31% but fragrance sales grew by one percent year over year that's according to the npd group shoppers are buying candles diffusers another scented items as they take comfort in smaller indulgences during the pandemic i'm sure they just want their homes to smell good while they work. they're all day long before we sign off we do want to get a check of our bay area forecast with dave star dave the winds dying down yeah, yes they are let's take a look at temperatures dropping off midweek we want to watch for the weekend, maybe some showers coming our way cross your fingers. noel. >>all right that wraps up kron 4 news at 3 i'm noelle bellow thanks for joining us. >> announcer: today, on an all new "dr. phil"... young men caught in a police sexting. >> in which task force members pose as ch

fact in this case which the commission does not mention in its 53-page complaint, talking about the ftc, is that it cleared these acquisitions years ago. the government now want as do-over, sending a chilling warning to american business that no sale is ever final. people and small businesses don't use choose to use facebook free services and advertising because they have to. they use them because the services deliver the most value. they will vigorously defend their position saying they did not do anything wrong in this case. back to you. connell: all right, edward lawrence in washington live with us on facebook. >>> a softer stance on china. the biden administration potential nominee for u.s. ambassador to china receiving some pushback. what the move could mean on the world stage. >>> plus divided by a town line. one community adding covid restrictions. the other open for business. we're live on one street on the border of two states. >>> one holiday staple getting a pandemic makeover. jeff flock has the story. reporter: still coming to town, there he is, the real one, a lot of helper

the ftc and states stood by for years while facebook invested millions of hours to make instagram and whatsapp into the apps viewers enjoy today. there is nothing in the law that puts a time limit on the approval or disapproval of mergers and acquisitions. and there are definitely some e-mail s out there that we reported on before that a jury might see as evidence facebook new instagram and whatsapp were competitives and moved to buy them before they were a threat. >>> the price will start at $68 a share. and holy holy what a good day for doordash yesterday. just one of three bay area companies to celebrate their first trades on the stock market on wednesday. doordash up 86% by the close. traveling from its ipo price of $102 a share to close at $189 a share. i've included the high there, as well. $195.50 just to point out not everybody makes money on a rocketship stock. somebody out there bought at $195.50 yesterday and became one of the few people to lose money on doordash. >>> i mentioned three stock market debuts. here they are doordash up 86 pe and pubmatic rises by almost half an

it's not just the ftc that has its eye on facebook.dnesday a bipartisan group of attorneys general in nearly every u.s. state filed its own lawsuit against facebook accusing the company of predatory behavior. back in july ceo mark zuckerberg defended facebook's acquisition of instagram which it bought in 2012. >> the ftc had all of these documents and voted not to challenge the acquisition. >> reporter: facebook has acquired 70 companies over the past 15 years and since facebook acquired instagram and whatsapp, both platforms have become far more popular. and helped facebook reach its most current value of nearly $800 billion. for "cbs this morning," jeff peguese in washington. >>> ahead first on "cbs this morning," terrifying new crash test video uncovered during a congressional investigation. lawmakers say it shows how some popula astronauts begin training for new missions to the moon. we'll be right back. with your uniquely-you sneeze. and, your uniquely-you health needs? 1 in 400 trillion. roughly. that's why walgreens created some

the ftc is also filing suit. >>> doordash is trading up significantly from its ipo price, the initialffering. cheryl casone has details how some of the other hot ipos have been faring. cheryl. reporter: nice to see the 70% pop on doordash, charles. that of course is a big story along with airbnb which is expected to price above the range of 56 to $60 a share. that would give it a value of 42 billion. there are other stars we want to look at, data storage company snowflake debuted november 16th, 120 a share. up 225% since it went public. the client list includes seven of the top 10 fortune 500 companies. of palantir technologies has been a big winner. they work with government agencies and large companies. debuted the october 29th. that was a real star. down 7% today. it has gained 186% since going public. its top 20 customers contributing to 60% of its revenue in the first nine months of the year. that is pretty solid, guys. you got have you had yo game technology company unity software, debuted september 1th at 52 a share. up 221% since then. even though they posted negative earnings

. >> reporter: the state attorneys general and ftc are exploring remedies such as selling off instagram whatsapp, which would be unprecedented so many years after their acquisitions they would also like to prohibit facebook from proposing anti-competitive conditions on software developers and propose a review of all deals valued over $10 million, and facebook responding instagram and whatsapp became the incredible products they are today because facebook invested billions of dollars and years of innovation and expertise to develop new features and better experiences for the millions who enjoy those products the most important fact in this case, which the commission does not mention in its 53-page complaint, is that it cleared these acquisitions years ago one interesting thing in the ftc complaint, it posted a private email from mark zuckerberg saying he did see instagram as a threat writing, one thing about start-ups, you can often acquire them shep >> julia, thanks. >>> doordash delivers, and that's what's topping cnbc's "on the money. a blockbuster market debut shares of doordash spik

you touched on this briefly but while the just disbarment and the ftc came to be or seem to be waking up from their slumber there's also action in congress just very recently from the antitrust subcommittee led by representative [inaudible] and you mentioned him briefly but that also is significant in that i don't even know when the last time congress took up antitrust in that way so maybe you could talk about what that committee did in the last year and what they will possibly be doing in the next congress. >> the work of the committee and these are the antitrust subcommittees of the house judiciary led by the representative in the work of the committee over the last 15 months is truly amazing, phenomenal and historic and exactly the kind of thing that congress should be doing all of the time but has not done in a very long time. to me, restored my faith in democracy that our elected officials were willing to take on corporate power in this way with the problems that we have of corporate lobbying and influence of money on politics in this type of taking on powerful corporations is ju