today, the short position of gamestop is at just 10%. to the floor show, trader jamie rogozinski is the founder of the wall street bets reddit chat room where this began many years ago jamie your first reaction to the sec's report? >> you know, to be honest there's a whole lot of nothing in there but i was kind of insulted when i finished reading it. they are saying well, gamestop didn't go up because the short sellers were covering no it wasn't really the gamma squeeze, but the confetti animation, that looks like it's an actual problem that needs to be solved so i don't know. i still don't think they get it. i think that gary gensler should take a walk down wall street and take a look at what they just put in front of the charging bull so he can realize the retail traders are here to stay. liz: the gamification piece is the animated sort of rewards when you effectuate a stock trade and of course robinhood had that, and you know, am i right, jamie, to a child getting a reward, or a local lollipop for completing a task and it seemed like

plenty of people made fortunes on gamestop. good for them.s. i want you to be able to stay in the game if the market gets hit with the ugly stick. and i feel like an aggressive style can end badly if things go south. 50% of their business tends to be options that's just not right. okay which brings me to my second goal, get more people involved in investing, not trading. investing responsibly. it's clear that the gamestop escapade brought many new people into the market. there are 1 million 19-year-olds with brokerage accounts. robinhood's average customer is 31, median balance, $241 that means, first off, you can't do anything meaningful with $241 you should put the first ten grand into a low-cast index fund, that's your cushion. that's the basic, what you have to work up to. only if you have the money in an index fund can you start picking individual stocks. the report raises questions about whether commission-free trading necessarily means best execution. you could end up paying for it later. the report saying there's just not enough finan

gamestop report. what do they all have in common? they're all regular lated by the s.e.c.'s talk to s.e.c. chair gary gen gensler. thank you for joining us. >> great to be with you. >> i want to talk about your gamestop report but i have to start with bitcoin we have a raft of cheering people down here from pro shares pro shares bitcoin etf futures etf is started trading a few moments ago. can you explain to our viewers why you chose to allow it, a bitcoin futures etf to begin trading and not yet approved a regular bitcoin etf? >> bob, thank you for that question just to give you a little context, i think that we in the official sector should be technology neutral and not policy neutral and what we are trying to do is ensure to the best we can within our authorities to bring projects in to the investor protection perimeter and so what you just mentioned bitcoin futures have been overseen by the sibling agency, the commodity futures trading commission which i was once honored and proud to serve there and been four years and some of these applications came in and went effect

if i look at gamestop now, again stating the obvious, it looks stuck to me. i mean, it hasn't moved in about a year to karen's point, it's impressive that it held the price level so far what's the catalyst for that next move higher i am not sure. >>> the streaming wars rage on as disney and netflix make headlines today. our next guest is breaking down disney's dilemma as well as netflix inking higher. first, zillow dropping the traders on neighborhood watch next don't go anywhere. more "fast money" right after this the cloud would give us more flexibility, but we lose control. ♪ ♪ ♪ should i stay or should i go? ♪ and we need insights across our data silos, but how? ♪ if i go there will be trouble ♪ ♪ ♪ wait, we can stay and go. hpe greenlake is the platform that brings the cloud to us. ♪ should i stay or should i go now? ♪ ♪ ♪ [swords clashing] - had enough? - no... arthritis. here. new aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme. wealth is breaking ground on y

year-to-date, gamestop, 888%. amc up better than 1900% year to date.'ve got is a report that says with positive sentiment and not the cover that sustained the weeks long price depreciation of gamestop stock. it also supports theories that there really was nothing wrong here. that the market showed resilience. as for the outrage that surrounded broker robinhood's decision to restrict trading in late january, they found there were many factors that warranted that at the time, such as margin calls that needed to put up more money. haidi: what did the report have to say when it came to the impact on hedge fund? su: that's another interesting part of the report. it said hedge funds as a whole were not negatively affected by this big trading frenzy. in fact, they found they were not significantly affected by gamestop and other meme stocks. they also seem to support with the market showed, that many hedge funds actually benefited from this trading even though the melvin hedge fund was widely reported to have lost a lot of money. the report very much supports

. >>> breaking news on gamestop and the s.e.c. bob? >> the staff of the s.e.c. the trading activity around gamestop there's institutional accounts with short interest and concluded that while short coving was a tag or the it was a fraction of the overall buying volume and it was positive sent. not short covering to sustain the week's long price appreciation in gamestop and did consider and rejected other explanation for the price rise including naked short selling and a gamma squeeze. what should be done? it's short on recommendations. for example, the report noted that some brokers experienced margin calls the author suggests shortening the settlement cycle also urged to consider whether game-like features in trading apps lead investors to trade more than otherwise. the report noted that the wholesalers did so internally and the trades were less visible. on short sale the report said that improved reporting would allow regulators to better track short sales occurring. still investors expecting an imminent action from the s.e.c. likely disappointed by the report

is going to have an allotment of ps five in the gamestop clerk might be easier than a target clerk andon the legality or the lack thereof and barron's has no institutional view. >> you always have good advice, thank you for that, great story everyone should read it we gave new zzzquil pure zzzs restorative herbal sleep to people who were tired of being tired. i've never slept like this before. i've never woken up like this before. crafted with clinically studied plant-based ingredients that work naturally with your body. for restorative sleep like never before. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ jack: we established there will be a christmas, what are the hot toys. >> every year it takes manufactures by surprise, a cabbage patch kid, this year more difficult to tell because they have been canceled and not a lot of movie releases and theaters, paw patrol toys will do well, viacom film a company called spin master, but the clearest hit of the year i'm holding that you're one of the most dumbest toys i've ever seen this is a waffle fidget some people call it a poppet or bubbles you go like this and you push

up more than 830% this year and we are still waiting for the massive report on gamestop craze that sentie gasparino has some new details on how the report is coming along he will break it fast. we could hear the bell ringing 17 minutes. the dow is down 98 points. ♪ your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire as a dj, i know all about customization. that's why i love liberty mutual. matching your job description. they customize my car insurance, so i only pay for what i need. how about a throwback? ♪ liberty, liberty, liberty, liberty ♪ only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪ liz: more sec news, gary gensler has got to come on the show we love having you and sec report on january's stock has apparently been delayed there has been pushed back supposedly on the content, gamestop which i would argue was one of the original means stop. >> blackberry, hertz. amc is one. >> we reported ear

is going to have an allotment of ps five in the gamestop clerk might be easier than a target clerk andion on the legality or the lack thereof and barron's has no institutional view. >> you always have good advice, thank you for that, great story everyone should read it it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. to run a growing business, is to be on a journey. and along the ride, you'll have many questions. challenges. and a few surprises. but wherever you are on your journey. your dell technologies advisor is here for you - with the right tech solutions. so you can stop at nothing for your customers. you have always loved vicks vap

is going to have an allotment of ps five in the gamestop clerk might be easier than a target clerk andon the legality or the lack thereof and barron's has no institutional view. >> you always have good advice, thank you for that, great story thank you for that, great story everyone should read it if you used shipgo this whole thing wouldn't be a thing. yeah, dad! i don't want to deal with this. oh, you brought your luggage to the airport. that's adorable. with shipgo shipping your luggage before you fly you'll never have to wait around here again. like ever. that can't be comfortable though. shipgo.com the smart, fast, easy way to travel. you're driving innovation. you're racing to the cloud. the smart, fast, easy way you need to do it securely. that's why palo alto networks developed prisma cloud - an integrated platform that secures your cloud environment end to end. used by the world's largest organizations, prisma cloud provides the cyber security you need from code to cloud. so you can get cloud security right, the first time around. we've got next. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ jack: we establ

is going to have an allotment of ps five in the gamestop clerk might be easier than a target clerk and the lack thereof and barron's has no institutional view. >> you always have good advice, thank you for that, great story everyone should read it the single hottest way this holiday season and gray investment ideas. stay right there. ar blue skies. the legends she births on home town fields. and the future she promises. when we made grand wagoneer, proudly assembled in america, we knew no object would ever rank with the best things in this country. but we believed we could make something worthy of their spirit. if you used shipgo this whole thing wouldn't be a thing. yeah, dad! i don't want to deal with this. oh, you brought your luggage to the airport. that's adorable. with shipgo shipping your luggage before you fly you'll never have to wait around here again. like ever. that can't be comfortable though. shipgo.com the smart, fast, easy way to travel. ♪ ♪ the smart,♪ ♪st, easy way ♪ ♪ ♪ ♪ jack: we established there will be a christmas, what are the hot toys. >> every year it takes ma

investors who had allegedly targeted the stock what part of 130% of gamestop is a legend?an, not saying you, maybe you two need to understand how markets work, conspiracy theory after intensive analysis, gary good life would not stop screaming in my ear, i'll just tell you this that report shot down every conspiracy theory. >> the retail investors are stupid and distracted. >> think twice. >> so did i. >> now i'm getting worked up. >> this because you have a right hand does not mean that you read it. liz: what part of 130% is a legend. joining us from the conference in l.a., charlie gasparino. listen here. >> have you read the report? liz: no i didn't read it, yes i read it. >> here's where it destroys all of the amc conspiracy theories, by the way i want amc the tribe i like adam erin i think he's doing a great job. but the amc conspiracy theories have been destroyed here's how they think the only way you can shorten something like 135% of its flow if you operate through dark pools and naked short selling this report says there was none of that the dark pools and naked sh

shares of gamestop were down 18% this year but still up nearly 900% since january that's been quite a ride on that one, frank. >> interesting that the state of alaska is making such an investment on gamestop and now unloading them. >>> back to the broader markets. stocks set to kick off in the red after gains on friday. earnings from the like of netflix, ibm, csx, tesla, southwest and many more, johnson & johnson up there, too. joining me now, malcolm etheridge. good morning, thank you for being here. >> morning opinion thanks for having me. >> we're kicking off monday morning, futures are in the red. you say since the pandemic started the dow, s&p, and nasdaq seem to be tied together, moving in tandem but more recently you say the pattern is broken and individual names, stocks can move the markets or an indexes so looking to earnings today, is there any one report that can move the market up or down any one report that can be a major cat lust >> not necessarily there's a ton of companies to report this week, 72 i think is the number so there's quite a few reports from a few companies

the sec has debunked concern -- conspiracy theories around gamestop trading. report analyzes the period when retail traders took on wall street, sending gamestop shares and other meme stocks soaring. the commission says market dynamics warrant closer scrutiny including shortselling. and did not offer specific policy recommendations. that is your bloomberg business flash. >> coming up, copper continues its rally on the back of -- we will have a look at that with the markets live team next. ♪ >> welcome back to the open. flat across the stoxx europe 600. the ibex gaining. a bond auction in spain later today. basic resources gaining 1%. telecoms down 0.7%. let's take a look at the stories we are following. we will have the latest rate decision from hungary's central bank and shortly after that it is u.s. housing as well. we know the housing sector in the u.s. has been red hot. we will get data on residential constructions, building permits, a key indicator. >> a big day for netflix. we are expecting the third quarter earnings off the back of the countries -- the

vonnie: the sec has debunked some conspiracy theory surrounding this year's frenzied gamestop trading. a report analyzes when retail traders took on wall street, sending game stock and other -- gamestop another stocks soaring. several market including payment for order flow. it did not offer specific policy recommendations. india nearing the one billion vaccine milestone mark, but the gap between people who are fully inoculated and those who have had just one shot is widening. they've given two doses to 20% of the population. by comparison, 51% have had a single dose. experts point to a number of factors, including less urgency given lower case numbers. carrie lam is in the hospital after suffering an elbow fracture. she fell at her government house residents on monday night. a statement concern -- a statement says she will stay under observation. an executive council meeting is scheduled for tuesday but has been canceled. 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 funny quinn. this i

a trillion dollar coin for gamestop, your kids, they would love you they would say thank you mom. >> the moon rocket emojis that's what they would be doing. eric: don't do it we have to live within the budget, including folks out of the washington, d.c. good to see you. arthel: after china's historic force against taiwan the chinese president now saying reunification with the island nation will and must be achieved asian expert warding chain joins us next with his analysis. paul loves food. but his diabetes made food a mystery. everything felt like a “no.” but then paul went from no to know. with freestyle libre 14 day, now he knows how food affects his glucose. and he knows when to make different choices. take the mystery out of your glucose levels - and lower your a1c. now you know. try it for free. visit freestylelibre.us ♪♪ arthel: change and paying calling for a peaceful reunification with taiwan during a speech to mark 110 years since the founding of the people's republic of china this afternoon nearly 150 chinese fighter jets have flown into taiwan air defense in the past week

gamestop and amc are evidence of that. it is almost a social movement. just an analysis of spreadsheets and whatnot. so the younger generation sees it as a way to get closer to basketball and away way they never could before, but you see older folks that may be collected cards when they were young. now they have kids. the lack of transparency is too much to keep up with. top shot is easier. you show up, by from the source. you don't have to pay scalpers. if you don't like what you got, you can sell it instantly. you have both sides of the market. it is male-dominated for sure. lots of sports technology is. we are just, one of our partners launched a dr. seuss app, and that is more families, moms and dads playing with kids, daughters getting into it, so it is about different communities bringing different demographics in. they are all tradable, shareable, and open. romaine: fascinating. great to see you in person, thanks for being here. roham: thanks for having me. romaine: the founder of dapper labs. that will wrap up our coverage. a long week in los ang

it essentially covered the gamestop and robinhood drama from earlier this year.nfortunately i haven't had time to read the report but i have received some summaries of it and it basically touched on the right points except that there are certain dark corners in these matters that they did not get into or at least did not get into publicly. so we'll see if any of that will emerge. charles: i did see one interview where you talked about all the action, pre-opening action and things like that. >> that is -- [inaudible]. exactly what i mean, yes. charles: do you think those were orchestrated moves, to sort of manipulate the stock higher? >> no. it is, it is the rules that call for the brokers to buy in failing shorts prior to the opening. charles: oh. >> which is a crazy rule because there is no liquidity there. so that why it happened that the stock, two days and the stock doubled, the price doubled between, in the morning before the open. charles: i gotcha. >> because no sales there. but the brokers must buy into the failing shorts by the rules. charles: well, to y

do you think one day wall street will jump in there with a buy recommendation on amc and gamestop? i would think so. charles: i don't know, my man, i couldn't resist. you know what? this idea that the individual investors are the dumb money, no one knows where these companies are going to be two, three, five, six years, down the road. in the case of crocs, all it took was a two year turnaround to be the strongest stock in the market today. charles: exactly. with it, it just shows how much it is changing. value can come from anywhere. it used to be purely fundamental but right now we're seeing a huge premium being paid on the value of community and that's why i think the ape nation is alive and strong. charles: i love hearing that. matt, talk to you again real soon. >> thank you. charles: folks, former president trump's media company will be going public via spac. well that spac taking off like a rocket ship. ii have a couple market pros whether this will save all the spacs and would you be a buyer? we'll be right back. ♪. (rhythmic electro rock music) (crowd cheering) - bito, bito,

a case study on the old gamestop is cautionary tale.o your point i think it would be a huge mistake. joe, good talking to you, my friend. >> all the best, charles. charles: i want to bring in david nelson and david dietze, the two davids. let's continue the buyback conversation. $11 trillion. obviously it is a huge amount. it has made a difference to joe's point. technology has made impact. xlp, xlk, the sector for technology up 470%, way more than the s&p you have 292%. so david nelson, if they attack this, what kind of impact could it have on the stock market? >> probably would have some. look i get the fact that wall street loves it but i'm on the side of this, charles. i get some companies like apple, they're so large they possibly can't deploy the all that capital. it is abused. for many ceo's, it is code for i don't know how to grow the company. easy way to get to earnings per share target and buy back my stock. you eventually become poster-child like ibm stock. they bought back 13 billion in stock for a decade. didn't advance the

the retail investor had seismic waves across the market this year because of gamestop, because of the reddit community, but it was a hedge fund thing we are looking at. what if they could vote together on company boards? jennifer: that is the idea with the vote etf we launched. first of all, they are always economic issues. if you want to drive change of scale working with the biggest companies in the market, gm will transition. if exxon is not running optimized value in time, you care about that. with this etf, every individual will not understand how to vote every stock every year, but they have a vote, they can use it. our etf votes more aggressively than a lot of other asset managers, but always around economic. taylor: romaine: talk about some of the generational differences we are seeing among investors and what they want out of an investment. it is more than just profitability. they are looking to park their money somewhere that is in alignment with their values. is this now will be the dominant theme as those folks get older and become wealthy? jennifer: yes. i think as money

first quarter it was gamestop. second quarter was dodge coin.nd crypto currency and the mix of transaction based went from equities to crypto. >> essentially crypto. >> and it was more than half of transaction-based revenue. robinhood really was looking like a crypto company in the last quarter they guided in the last earnings report crypto will slow down, trading revenue will slow down and they set the stage for slower growth. >> there been a viral event in q3 there wasn't a gamestop or amc. >> analysts said this social media stock market interaction or crypto interaction is not going away but it's just not predictable. this is going to continue to be a tail wind for robinhood. there will be more viral events we don't know what they are. >> this quarter are investors look for the diversifying revenue stream we know that robinhood is trying to sell different, more financial products take advantage of the huge, young user base but at the same time they have competition you broke the news of paypal's venmo getting into stock trading. >> that's a b

we had numerous viral things with gamestop. most of us realized that i would say their trading results were on top of our model. it wasn't surprising at all flat in the third quarter. and they are tracking up 40% the question is is the fourth quart guidance where people were way off or is there something elsewhere they are slowing more. that is the key question management has said they have been quote/unquote conservative. there is a lot of uncertainty two months out and what to expect >> answer some of your own questions. they kind of created their own market with the gamification of trading stocks with emojis and confetti others saw that, have come in and offered online trading do those customers that left robinhood to try out others. do they come back? >> ultimately answering that directly with some statistics. they are known for trading and that's driving revenues. branching into a number of new products that can be compelling. cash management with 25% of customers. 5.5 million people using their cash management. so they ar

the president of the securities division trading ahead of the nontrading order that happened with gamestopady yet. we know this stuff with citadel is not done. i don't get it there are better places to invest in the market >> we haven't even uttered the word payment for overflow and the chance that may get changed by the sec which is looking at this and that threatens the business model of this company guy? >> not only threatens it we talk about facebook's ex-ten shal risk. i never thought there was anything innovative about the company other than the name. we are learning that now one of the points i will make again is if the market says they are worth this, wonderful. but no way that the nasdaq should be a $33 billion company. my sense is it is wrong on both sides. nasdaq should be higher which has been happening and robinhood should be lower which in my opinion will begin to happen >> what extrapolation do we make do we make any to coin base, other sort of related exchange or marketplace trades, tim >> i think apples and oranges to nasdaq to the extent there has been high correlation to

. ♪♪ ♪ david: many expect to see a regulatory crackdown after the gamestop meme stock frenzy, but soconference. hey, charlie. >> hey, david. a lot of great stuff happening here. i'm going to tell you a little bit about what i picked up on eric adams, the likely mayor of new york city, in a minute, because they're talking about him as well. here at the milken conference, one of the big sort of aspects of conversation here has been will there be massive market changes following gary gensler's meme stock report. that was a report on the whole frenzy back in january where a bunch of stocks -- amce gamestop, where these stocks went crazy, parabolic. robinhood had to halt trading. there was all this talk about potential short squeezes and naked shorting and people trading in dark pools to manipulate the price. the sec report, sec investigated all those charges. people thought that gary gensler was going to use this report essentially to enact his type of market changes, market structure changes, maybe end the practice of payment for order flow, maybe push all trading into the major stock e

short sale, you basically can keep you short forever and that is destroying companies like amc, gamestopce of a massive short squeeze, one company, one hedge fund went under because of the rise in shares of gamestop they were heavily short but it was not a massive, it was one company and not short squeeze is going on, if you're a small investor and you're looking to buy gme or amc because you think you're part of a short squeeze that will crush citadel and another hedge fund and make you a lot of money is the shares go up, buyer beware, the report says that did not happen then and it is probably not happening now. the tale of two reports, i do believe that gary gensler will push for market reforms but the report going to those explicitly. back to you. >> you have been all over the story, taking so much for the insight great to see you. coming up a new look at the white house reported efforts to resettle migrant children across new york. stay tuned. ♪ i've spent centuries evolving with the world. that's the nature of being the economy. observing investors choose assets to balance risk and

citadel securities before the move they prohibited buying a number of so called meme stocks including gamestop. this was highlighted by this internal chat message on january 27th where robin hood president said you wouldn't believe the convo had with citadel, total mess. joining me now former sec attorney. lisa, you know, all week ken griffin lied, trending on social media. might have broken some sort of record there. citadel securities in the meantime broke their silence with a series of tweets that i personally don't think helped their cause. you've had a chance to look at it. what are your thoughts? >> thanks, charles. yeah, it's pretty amazing when you see big sophisticated company like citadel respond to this kind of criticism. i mean, honestly, they stopped listening to their lawyers and started listening to their pr folks. the tweets don't really help. i absolutely a degree with you -- agree with you. lots of stuff that they are saying is, you know, vintage back from january, february of this year. it does not reflect the new information that just came out. so a little puzzling. >> char

wall street's top regulator out with a report about the gamestop mania.aking trading feel like a game. and as we await word from the fda on covid vaccine booster shots one college football head coach is now fired for refusing to get vaccinated. it's tuesday, october 19, 2021 "squawk box" begins right now. >>> good morning, everybody. welcome to "squawk box" here on cnbc i'm becky quick. joe kernen is here, andrew ross sorkin is here and we are checking things out on this tuesday morning. right now you seethe u.s. equity futures are higher after a mixed day for the markets yesterday. dow futures up triple digits, 101 points above fair value, s&p up 15, nasdaq up 44. the nasdaq and s&p were both positive yesterday if you want to check out the treasury market we saw yields pick up a little bit yesterday and higher still the ten year 1.588%.

>> he put one of the gamestop tags holders that had their i. d., he put one of those in her casket. >> when "dateline" continues. now you see me. now you don't. now you see me. now you don't. we see you. so we designed our new no7 pure retinol range for your skin. informed by 15 years of scientific research; and formulated to be gentler to skin. powerfully targeting the appearance of dark spots, wrinkles, and boosting radiance. only from no7. don't settle. start your day with secret. secret stops odor causing sweat 3x more. and the provitamin b5 formula is gentle on skin. with secret, outlast anything! no sweat. secret. ♪all strength. no sweat.♪ do you take aspirin? plain aspirin could be hurting your stomach. new vazalore is the first liquid-filled aspirin capsule clinically shown to cause fewer ulcers than plain aspirin. vazalore is designed to help protect... releasing aspirin after it leaves your stomach... where it is absorbed to give you the benefits of life saving aspirin... to help prevent another heart attack or stroke. heart protection w

think about, when you find a company to invest in, what do they tell you, not that one, not amc, gamestopney. i believe in this company. i like this company. then they say you know what? you do what you want. you try to do what you want. then they take away the buy button. charles: before i let you to, they also say at these age they don't understand the risk. do you understand the risk of any stock going to zero, particularly one constantly under attack by so-called smart money? >> yes. so everyone who is watching this, i want you to understand as well. we want the sec we want finra, want all of these regulators have our back like they tell us, trust in them, want transparency all other things. we got to understand that we hope for the best but it is up to us to manage our money, to have proper risk management. any stock can go to zero particularly one you feel is being heavily manipulated. this doesn't mean it will but you got to understand the risk. that is so important. on twitter, there was a trending topic now. -- i got to bring it up. i want everyone to know, do your research on it

thing to increase your short positions and another to tell someone they are, and for obvious reasons gamestop and the fallout related to that. leslie, thanks now to kayla taushche. a controversial proposal for reporting to the irs for accounts with under the$10,000 officially been removed from the spending package the removal comes from west virginia moderate joe manchin where he suggested that uncle sam not be in bank accounts and suggesting that joe biden share his view on the matter the white house had previously defended that proposal as a way to essentially monitor the bank accounts of the wealthy and crack down on potential tax evasion and negotiators said that proposal could have $100 million. unclooer what could be put in place to raise that figure of money and it certainly comes after the financial industry has been really, really fighting against this despite the white house saying that it's needed, but officially, scott, according to three sources familiar to the matter, this controversial bank reporting proposal is out of this package scott? >> kayla, thank you. >> that's kayla us

going on on robinhood every day where we have retail investors trading options in companies like gamestopmean, josh, that is at least as risky as investing in a high-quality venture-backed company that altimeter and an dreesen are investing in >> fair. the fact that they're more risky than this activity going on in the public markets i think is misplaced, but i want to better democratize the opportunities and scott's heard me say before, my idea around invest america and give every child in this country a $2,000 investment account and make all kids part of the ownership society the big problem is there are only 30% or 40% of people when participate in the ownership society. that came to the front during covid. we need to correct that problem. >> you know, it's funny, as i was listening to you to talk about markets being distorted because of all of the liquidity, i mean, people have been saying that same thing since '08, right? that markets have been fully distorted and the bond market, right? interest rates since 2008 have remained historically ridiculous so it just makes me think about a

i have a question about the sec report on gamestop after the close.kers enticing folks to do more trading. a little bit on payment for order flow. looks like they may take some action there but just this whole notion of trading to lure retail investors in, you know i have always liked this movement for many reasons. in part also because you know, for the five years prior to it every article said where are the millenials? how come they won't invest in the market? i thought it was always ironic once they invested the same people got upset because they weren't invested in what they thought they should be buying. >> that is an interesting conversation. partly they were not investing because of what they saw happened to their parents, grandparents, aunts, uncles during the financial crisis, they got fearful. that is what i would get. what causes me about angst what they're doing today the way they're doing it. i think it is great they're in. i think it is great there is a new generation of investors out there, people actively involved. but what i get kind

23-year-old julia arpino >> did it make you feel more confident that you weren't the only one in gamestopas a whole reddit army behind the stock as well? >> 100%. i think it was a little bit of that camaraderie you saw all the comments on reddit, oh, my gosh, we're all in this together then it tanked i freaked out, i don't want to lose any more money than i had lost >> what we're seeing in retail investing is completely unlike anything we've seen before >> kahlil is a washington state university professor who completed one of the first surveys looking at the connection between online investing and gambling behaviors. >> people are developing habits, and risky habits >> be sure to catch "generation gamble" tomorrow 8:00 p.m. eastern right here on cnbc >>> coming up, a tech wreck options alert that could point to a big bounce. we'll bring you the trade when "fast money" returns hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile

loves the stock market and now it's about the robinhood kids telling them there's more to life than gamestop and now they probably hate me because it isn't, but it's like being on your show and being able to send memos about why i just said that josh brown is so damn smart, and he just makes me laugh, but you know what? what's more important is what josh was saying when he said it's going to be volatile thanks for nothing because he doesn't mean that. he loves him and let me tell you when i hear volatility, it's time to buy lindhy the stock was at 3.15 before whatever happened and now it's down to -- it just got crushed or maybe it's time to buy and we said enough with ups enough with the selling -- how about cisco as the winner -- the winner off this breakdown with zoom and five9 and i have five9 tonight. >> let me remind people once again on how to do all of this you can sign up and find out more at cnbc.com/investingclub or just point your phone at the qr code at the bottom of the screen there's the qr code right on your screen. it will take you right there again, we're super excited cong

we start with gamestop, which was essentially a nearly bankrupt retail company that sold video gamesfor dead. clearly a group of people online decided they could make money by pushing this stock up, and maybe they will. >> maybe they will, maybe they won't. all right, you two, stick around with me while we pay some bills. more of the conversation after a quick commercial break. reak won, where does it go? does it get tangled up in knots? or fall victim to gravity? or maybe it winds up somewhere over the bermuda triangle. perhaps you'll come up with your own theory of where the stress goes. behind the wheel of a lincoln is a mighty fine place to start. paul loves food. but his diabetes made food a mystery. everything felt like a "no". but then paul went from no to know. with freestyle libre 2, now he knows how food affects his glucose. and he knows when to make different choices. take the mystery out of your glucose levels, and lower your a1c. now you know. try it for free. visit freestylelibre.us wealth is breaking ground on your biggest project yet. worth is giving the people who bu

>> well i really like gamestop here, because it actually cleared 50-day moving average, and i'm watching happen to hike the whole health space right now, that has a little bit more it has to do to get through 850, and we can't discount amc, but it has more work to do and needs to clear 40 and i'd be a lot more optimistic. charles: yeah, yeah, someone sent me a chart on twitter, i think there's an ascending triangle to your point on the cusp of a big technical buy. today, to this session, i think if we close higher and i think we might, ken, if we could close high, rally into the close, the high of the session would that for you be a buy signal? >> i like it. it's a good setup. think about it sometimes you come into hot into earnings, we get disappointment, high expectations, we're ripping into earnings all the d.c. dysfunction, it be nice to take that d.c. dysfunction put it on the back burner and let us breathe a little bit and let these technology companies the larger ones go out and beat estimates and i think the market today is getting that out a little bit charles. charles: i think

but here's the one thing that's different in the gamestop, the meme craze. the business of protecting the little guy, and you think back to penny stocks and the sub prime crisis. in this situation, the little guy, he and she, they don't want to be protected. they're saying well -- just like the big guys do. how do you protect them when they say, no, we want no rules? >> first, i agree we all have a role. ultimately it's about savers, it's investors for their retirement and their future, whether that's a small amount of money or a large amount of money. so i totally agree, but what our rules are about is to protect folks against fraud, against somebody misleading them in the market, but also about trying to make those markets less costly, and zero commission does not mean there's no costs in the system, and right now nearly half of the market goes to what's called the dark market or internalizers rather than competition amongst our orders in an open, transparent way. >> nothing is for free. it takes us right back to facebook. if you're not paying, you don't r

having the right disclosures payment order of flow and go get into the behind the scenes plumbing gamestopught this out. that's why consumers now know about it some would say they would rather pay but similar to the social media giant argument of advertising. you know,people -- there are certain people that say i would rather pay a fee or monthly subscription to not have people track my spending behavior where as it might come out the same way on the trading platform saying there's people that do want to pay for trades because they think they might get better execution. >> some platforms are trying to make that argument we'll see overtime if that's an effective one. kate, thanks so much jon, back over to you. >> yeah. let's turn now to another chip maker terra don shooting up this morning after a double upgrade from ubs to outperform and buy both firms predicting the system on a chip testing business will continue to grow throughout 2022 and 23 apple, terradynne's biggest customer is poised to up its purchases. carl, we talk a lot -- just talking with caulfield from global foundries about

talking to are really wondering what does a robinhood quarter look like without a viral event like gamestophe first time we got numbers for robinhood ahead of the ipo or dogecoin last quarter. it is up from something like 73% the same time the year earlier wall street is now looking to see what does a normal quarter look like for robinhood, and a mix there of revenue whether it is equities, options is making up a bigger part of the business and, of course, crypto last quarter robinhood was looking like a crypto company. the other thing about the crypto business, we mentioned dogecoin, sort of the viral events and drivers going forward. analysts are a little mixed on what is the driver going forward. one analyst from jmp said to me, yes, there will be more viral events they are just impossible to predict though they say the mix between social media and stocks or cryptocurrencies is not going away by any means. that is still a tailwind for robinhood, but it is just you can't predict it who knows what the next viral event or meme stock or meme coin for that matter is going to be >> right you k

in case you've been wrong about something you could be right about something, but the amc and the gamestopff that we witnessed over the last year, you could still be theoretically right about it not saying that you're involved in these companies at all and using them as the broader example. you could be 100% right in the fundamental thesis about names like that, and yet you may not be wrong the stocks may trade higher as the result of wall street bets or any of those messageboards or a herd mentality that gets behind it. has that episode specifically impacted you at all in the way you think about and talk about your shorts publicly >> well, the way i would characterize it is, you know, we continue to believe that stocks have something to do with the profit, earnings, and the cash flows and assets of the company, but we are in a period right now where the market has taken a points of view that the stock is worth whatever the market says that it's worth and that could be completely disconnected from any assets so in one sense we can have something like greenberg partners which is growing 28%

out with a much anticipated report on the gamestop saga. let's talk about it, the main regulators brokerages are turning it into a game in order to try to increase revenue. trying to motivate some, robinhood for example made their site look more exciting. the s.e.c. report did not lay blame for the stock mania on a single cause or entity i don't know if you read through it it was about 35 pages and i was disappointed. >> why >> i was disappointed -- or maybe i was happily surprised. but all of the onjenture -- >> those are opposites. >> totally all of the conjecture by the folks on reddit and twitter about the role that citadel played in somehow killing the shorts and forcing robinhood to do this and that, and melvin capital and this and that, and all of the this and thats were not even touched upon by this report and i think the implication is they weren't touched upon in this report because they were not true so i was -- i was disappointed because the report didn't even -- it didn't even seem to try to explain any of this, except to say t

retail investors have caused waves across the market this year because of gamestop.s that hedge funds they were looking at. how about if they could vote together on company boards? >> that's the idea with the etf that we launched. if you look at these issues, they are always economic issues. if you want to address change at scale, working with the biggest companies in the market, they have huge scales. if you care about climate, we care about that. if exxon is running a business where they are not running it to optimize value and time, we care about that. the idea is that every individual is going to hold an understanding of how to vote every single stock. they have a vote in they can use it. that's what are etf does. it's more aggressive than most of the other asset managers. shery: engine number one ceo speaking with caroline hyde on the sidelines of the milliken institute global conference. coming up next, we work is set to finally go public with a $9 billion staff deal. we break down the numbers next. this is bloomberg. ♪ ♪ >> a check now if the first word headli

earlier this year, when the gamestop trading event raised significant questions about our markets, i convened a series of hearings to understand exactly what happened. we also passed several bills addressing some of our initial findings, including my bill, the short sale transparency and market fairness act, which provides our markets with greater and more timely transparency regarding the positions of wall street hedge funds and other large asset managers. we also marked up legislation related to gamification, payment for order flow, and legislation prohibiting market makers from trading ahead of their clients. i look forward to hearing an update from you about what the sec is doing, and i'd like to make clear, our investigation into the gamestop event is ongoing and we will issue findings when our review is complete. as chairwoman, i expect the sec will bolster the stability of our markets. however, i'm gravely concerned that the largest risk to the capital markets and the economy in the coming weeks is a train wreck we see coming. republican members of congress blocking the us tre

the committee has held three hearings on gamestop and you have testified on this since january the 28tht's been raised of the topic. we make that determination how to further regulate a product. do you agree that the commission has indeed increased market participation among minorities and women are particularly the zero commission and further those will be valuable in the absence of the payment flow. how would you ensure that the changes made by the ftc did not create additional barriers of entry for those in new participation? >> i think you raise an important point. the projects that we work on trying to achieve lower costs greater efficiency and greater competition in the stock market in this case has been used by some brokerage firms and not all but some brokerage firms and they say it provides zero commission. their other broke her say don't use it. our focus will be on the overall market structure and as you say and assets to the capitol markets. we have growing retail for dissipation in the market that is investing an active trading on a daily basis often lowers the terms. facil

the top ten of the most talked about stocks on the wall street bets page, even more popular than gamestop finally, one more story for you is the infamous wework communal work space company is finally a public if one, listing ya a spac on the nyse. remember when it's peak was valued at $40 billion, now when it went public, less than a quarter of that. adam newman was kicked off the company, but he was still celebrating the listing this new york's west village. have you watched any of those documentaries? you'll see that adam newman was a very interesting character many those, and it was just really founder-led, wasn't it, ashley? it was kind of like -- ashley: it was. yeah. just a bit too much personality in the enthough, but a remarkable story, nevertheless. and finally, susan, it's going public after all this time. >> and less than a quarter of its peak valuation. going public at $9 billion, so what a difference a few years makes. ashley: indeed, it does. susan, thank you very much. how about this headline? some people may be cheering, buffets are bouncing back. coming up, the ceo of gol

. >> right >> but the meme people, they're focused on still gamestop and amc. >> jim, we have to go,here i did it listen to me, amc, they were 20% individual and 80% institutional. adam aaron flipped it. they're 80% individual, 20% institutional and that's how you go up 2,000%, david. that's how you do it. >> you heard it rehe got opening bell coming up next. >> announcer: the opening bell is brought to you by nuveen. a leader in income, alternatives and responsible investing. >> always fun to dig into piper sandler's teen survey. they say the firm on average, teens spend 32% of their daily video consumption on netflix which is a hardy number. it's down a touch from prior surveys. it was as high i think as 38 you really see some gains on hulu, other streamers, and cable tv is way back >> that survey, by the way, i find to be incredibly good because they spend a lot of time on snap. we've been talking about snap. it's the alternative to facebook maybe you could argue -- >> snap has a stock has had an incredible run it's up 158% this year >> advertisers have -- >> it's original view as

gamestop up as well. the reddit, wall street bets crowd are back.ill lose money by end of this year, reported first quarterly profit in the summertime, first quarterly profit since the pandemic began. 225 of where it is because of global supply chain gluts and port jams according to analysts will hurt the furniture sellers. everyone is impacted by inflation or logjam of the global supply chain. stuart: inflation is the story of the day, the month and week, probably. thank you, susan. blue origin launch, countdown clock is halted. sitting next to me, here in new york city. mitch yaw kaku, expert on -- michio kaku is here with me on the set. these space goers today, will only be up for 11 minutes whereas musk took people around in orbit for three days. >> that's right. stuart: could you say therefore that musk is ahead in the private space business? >> i think well, it is not head-to-head like the media would portray, the battle of the billionaires. spacex has a tremendous lead over blue origin. they have been around the earth several times. they go t