what is hindenburg alleging? simone: hindenburg's allegations are really about cash -- cashapp. hindenburg says they spoke to any number of former employees, they have poured through documents, through litigation documents, they have also listened to rap songs. their conclusion is that there are a lot of fake users on the cashapp platform, employees said 40 to 75% of users perhaps that the company does not do enough to limit the number of fraudulent and fake users even when it sees signs that they are. and also the behavior that these users are doing online is sometimes criminal or fraudulent. that is where the rap songs come in. hindenburg points out that in several rap songs they cite the app as a way of trafficking drugs or facilitating some kind of violence. also, covid-19, people seem to have gotten some payments there, potentially fraudulent. we saw shares fall 15% yesterday, hindenburg believes there is a 65 to 75% downside, we saw dorsey's well take a hit. of course, block pushing back saying they are exploring legal action and not all the investors are convinced, either

reichs president hindenburg disliked the nazis, and treated hitler himself with contempt.r , the future fuhrer deftly outplayed the elderly politician. he established contacts with a wide circle of german industrialists in the early 1930s , the nazi party. generously sponsored by the german coal magnates, the owners of foundry and chemical trusts of large banks and shipping companies at the end of 1932. they appealed to the hindenburg with a demand to appoint hitler as a temporary reichskaler who could carry out the necessary reforms and , according to them, remove the communist threat from the country. on january 30, 1933 , succumbing to the persuasion of industrialists, hindenburg appointed hitler as the new chancellor of germany hitler in the mid-twenties actively forged connections with the powers that be in the financial and economic field and found something of a brain. why because he positioned himself as the main march, he positioned himself as a person who would stop this red infection, as he said, which, if it comes to power , will take away all your property fro

and covid-19, hindenburg saying that people used the app to get fake payments.ck refuting all of this, calling it inaccurate and misleading, but these are the allegations at hand. dani: considering what hindenburg, the power they have had in terms of market reaction with adani, for example, how has the market reacted to these new allegations? simone: do not forget nikola as well. 15% decline in the shares yesterday. we are only part of the way there, and you mentioned hindenburg's track record. it is pretty good. when you look at the 30 companies it has announced short positions against since 2020, after six months, all these shares were down about an average of 26%. that said, there are supporters of block. cathie wood, arc investment management, for one seem to have purchased some $21 million worth of shares in the wake of this report. dani: thank you very much. simone foxman from delhi. i want to bring you stocks on the move. tui planning a new share sale, one point 8 billion euros of replacing their debt. jd wetherspoon, it is their first half 2023 bottom li

hindenburg says that these were brazen red flags and down to shortcomings in compliance.indenburg also takes issue with other areas saying that cash app is over inflating the amount of users it has and they don't like the way they are charging merchant every time you swipe your card and is critical of the $29 billion deal that was made to buy after pay. so far we have yet to hear from block's own and -- only executives but we know that some analysts have weighed in already , saying that they are worried if there's any kind of activity like that and what it does for investor sentiment. from their perspective the shares are good value. someone's got to have more information than this. jenny is helping to break down the story. so thoroughly. so far we have still not heard from block. you have reached out. so many others have. what do we know in terms of other implications to the business model here. we know that there have been regulatory concerns versus their venmo and the like. >> there are a few different pieces that folks are keying in on with this. any implication that

that's a good gain for hindenburg.y lower. if hindenburg's right about block i think some of the issues they raised are important. they call into question the way block gets new customers and the real cost of acquisition. there was a lot of subjectivity on this issue, somewhat marred by an emphasis on how criminals seem to be courted to open accounts. suboptimum. but there's another issue that cuts to the zeitgeist of the market and cuts positive for block. younger people like it. and they like its peer to peer payment option called cash app. kind of like t-mobile versus verizon att. guess who won there. they don't care about any of the stuff that hindenburg lists. even if they should. second, because so many young people sign up, wall street loves it. although wall street's also assuming the fed will ease up later this year. if jay powell stays hawkish nothing can save fintech. third hindenburg correctly states that if block were to be regulated like, say, jpmorgan, it would be radically overvalued. that's true. but w

they turned to the hindenburg with the demand to appoint hitler as an interim reich chancellor who canarry out the necessary one. reforms and, according to them, to ward off the communist threat from the country on january 30, 1933, yielding to the persuasion of industrialists, hindenburg appointed hitler as the new chancellor of germany . why because he positioned himself as the main marsar communism. he quickly positioned himself as the man who would stop this red infection, as he said, which, if it comes to power, will take away all your property from you and of course, but they see that the people come in the form of their will to win, which they demonstrated, financiers, industrialists, oligarchs of that time, they certainly hesitated . in the end, they bet on him. and by and large, most likely, they themselves would not be able to put it in a legal way. there must have been a mistake. elite ie the conservative elite. they had to meet the nazis halfway and make a decision that they work with them and they support them, but on the way to power. moreover, based on the fact that the

it has been hit by a shortselling report in hindenburg.y exploring legal action, but payment stocks under pressure today. we are continuing to watch what will happen with the aussie three year yield given that we saw pmi data falling into contractionary territory, worst reading for the private surrey -- story since may 2020. energy stocks under pressure. haidi: let's bring it our next guest who is questioning whether this banking turmoil is the first domino to fall from the rapid increase in rates. with us now is olivier. when you take a look at the notes i was pricing earlier, lots of questions. were market surprise? where do we go from here? is this the first domino to fall? if you are in investor, how are you protecting yourself against future belts of volatility? >> we are seeing all of these questions simply right now. in january, people rebuilding, in february they question whether they should be and in march they got blindsided by a banking crisis they were not expecting. there were expecting an economic crisis and the fed to come t

in 1925, hindenburg became the first and only person in the history of germany to be elected head ofirect popular elections . most of the time, the president was a staunch monarchist and a bright goal, which he wanted to see before his death. this is the collapse of the weimar republic and representatives of the dynasty came to the throne spongekinsors. this was a man elected twice in the popular vote of the gaming republic. this, in my opinion, characterizes very well. this is a phantasmagoria , this is a public education. in 1923 , france and belgium occupied the german industrial region. ru, most of the german coal was mined there and the largest steel mills were located. this seizure dragged the german economy, which had not recovered after the war, to the bottom. the most grandiose began in germany hyperinflation, which has ever known, the world history of the mark depreciated at a fantastic rate in a couple of days, prices could double, and in a month by 1,000 times, if on january 3, 1923, 1 kg of bread cost 163 marks, then already on october 1 of the same year 10 million . to

. >>, blocks as it is exploring legal action as shares tumble after hindenburg research accuses it of facilitating fraud. let's get a quick check on wall street. we'll see how futures are shaping up. s&p and nasdaq futures are higher. it was an intensely volatile day on wall street. fortunes made and lost several times today. the addition of that, the department would be prepared to take an additional action if wanted on deposits. a chill through the banking sector. we saw banks take a further leg lower. that moderated gains also had people claim to tech as a safe haven. the two year yield at one point was down to 3.73%. a huge -- usually valid today. particularly at the front end. we have more weight on the dollar index, the bloomberg dollar index was down for a sixth straight session. let's have a look at some of those banks because it does look like the contagion is spreading just a little bit. comerica and zion are taking much of the rest of it today. both of those stocks are down more than 50% on the year. first republic also saw declines today. first republic down more than 92%.

tumbling after hindenburg research says, shortq the stock. more on that story straight ahead.lessly work with you to make them real. ♪ (torstein vo) when you really philosophize about it, there's only one thing you don't have enough of. time is the only truly scarce commodity. when you come to that realization, i think it's very important that you spend your time wisely. and what better way of spending time than traveling, continuing to educate ourselves and broaden our minds? (woman vo) viking. exploring the world in comfort. ♪♪ for skin as alive as you are... don't settle for silver. harness the power of 7 moisturizers & 3 vitamins to smooth, heal, and moisturize your dry skin. gold bond. champion your skin. tiktok ceo set to testify for the first time before congress today as his app faces q8er(artisan criticism and the threat of being shut down here in the united states. guys, we'll bexd watching this carefully. it's kind of a qno-win situatio for xdhim, though, becauámx yout both sides of the aislex:jjt on about the security risk, and i think that the toughest and most im

plus, he's going to weigh in on the report from hindenburg.k falls 15%, let's talk about this, on my everyone talks to liz podcast, we're going to update you on justin and taylor norris, they're the founders of a company that jay-z found so exciting that the rapper said i am in, and he backed it. it's called the lit method, and it brings the gym to the comfort of your home with a proprior -- proprietary machine that -- they're now in target. you can get it wherever you get your podcasts. closing bell 27 minutes away. the dow is down 72 points at the moment, we are coming right back. ♪ ♪ the new chase ink business premier card is made for people like sam who make...? ...everyday products... ...designed smarter. like a smart coffee grinder - that orders fresh beans for you. oh, genius! for more breakthroughs like that... ...i need a breakthrough card... like ours! with 2.5% cash back on purchases of $5,000 or more... plus unlimited 2% cash back on all other purchases! and with greater spending potential, sam can keep making smart ideas... ...a b

hindenburg does have a long resume. >> i would say thank god for hindenburg.rior to them coming on the scene, we've had successful short sellers in this era, but they're outnumbered by fintech companies that have been able to raise money and basically pursue some sort of a regulatory arbitrage as their edge and that's how they've built these 10, 20, 30, in the case of block $40 billion market caps. they're okay mingling with lawlessness as long as they make money. hindenburg is one of the few entities that's paying attention to what they're really doing. and the closer you look at the pandemic-era fintech success stories, the more you see basically regulatory arbitrage being dressed up as though it's actual innovation. that's not everyone. this looks like it's a particularly egregious case if you focus on nothing else they said other than the way in which pandemic-era loans were made willy-nilly through these apps. to me the worst thing i read here, but there's a lot of other stuff, too. i'm not in the stock, not long, not short. i'm just thankful that people

after an hindenburg -- a hindenburg research is betting on the decline in the stock.y did not respond to an email request for a comment from bloomberg news. caroline hyde joins me with more. it is block but we are used to calling it square. what are some of the allegations? >> it is also cash app. they have done a couple of years focusing on forensic research. the fact they can access checks. the alleged accusation here is that cash app was allowing multiple people to use the same bank account and claim a load of money from the government. house and's. and therefore, they are worried about the compliance -- thousands, and therefore they are worried about the compliance. they are taking issue with the lack of a $29 billion deal. they don't like that particular deal. they also didn't like the way cash app targets merchants every time you swipe to make a payment. there are a few issues but largely it is compliance and facilitation that is making people sit up. guy: when will we expect to hear from block? how do we respond? how does history tell us about how companies wil

the hindenburg research group did it again. sarah coontz in next concern is next.done so much harm to the markets in the last 48 hours. i've got to ask brian wesbury, what should she be saying? we'll be right back. ♪ it's a little too loud on the highway, i want to pull back in your driveway ♪ you'll always remember buying your first car. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. at t. rowe price, our strategic investing approach can help you build the future you imagine. (man) what if my type 2 diabetes takes over? (woman) what if all i do isn't enough? or what if i can do diabetes differently? (avo) now you can with once-weekly mounjaro. mounjaro helps your body regulate blood sugar, and mounjaro can help decrease how much food you eat. 3 out of 4 people reached an a1c of less than 7%. plus people taking mounjaro lost up to 25 pounds. mounjaro is not for people with type 1 diabetes or children. don't take mounjaro, if you're allergic to it, you or your family have medullary thyroid

in 1925, hindenburg became the first and only person in the history of germany to be elected head of popular elections . most of the time, the president was a staunch monarchist and a bright goal, which he wanted to see before his death. this is the collapse of the wehrmacht republic and the water throne representatives of the gensor dynasty. it was a man chosen twice in international voting very well characterizes the public education. in 1923, france and belgium occupied the german industrial region. ru, most of the german coal was mined there and the largest steel mills were located. this seizure dragged the german economy, which had not recovered after the war, to the bottom. in germany, the most grandiose hyperinflation that has ever been known began, the world history of the brand depreciated at a fantastic rate in a couple of days, prices could double, and in a month a thousand the crackdown of 1923, 1 kg of bread cost 163 marks, then already on october 1 of that year, 10 million. to pay for any trifle , whole bags of money were required; german printing houses printed new ban

dan, just give me your evaluation of some of the claims in the hindenburg report.it uses of thee1 ch app. thanks for having me.e1 we upgraded last okweek. again, we didn't upgrade on the cash app. we upgraded on profitability. that still stands. our concerns about the cash app still stand too. let me talk a little about the allegations. the main thing or i guess the most important allegation is like how manyÑi oñ@o!ñ million monthly average users are actually used for drugs, sex trafficking, et cetera, et cetera, et cetera? i think it's actually a very, very small portion. i can't imagine there are that many drug dealers in america. right? i actually think there's a lot of short report. gross profit or revenue is kosher, and it's5a■ very strong. so i think there's a lot of allegations there about the songs deirdre was mentioning which i thinke1 are completely, you know, false. >> there was some commentary, and you sort of get to this as well, that a lot of the issues are perhaps not particularly new to investors who have followed the company and been investing in t

we've seen hindenburg have big hits over the last few years.mberg tech is coming up, this is bloomberg. ♪ ax rates or filing returns. avalarahhh ahhh - [announcer] imagine having fuller, thicker, more voluminous hair instantly. all it takes is just one session at hairclub. introducing xtrands. xtrands adds hundreds or even thousands of hair strands to your existing hair at the root. they're personalized to match your own natural hair color and texture, so they'll blend right in for a natural, effortless look. call in the next five minutes and when you buy 500 strands, you get 500 strands free. call right now. (upbeat music) we are in our into duis trading's session. s&p is down .2% and tech is down .2%. the fundamentals still showing strength. i want to point out deutsche bank because it's down by 10%. his dragging european stocks lower in leading to underperformance in europe. it's a minor drag on u.s. equities. the bond market as well. the two year bond market in different countries. in the u.s., it's only down 13 basis points. the german two

hindenburg coming into play yet again.t seller issuing a report election block -- alleging block facilitated fraudsters. other payments providers unscathed. xip --zip up 5% at this time. yields trending downward as well. plenty more ahead. stay with us. this is bloomberg. ♪ hey david! connect with an advisor to create your personalized plan. let's find the right investments for your goals. okay, great. j.p. morgan wealth management. your supply chain and ryder makes sure you're ever delivering with freight brokerage to transportation management, truckload capacity and dedicated trucks and drivers. it's easy to get lost in investment research. introducing j.p. morgan personal advisors. hey david! connect with an advisor to create your personalized plan. let's find the right investments for your goals. okay, great. j.p. morgan wealth management. as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data pl

. $153 billion in market value was raised following the report from hindenburg research.ire, decades as a top investment banker for joining lazard as president, former chairman at citigroup and vice chairman of the entire company, making him one of wall street's most senior executives. he left to run for mayor for new york city, a post won by eric adams. 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 am vonnie quinn. this is bloomberg. >> let's look at the crypto movers so far. >> yeah, taking a look at these given the headlines that dropped around silver gate earlier, winding down and the quit dating its banking, bank rather, by that is significant is because this seen as a key conduit between the fiat world and crypto players so it will have ramifications for crypto exchange is. let's look at some of the biggest crypto-blanked stocks in asia. next at the start of the trading social. the msci index moving to the upper side -- upside. silver gate slumping in after hours trade. a

send it over to seema jú6■ companies targeted by hindenb)q;iu(u r the three months after those hindenburg trevor milton to resign as ceo and a fraud in federal court.ed withl the stock is stillxd trading at all-time low. and they took aim at another electric company. on twitter it was first short and then long the stock once twitter@gcled a suit against elon musk as youi] pointed out me. more winsxt 9■ losses. >> that's right.e1 they did flip-flop on twitter. it haven't really a big -- one ofÑi these kind of deep researc calls, i don't think.lp it's reallyfá good run down on their performance. i would aÕ pointt&÷ out, not every short research firm has such a high hit rate and at(e1 track record. some of them do try this type of thing and it doesn't always xd work. >> i thinkxd they call it financial forensic research and it's paid off soç!ñfar. >> it has, indeed. t0a-juááz much. >>> we're monitoringÑi treasury secretaryÑi janet yellen testifying before the house. we'll bring you all the highlights as we get them. >>> up next, forecasting the >>> up next, forecasting the fed. your shipping

hindenburg said they did embrace that but a specific segment and he said criminals. dorsey has pointed that how hip-hop artists wrap about using cash app and how they use it in scams to traffic drugs and even pay for murder. the short seller knocks that profitability that made cash app more appealing to investors than venmo. hindenburg fueled that profitability and points to accelerated losses and after pay which was block's $29 billion acquisition. i had to check that number five times because it happened at the peak and it seems like so much money for a fintech company these days. >> did some of these issues potentially plague some of the cash app or block competitors? >> like a venmo? >> yeah. >> venmo hasn't been as profitable and haven't been able to capitalize in the same way and that's why you've seen block pull away. venmo is still widely used and its total payment volume is so much more than that of the cash app but it hasn't been able to get those profits in place. maybe this was why. >> in the reporting you just gave, there were a lot of allegations of cri

hindenburg said it is another sign of how adani and relishes its financials.ese allocations but has not specifically address the point about the power plant. rishaad: bloomberg's wealth reporter. we will keep an eye out for early movers in india as we count you down to the start of the trading day there. plus, our exclusive interview with mahindra holidays and resort to ceo kavinder singh. we will hear about the recovery prospects of the pandemic-better travel and tourism industries as they emerge into the post-covid world. this is bloomberg. ♪ online personal styling? what's that? that's stitch fix. and how can you help me? we do the shopping for you. how do you know what i like? and what fits? you tell us your size, budget and style. wait, is it a subscription? no commitment required here. and i only pay for what i keep? yup. i live in denim, can you send me jeans? we've got you. what about shoes? mhhm. styled for me? for me? always. we'll pick the clothes. you enjoy the great fit. stitch fix. haslinda: india starts trading in about seven minutes from here.

the adani family cells stop that sell stock as it tries to recover from the hindenburg disaster. china ramps up its push for domestic chips. >> take a look at how u.s. futures are coming online, under a little bit of pressure. we had a dovish take when it came to raphael bostic's comments today. we had treasury yields remaining elevated. we are talking about the treasury market yields, everywhere now, topping by 4% level, even the 30 year yield at the highest level since november. we continue to watch the big moves in the treasury space as marcus arbery pricing expectations -- as markets are re-pricing expectations. we saw jobless claims historically low. unit labor cost in the fourth quarter revised upwards. under a little bit of pressure in the asian session. >> optimism around the chinese economy has been boosting australia over the past few sessions. the asx 200 coming online positive. the rest of the region was lower in the prior session. that is one part we are watching. these moves in treasury yields continuing to see these moving high. a bit of a wait and see mode that is

as soon as the hindenburg report, which has thrown a cat among the pigeons when it comes to the ambitions as an understatement. they have been going on since february, and what we understand is they are looking or aiming to do it in two tranches with a total of up to $2 billion? >> what are we expecting investor reaction to be? >> that will be an interesting thing. they will be a barometer into whether the firefighting and reputational repair at the adani group has been focusing on for the past couple of months in the wake of the hindenburg bombshell, whether that has been successful and had impact. we will see potentially in the market for this. it will be a real litmus test for the group. haidi: does that mean we are potentially seeing the end, as you said the cat amongst the pigeons. we are seeing confident market trust adequately recover? >> i think that is a tough question. you only need to see the reaction in some of the adani stocks when there are reports of them having difficulties with funding as we did see this week, and you can see that the sentiment is still quite cautious of

he's the one guy that said you know, the hindenburg doesn't look safe i'll take a taxi.ow, here is my favorite proposal of all, he wants to launch a baby-boom with bonuses for young parents, we can't leave it all to elon musk. >> i will ask congress to support baby bonuses for young parents to help launch a new baby-boom. >> what a great idea. i can see it now. red hats, but instead of maga i says mafa. make america frisky again. you didn't think i was going to be that blunt. how about make america make americans again. if that's not a winner i don't know what is. if not, you can sell the hats t bachelorette parties. then there is trump's last thing . make things beautiful. >> finally, i will challenge th governors of all 50 states to join me and great modernization and beautification campaign getting rid of ugly buildings,. >> getting rid of ugly buildings . that's the best. of course, the guy is into real estate, he knows ugly buildings sucked. i think that was the quote unde his high school picture. we could just hire and tivo to do the rest. here is what we've got. w

blog has been the target of the latest report from hindenburg and they accompanying the report was designedive and confuse investors and exploring legal action against hummingbird research. down 15%. hitting bird research most recently putting out a report when it comes to at on a group and taking the. police targeting block formally known as square down. want to broaden this out a little bit and talk about the economy here. we got the inside about the stock market. i want to go into the room of the question which is spread does the federal reserve go next? he was part of the call where you saw a potential pause in the fomc. we know they raise the rates by 25 basis points. i want to come to you on that call. did the fed make a mistake? >> time will tell. i do not think it made a huge mistake in the end game here, but i think they probably felt like the market had a price 25 basis points surely ahead of the meeting and they took the option to move higher. one of the arguments to follow through on that call they're probably concerned about inflation expectations and whether or not those will

you weren't here yesterday when we watched block shares tumble on the hindenburg report.at happens, i think, with anyone is their record. how have they done if you shorted one of the stocks? look at the day before. i think that's important. now, by the way, he's always been straight up. it's not like you go to a bubble, the s.e.c. is going to look at it and say, wait a second. where's the disclosure? they're not going to say, unless it's reckless. that's kind of a gold standard. unless it's a reckless case where he knew things and didn't put in, it could have, you know -- david, 8 out of the 11 that i follow of the big ones -- >> hindenburg, in other words, you're saying 8 out of 11 times, what? >> of the ones that i follow in america. i'm not even talking about the -- >> adani, for example. >> i'm not talking about adani. when you look at the ones he's lost on, david, so minor. he's lost by three points. you can argue -- i could argue he's lost by ten. look at the way it's going. win on well tower. >> what about the cogency of the argument itself? i know you had the day

after shares plunged following hindenburg's announcement the firm was shorting the stock over so-calledraud. early on the way, we spoke with cats -- cathie wood about her investment strategy. >> what we did do was we concentrated our flagship strategy, so a are kk, and other strategies, a rk q, a r kf, and we moved in the flexor case from 50 names in february 2021 when we peaked. down to 27-28 names. caroline: just outlining why arc tends to double down on its focus on certain winners, certain choice companies during turmoil times and tax harvesting. coming up, we turn to something kathy also likes crypto. charging about years were the fraud. we take a look at bitcoin, because as of late, it has been deemed to some sort of haven particularly amid the financial fallout, the worries about the banks over the last five days basically flat. we've had a run-up in the last month. from new york, this is bloomberg. ♪ go find leaks. go fix-em. emerson technology detects compressed air leaks to save manufacturers, like colgate, over 20% in energy costs. go brush your teeth. go boldly. emerson. whe

it was down by 20% after hindenburg said it took a short position. the coinbase is down by 2%.t is after the acc issued a note that it can actually potentially taken action over a potential violation of security law netflix, the biggest gain in two months. the stock is up by 9.4%. it could be a speculative move. nvidia -- nine days of gain. the stock is up by more than 130 percent since october. it is a combination flight to tech stocks, and it introduced new chip technologies during the conference. that was earlier this week. >> thank you. great stuff coming to tell you. -- great stuff, natalia. the tiktok ceo is still testifying before the committee. very much focused on data access and its. the ceo basically trying to downplay tiktok's connection to china. you can follow what is happening here. you can do that live on your bloomberg. this was a fantastic running analyst nation of what is happening right now. >> definitely looking forward to that. representative jim hunt of connecticut joins us with caroline hyde. this is bloomberg. the new chase ink business premier card is

: they provided information to questions about who their users are, are they fake users, member hindenburgrch allegation up 75% of their accounts could be fake d, therefore essentially saying block is a fraudulent company, now they are answering that and stock goes up. stuart: then we have this. more than a thousand migrants crossed the border into el paso, texas on wednesday night. alexis mcadams is at the border, how did officials deal with the latest surge? >> they are used to this because two weeks ago a mass of migrants tried to charge this area and go across the border into el paso, texas, that's what happened yesterday but they didn't turn themselves into authorities but this after another rumor telling migrants if you show up to this border site you will get right into the united states, that wasn't the case. take a look on your screen, this is the latest video from yesterday, you see large crowds of people crossing illegally into el paso, texas in the past 24 hours, 1000 migrants entered that already slammed sector, sources tell fox news many of those migrants took a freight train

. >> i want to talk about square parent company block, they're firing back at hindenburg arguing claims that -- in block's new report today they said of the 51 million monthly active users, 44 million of those members have been ver fi verified of those 34, 39 million have been linked to unique social security numbers. one thing missing as i was going through it quickly was the percentage of cash gross profit that was generated from illicit activity you can see shares are up almost 3% today jd.com, shares are soaring higher after the e-commerce firm announced it plans to spin off its property and industrial units and then lists them on the hong kong stock exchange this revamp comes after rival alibaba announced plans yesterday to list six of its units for ipos that's why jd.com someone of the biggest moves on the nasdaq 100. >> kristina partsinevelos thank you very much. >>> stocks losing their early steam as more fed speakers call for additional rate hikes and banks weigh on the major averages amid calls for tighter regulations. for more on where things head now with just one more tradi

sec shares a block jack dorsey's crypto company, which does online payments, cash payment apps hindenburg research is saying very being used for fraud and someone should investigates that stocks getting hit today. not a good day to be crypto. and moderna finally said that they start charging $130 shots for covid. but because the biden administration not paying now, your insurance company will pay. so still be free. but the insurance companies are on the hook for the bill. looks like. >> ok, well, speaking of federal oversight, you brought that up a moment ago. we got tiktok in the hot seat lawmakers a little ticked off at tiktok. what's how's that playing out? >> i'm a little ticked off a tiktok challenge me of something on silicon valley bank last week. i'm like what are you doing knowing this information lies came through tiktok as user generated content and not necessarily always the safest. the ceo of tiktok. today's on on capitol hill. this could be positive news for facebook for google for you. the youtube through google, facebook com and their instagram snaps going to do better bec

should be a joint parliamentary committee, in the wake of the allegations made in the short seller hindenburg'soll back of the disqualification of rahul gandhi. i earlier said it is about procedure and process, more importantly about the larger question of the message that it sends about indian democracy. yvonne: there are some rumors out there now of a grand alliance of parties. have we leave reached that moment? >> we are still one year away from a general election. a general election is scheduled march 2024, around the first week of march when the board of conduct is notified by the election commission and the dates of the election are announced. you are correct, this will be an extremely turbulent year and the lines are sharply drawn. the atmosphere is extremely toxic and polarized. therefore you will see a very very contested battle playing itself out over the next 12 months. yvonne: do you anticipate anymore key leaders from the opposition that might have to go from the same way gandhi did? >> you have this unprecedented situation where 14 opposition parties jointly petitioned the supreme

about it and i think that this is a very fine company and its par partners were not shaken by the hindenburg be right and i've seen them be wrong and always felt they disclose, not going to be able to say they're a hidden short but i think that this is a very good piece, which makes me feel like the identity verification system they have works and i think it's going to squeeze the stock higher >> almost filled the gap would you argue, what are your favorite fintech names >> cash app is really good the piece did say, look, without a doubt they're overinflating and did a lot of stuff about criminals, but the people, the main company, i remember when jack dorsey told me, if you've done enough work, do you know who -- visa is our partner and we have partnerships and they're standing by. that's important >> what's on "mad" tonight >> we have tim who went to law school with me and we need to understand exactly who is the stop law and who is making -- creating coins every day then toby rice, the largest natural gas guy making money, natural gas? and the guy is still making money. he's a magician. t

they say that some of the allegations therei%iu)u$ regarpr what's happening over at Ñilp hindenburg with you. yeah, it's definitely sort of informing that the action across the board here. that's interesting. i guess you can't expect even at jpmorgan not at least thexd general sentiment is risk off from what we're seeing andxd ase said, is the fed just a few months away from a rate cut? that's how the markets look to be trading this morning. steve liesman joinsmy more. i couldn't help thinking, and ì% remember when lagarde and we bm respyher, but i just remember thinking içó wonder if we're gog comments that this is not goinì% t(u what weá do in the slightest in terms of fighting inflation. and then you just wonder, really? okay. you going to stick with that? we'll seet(Ñi what happens,fáxd but -- >> yeah,xd añr potent'y for great comments made by central bankers to head up crises, right? remember we had, what was it, greenspan onceçó said that the prices in portland,xd maine, to arbitrage the price of house in portland, oregon? >> bernanke said i don't see bi1 problems in housing or som