michael saylor his firm has taken a one billion dollar hit on bitcoin. we never take pleasure in misfortune of others. when i was growing up there was something called justice. my take on robinhood's struggles. that and so much more on "making money." ♪ charles: so the market opened higher and then it was still a little bit guarded as some data came in. actually the data this morning was better than expected. there is a sense that the fed policy is changing and ever changing. here is the thing. the revolt at the federal reserve, it is in full effect, folks and what is really interesting about it the doves are laying it on thick. yesterday that is what sent the market lower but today the defacto chairman of the fed, james bullard, taking the middle ground, right? sort of saying a soft landing is still possible. now sans the fed drama the market wants to move higher. earnings misses have been rewarded. folks on the sideline are somewhat antsy, surprise move particularly on friday and you could be missing out on huge money. here to discuss kaltbaum capital

and about half of that, guys has been through debt. >> wow, very, very interesting stuff and michael saylor an awful lot of followers and whenever he's on cnbc he gets a lot of attention for what he says. >> thank you very much >> let's get over to bertha coombs for the cnbc news update. >> good afternoon. here's your update at this hour. pat cipollone who served as former president donald trump's white house counsel has been subpoenaed by a federal grand jury for its investigation into the january 6th capitol attack the justice department is investigating then-president donald trump's actions leading up to the riot as part of its criminal probe into fo overturn the 2020 election results. >>> the husband of u.s. house speaker nancy pelosi pleading not guilty to driving under the influence charges related to a may crash in northern california wine country paul pelosi did not appear in napa county superior court and his attorney entered not guilty pleas. he had a .082% blood alcohol level. the legal limit is under 0.08% phil mickelson is one of 11 golfers on the saudi-backed liv golf circuit

michael saylor situation with washington, d.c. and irs is not one of them.o pay tax. i mean, if that's -- i will say this. really, when it comes down to micro strategies, if you think bitcoin is bottoming here, it's worth playing along. they remain hawkish and bitcoin goes lower, you have to go elsewhere, i think. >> this also means return to back to work get-tetrsanoghe, d one bowling company could be a big beneficiary of that. is it time to roll this name and your portfolio? we will be joined by boleros kingpin next. more fast money in two. this is smarter sensing and dispensing. fully optimized cleaning, no more guessing. getting the best out of everything that goes in. ♪♪ this is smarter cleaning. this is ge profile. (dad) we have to tell everyone that we just switched to verizon's new this is smarter cleaning. welcome unlimited plan, for just $30. (daughter) i've already told everyone! (nurse) wait... did you say verizon for just $30? (mom) it's their best unlimited price ever. (cool guy) $30...that's awesome. (dad) yeah, and it's from the most reliable

for the s&p and the nasdaq for the month the district of columbia suing micro strategy founder michael saylorral saying they're suing the company for, quote, conspiring to help him evade taxes he legally owes on hundreds of millions of dollars he's earning while living in d.c. eamon javers joins us. why does the government think they can prove he lived in d.c. all this time and is that what this is all about? >> reporter: they're saying he was saying he lived in florida or virginia and he lived in d.c. and didn't pay any taxes at all during that time here is the complaint from the attorney general in d.c., and part of what they're doing to prove he lived in d.c. during that period of time is in this document they're using his social media filings against him. they have pictures from facebook we have some we can pull up for you of saylor's own facebook postings from september 9 of 2012, a picture of a luxury apartment building in georgetown, the potomac river you see in the foreground. that's the luxury apartment building and saylor says gazing wistfully at my future home while i wait for jame

. >>> when we come back we'll talk with michael saylor. n'gowa up, dow up 222. dot ay. ♪♪ ♪♪ ♪♪ ♪♪ >>> good wednesday morning welcome to another hour of "crosswalk -- morgan brennen on maternity leave. this morning's got something for everybody. corporate results, a lot of fed speak, got some opec and now some macro data. rick santelli's got it >> better than expected, second highest read in the year other than january when it was up 2.3% if we ex transportation out, it deteriorates to up 1.4 so of course transportation kicked in a positive fashion which means we have a midmonth read we toss it. so the midmonth read was up 1.9. it gets replaced with up 2%. up 2% is also the second best of the year outside of january when it was up 3.1% strip out transportation, it really drops to up 0.4%. a proxy for business spending up 0.7. that's a nice number considering it was up 0.5, so we replace that june final and it improved. and finally if we look at shipments, also up 0.7, and that equals our mid-month three for our money ball numbers in many ways institute for suppl

michael saylor and the next chapter, stepping down as ceo to focus on, wait for it, more bitcoin. he joins us later to tell us why he's making move in a continuing crypto winter. despite inflation pressure, a bad news trend got bucked. competitors like robin hood are starting a massive round of layoffs. first, tech and biotech surging from paypal and moderna. i want to bring in ed ludlow, bad news from walmart after the bell. ed: earnings were good when i first came in, looking at the screen now, a lot of red. strong quarters, strong outlooks, back to pre-pandemic levels, the stock down 4% though , something spooking investors. saying they will only build between 6000 and 7000 vehicles, we started this year at 20,000 vehicles with supply chains for the ev maker, half of a strong quarter with a strong outlooks showing a strong strategy of higher rent for collectibles is paying off. breaking news the market close, walmart laying off hundreds of corporate jobs but what's interesting is this idea that they invest e-commerce, something i reported a while ago, serving he curled -- e-com

. >>> he is suing michael saylor for not paying texas and he's lived in the district of columbia and never paid d.c. income taxes and he's suing microstrategy which is located just across the river in suburban virginia for, quote, conspireing to help him evade taxes and he legally owes on hundreds of millions he's earned while living in d.c. the suit alleges that saylorly illegally avoided millions of dollars in d.c. by pretending to be a resident of other jurisdictions. he lives in a 7,000 square foot penthouse and has docked two of his luxury yachts in the district for long periods of time the complaint includes detailed allegations that saylor was physicall physically present in d.c. for most of the year despite being a florida resident including the corporate jet and location tagged social media posts. the whistle-blower's complaint said saylor openly bragged to friends and encouraged others to follow his example the a.g. alleges that saylor avoided paying $25 million in income taxes and he alleges that microstrategy as a company actively conspired with saylor to enable the fraud

i had michael saylor on yesterday. the night before everybody was dunking on him.d videos on social media and the most important thing though he remained extremely confident about his decision. just your thoughts on you know, again the heck cup that his company took, the writeoff they had to take but the fact is he is still all-in, what does that say to other folks investing in bitcoin? >> yeah. you know the long-term thesis of bitcoin is unchanged. obviously there is an immense amount of volatility with the asset class especially microstrategy if you lever it up. the good news for sailor and good news for microstrategy in general, the debt was long-term, low interest rates in 2020 environment. there is some time for bitcoin to recover. immense volatility in the equity itself is because you're essentially levering up the bitcoin bet. charles: right. >> i think the long-term thesis for bitcoin is unchanged. we're at the end of the debt supercycle. how it is resolved is anyone's guess. the engame is more monetary debate. over the long term that is the only answer fro

more with so background of the news on crypto, but crypto has stayed above 23,000 did you see michael saylorwhat do you make of that >> i don't know what it says >> and when you do it with permanent capital, the losses can also be permanent. it's not like you have a fund where you can put some money to work all they basically have is the cash flow from the micro strategy software business to keep investing into bitcoin. you'd want to dollar average down at this point, i would think, but i don't think anyone's telling them, take your money and put it into bitcoin at this point >> you remember when tom lee said it was going back to 20,000 we laughed at that it at one po. a lot of people were in early. at 23, how can you completely lose your ass? where did you get in >> he started getting in i believe, they started making their investments under 10,000 or in the 10,000 range >> but then they got a lot more. dollar cost averaging up >> yep you prefer to do it on the down. meantime, let's talk about this story, i'm still shaking my head, joe. arizona senator kyrsten sinema announcing late last ni