nelson peltz has wasted so much time and money.has made a ton of money now on this activists campaign. i think disney will win this solidly with the backing of the institutional shareholders as whole as many retail shareholders like we are. the bottom line is this is how is nelson peltz going to do anything better for disney other than cut costs? that has already happened. ed: mr. gerber, whether mr. peltz is absurd or not he set out in a manifesto a lot of grievances focusing on the streaming business. let's say whatever happens, say iger is successful, the question mr. peltz raised was how you get that streaming business to profitability without depending on a strategy that is raising prices for consumers while cutting the cost of content production? do you have firm in your mind an answer to that question? ross: shogun. that is the answer. when you have shows and content people want to see they will pay for subscriptions. it is what is happening in streaming. we are seeing it in sports subscriptions were people are signing up to

iger's record is better than peltz's. >> probably the single biggest reason peltz and trian will notat you have some pretty happy shareholders out there. >> they lost. sorry, nelson, in fact, the entire board of disney has been re-elected by what they're calling a substantial margin. it is a victory for disney. >> i was supporting the interest of the company, not my personal interests, and defending what the company and the board was doing, as opposed to defending myself against criticism from nelson and the people who are backing him. >> in the wake of faber's interview, jim cramer is back on set with us with another special guest. >> thank you so much. we've got activist investor or i think constructivist investor nelson peltz with us. you listened to the interview. are you a happy or selling shareholder for you trian? >> jim, before we get started, i want to say thank you to a few people. i want to thank you to all the shareholders who voted for it. i want to thank my family and my beautiful wife claudia for putting up with me through all of these campaigns. i try to do the right

peltz in a while.ave no plans to speak to him. >> i am not betting putting somebody in the board room that could be disruptive and change the course of the disney company. >> we're not going to lose, let's get that straight. >> and we have some breaking news from our own reporter. david? >> yeah, they lost. sorry, nelson. in fact, the entire board of disney has been re-elected by what they're calling a substantial margin, that just called out by the general council at the annual meeting of the company. so all 12 disney directors have been re-elected. obviously, it is a victory for disney, a defeat for trien, which has been seeking two seats on the board. they haven't gone through the numbers, but some i can provide, via sources in terms of, deidre, overall votes and how many were allocated to various directors. first of all, roughly i'm told 70 or so percent, perhaps a bit more than that, voted. so roughly 70% of the outstanding shares were voted. of those, for example, 94% of the votes or those shares

>> i think there is a bit. >> peltz has momentum. >> the argument from those who favor a peltz and/oreltz and rasulo is simply, what would be the harm in having a peltz on the board, helping to oversee potent potentially succession, for example? the counter, as we well know, jeff sonnenfeld was on this morning -- >> he's a one-man destruction team. >> rather vociferous in terms of his support ofdisney. but the basic argument is, listen, the stock is up -- by the way, one of the best performers of the first quarter. >> number one in the dow. >> number one in the dow. that is a result of the things that have already been done and will continue to be done in terms of improving the financial performance of the company, namely, drastically reducing the losses at streaming, in fact, getting to earnings before the end of this year. along with a number of other things, including raising a dividend, things of that nature, and that is because of iger's leadership at this point. and then, there's something i brought up a number of times, which i think is important, which is the idea, i think, th

disney did defeat nelson peltz. the contested proxy battle. they voted the slate of nominees and rejected peltz's bid for two seats on the board. david faber has an exclusive interview with bob iger at 9:00 a.m. we will talk to jessica about this. she thinks this is great. they thinks he will be bob iger unshackled. he has a full backing of everybody and he's now going from repairing disney and what happened after he left to a growth phase. video games -- >> tougher issue to go back to the slate. cost cutting was the easy part of the move. bob iger has the chops. he has done this before. >> we'll see. >> reason why the stock dropped or not moved higher is in nelson was there, there would be short-term moves. >> i don't know if that is great for long term. >> a long-term bet on bob iger and disney. you won't get a short-term pop. that is to be expected. >> as much as we knew about it, we knew it would not work for nelson. it is weird when it was official. how many days have we been saying it? >> i think people play along with this very bizarre

california's calpers pension fund said it voted in favor of peltz.s jeff sonnenfeld, the yale school of management senior associate dean for leadership studies and a cnbc contributor. somebody who has been a very vocal backer in recent weeks if not over the past month and a half of bob iger and the current team. jeff, are you surprised at some of the names we've heard come out in favor of trian and of nelson peltz given your voci vociferous report or words and not just words but data which you have tried to suggest and show that the current board under bob iger is doing a much better job than perhaps nelson peltz is willing to acknowledge? >> fantastic opening question. i am disappointed, you know, it's -- fred allen once said that invitation is the highest form of television. he should have said the highest form of governance, governistas. iss has consistently gotten them wrong from their backing of enron, world com, it's -- no, it's disappointing and what they did is they absolutely conflated -- if you look at their report, which they're not happy

. >>> disney reports it secures enough votes to defeat nelson peltz.t's set to meet with the gm later today. >>> and the swiss re ceo will hands over the reigns later aspergeas b b b berger is sets to take over in july. >>> let's start with the big board and show you what's going on with the european markets. let's bring up the board. we've got the ftse 100 down at a downside of half a percent and the ibex in spain. the citi sitting there as well as switzerland. the u.s. futures saw quite the soggy day with the dow posting their worst day since the 5th of ma march. also back-to-back losses. you can probably point to what's happening with yields as the culprit here with the 10-year hitting the highest since november. we've got more data coming out overnight in the form of u.s. job openings. they rose by 8,000 to 8,75 6. it's all adding to the idea that the u.s. economy is still quite resilient. indeed on the back of that, fed officials continue to spread continued caution on the rate cut path this year. cleveland's president loretta mester saying more e

so nelson peltz won 31% of the vote.ot nearly enough to get him on -- it was not nearly enough to get him on the board, but that's 31% of shareholders with voting power who voted for a guy who by his own admission doesn't know anything about the media, doesn't have any experience in media, and his experience is in holding boards to account and and changing governance. so what that means is a huge portion of investors really think that there's been, you know, in that disney has dropped the ball on succession, that governance is not going well, and they don't trust that bob iger is going to sort of steer that process quickly and efficiently towards the right, you know, the right direction. liz: ken, let me bring if you in. you have a buy rating. does this, and this vote is, because it further -- does it further sport, does it add to your conviction that this stock is just a wenter coming up, or are there things -- a winner coming up, or are there things you need to see disney pull off in the near future and what are they?

peltz is running on a campaign that i'm a head hunter.e disney board, you don't know what you're doing with succession. the evidence is chapek was a disaster, but bob iger pushed back his retirement five times and there is no successor. that is the argument to say put me on the board and i'll make sure this gets done correctly and we'll look at a bunch of candidates. maybe candidates you never considered before. the disney culture is thick. i think it hard to bring an outsider in to steer the company in a different direction. >> we have to leave it there. alex sherman, thank you for being here. >>> turning now to the global briefing. voters dealing with president erdogan getting a major blow at the elections. he picked up 15 other seats in cities nationwide. this is the worst defeat for erdogan in more than two decades in power. erdogan saying this is a turning point. >>> positive economic data in china as manufacturing activity expanded. this was driven by growing orders by domestic and foreign customers. >>> japan and the eu are talking

. >>> the disney ceo bob iger keeps the keys to the castle fending off the challenge from nelson peltzs the proxy fight comes to an end. we will hear from iger at 14:00 cet. >>> the head of nato proposes a 100 billion euro aid package for ukraine as the alliance looks to lock in long-term support. >> europe needs america for its security. this is essential. europe is investing more. at the same time, north america also needs europe. >>> good morning. we start the show with some economic data. we are just getting flash final pmi readings for the eurozone and these are the figures. in terms of the composite figure, we have it coming in at 14.9. i should say 50.3 compared to an expectation of 14.9. we're seeing a slight improvement and the composite figure crossing above the 50 threshold. that is important because it makes the distinction between contraction and positive territory. it came in at 51.5. that is higher and what analysts were expecting at 51.1. all in all, this is important as we prepare to hear from the european central bank next week. we got important inflation figures from

let's take a look at your stance on disney versus peltz. where do you stand?ll, originally i've been more in favor somewhat of a breakup. when you look at the real estate and the parks portion of disney, that's the one that has the lower pe, and, really, the growth aspect would come from areas such as the streaming businesses and communication services. i think what at least has been played in all of this, peltz is saying let's get serious about streaming here. peltz is saying if we really want to be a streaming business, we need to broaden this out. it looks like he's at least gotten a voice that's going to sort of accomplish that, and it seems like disney is trying to shift and get serious about what the streaming business is all about. >> does that mean that regardless of the outcome here, you feel as though you're comfortable with company's direction going forward? >> yeah,i am. they mentioned iger saying he might hire the first ceo in wald p, and she comes from the entertainment/hollywood side of things. she would be in place to guide the streaming busine

he thought nelson peltz could run a campaign. ike made a lot of money, peltz made some pony. disney board stayed as is, but some issues have been highlighted that they will make sure to address to avoid another activist investor coming a year from now. so in some ways, i guess everybody wins. but the end result here is kind of the same as what it was before. >> well, your piece yesterday was very well timed, very apt. now the real work begins. that's for sure. alex sherman, thank you very much. >>> coming up, a rare interview with trace stevens on the state of the silicon valley, artificial intelligence and a new deal his company just landed with the defense department. plus, some of the latest labor market data taking us back to 2019. we'll look at the job market ahead of tomorrow's report. "the exchange" is back right after this. welcome to ameriprise. i'm sam morrison. my brother max recommended you. so, my best friend sophie says you've been a huge help. at ameriprise financial, more than 9 out of 10 of our clients are likely to recommend us. our neighbors, the garcía's,

p nelson peltz doesn't have media experience.he ran a very expensive campaign to get on the board of disney and he had a good argument. disney has flubbed succession for years. bob iger has pushed back his retirement five times. when he did, he handed over to bob chapek and had to come back two years later. that was the argument. in terms of the future of disney, there is a lot that effectively pointed out to investors, but it is unclear him okay the board would have facilitated the answers to the questions. that is what bob iger has in front of him. what is espn's digital strategy? how do you roll that out correctly? how do you chart hits at the box office? disney has been through a multiyear flub. how do you get streaming to profitability? these are all questions for disney beyond the succession question. that is what is going to happen now. >> you laid out some of the three or four points that you think will be on the agenda. streaming, profitability, succession plan, getting hits back into the movie theaters. i wonder now giv

the other thing is streaming, one of the complaints made by nelson peltz.hallenge any difficult time for disney, and clearly enough people are unhappy that high—profile backers are supporting nelson peltz, whether it is elon musk or the californian pension fund.— is elon musk or the californian pension fund. how is it likely to end? at the _ pension fund. how is it likely to end? at the moment _ pension fund. how is it likely to end? at the moment it - pension fund. how is it likely to end? at the moment it looks i pension fund. how is it likely to | end? at the moment it looks as pension fund. how is it likely to i end? at the moment it looks as if disney has _ end? at the moment it looks as if disney has prevailed, _ end? at the moment it looks as if disney has prevailed, they - end? at the moment it looks as if disney has prevailed, they appear end? at the moment it looks as if i disney has prevailed, they appear to have got enough votes to ward off this challenge. if you look at the share price right now, given the fact that disney's boards is expected

he has been doing that with nelson peltz looking over his shoulder.keep that arrangement going? ed: i go back to the thesis i outlined in the column today, which is what does nelson peltz do next if he is put on the board? bob iger has done a lot in recent time. they are teaming up with warner bros. and fox on the sports side. the tensions with florida have gone away. how has that down with the investor base? felix: it has gone well. there is not a lot of difference with what bob iger's strategy is and what peltz says his strategy is. the one thing i think that is still open is the issue of succession. what is going to happen post-bob iger. do you trust the board to get it right. last time around, the board did not do much due diligence to keep the succession plans on track. ed: if president biden can run again for reelection, why can't i do another 10 years at disney? felix, great to have you in the studio. coming up, we will be joined by david jones, founder and ceo of brenntag about their new raise. look at shares of trump media and technology grou

wins or if peltz doesn't get on the board?it's going to make a huge difference to the stock price. you know, it will probably be a bigger distraction for iger on the board, but -- and it's going to probably -- the biggest issue is going to be the succession planning on ger. >> does it ever work that an activist actually does know what he's doing? strategically, or does it shake -- sometimes just shaking things up might help. does it? >> by the way, peltz will be shaking things up whether he's on the board or just watching from the sidelines. >> even if he doesn't win, don't you think he'll be hovering around waiting for the next election and won't that pressure bob iger and the board be a pressure point to do things that maybe they would otherwise do or not do? >> depends where the stock price is. the stock went up after peltz first came in. if the direct-to-consumer business turns profitable, which i assume it will in the fourth quarter and starts getting trajectory up from there, the stewed know produces film that produce, p

peltz. too much blood has been spilt. you go to the operations, and i keep saying this, if we're six months away or less from profitability in disney+, this is where the future of the business lies. this is what replaces linear television which is obviously going away. once you reach profitability, then you're having discussions like you're having about netflix, how profitable. and that's a very positive place to be in with high gross margins. that's where i want to get to and why i wouldn't sell if mr. peltz doesn't prevail. >> to add to that, if you look at the economy is stronger than we expected, well, that means it's good for disney, for theme parks, for businesses. that's why you want to own the stock. things are going in their favor. the economy is staying stronger. the parts are greater than the whole. the operating leverage from streaming, you get a real multiple. >> and, david, as you know, one of the greatest assets, so to speak, iger has in his pocket is a stock price that's gone steadily higher over the cours

that doesn't include nelson peltz or a second nominee that his own company is also backing.e fleury who's covering this from new york. a bit ofa a bit of a battle. take us through the background to this. at a bit of a battle. take us through the background to this.— the background to this. at its heart, this — the background to this. at its heart, this is _ the background to this. at its heart, this is the _ the background to this. at its heart, this is the biggest - the background to this. git its heart, this is the biggest challenge we have seen any long time for the mouse house the coming out swinging to fight it. at its core this is about how much the share price is for disney, in other words it is not high enough in the view of some of these activist shareholders who are trying to challenge the board at disney and bring in their own slate of directors. there are two reasons for this, succession and streaming. succession because bob iger, the current ceo, returned to the company after a disastrous term by his successor. since his return, his contract has been extended ag

what is your issue with nelson peltz? a long-term shareholder, iger is the man.is one of these guys who hit it and quit it once he gets the money he's out? >> let's look at the data, 15 of the 22 times he's come onto a board like this, companies have underperformed the s&p 500. 68% of the time so his track record is not good compared to iger but in addition, it's a short-term approach and we are long-term investors and there's often an effort to prioritize short-term extraction of gains and we are looking for long-term value. disney has delivered that long-term value we have concerns about the way felt led at wendy's and other statements he's made which we don't believe are consistent with our approach to long-term value. >> your west coast compatriot siding with peltz. they have a bigger share, 6.65 million shares of disney. have you talked to your counterpart? >> i can't say why they made that decision, we have not spoken with them about this but i will say number of pension funds, california state teachers and new york state have withdrawn over the past few ye

nelson peltz's partners on 1.76% of disney. right out of the gates, he is 18% behind.hen you look at vanguard, black rock, state street, these are passive etf and mutual fund shops. they should not be actively involved in corporate governance. that's not part of their investment objective, they are passive. when i said those three companies owned 19%, let me be clear, that's not their money, that is our money. all the viewers at home that have money in those etfs or mutual funds, that is our money. in 2022 there was a piece of legislation that failed to get through congress called the index act. what the index act would have done is would have required the 19% owned by those 3 companies i mentioned, that they pass through the proxy votes to the retail investors that have money in those companies that failed to pass. we need to get back to it because disney had a series of mishaps that nelson peltz wanted to fix. look at the disastrous box office result of 2,023. antman a bust, indiana jones, haunted mansion, marvel's which all best, the other one that was a winner, gua

elon musk tweeted he thinks nelson peltz should be on the disney board.e tweeted it after the retail voting deadline was closed. i do not think it achieved very much when it comes to votes for nelson peltz. elon musk is interested in this situation. whether he will go against bob iger, we did not see that. definitely an interesting dynamic with all of the high-profile billionaires. ed: it is interesting. at the end of the day, sources told us 94% of the vote went to bob iger reelection. terrific reporting. coming up, we will bring you the latest in fundraising news. we will be joined by eleanor crespo. and a chip start up that wants to make the ai in cars and robots go faster. this is "bloomberg technology." ♪ (upbeat music) there's more to business than the business you're in. if you use data, that's the privacy business. manufacturing on demand? you're talking cloud business. got a few million hyper-connected customers? digital experience business. that was fast. that's where deloitte comes in. with the right combination of talent and technology to help

and look, even nelson peltz says, i still want bob iger to be the ceo of this company. even he is not making that argument. but at least when it comes to succession, i think it would have a vote where you would have to say, look, bob, we've given you a chance here. we need someone else in here because we don't trust you alone, even in conjunction with the board at this time. >> i mean, mr. iger himself would say, i agree with you that we need someone else in here eventually, right? when he's ready to step away. that's part of where your reporting lies today on cnbc.com, correct? >> yeah, look, the board and bob iger have been looking at internal candidates really since he's come back, i've been told, in late november of 2022. i wrote a profile of dana walden, who was one of the favorites to take over for iger. she has led up the disney tv division for the past several years, and i'm told internally from people that work at disney that at least some of them feel like she's actually the favorite to get the job. that may be proximity-based. i also have heard similar things

maria: skra elon musk is everything into the nelson peltz writes he should definitely be on the boarded o to the border track record excellent. >> it is when you get an activist investor in the company generally speaking not justice they want to make money they have ideas they think will make company money as shareholder you want to see. >> you are watchingmi with maria" liveti business. stay with us. . . ng a business is never easy, but starting it 8 months pregnant... that's a different story. i couldn't slow down. we were starting a business from the ground up. people were showing up left and right. and so did our business needs. the chase ink card made it easy. when you go for something big like this, your kids see that. and they believe they can do the same. earn unlimited 1.5% cash back on every purchase with the chase ink business unlimited card. make more of what's yours. things will go wrong for your customers. but your business can make it right, with watsonx assistant. ai that can help resolve problems by understanding your customer requests with 90 percent accuracy. let's

i've been watching nelson peltz since the '80s. don't bet against him.s vote tomorrow, but he's playing the long game. disney' stock has gotten crushed through a good market over the last two days. pellson pelts knows what he's doing -- nelson peltz knows what he's doing. stuart: trump's social media stock was down big with yesterday after they reported big losses. they were down early this morning, now they've rebounded to 50. lauren: can i call it a meme stock? if. stuart: oh, you should. lauren: it's been called the mother of all meme stocks. look, we've been saying, and i do agree, this is a vehicle for trump supporters to prop him up. but it's also a way for never trumpers to make a buck. they knew this company would go public, we all did, and they knew it would be popular, so they cashed out, sticking the little buy, if you -- little guy, if you will. but the news yesterday underscored the real fundamentals. $58 million in losses. a regulatory filing where the company themself said we have stamm do you want, that's a quote -- substantial doubt, abo

bob iger and nelson peltz on cnbc, who deserve moss credit?> they are late paying their suppliers first, a check on the market. the nasdaq continues to be the outperformer. >>> the former ceo barry biller, paramount, that is, saying northern this would be the worst time to sell, and he thinking the company could turn itself around. >>> he's not given any real credit to nelson peltz. >> you can take a listen. >> this whole pros gave the board, an opportunity to engage with many shareholders, perhaps on a deeper level, and have a good, honest dialogue where we had the opportunity to describe what our priorities are and various processes, including succession. we had an opportunity to listen to them and hear what was on their minds as well. if anything came of this that's positive, it did in fact increase the engagement we had with shareholders. that's a very good thing. >> david, i have chuckling when you were asking him is he still having fun, and him insisting he is. is there a chance he stays past 2026? has that been upped? >> i know you aske

disney gaining support in the proxy fight against nelson peltz.lackrock planning to back the company. >>> bloomberg reporting that citi is bringing on a fresh round of job cuts focused on the tech and media units. >>> shares of trump media group is down again today after falling 21% yesterday. the parent company of truth social revealing it lost $58 million last year. more than than 2022 on just about $4 million in revenue. >>> shares of health insunsurer are getting hit after the medicare drug coverage who was. >>> and csx will begin a freight rail service from baltimore to new york today. it moves the deal following the collapse of the francis scott key bridge last week. >>> warner bros. discovery has two leaving the board after the probe into the anti-trust violation case. >>> here is what to watch today. we get jolts figures out at 10:00 a.m. we get earnings from paychex and a pair of fed speeches with michelle bowman and mary daly set to speak. >>> futures are in the red today. it would open at 155 points lower. we have katrina dudley here wi

it's not just an absent minded vote. >> when iss went for peltz, one director for peltz himself, not rasulo, that was seen as a real positive. but retail is important here, as i reported yesterday. >> 40%. >> i think disney is confident they would be able to get a significant percentage of the retail investor base to go their way. obviously, having lined up the likes of lucas, for example, or even loreen jobs. >> disney family. >> yeah, disney family. so many other people who might at least have some influence on a retail base. and then the institutions. it's not going to change what iger does, really, and i'm looking forward to the opportunity to discuss with him -- >> dollar amount? >> -- what's going to be happening. >> get a dollar amount? how much they spent? >> i guess i could ask. >> dollar amount on some of the things they may have done with some of these people. foundations, things like that. >> are you bitter? >> am i bitter? i happen to be someone bwho's been to disney world ten times. i'm not bitter. >> you were in the peltz camp, right? >> i voted my shares for peltz for

he pledged his votes to trian. >> he is the nelson peltz proxy vote. i don't want to say peltz is a front. if you understand what was happening there. if ike still owns his shares, maybe they will try this all over again. clearly, it wasn't a winning strategy. you have to see where disney will be a year from now. >> when you say where disney is, it is where the stock is and the stock has been up 30% year to date which is why iger was able to maintain control on what happened. nelson went away. peltz went away the first time when iger came in because the stock popped on that news. nelson came on with jim and said all is good. we're out of here. i think watch the stock closely on that and it tells you what happens next. >>> let's talk about this. a small activist hedge fund seeking to force blackrock to bar lring larry fink from servi as chairman and ceo. they are seeking an overhaul of the board. this is not the first time they have gone down this road. accusing it of taking i inconsistent approaches. the proposal is not in the shareholders' best intere

iger's record is better than peltz's. i've been an activist.lated activist rule 101, which is you've got to pick a company that's significantly unperforming in its share group. i don't think you see that at disney. >> if you had to summarize, you would say that nelson peltz is complaining a lot, but not really -- hasn't really proposed anything that would help the fortunes of disney in any meaningful way, but if he has, he hasn't stated what he would do. >> you're exactly right. he's acting more like a politician -- sorry, politician abouts -- than a businessperson. he's making a lot of general statements. we all like to taipei to performance, but he's not saying exactly what performance that is. and other than succession planning which, lets face it, disney bungled one time and had to bring in their former ceo. let's hope they don't bupgle it this time, he has not been specific enough. when he has been, he said the single dumbest thing he possibly could have said. he complained of having too many minority women in the movies. first of all, tha

will they stick to those commitments if peltz doesn't have a gun to their head?was on my mind as i watched david faber interview bob iger and then did my own interview with nelson peltz during the 10:00 a.m. hour. he did not give us a clear answer on whether he's sticking around the stock after losing the proxy contest. you about he did say if disney didn't follow through on improvements like the cost cuts or making more entertaining movies he might come back with another proxy contest next year. i consider that a good thing because it will keep management on their toes as there are enough votes among these index funds that will most likely turn against management if they don't follow through. i think management will follow through. however, as i said in the special alert to cnbc investing club subscribers earlier today, even as we sold some disney stock monday because it had run so much we wanted to trim even more this morning again when the stock was up nicely but we couldn't because of our prohibitions. of course it doesn't mean i'm restricted from telling you

. >> you are in favor of peltz. >> i am. >> what happens if he wins or doesn't? >> well, he has a lot of experience, and i don't think he will distract bob iger and the team with what they are doing, and if he doesn't get the seat, he and i will be happy that the stock is up. >> you keep holding this stock regardless of the out come? >> i do. i do. again, i think peltz doesn't hurt and on the margins can add, and iger and the team have been doing a good job, and i think the stock can continue to perform. i think the peltz side show behind us, and it will be a sideshow when it's done, and that will be good. you have two independent investment banks that make a valuation and i think they meet in the middle, and it's a process. i don't know why it's taking so long, but i don't think there's any hair there. >> you supported peltz, too. >> i would sell the stock if he doesn't get a board seat. >> would you? >> yeah, i would. he could make a lot of change. you want him on your team. he has a proven track record, and i don't think it makes sense, so i would sell it if h

ed: if peltz is successful, which looks unlikely at this stage, how does it change anything?e: we will see overall how the votes at up and if i get anymore ads asking me to do so i will go completely stir crazy. that does that for this edition of bloomberg technology. ed: recap the show on the podcast. a big show a heavy ev theme and global politics on apple, spotify, and all bloomberg platforms. from new york city this week this is bloomberg technology. sonali: live from bloomberg had quarters i am sonali basak. tim: i am tim stenovec. welcome to bloomberg crypto. sonali: corn and other tokens on the decline to start the second quarter after a historic run brought on by etf demand. tim: sam bankman-fried's 25 year sentence is potentially just the beginning for others on trial including executives like caroline ellison

it looks like a closed battle and you have nelson peltz, blackwell.sney investor base, they have 1.8 billion shares outstanding. 35% to 40% are actually mom-and-pop individual investors like you and me. the rest is owned by institutional investors. disney has really launched a very aggressive campaign and that will pay off.. this is supposed to be one of the costliest proxy battles in the history of corporate america. disney spent around $40 million in this whole campaign. i think it is going to work in their favor tomorrow. katie: great to check in with you. i'm sure we will speak very soon. our thanks. disney shares up over 30% this year. down more than 40% from their peak. coming up, bloomberg technology is next with ed ludlow and caroline hyde. that does it for "bloomberg markets." i'm katie greifeld and this is bloomberg. ♪ announcer: this is "bloomberg technology" with caroline hyde and ed ludlow. ♪ caroline: time caroline hyde in new york. ed: i'm side-by-side this week. this is bloomberg technology. caroline: tesla drops after deliveries fell

is peltz owing to retreat in this fight?ompany on 3.5 billion dollars of disney shares and he has tried to get seats on the board before. he indicated before yesterday's vote that he would continue to watch the company. he has a lot of skin in the game. so he is not really going anywhere. some of the issues you brought up in this campaign works solved yesterday. he had issues with disney's content and with its succession planning. those are problems that work solved yesterday. lizzy: where does disney go from here? >> they need to be rates are focused on eiger's turnaround plan. he has been trying to update espn for the streaming era. they have been investing a lot in parks. we think a lot about disney movies but parks bring in 70% of profits. they have invested $60 billion in those parts. it's looking good but they have to stay razor focus because all eyes are on them. lizzy: bloomberg's charlie wells with an update on the disney drama. now some other stories making use this morning. bloomberg learned apple is investigating

>> the nelson peltz wants a succession plan and he's upset about the streaming business performance, continues to lose money but bob iger promise left hand deliver a profit in 2024. what's harder to tell is that in the 133-page manifesto that nelson put forward what is fixes any different from what bob iger is going to do whether or not peltz is on the board. that is the question. the strategy from disney has been to raise prices for consumers on streaming while cutting the budget on comment spend. and peltz takes issues with did's issue with the linear tv business and the issue with fox buying to achieve scale. so, bob iger might not necessarily do anything differently and as you pointed out at the beginning, investors do pay attention. succession probably being the biggest question that lingers if iger manages to ward off the activist threat. sonali: ed ludlow of bloomberg television, thank you for keeping an eye on the story. we're back with kathryn rooney vera. i love using disney to talk about the dow jones industrial average. we're talking about breadth in the market here. how

i want to use specifics here, take billionaire investor nelson peltz.e funded trump the day after january 6th. >> what happened yesterday is a disgrace. as an american, i am embarrassed. i did not vote for trump in 16. i voted for him in this past election, november. today i am sorry that i did that. >> he was sorry he did that. how sorry? not sorry enough to last. reports are peltz hosted trump and elon musk in his mansion in florida just last month and has said publicly that he plans to vote for trump this time, after all that. here is another influential engineer who said after january 6 trump lost me as a supporter. he showed in that hour he was no commander-in-chief. now he is getting donald trump not just campaign cash, but $1 million to cover the legal fees associated in some cases like the doj case over the very activities this billionaire said he was so against. he is also pledging another $20 million to the campaign. his support comes at a critical time where what donald trump is on according to the legal system is costing him money and accoun

. >>> meanwhile the impact between disney and nelson peltz is heating up. what's going on there?but it's in many ways a microcosm we're seeing at large. one of the pushbacks disney has gotten is some have called it too woke and it's become a political punching bag. now nelson peltz has a number of issues he's lobbed against disney, one of them being about its context. there's a lot of individual investors in disney. will these individual investors, you know, kind of take up nelson peltz on what some say is baits. >> thanks for joining us. >>> next on "way too early," we'll bring you the latest on the cease-fire negotiations between israel and hamas. more and more are calling for a recall. massive protests in tel aviv. we'll be back with more on that. v we'll be back with more on that. who's winning? we are, my friend. we are. (avo) kate made progress with her mental health... ...but her medication caused unintentional movements in her face, hands, and feet called tardive dyskinesia, or td. so her doctor prescribed austedo xr— a once-daily td treatment for adults. ♪ as you go with

take billionaire investor nelson peltz.he funded -- trump the day after january 6th. >> what happened yesterday is a disgrace and as an american, i am embarrassed. you know? i didn't vote for trump in '16, i voted for him in this past election, november. today, i am sorry i did that. >> he was sorry he did that. how sorry? well, not sorry enough to last. the reports are that peltz hosted trump and elon musk in his mansion in florida just last month and has said, publicly, that he plans to vote for trump this time after all of that. here is another influential billionaire real estate type, robert bigelow, who said after january 6th, trump "lost me as a supporter. he showed, in that hour, he was no commander" and went on and on like that. now he is giving donald trump not just some campaign cash but $1 million to cover the legal fees, which are, of course, associated in some cases like the doj case over the very january 6th activities that this billionaire said he was so against. he is also pledging another $20 million to the

activist investors, including nelson peltz of trian management, had sought seats on the company's boardoo close to disney's leadership. but a majority of shareholders voted to maintain the company's current board. and that's it for this edition of asia business report. thanks for watching. hey, i'm zoph with the catch up. tonight, the earthquake in taiwan. lizzo is here to stay and a cute baby antelope. we start with gaza, where families are paying tribute to the three british victims of an israeli air strike. john chapman, james henderson and james kirby were among the seven world central kitchen workers killed in monday's strike. israel said it was unintended and promised to investigate. kirby's family described him today as a hero. people were telling him this could be very dangerous for you, but he knew the dangers. he was selfless in that regard, and hejust wanted to help people. next to taiwan, where rescuers are trying to reach dozens of people trapped after a 7.4—magnitude earthquake, its most powerful in 25 years. at least nine people have been killed and hundreds more injured.

the index funds, i thought, were going to roll and go with iss and go with peltz, but i think ira wasncredibly persuasive. >> almost got to 120-ish. can you separate the decline from the tape yesterday? >> look, it was flirting with 120, $121, and i think people felt my interview with nelson, it didn't sound like he was dumping the stock. last time we had this and he got out, he was on the show, boom, sold a lot. there's always this, how much is really trian, how much is ike perlmutter, but i didn't think that -- i don't think this had anything to do with nelson. i think people felt that, you know what, iger means business, and iger actually has a plan, and he's -- and therefore, peltz would be wrong to dump. but i think pettus stays. i think ike stays. ike perlmutter. the stock was doing well, and it was just a selloff that took everything down. >> right. jim mentions the discussions about how ego played a role in the proxy fight in his chat with nelson peltz yesterday. take a listen. >> the ego in the room didn't allow for it. and you have seen that over and over again, as i have. a

sources say peltz won just 31% of votes cast.the most in six months following the vote. still up 32% so far this year. amazon is cutting hundreds of jobs in its cloud commuting sector. it will affect employees and technology for brick and mortar stores. a spokesperson says amazon will try and find new roles for those affected. a year after a.w.s. held it largest round of job eliminations. shery red stone is said to be in agreement to accept the estate to i.m.f. and tv giant sky daniels. they've been weighing the sell of the holding company national amusements to him for months. sources say spot if i plans to raise the price of its ooh service -- audio service in it service for the second time in three years. markets including u.k., australia and pakistan. spotify plans to raise prices in the u.s. later on this year and the hikes will help cover the cost of audio books. haidi: china is on a golden week, if you will. a lot of the concerns have been around -- even as we see a pickup in the economic indicators that we do follow. the

. >>> disney is possibly pulling ahead in the proxy battle with nelson peltz and the trian group.major supporter with more than half of shares voted. blackrock support would come as welcome news as the ceo bob iger with trian gunning to take two seats on the board as he tries to turn disney's fortunes around. there is no guarantee that disney would win the vote since investors have until tomorrow's shareholder meeting to make the decision. this as people familiar with the process tell cnbc that iger is considering tapping dana walden the successor. that would be the first female ceo in the existence of the company. you can find more on the story with the twists and turns all on the cnbc web site for you to read. >>> coming up on the show, we will take a look back at the big first quarter for markets. big is an understatement. the s&p is posting the best first quarter in five years. hi. i'm wolfgang puck when i started my online store wolfgang puck home i knew there would be a lot of orders to fill and i wanted them to ship out fast that's why i chose shipstation shipstation helps

caroline: and for peltz as he gets the benefit of that rally.ove us onto where we saw anxiety yesterday. we had a devastating human tragedy in taiwan that impacted the chip stocks but today, there seems to be a relief rally. >> i'm looking at the adr for tsmc which is the leader of advanced chips and that company says it's restarting operations less than 24 hours after that earthquake hit taiwan, one of the worst earthquakes in over 25 years. that stock is now up over 2%. i'm also watching that because traders should be looking out for any headlines but jenna and -- that janet yellen makes about the semiconductor industry enter visit to china. that's the second one and nine months and that stock is still up, beating the s&p 500 year to date and there is a lot of optimism for the semiconductor sector. caroline: it's a hint on any further tariffs that might be seen across industry groups. move us onto the commodities rally. how is that impacting equity names? >> exxon has been basically on a vertical line up over the last few weeks. in the last si

the stock is coming off its best quarter since 2000, up 35% to start the year, but if peltz wins theht and ceo's bob iger leaves as a result, it could mean trouble ahead. >> i think that would be a terrible outcome for disney. the future of disney is at stake here. that is why this vote is so important. bob is just in the midst with his leadership team of a massive transformation of disney. >> all right. now to tyler mathesonfor a c no nbc news update. >> welcome, everybody. iran's consulate in the syrian consulate of damascus was destroyed in a suspected israeli air strike. that was according to syrian and iranian state media. israel has not commented and has carried out strucks on government buildings for year. a senior commander in the quds force was killed in the strike. >>>ed by tone visit the francis scott key bring next week. the president will get a look at the federal response efforts there as the white house works with the state to re-open the port and eventually rebuild that bridge. >>> and after an easter weekend storm, stranded motorists near big sur in california, traff

the vote rejects nominees put forward by activist investor nelson peltz.ge fund ran a campaign criticizing disney's growth strategy and hoping for a successor to ceo bob iger. disney's new bundled streaming service has yet to turn a profit, and peltz's hedge fund started a website calling for cutting costs and a review of the creative process. california is now accepting applications for the dream for all program. it's designed to provide financial assistance to first time homebuyers. this year, the state set aside $250 million in funding, which is expected to help as many as 2000 applicants. the dream for all program was so popular when it rolled out last year, it ran out of money within 11 days. you can find a link to apply on our website ktvu.com. people are encouraged to apply as soon as possible. >> it's really gone too far. i think so many business owners and families who live here have really had enough, and they're looking for a change in leadership in this neighborhood. >> crime is top of mind for businesses in the san francisco neighborhood. comi

disney's ceo weighing in after coming out on top in the nelson peltz proxy battle, and now he's setting sights on the media giant's next big hurd m. more on that next. >>> and some stock moves catching our traders eyes. a potential tech deal, a casino call, and a food processor plunging. we've got it all, when "fast money" returns. >>> this is "fast money" with melissa lee right here on cnbc. . looks like you can make this work. we can make this work. and the feeling of confidence that comes from our advice... i can make this work. that seems to be universal. i can make this work. i can make this work. no wonder more than 9 out of 10 clients are likely to recommend us. because advice worth listening to is advice worth talking about. ameriprise financial. [sfx: wind, rain and rolling thunder] nobody's born with grit. british announcer: rose is really struggling. it's something you build over time. american announcer: that's 21 missed cuts in a row. [car trunk slammed shut] for 88 years, morgan stanley has offered clients determination and forward thinking to create the future... crowd: s

we're just hours away from the end of disney's knockdown, dragout fight with nelson peltz. the winner, the loser, and the impact, straight ahead. i'm melissa lee, coming to you live from studio b at the nasdaq. on the desk tonight -- tim see your, courtney garcia, dan nathan and guy adami. the dow dropping nearly 400 points, the nasdaq down a percent. rates are back on the rise. the yield on the ten-year treasury touching 4.4% for the first time since last november. we're going to get to that in a minute. but butfirst, we turn to tesla. they reported q-1 deliveries that fell far short. the company getting fewer than 390,000 cars to customers, its first year over year delivery decline since the height of the pandemic and the biggest miss in five years. the report promming uber tesla bull dan ives to call it an unmitigated disaster that is hard to explain away. he has a $300 price target, still, a level that it hasn't seen since september 2022. is this the straw that finally breaks the tesla bulls' backs. are we at an inflection point? guy, what do you think? >> huge lef ivel

the vote rejects nominees put forward by activist investor nelson peltz.n a campaign criticizing disney's growth strategy. disney's new bundled streaming service has yet to turn a profit, and peltz's hedge fund started a website calling for cutting costs and a review of the creative process. >> federal reserve chair jerome powell was in the bay area today and gave some insight as to when interest rates could go down. powell delivered the keynote address at a stanford university forum. as concerns grow on wall street, that progress on inflation has stalled. powell says the fed is trying to balance the risk of cutting interest rates too early or waiting too long. both of which have consequences. he says more evidence is needed before policymakers can move in either direction. >> we do not expect that it will be appropriate to lower our policy rate until we have greater confidence that inflation is moving sustainably down toward 2, given the strength of the economy and progress on inflation so far, we have time to let the incoming data guide our decisions on

peltz is out, i would own it. >> what's that mean? >> i think nelson peltz i understand took a very big profit. >> however, pearlmutter still owns the shares? >> per mutter is very charitable. big supporter of trump. perlmutter cancer center, made calls, raised about $500 million. >> got robert downey hinting a return to marvell. so that's good. >> it's a big win. a big, big win. >> ge aerospace down almost 2. goldman assumes a buy at 190. there is reporting about a squeeze in travel capacity in the airline business because traffic is going to surpass prepandemic we think. boeing deliveries and airbus deliveries, they've kind of slowed. >> yeah, they have. take a look at the incredible action in rtx, greg hayes' swan song. that's thegood analog and not seeing any letdown. i remember positive with ge aerospace and really positive on all the other parts of it. i think they're really good. >> you thought vernova was your top of the three? >> i think people don't understand the power of vernova. down a lot from where it came public. the t