speaking of peter thiel, the billionaire amassed $5 billion in his roth ira account.g to talk about how the paypal cofounder legally skipped out on paying taxes on all of those gains. and shares of amd gaining, amd skipping a deadline to offer an concessions in the e.u.'s review of takeover of this company. the deal may be approved conditionally next week. this is bloomberg. ♪ emily: the cryptocurrency exchanged around by cameron and tyler winklevoss is trying to make the industry gemini trust more sustainable. gemini trust purchased $4 million and credit to offset the bitcoin it holds. the ceo says the company will continue to do this until only renewable energy is used in securing the bitcoin network. peter thiel, cofounder of paypal, accumulated nearly $5 billion in his roth ira according to a report by pro publica, raising concerns and questions about what kind of regulation should come from the irs. our personal-finance reporter has been following the story. how did peter thiel manage to do this and was it illegal? than really good question. pro publica has this

emily: peter thiel is controversial. what did you learn from him? it. >> there are hundreds of fellows now. i don't know him super well, but i was thankful for the time i spent with him and i am thankful for the program. i don't have any lessons. emily: talk to us about the big vision. the ambition is bigger. where do you see the biggest opportunities for growth? >> making design accessible to all, we are excited to take people from brainstorming and ideation all the way to designing, create a design system, protecting the ideas -- prototyping the ideas, all the way to code and production. if we can get the entire cycle, then everybody can spend the design cycle inside of figma. we will make it so you aren't created -- inhibited in the creative process. emily: a lot of the collaboration is happening on desktops and laptops. how much of the plan is mobile? >> we just launched on android and iphone. we are hoping to do more mobile in the future. stay tuned. emily: what makes that difficult? it's a hard problem porting something from your desktop to yo

thank you very much. >>> peter thiel's $5 billion retirement account, how he racked up billions in tax free gains over the last 20 years utilizing a loophole in the roth individual retirement account to cash in on paypal, palantir and facebook joining us this morning, one of the reporters who broke the story, justin elliott. welcome. we had jesse icinger on not too long ago and he said you would have more on the tax front and he wasn't kidding. i who hope you can talk about how this roth was developed, who how it started, how it evolved and then what happens in 2027. >> sure, so as many people probably know, the roth is a special tax free account, so any kind of capital gains, interest dividends, that occur within the roth are totally tax free. it is a very powerful thing. so what our reporting found is that peter thiel, back in 1999, purchased his founders shares in the company that becomes paypal with his roth i.r.a., which at the time had a contribution cap of $2,000. and it grew from there >> indeed. and then come april 2027, he'll be able to withdraw how much money tax free >> wel

learn more at massmutual.com >>> knowing the gains are -- peter thiel's roth i.r.a.e were annual limits how much you could put in it ain't going to get you to $5 billion. >> tyler, a smart accountant will show you how to get around that peter thiel started with a roth i.r.a., just $1700 now it's over $5 billion how did he do it his investment firm bought shares of the new start uppaypal for 1/10 of a penny per share. that bought him over 7 million shares under $2,000 that was the cap at the time when ebay bought paypal, all tax free he then used the sheltered cash to buy more stays in palin continue, facebook, lots of others, all grows tax free all of that was valued at over $5 billion if he waits until he turns 60 in 2027, he can withdraw all of that without paying any capital gains or income taxes. >> somebody today could do the same thing, put whatever the limit is, $6,000 in a roth on stock options worth pennies on a company they believe in, right, and do the same thing? >> people say it's a simple fix. you just can't put a private -- or equity in a private compa

customers, knocked down nearly 3% right now >>> a new "propublica" article is highlighting how peter thielbank robert frank has, well, i don't know where to start on this one. you have the story for us. i thought it was limited to 6,000 bucks, robert. >> it was, and we'll explain how he got around it peter thiel started his roth i.r.a. in in 1999 with $1700 now it's worth over $5 billion tax-free how did he do it according to the article, his firm bought shares of the new at the time startup paypal for 0.1 of a penny per share that valuation allowed him to by 1.7 million shares for under $2,000 that was the limit for roth i.r.a.s at the time. now, when ebay bought paypal that grew to $28 million all of it tax-free thiel used that short selled cash to buy more stakes in private companies, palantir, facebook, and others, all of that growing ftax-free as those companies exploded as of 2019, his roth i.r.a. was valued at over $5 billion, and if he waits until he turns 60 in 2027, he can withdraw all of that money without paying any capital gains tax or income taxes. now, it should be said thie

bloomberg reported the blank check company backed by richard lee and peter thiel was in per limitary transaction could value the firm at $200 billion. >> let's look at stocks we are watching. in taiwan watching great electronics companies see output drop as workers are quarantined. we are keeping an eye on tesla suppliers in china after the ev players shipments on the mainland rebounded. evergrande on watch with regulators ordering stress tests. stock went higher tuesday following the buyback which prompted jp morgan to upgrade the stock. analysts noting previous buybacks saw positive returns because evergrande is what we are watching ahead of the china open as well as in hong kong. the bank lowered the price target for 15 hong kong dollars. >> which markets may be overstretched and do for correction -- due for correction. market coverage continues as we look ahead to the start of trade in shanghai and shenzhen. this is bloomberg. ♪ (announcer) back pain hurts. you can spend thousands and still not get relief. now there's aerotrainer by golo. you can stretch and strengthen your core,

billionaire paypal cofounder peter thiel reportedly amassed $5 billion in a tax-free ria account -- rothccount. roth ira's are set up to limit them to middle-class taxpayers. in 1999, when americans could contribute at most $2 million per year into the accounts, thiel invested shares of then private paypal, which were valued at just 1/1000 of a penny per share. -- is inspecting their new chairman to boost spirits following an exit of talent during a recent london meeting. he told bankers at the firm that they had a great wealth management business with ancillary services. that was taken as a blow since the investment bank delivered more revenue than any other division at the firm. that is your latest business flash. guy: yeah, there's been a few issues at credit suisse recently. maybe the new chairman has decided that less risk is in order going forward. extra bonuses, extra payment, from what i understand, that wasn't the narrative being delivered. alix: that's what it seems. i think from the article, it said something like we had a firm that had great wealth management businesses and a

a thiel fellow what happened to these, peter thiel telling to ditch college and started a company, worked you apparently what have learned from that process, and maybe even your cohort in the fellowship, if you know how they have fared do you have to differentiate who a special process is for or if it just generally works? >> yeah, yeah, yeah. no, no it's cool. and you know, fun to point that out. a thiel fellowship definitely alternative approach with things and fortunate enough to be one of the folks there i had a great class of folks people went on and everything from beyond this, you had ethereum all the way to a bunch of other super successful companies along the way, or just concepts or cryptocurrency, all of the above across the board. when it comes to autonomy, it take as new approach no one's ever done this before right? there is no blueprint that exists how to build a company like this. that's the point of how, seemingly -- wouldn't even make sense for someone particularly early none their career to build something like this over this period illusion it happened overnight this i

as peter thiel recently pointed parity means the united states out, is already losing and i think we should think about that. peace depends upon regional second, balances of power to ensure that one region is not dominated by another, and this is where allies come in, and i know among our debates there's a , lot of discussion of allies. regional balances of power cannot just depend on the united states alone. security is not a spectator sport allies must contri, bute , -- must contribute more, and many of them are contributing more, but they and exploring must do more and exploring that is an important part of our related to this deterrence is discussion. third, critical. as john norton moore pointed out in a book that i ,highly recommend it's maybe not , as well-known called solving the war puzzle he pointed out that wars occur when there is a deadly synergy he called it between an aggressive nondemocratic power and the absence of effective deterrence. you need deterrence to stop to prevent wars. deterrence requires capability and the will to use those capabilities, which means, yes

. >>> atai life sciences going public on the nasdaq the company backed by peter thiel surging 40% inating mental health disorders with psychedelics including magic mushrooms and lsd. >>> scotch whisky is about to get a lot cheaper. the u.s. is suspending the trump era tariffs on scotch for the next five years. the former president imposed a tariff in october of 2019 as part of a trade dispute over subsidies to airbus and boeing the scotch whisky association says the tariffs contributed to a 30% fall in tariffs in the u.s. or $850 million >>> big news for swifties. taylor swift revealing today she's finished rerecording her fourth album red it will drop november 19th red was originally released back there 2012 it included hits, we are never, ever getting back together and 22 taylor swift's been redoing her album so she can regain control of her master recordings >>> on wall street the dow down 533 marking its worst weekly loss since october traders worried the fed could start raising rates earlier than expected the s&p down 55. the nasdaq down 131. >>> i'm shepard smith on cnbc. it's

as peter thiel pointed out, parity means the us is alreadylosing and we should thinkabout that . second , these dependences on regional balances to ensure one region is not dominated by another and this is where where allies come in and i knowthere's discussion about allies . the regional balance is not just the center of the united states alone. security is not a a spectator sport. allies must contribute many more and many are contributing more but they must do more and exploring that is an important part of our discussion . third related to this deterrence is critical. as john morton pointed out in a book i recommend, maybe not as well known called solving the war puzzle he pointed out wars occur when there is a deadly synergy between an aggressive nondemocratic power and the absence of effective deterrence. we need deterrence to stop, to prevent wars. deterrence require capability and the will to use those capabilities which means yes, a strong military and yes e, and increased defense budget. we can talk about that. fourth in terms of trade and this is another lively topic i

what we rather jeff bezos and peter peel, allocate -- peter thiel allocate resources?he question answers itself. government has the resources. can only spend what it has extracted from the private sector to pretend government spending increases economic growth. it is a monument to double accounting that would shock to most cricket accounts in the world. it shows you the bankrupt nature of gdp. gdp increases the more government spends. the government only has wealth to spend insofar as the private sector has created it. it is double counting. there will not be more economic growth. the unseen is endless. just how much better off with the economy be if we had not had a federal spending plan in the first place? host: if you could go toe to toe with anyone society to have a debate, who would be the other person to debate you? guest: i think i would love most to go up against gavin newsom or ended,. host: why? guest: they were the most certain of the idea they needed to take away freedom, and take away the right of people to work in order to fight virus. i've -- to fight a

sources say bullish cryptocurrency exchange act by a group of billionaires, including peter thiel, isld value them at nearly $12 billion, with an agreement possible in the next few weeks. the final valuation could change depending on the price of bitcoin. bloomberg learned hong kong's -- has filed for a u.s. ipo. the on-demand logistics and delivery firm is loo -- is looking to raise at least $1 billion. they provide on-demand courier services across asia, latin america, and the u.s. haidi: they received a green light to list on the hong kong stock exchange as soon as this year. sources tell us the ev maker could raise as much as $2 billion from an ipo. let's get the details now from julia perretti. what do we know? julia: they are one of the first to do homecoming listings since schip.com in april. it is quite notable because it will be a dual primary listing instead of a secondary listing like the ones we have seen before. that is because it only listed in the u.s. last august. so it has not got the two year trading record to do a secondary listing. it will also basically become the

didn't like about the "propublica" sort of expose' on all these peoples, what they pay in taxes peter thiel, what go down the line what they did is completely legal. it is in the tax code. you want to make the tax code fair and simpler. have a flat tax. not all the deductions, one tax. you probably get more money out of them. if you give them a system, they're rich. they want to minimize their tax bills. that is what donald trump has done, despite all the hoopla over the release of his taxes. that is what they all do. that is not illegal, okay? if you want to go even further into the trump organization, if the best you can get out of the miscreants in the trump organization are people not fully paying taxes on perks, that really doesn't get prosecuted, you're talking about an erosion of public trust that is just going to keep going. if you want to know why the country is so divided, this is one of the reasons. if this is all you got after hiring a team of financial experts and forensic accountants, you got something this picayune, you know that is a real problem, neil. it is just, it is rea

billionaire peter thiel used a roth ira to shelter himself from taxes.billion in 2018. if he waits to withdraw that money when he's 60 in 2027, he can withdraw those funds without paige income taxes most iras have a limit but he was able to get around that by buying shares of paypal at the time, which he was a cofounder of in 1999 he paid less than pennies per share. as the value of paypal exploded, the value of those shares exploded tax-free inside the ira and why now in the future at the age of 60, he can withdraw it. the roth ira was aimed at helping middle americans save for retirement the fact that now it is being used as a tax shelter for billionaires clearly likely going to lead to some calls in congress for some kind of reform it is hard to tell how they would reform this particular abuse given at the time he was below that $6,000 threshold. >> i wonder what it is actually worth. >> this isn't a problem of him contributing it is what he was able to buy with it. he bought a tenth of a share if you are buying public entities it is a different story

we have lots of mixed messages there is, you know, a crackdown on mining on one side and peter thieltos as a way of punishing the u.s. dollar. what do you think? >> it is complicated i'm not sure what the chinese want themselves. i think the policy is in a period of evolution. the crackdown was an odd one they cracked down on a lot of companies and closed web sites they put a number of them back up in a short period of time there were a couple of reasons behind it. the market had gotten frothy with a lot of speculation and charges of misuse are for movin money out of the country the chinese are concerned about large sums of money moving out of the country without government control or government notification a lot of people getting into this game who were not very experienced and causing buyers to buy things they were not familiar with. it pushed the prices up and made them more the volatile and made it harder for the chinese government and people's bank of china to recover money >> that's what i was going to ask. crypto, if it works the way it is supposed to, and many ways it is sup