and uk plan to go after russia's richest oligarchs for more robert frank has the story robert, what'sg, brian. u.s. and uk promising sanctions against russian billionaires with ties to putin if there is an invasion. no names or specifics released the white house identified oligarchs in the kremlin inner circle who may be complicit in the positions and could be vulnerable with the ties to the west oligarchs would lose access to u.s. financial systems and any assets under u.s. jurisdiction a bigger threat could come from the uk that is a favorite haven for oligarchs looking to protect their wealth russian billionaires purchased property and soccer teams. the u.s. has sanctions against 180 wealthy russian oligarchs. he has become radio active in the financial world. and attention turning to three russians with more ties to the west and to companies. first is the owner of the chelsea soccer team. then you have alisher usmanov. he owns a number of media tech firms and leonid mikhelson he is involved in a number of art museums in london and new york brian, if you talk to these guys, they re

you know about the oklahoma land rush of 1889 how about the great metaverse rush of 2022 robert frankill te ulls all about it after he puts on his cowboy hat we're back after this. two out of three guys experience hair loss by the age 35. kind of scary. that's why i use keeps. keeps offers clinically proven treatment, and the sooner you start the more hair you can keep. get started for $1 a day at keeps.com. >>> welcome back we talk about real estate all the time here on cnbc. things are about to get even more interesting because we really have two worlds out there. i don't mean red or blue robert frank is here with the land rush going on in the metaverse. >> good morning, brian facebook's meta rebranding has a new rush the platform tops $500 million last year. most of that in the fourth quarter after the facebook annou announcement sales from $50 million to $83 million. when it comes to investing in virtual land, there are four big platforms. s sandbox is the biggest decentralland and cryptovoxels and somnium. they are all vying to be the next manhattan of the metaverse. the most exp

robert frank breaks down the controversy. ith any insider trading case, the question for kimbal musk will be what did he know, and when did he know it. he's a board member, insider trading rules prohibits employees and board members from trading based on material nonpublic information. the issue here is kimbal's stock sale a day before elon musk tweeted out that poll, so here is the critical time line. on september 14th, elon created a 10b51 stock program to sell from shares. this was not announced to the public at the time on november 5th, kimbal musk sells $109 million of his tesla stock. that's more than 15% of his total holdings he sells at an average price of over $1,200 a share. the next day, elon tweets out about that selling 10% of his entire stake tesla shares fall 14%. on november 10th, that's the first of his sales that reach 16 billion by the end of december tesla trading at about $800 a share. that is 35% lower than the kimbal musk sale price elon musk telling the ft, kimbal had quote no idea i was going to do thi

there's a met averse land grab going on and robert frank is here to break it down for us >> sales of virtual land really taking off after facebook's meta anonouncement back in october deals topping $500 million last year, most in the fourth quarter after facebook's big rebranding. analysts say that based on current sales, this year could see up to $1 billion in virtual land deals now, investors, startups, big brands all hoping to get in on the ground floor of what they hope will be the next manhattan or monaco of the metaverse a collection of parcels in the sandbox that is over $4.3 million. republic realm is developing 100 fantasy ilnldz they originally sold the first patch for $15,000. they just resold one for $270,000 now, tokens.com, they're a canadian firm, just paid over $2 million for a plot in decentral land's fashion land. they're going to lease that space to big apparel and luxury brands just as in the real world, it's all about location prices near decentral land's dragon city, their vegas city, and red light district are the most expensive whensandbox, the big draw is sno

robert frank, thank you. >>> don't forget, follow and subscribe to the tech check podcast.anywhere and "tech check" will be back in just a moment. (doorbell rings) (family chattering) - [announcer] meat-itation, a sense of calm that comes from being transported to your umami place. on time, lowest price, or we'll make it right. grubhub. ♪ chicka-chicka >>> one more thing before we go, bumble looking to buy some love, announcing the purchase of european dating app fruits for an undisclosed amount. it is bumble's first acquisition and comes almost exactly a year after the company went public. stocks struggling to make a genuine connection with investors, though, it's down 60% since the first day of trade if you saw the deal this morning and asked, what makes fruits different? don't worry, tech check has investigated it has four emojis you use, cherries, grapes, watermelon, and a peach. >> you know, right before you had the segment, our producer told me what each of them remit represented. for the life of me, i can't remember so good luck >> i think you want to stick with the

cnbc's robert frank here to explain. about everyone fills out a 1040 form this time of year filing their taxes it's the most basic part of your return that asks for your name, address and social security number but right below all of that information, the first question it asks about is cryptocurrency. here's what it says, at any time during 2021 did you receive, sell, exchange or otherwise dispose of any financial interest in any digital currency if you answer yes, you're required to report all crypto sales and trades and pay necessary taxes. because the question said received, many investors who bought crypto last year assume they have to answer yes but in separate guidance, by the way that's not easy to find, the irs says if your only transactions involving virtual currency last year were purchases of virtual currency with real dollars, you're not required to answer yes. what does this all mean? here's your guide on how to answer this question you can answer no if you simply bought crypto with dollars or received it as

there is a catch cnbc's robert frank is here to explain. rt >> reporter: shep, just about everyone fills out a 1040 form this time of the year when filing taxes. it is the most basic part of your return and asks for your name, address, social security number right below all of that information the first question it asks about is cryptocurrency. here is what it says at any time during 2021 did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency if you answered yes, you are required to report all of your crypto sales and trades and pay the necessary taxes. because the question says receive many investors who bought crypto last year assume they had to answer yes but in separate guidance that is by the way not easy to find the irs says if your only transaction involving virtual currency were purchases of virtual currency with real dollars you are not required to answer yes what does it all mean? here is your guide on how to answer this question you can answer no if you simply bought crypto with dol

shep. >> things i don't understand, robert frank, thank you. >>> a record flash in the panhandle.of lightning that stretched across three states has just set a new world record for longest flash. it happened back in april of 2020, but was just certified as a record by the world m meteorological organization. this satellite image shows a megaflash 477 miles long it stretched from texas to mississippi. on average, lightning travels only about 10 miles. experts say this flash went from cloud to cloud to cloud, and was not a danger to anybody on the ground. >>> concern over a new tax rule involving third-party apps like venmo and pay pal, why some side hustles could get a little more complicated for business owners. >>> nasa planning to take out >>> nasa planning to take out one of its i'm a fancy exercise bike noobie. and i've gone from zero to obsessed in like... three days. instructor: come on milwaukee! i see you! after riding twelve miles to nowhere, i'm taking a detour. and if you don't have the right home insurance coverage, you could be working out a way to pay for this yourse

korea as one official told me, sanctions don't stop tanks they can only slow them down shep >> robert frankand deputy national intelligence officer in the office of the director of national intelligence. thank you. russia has been planning financially clearly for these sanctions for a long time. what else should the u.s. do to put some pressure on vladimir putin? >> so a lot of important points in that last piece it is true that russia's economy is more resilient to the sanctions, but we are talking about sanctions significantly larger than anything we have implemented before so i do think that over time these sanctions will be extremely costly to the putin regime they also have the effect of signaling to the russian people that putin is taking the country in the wrong direction so over time, i think the goal is to really constrict and constrain russia's capacity to continue this aggression outside of its borders. >> you know, china is in the mix now today, too the chinese accused the u.s. of creating panic over ukraine and dismissed the sanctions put in place. how big a challenge is it for

shep. >> things i don't understand, robert frank, thank you. >>> a record flash in the panhandle.of lightning that stretched across three states has just set a new world record for longest flash. it happened back in april of 2020, but was just certified as a record by the world m meteorological organization. this satellite image shows a megaflash 477 miles long it stretched from texas to mississippi. on average, lightning travels only about 10 miles. experts say this flash went from cloud to cloud to cloud, and was not a danger to anybody on the ground. >>> concern over a new tax rule involving third-party apps like venmo and pay pal, why some side hustles could get a little more complicated for business owners. >>> nasa planning to take out one of its own, mafia style, the hit coming out of the international space station right out of the mobster playbook hey, you two. check out all these camera views in my silverado i can see in front of me, behind me, on either side of me. and it has this cam, so i can see if there's any funny business going on. you see any funny business going

shep. >> things i don't understand, robert frank, thank you. >>> a record flash in the panhandle. bolt of lightning that stretched across three states has just set a new world record for longest flash. it happened back in april of 2020, but was just certified as a record by the world m meteorological organization. this satellite image shows a megaflash 477 miles long it stretched from texas to mississippi. on average, lightning travels only about 10 miles. experts say this flash went from cloud to cloud to cloud, and was not a danger to anybody on the ground. >>> concern over a new tax rule involving third-party apps like venmo and pay pal, why some side hustles could get a little more complicated for business owners. >>> nasa planning to take out one of its this winter, comcast business is helping team usa and businesses across america stay ahead. keep yours ahead too with reliable connectivity and secure solutions on the network that can deliver gig speeds to the most businesses. and get access to over 20 million wifi hotspots from coast to coast. so no matter what big event com

vladimir putin is relying on a stockpile of gold and foreign cash to support his nation's economy robert franksr the sanctions in 2014, russia has quietly building a new financial system that relying more on the euro and gold. the currency reserves totalling over $630 billion, another two years of exports or pay off the entire external debt experts say they could easily fund banks and oligarch foss several months even during the toughest months of sanctioning, a current account surplus and oil closes in on $100 a barrel russian officials say the sanctioning will be unpleasant, but fundamentally change nothing. the 2014 sanctioning now regarded as a policy failure, because the russians simply found new way to hide and fund their debt, foreign investors used to other than more than half of russian bonds. now it's less than 20%, they imported 5 billion in additional foreign bank notes they are ready if oil stays over $90 a barrel, russia will take in an additional $65 billion, which gives them literally more money in the bank. you at to that the potential of crypto, and they have a lot of runway.

. >> robert frank, thank you. >>> after initial pop, all the major averaging you are now lower. 4289 that will do it for "squawk on the street." "techcheck" starts now ♪ >>> good morning today global risks skirting a rebound, the latest on russia/ukraine tensions and its impact on your portfolio the tech sector may still be in growth purgatory and then later elon musk e-mails cnbc that exclusive exchange and the rift between the white house and tesla, is coming up. jon? >> let's start with a correction stocks, down more than 0.5%. dom chu has more on the megacap meltdown we have been seen with faang names down more than 20% we thought we may catch a bit of a bounce from yesterday, however, it has brought the nasdaq trade, as represented by the qqq etf. you can see here over the course of the past year how the trading pattern has been over here, now, that qqq is now back into that area where we're roughably 18% below the record highs from early this past year. solve, again, that's so-called correction territory within that technology overall trade, there have been certain pockets with

in an unexpected turn, so is the private jet industry robert frank joins us with more on that story. the super bowl is usually the biggest weekend of the year for private jet companies. this year, they're hoping for lower traffic, because a record number of new customers started flying private during the pandemic, but private jet companies actually can't meet the demand there is a shortage of aircraft, shortage of pilots, crew, catering and spare parts causing many to cancel or delay flights. a new survey from private jet cart comparisons found that 41% of private jet flyers experienced delays or cancellations in the past six months one in ten were actually left stranded now, net jet had to suspend membership sales and new jet cards last year to better serve the core fractional owners it plans to bring the sales back this quarter at least ten other private jet companies still have a freeze on new customers. and back at wheels up, members who paid up to $200,000 couldn't fly for 90 days last year. those restrictions were just lifted, but meeting demand is proving costly wheels up expec

robert frank takes a look at the financial shield that russia has built. bert >> russia learned the lesson from the 2014 sanctions and created a system less exposed to the dollar and immune to new u.s. sanctions the 4x and gold now total over $630 billion that is enough to cover two years of imports or pay off russia's entire external debt. they don't need to do that and could be used to fund the big energy companies, the banks, the economy and the oligarchs even cut off entirely from the global financial system adding to that a debt to gdp ratio less than 18%, current account surplus and oil closing in on $100 a barrel and the russian economy never been strong irin the face of potential sanctions. they said it's unpleasant but fundamentally change nothing president biden said that u.s. investors won't be able to buy new russian bonds after march 1 in december alone russian banks imported over $5 billion in additional bank notes and if oil stays at over $90 a bail russia will take in an extra $65 billion this year adding to what many call the financial fort

how to answer the irs' questions is confusing a lot of people robert frank is here to help us sort it out. robert foo tyler, to crack down on crypto tax evasion, the irs asked taxpayers this question on their tax form -- at any time during 2021 did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency now, if you answer yes, you are required to report all of your crypto sales and trades and pay the necessary taxes. because the question says "received," many investors who bought crypto last year assume they have to answer yes. now, in separate guidance that's hard to find, by the way, the irs also says, if your only transactions involving virtual currency during 2021 were purr chaugs -- purchases of real currency, you shall not required to answer yes. so, how should you answer this question if you simply bought crypto with dollars and you didn't sell, you can check no you must answer yes if you sold crypto, used crypto for a purchase, including an nft if you received crypto from mining or staking or exchanged one for another, buying ether w

meantime, as money pours into crypto and web 3, the metaverse seeing massive inflows of capital robert frank a laook at how people are investing in virtual real estate, robert? >> good morning, carl. facebook's meta announcement sparking a land grab in the metaverse. topping $500 million last year nearly half of that came right after facebook's october announcement sales in january still holding strong at over $86 million start-ups, big brands all pouring money into this space. the first metaverse mortgage was actually just completed over the weekend. luxury real estate brokers sold millions of dollars of real real estate they're now teaming up with republic realm for the metaverse. they say younger investors especially see the value >> if i were you, i'd want someone on my side that's going to advise me and make sure i buy something that is quality and is going to appreciate. we can do that for people just discovering real estate in the metaverse. >> now, the most expensive sales so far in the metaverse is a collection of par sellparcels ie sandbox, $4.3 million. token is leasing space back

robert frank >> sure thing. >>> still ahead, finding value in the wreckage.next guest says look for honey badgers and phoenix. danielle shay joins us to explain what they are and what they are one stock she sees falling further a cliff. - in the last two years, we quadrupled our team and the pace we're growing, i couldn't keep up without ziprecruiter. they do the legwork and they get my job posting in front of the right candidates. i love invite to apply. i instantly see great candidates and i can invite them to apply. we have hired across all departments, engineering, marketing, hardware, field techs. you can basically tell ziprecruiter who you need, when you need it, and they deliver. - [narrator] ziprecruiter. rated the number one hiring site. try it for free at ziprecruiter.com try it for free at ziprecruiter.com ♪ ♪ try it for free at it's electric... made extraordinary. ingenuity... in motion. it listens, learns, adapts and anticipates your every need. with intelligence... that feels anything but artificial. the eqs from mercedes-benz. it's the car elec

robert frank has the story. >> bill ackman joined the fight against new york crypto regulations, tweetingovernor hochul, let's fix this right away, we can't lose any more new yorkers. new york is on its way to becoming a crypto center of innovation the issue is bit license that's a 2015 state regulation that governs any businesses that buy, sell, transmit or custody crypto for customers the state so far only granting about 25 licenses, mainly to larger companies like coinbase, gemini, and finance. it can take more than three years to get one of these licenses and dutens of thousand of dollars no comment from the governor or mayor adams on whether bit license will change. ackman saying last year basically bitcoin is a speculative asset, he is not a big investor in crypto, but he does support the business opportunities more broadly that crypto is creating so far 17 states passed new crypto rules over the past year, despite miami's claim to be the crypto capital, florida has strict requirements for crypto legislators hoping to change that, pass more crypto friendly rules this year. wyoming s

morgan >> hot spare to not much there robert frank, thank you. that does it for "squawk on the street." "techcheck" starts now >>> good wednesday morning welcome to "techcheck. i'm carl quintanilla with deirdre bosa and jon fortt why cybersecurity mandian may be nadella's next target. a hailstorm for lyft, a deep dive in those earnings as the stock has a nice u-turn. an exclusive with the new ceo of arm, what's next after nvidia's historic deal for the chipmaker collapses. >> we're going to start with meta, a severe dropoff, that brought the stock below $600 billion market cap, now recovering a bit $615 billion interesting level here, lowest level since may of 2020, given it might help the company f formerly known as facebook dodge antitrust scrutiny is the tiktok tumble just beginning? joining us this morning to discuss, baeri annan. how much do you think is reversible if they can demonstrate tangible progress in this new growth area >> i think so when it comes to meta they are so well positioned with virtual reality hardware and having a captiv

that's our robert frank. remarkable week, john,s as we mentioned. does make it the best day of the year for the dow. >> and we have been reporting on earnings happening as well question is how, if at all these geopolitical issues are going to impact the stocks themselves >> a lot of data next week as well, including ism, powell and a jobs number. let's get to the half. >> welcome to "the half-time report," i'm melissa lee did stocks hit their lows, and is it time to start buying beaten down names. that and much more with our investment committee today liz young, amy raskin, steve weiss, and let's get a check of the markets at this hour the dow is rallying on track to the best day of the year the s&p 500 trying to break a three-day losing streak. we are at session highs visually on s&p 500 up by 2%, the nasdaq is up by 1.4% and take a check on the ten-year yield, creeping up towards 2%. 198 is where we stand right now. let's get straight to the market action and trade this. liz young, on yesterday's show, i asked the team that we had in place whether

robert frank has a closer look robert, what have you learned?r: becky, russia's 117 billionaires control wealth in the u.s. and uk. cutting off to help putin back down on invasion no names have been released. oligarchs in the kremlin inner circle implicit are vulnerable because of the deep financial ties to the west those who are sanctioned would lose access to the u.s. financial system as well as to any assets under u.s. jurisdiction a bigger threat could come from the uk which has been a haven for billionaires looking to protect wealth the u.s. has sanctions against 180 russians which came from the crimea invasion in 2014. oleg deripaska has seen his wealth cut in half since being on the list. the attention turning to the three wealthy russians with ties to the west. roman abromovich he is worth $14 billion. he is owned real estate in new york and aspen you have alisher usmanov he still owns stakes in a number of tech and media. and leonid mikhelson he is worth $28 billion. he owns art museums in london and new york becky, when you talk to the

robert frank, thank you. we're going to have to do a whole special on this or something. >> it is splitting hairs i think the whole thing sounds stupid paying real money for virtual land maybe virtual money for virtual land, but real money a stretch, especially big time real money >> you're using crypto >> if you're going to spend $843,000 on a virtual house, you've got problems. you're basically, you know, lighting your cigars with $100 bills. >>> anyway, when we come back southwest airlines ceo robert jordan will join us live why is today so important? because it is his first day as ceo of the $26 billion company don't go away. quk x"ilbeig bk."sawbo wl rhtac we're getting destroyed out there. we need a plan! i have a plan... right now at t-mobile customers on magenta max can get the new iphone 13 and t-mobile will pay for it! upgrade to the iphone 13 on us. >>> welcome back to "squawk box. this morning major u.s. airlines hopeful as the omicron variant subsides the public will get back to traveling. joining us right now on his first day on the job no less is bob jordan

. >> we will talk about it more in the coming weeks robert frank talking about tax season and crypto.ss, ford cutting production once again at about eight north american factories this week. because of the chip shortage got this annual filing out of tesla where they talk about the value of their crypto holdings and an update on s.e.c. subpoenas regarding that settlement they had long ago. >> took a little bit of a loss, again mark-to-market on the crypto all the stocks are, you know, they are down 20, 30%, including gm and ford off their highs. there was that big rush of excitement into wanting the value, the ev businesses obviously, things are going to clear a little bit this year and demand seems fine. now it's interesting that everybody is rooting in a sense for car prices to come down. new and used that's going to be the big driver in cpi on thursday and beyond. >> we've got a piece on our website, used cars, one to three years old, average cost down 2% i didn't know you had dahlias. they're my favorite. they just came in. thank you. i should do a marketing campaign. clover does t

robert frank has the story robert >> good morning, pinterest ceo and other insiders cashing out $700ing higher ben silverman $240 million in 2020, he sold at prices ranging from about 20 bucks a share to over $86 a share now of course it's trading around $25 so he got out at the right time there almost all the sales for him were part of a pre-scheduled stock selling program and some were sold to pay taxes on options exercises. still owns about 8% of the company, net worth once $4 billion, now down to 1.5 other executives also selling off, the chief financial officer, chief legal officer, other co-founders cashing out $246 million last year and just under 500 million in 2020. we've seen the selling continue this year. the cfo selling $2 million in january and co-founder evan sharp selling another $3.5 million in stock, just in january. the company did not respond for requests for comment david? >> i'll pick it up, robert thank you. you just mentioned shares of pinterest are down almost 8% right now, a fresh 52-week low for this name, reports after the bell snap is down 20% also report

states are considering legislation to allow people to pay state taxes in crypto robert frank has more >> reporter: good morning, joe arizona and wyoming racing to be the first states to allow taxpayers to pay with crypto a bill before the arizona legislature would allow bitcoin as legal tender to pay debts and taxes and all dues the bill in wyoming allow the use of crypto token to pay sales and use taxes. colorado could be close behind with governor polis to be the first state to allow you to pay your taxes in a variety of crypto there are two big problems here. the first is the constitution prevents states from issuing their own money. arizona's law creating a new legal tender would be unconstitutional the second is the irs classifies crypto as property, not currency to pay with crypto, you would first have to pay taxes on your crypto if you owed $10,000 in state taxes that you pay with crypto and that crypto originally cost $1,000, you could owe capital gains tax on the $9,000 gain on top of the $10,000 payment it would be the same-as-cashing out your crypto from a wallet and paying

that's where it hurts them and their families going forward >> all right thanks robert frank. >>> comingt will join us on the market moves. take a look at some of the names leading the dow lower. jpmorgan chase off 2.5% this morning. salesforce also off close to 2.5% stay tuned are u yoare watching "squawk" live from times square. back after this. need your prescription refilled? capsule pharmacy can fill and hand deliver your medications - the same day - for free. go to capsule.com to get started. we handle your insurance, coordinate with your doctor, and text you when your medication is ready. all you have to do is schedule delivery. we bring your medication directly from our pharmacy, straight to your doorstep. get your prescriptions filled and delivered today - for free. go to capsule.com and get started in 15 seconds. >>> welcome back u.s. equity futures indicated down h400 points it is interesting. we had the days where we were down 400 points. this is really ugly. we're going down 400 after recovering and being up last week >> for the dow >> 400 again >> the s&p and nasdaq in posi

the frank miller comics, year one, the last halloween. >> stephen: and upset robert pattinson's batmanie. like you're a bad guy who could kill you. >> i played bad guys when i was younger, and then i tried to, you know, get away from that a little bit. but i played a few bad guys in my day. >> stephen: sure. >> "miller's crossing." >> stephen: bernie bernbalm is a weak bad guy. >> he's sort of the man behind the curtain, sort of the predator who offers services to people as a benefactor, and then he kind of, you know, owns them. >> stephen: right it's very menacing. even that little clip. >> i-- when you play a bad guy, it's kind of fun because you get to be sort of irresponsible in some ways. >> stephen: what do you mean? you don't have to, like-- >> you get to do things that you can't do at home. >> stephen: oh, sure? >> not washing dishes. not have your wife tell you, "what are you door, stephen?" but, you know, i kind of grew up not that-- my father was a builder and he was a very honest guy, but he had plenty of jobs where he had to work for these type of people. and he used to al

let's be frank about it, because on monday's 5 to 4 ruling, the court actually agreed to take up the case next term, and issued a stay on the lower court's decision. chief justice, john roberts, sided with the liberals, and that's pretty significant. let me explain why. back in 1981, john roberts joined the justice department as a special assistant to the attorney general, focusing on voting rights. now, at the time, there was a battle in congress over the reauthorization of parts of the 1965 voting rights act. congress wanted to make it easier for voters to fight discriminatory practice. roberts was tapped by the reagan administration, to leave the charge against that effort. he drafted dozens of speeches, oh peds, and talking points. in fact, and one of those memos, the future justice said the changes would lead to a quote, quota system for those who had elected office. now, it's important to know that roberts and company actually feel back then. in 1982, the real authorization passed with bipartisan support. but once appointed to the court, roberts continued his crusade against voting rights. in 2013, he offered the majority opinion and shelby county, which effectively en

let's be frank about it, because on monday's 5 to 4 ruling, the court actually agreed to take up the case next term, and issued a stay on the lower court's decision. chief justice, john roberts let me explain why. back in 1981, john roberts joined the justice department as a special assistant to the attorney general, focusing on voting rights. now, at the time, there was a battle in congress over the reauthorization of parts of the 1965 voting rights act. congress wanted to make it easier for voters to fight discriminatory practice. roberts was tapped by the reagan administration, to leave the charge against that effort. he drafted dozens of speeches, oh peds, and talking points. in fact, and one of