so how have sites like robin hood so dramatically changed the face of retail investment? yeah, the rise of retail has really forced wall street to take notice, especially after the catastrophic losses. they face when institutional got squeezed and started losing billions in names like game, stop and blackberry. so they completely change the landscape of investing, especially after blowing on the biggest hedge funds like melvin capital, institutional they trade on fundamentals. they look at earnings, catalysts financials and global climate, and all that to determine price points of things and their market cap to look for opportunities, but then retail, they rely more on sentiment and hype and to that. and it's a complete divergence from fundamentals because you look at a name like game software and see, and any institutional would be like that's dead money short it. but then all the retail ban together under their love of game a and saving the movie theaters and movie business and managed to squeeze out all the hedges game. stop rally over 2000 percent this year, which is

talking about robin hood, i am bearish, bearish, bearish.arned 1.3 billion and the quarter before that they burned half a million dollars. it's safe to say it is not a good situation the only reason before that they did well was because of these idiosyncratic things likes explosion in dogecoin. now in the previous quarter we didn't have a wild defense they weren't able to profit off trades as we move forward as they make money off crypto and that has been quiet and it sounds like in the next year there will be fireworks on the regulatory front that relates to this, their business model is falling apart. on more of the social standpoint, one of the most difficult jobs of the year was to be on the pr team of robin hood it was a dumpster fire the public lost their faith in the company. they said of risk to them is a reduction in spreads that is a risk to the company that is beneficial to traders. that's in their own sec filing i don't see a way they can win the trust of the retail public back >> matt, good to see you thanks for your time >> tha

soledad: today, you serve as the ceo of robin hood and you're focused a lot, robin hood is focused averty and ending poverty. explain to everyone how race intersects with poverty. wes: race is the most predictive, most, most predictive indicator for life outcomes that we'll see. everything from income and wealth to educational attainment to maternal mortality. all right? the fact that, you know, the fact that we have a 10 to one racial wealth gap in this country is not because one family work 10 times harder. and so all these things, i think when we're talking about what is the correlation between race and poverty or when people say, oh, it's not race. it's poverty. you can't separate the two. if you're looking at not just the history that we then have to contend with, but this still baked in infrastructure that we still have to try to overcome. soledad: wes moore, so nice to see you. wes: good to see you. fax still ahead, genesis be -- >> still ahead, genesis be drapes herself in a confederate flag. hear her suggestions for the nation. ♪ nation. ♪ mrs. claus the shopping boss here t

then, trading app robin hood crashed the party. >> robin hood announced trading restrictions.ocked. >> that infuriated traders and robin hood's ceo later apologized before congress. >> i'm sorry for what happened, but what i can commit to is making sure that we improve from there. >> number nine. billionaires raced into space. triggering a space tourism boom. >> the new space race. the battle of the billionaires. >> the modern space race is not between countries, but ultra irish men. richard branson, jeff bezos, elon musk, all funneled their immense wealth into space travel and innovation. and this year, branson's and branson took flight on july 11th. >> becoming the first person to fly into space, aboard a rocket that he helped fund. >> reporter: edging out bezos' launch by nine day. it was private space flights, sending celebs -- >> captain kirk himself, william shatner -- >> reporter: and thrill-seekers into space. number eight, cyber attacks for ransom, unless companies paid up. like meat supplier jbs usa. >> jbs usa said it paid a ransom. >> reporter: it compromised hundr

because that's why people use pay pal coin based crackin robin hood because they are super convenient and they're amazing smooth you why and user experience people actually enjoy using them. robin hood is addicting, but they all have the same problem as in their centralized and you're sacrificing your privacy and your control for the convenience. so i hope that people don't become super complacent and just accept a cbc rather than the real thing and cvd. so those will actually start driving people towards the adoption of crypto currency. i hope that's the case. yeah, there's certainly a lot of things there now been, i will give you the final word here. we know that even if the government is acting like a bunch of men still has an impact on the american people, how do you see it rolling out in the next year? it was definitely hasn't been back on the american people. and it also affects the industry, right, because the bottom line is it doesn't matter how much of a case, man, you are the big enough club and you can smash anything. and i think that's what the us government is able to lea

robin hood >> the stock is -- look, i can make the same comment. it is so down.ke a shot at it the answer is we don't take shots at things. we're looking for mfundamental regions to own things. bet with them, no the with robin hood it's not a bet it's an investment chris in florida chris? >> caller: hey, jim. chris from jacksonville, florida. great job you're doing with the cnbc investing club. >> i love the club i'm loving the club. much what's up >> caller: quick question. mcafee bought it before the x date. >> we don't like mcafee. you need to be in norton you're a member of the club. you know that norton life lock when that deal closes it is going right to 30. straight shot. greg in jersey greg >> jim, how you doing? >> i'm having a good time. how about you, greg? >> great doing great. when are your thoughts on western union? >> it's so darn cheap that i have to believe that they do something. i have to, have to, have to. i would not sell this stock at $18. john in nevada john hu, jim. i love the dividend the stock is paying what do you think about royal dutc

and when dogecoin dried up, i think that hurt robin hood dramatically -- i know it hurt robin hood dramatically, and that pretty much killed their stock. >> what do you think overnight, elon musk tweeting he's going to sell it and use togdoge as the currency >> i saw that, i thought it was pretty cute. i like elon just being elon. but i think it's a little more of -- i think a little of that, you know, it's a little contrary to elon, and being a self-promoter in elon. i don't really too much into it, i don't think that dogecoin has the upside that he was talking about, listen, it sounds good, it's a good take >> and with some of the margins, playing the stocks, some were very clever early on understanding how to create a short squeeze? how do you think about it today? >> i think it's virtually impossible, most of the brokerage firms they don't allow shorts of options in these firms and if they do, they don't a allow shorting of firms, too and it's basically cash secured. so it's almost impossible strategically. but i do think each one of these stocks have a really high implied volt till which m

have been excited about the young active user base of the upstarts but when it comes down to it robin hoodelies on users to tradeoch big meme events and coin base, neither have been that successful yet in cross selling products even a sofi which has had more success in upselling or cross selling has seen shared tumble 52% from the 52-week high. today they talked about how real lasting disruption in the fin tech space will take time. so the thinking for now to be that the legacy players like visa and mastercard, they will continue to benefit from old trends, resurging like cross border transactions, long-term, this could be an opportunity for some investors like kathy wood who believed that technology, crypto, decentralization will disrupt the older models back to you. >> thank you bono wynn, where do you stand on those old forces and there is cross over and i think almost every financial institution needs to find its way to becoming a fin tech company if it hasn't already. so which one would you like to inve invest in? >> we've talked about this before it is not an all or none approach as

amazon products and disney plus, slack and robin hood were among the services affected by the server issue. the delivery service also saw problems. >>> this christmas instead of leaving santa milk for his cook iys try a bottle of wine. oreo teaming one bare foot wine for a limited release. the red wine has notes of chocolate, cookie and cream flavors. it'll be available for about $25 a bottle and comes with a package of cookies. >>> and that's your cbs money watch report. for more head to cbs money watch.com at the new york stock exchange. >>> the faa is warning that 5g wireless could cause an air safety risk and that could result in flight diversions. the concern involves a potential interference with 5g and sensitive air craft technology like radio altanators. the faa is now prohibiting some air craft from using the data near 5g signals. both at&t and verizon plan to launch 5g next year. >>> now to the coronavirus that omicron variant has been found in sacramento county. a team of scientists said they found it not in patients but in wastewater. they say the detection sevens as an e

and hertz, of course, went bankrupt in 2020 until robin hood de traders rescued it. and they are engaged in a huge stock buyback. now less than a 2 years after they nearly went bankrupt. max, when you worked on wall street, this sort of thing never happened, but also, you know, we just discussed that the president has had, okay, i'm, i'm here to sign into law that we're raising the debt limit because we always pay our debts. i mean, this is the same sort of thing ever. it's, it's, it's debt roll over all the way down. you know, everywhere you look it's, it's plunder. it's the, it's a private equity model of just swapping debt for a bankrupt entity. and you keep on loading up already bankrupt entity with more and more debt until you just crush the company. and that's where like loads of big, big companies as 5 hundreds of years in america. got crushed by the private equity model where they had a whole bunch of debt loaded up on them and then it all collapsed. right. it should be noted that we also see the us dollar going up at the same time and other currencies around

jeremy ago, but of receiving 433000 up boats now followed by a post claiming retail trading at robin hood had hid mean sack from his search, calling on you too. bye bye bye. that got 323000 up vote. and the 3rd most popular post was an update from key feel known as roaring kitty, showing his shared game stop losing more than $14000000.00 in just one day. with more than $287000.00 up both and that's it for this time on boone bus. check us out at portable tv. cool. see you next me i have often said transparency for the household, privacy for the bell, this case about privacy. what people care about is power. julian hassan just become a symbol of the battle. the privacy information is power. that's what's going on in the world. a huge struggle with the governments and corporations to want to keep information secret and others who the democratic rights should be pushed forward. and people have a right to know what their parents are doing. watch how assange helped shifts the conversation around transparency and come see what that battle has done to him. i feel like july might be coming to an e

well, i did the original work with robin hood now, friend of mine. it was back a long time ago and i think it emerged simply from people asking, what do you want? you know, we understand that you're against poverty, you're against warrior james racism you're against this. that the other thing. but what do you want? and at the time on the late sixties, early seventies, people weren't very good about answering that question. so we set about to try and answer as best we could, god question, at least regarding the economy. and that's where a participatory economics i guess, got got it start why these are marks in the communist manifesto and so on. chose not to deal with what comes off to it's and the need focused on the revolutionary vanguard. i, i can only guess, but you know, some people feel that it's over stretching the bounds. that weird b. b, we'd be delving into a realm and an area of the future we're, we're not equipped to to say, march. i think they're wrong headed though, because of that opening that i said, which is that in fact, people, peopl

and when they were bankrupt, the momos on robin hood pushed the stock of a bank or company, which means just equity is worth 0 up to over $60.00 a share and then said, oh, let's issue some more worthless shares. and the judge said, oh, you can't do that. so that was an example of how insane the pricing is. now, after a couple months in bankruptcy, hurts came out and said, ok, well now we're going to buy a $100000.00 tesla's. so they're going to spend $4000000000.00 on one 100000 test was maybe a little over $4000000000.00. and when that announcement came out on must p r team had the price of a test for the market cap went up several 100000000. so how is that proportional? i mean, we just have stuff trading in the stratosphere. that's absolute lunacy. so this is definitely going to end badly. it's worse than 929999. combined valuations never been stretched in the history of the planet. no, it's not different. this time, it's not different. next time it's never difference. and this is going to end exceptionally badly for the people who are lot of these trillion dollar zombie companies. so

painful for these guys in a way that it hasn't been for previous generations because they have robin hood right now. a lot of these kids are out there. trade a including one of my kids and the training aggressively in things they don't understand and they're going to get burned big time at some point. well, you know, but that's the cycle of life. you make your mistakes in your twenties, you kind of think about your mistakes in your thirties and then you, you become here, going to become in your forest. so these guys have to go through god, there's nothing we can do to help them other than make as much money as me can. so we can support the millennials who are close to our scoring forward to help them get through what's coming. well, it seems like the politicians think that they can buy these votes by promising incident spigot a free money. but i think what i'm hearing from you is that the cycle is coming to a close even as soon as the 20 to 2022 elections. we, they won't have that option any more of the reality will offset and we've got about 20 seconds. i think some decisions have to be

# see, i'm a modern day robin hood # i'm just a man of the people, make sure # it's understood # see,o achieve my dream # so bleep the haters, - i'mma see you in the afterlife # i'll be kicking back with the gods # smoking half a pipe # and i ain't never going to change or do switch up # anybody hating on my nam # biggy is the name, killing all the game, # k—killing all the # all you brothers sound the same # biggy is the name...# hello again, and merry christmas. now, we still have some of this morning's fog to lift. some of it will still take its time before it does clear. leaving us with a fairly cloudy day across parts of scotland, northern england and northern ireland with some spots of rain at times and a heavier band of rain coming in across the south—west of england and wales, some of that could be thundery. but you can see, relatively mild, but it will be feeling colder across the far north of scotland. tonight, as the band of rain moves northwards, then bumps into the cold air in northern england, we could see some snow on the tops of the hills. and then the next band of rai

# see, i'm a modern day robin hood # i'm just a man of the people, make sure it's understood # see, i cream # just a man with a team trying to achieve my dream the haters, i'mma see you in the afterlife # i'll be kicking bat with the gods, smoking half a pipe # and i ain't never going to change or do switch up # anybody hating on my name # big heath is the name, killing all the game, we've got some exceptionally mild air on the way over the next couple of days, with temperatures across parts of england set to surge as high as 17 celsius, compared with the december average, which is 8 celsius. the current england december temperature record stands at 17.7, so it is going to be really close to hitting those record levels. today, the best of the bright weather across scotland and northern ireland, still some patches of rain slow to clear away from eastern coastal counties of england, but eventually this evening that rain will clear off, and then we will start to get a band of heavy rain moving into the south—west overnight, and behind that band of rain we will start getting the exception

red jeremy go brother receiving 433000 up boats now followed by a post claiming retail trading at robin hood had hid mean sack from its search, calling on users to bye bye bye that got 323000 up votes. and the 3rd most popular post was an update from keith deal known as warren kitty showing his shares and game stop losing more than $14000000.00 in just one day with more than 287000 up both. and that's it for this time on boone bus. check out at portable tv. see you next to me. i just thought you all pretty much when when she, when i didn't get a video on this, you pretty much what the lease which i can show coordinator is deal. it's quite a blue sky. don't. yeah. but they smile on the credit card. you know, the customer knew she was a joke. both could be doing the forms to them, which he, she does make sure you know when you wait one more visit that the you must out. well, you will like with what i want you to talk to somebody, isn't that ya, if you're wasting it out, they might not spanish video yet, but the launch that comes with oh, is your media a reflection of reality? in a world transf

# see, i'm a modern—day robin hood # i'm just a man of the people, make sure it's understood # see, imoking half a pipe # and i ain't never going to change or do switch up # anybody hating on my nam # biggy is the name, killing all the game, # k—killing all the # all you brothers sound the same # biggy is the name...# mild airarriving mild air arriving behind this front. south—westerly wind boosting the temperatures to crazy levels, near—record levels. the english temperature record stands at 17.7. we are all—time to the all—time december record. a few mist and fog patches. chilly initially in northern areas of scotland. much mother and arriving in the south—west later in the night with temperatures around 1a degrees in the first part of wednesday morning. a band of heavy rain extending northwards and eastwards. it is behind the ranbaxy temperatures surge upwards. —— rain band. good morning, welcome to breakfast with katherine downes and dan walker. our headlines today. the scottish parliament is recalled amid record covid infections, but there�*s no extra restrictions for england bef

now followed by a post claiming retail trading at robin hood had hid mean sack from his search, calling on you too. bye bye bye. that got 323000 up vote. and the 3rd most popular post was an update from key feel known as roaring kitty, showing his shared game stop losing more than $14000000.00 in just one day. with more than $287000.00 up both and that's it for the time on boone bus. check us out at portable tv. cool. see you next. me. i awe back. breaking toil. forced labor stress in industrial injury. corporal punishment. own words with which we are all familiar are you certain that the world you live in abolish slavery long ago? i look forward to talking to you all that technology should work for people. a robot must obey the orders given by human beings, except where such order is a conflict with the 1st law show your identification. we should be very careful about artificial intelligence. at the point obviously is too great truck rather than fear a job with artificial intelligence. real summoning with a robot must protect its own existence with a she has a video they might be with

remember when i had that young person come on saying why am i using robin hood because i'm tired of candyemen, is the conclusion of the lightning round. >> announcer: the lightning round is sponsored by t.d. ameritrade coming up, hut hut hike. stick with cramer for a special no huddle next it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪♪ >>> look, maybe it's because i'm from philadelphia and i love a good fight but i'm not going to let up on this vaccination, not now, not ever. there's something good happening. we can only go zero tolerance on covid. don't forget we're on the cusp of everything we needed from the start. antiviral dru

guy: what does that mean for platforms like robin hood if this is a new approach to trading the markete more cautious, more long-term, less frenzied? what does that mean for robinhood? is this a different approach that needs to be formulated by management? karl: i think you are right on the mark. when i think about robinhood, i think about the customer acquisition. the growth they experienced over the course of the last two years in terms of their customer base going up to 23 million accounts, but what they have been able to deal with opening accounts and getting folks on their platform has been stunning. the business model is based on generating trades. how do you continue to have these folks engage with the marketplace? how do you continue to generate that flow so they can continue to invest in the plat form and grow? they need a new way to engage with the customer. if you look at what they said on the last earnings call, that is what they are trying to do, get into longer-term investing, into education. they talked about snippets they now have available. they refer to them as snacks

robin hood followed with its own gifting option coin base also offers a gifting option, and a handfulyou're also gifting volatility. the asset is known to rise and fall by 10% or 20% in just a matter of hours sometimes. that gift may come with a tax bill if the value goes up, friends and family will eventually have to pay taxes on it that is if and when they sell, shep >>> thank you, rooney, a surge in americans skipping medical care because of the cost that's what's topping cnbc's "on the money" nearly one third of all americans skipped necessary medical care in the past three months because they couldn't afford it. the news from a new study by gallup and west health it comes as covid flares up again all across the nation. people who put off routine doctor visits because of the pandemic are now facing higher costs for care >>> the new kid on the block getting sued h&r block against jack dorsey's former company known as square the name change might cause confusion for its customers. they claim dorsey's company is capitalizing on its reputation >>> and the boss hitting it big. bruce sp

stuart: robin hood, $17 a share, below where it ipo. >> $17, it was a cell, perfect storm.ding activity could face a multi-year head wins with clients engagement, i want to check on the meme stock, it buckled this week and especially in this environment where so many options, they expire. there will be a lot of distortion and volatility in the market. >> we have it up on the charge. >> the dow winners headed by merck on the upside this morning, walmart in their and so is verizon and ibm. we've seen that quite a few times. s&p winners, oracle in talks to buy them. nasdaq winners. who is the top of that list? serna corporation. resume is on the list, up today and so is otto and craft as well. nasdaq winners and if you was the loser they would include big techs. dow industrials down 355 points, 30,500. the 10 year treasury story, a huge flight to the safety of treasury securities pushing the yield to one.38%. the price of gold, $18.08. it regained the $1,800 level. bitcoin is down 46,$000 per coin. oil, where is that? $71 a barrel. natural gas at $3.72. the average price for a

didi, robin hood all down more than 50% joining us now santos from venture partners thank you for joiningi guess, reframe that as a disappointing year for ipos. i guess that is for the end investor, for you the vc firm that is therefore realizing early-stage investments is value and for the investment banks i guess has been a resoundingly successful year. >> yes and no. there are two sides to this story. the pre-ipo market was humming it was a record year in many respects, the number of unicorns that came, the number of fundraising that was done. so all of these companies were flush with cash. their ipo timelines got pulled forward because of the rush to get out there, the pandemic did it anything with cloud, anything with supply change, anything that all the buzzwords, they just got pulled forward, they just wanted to ride this wave. so you saw some of the companies, the gates open too wide, too soon for some companies. and that's what happened initially they came out, but then the whole appetite for risk change, the investors were not happy with this high-flying stocks without any profi

there is nothing like robin hood or e*trade in the -- in the real estate market because of the mandatory rules that forestall innovation. finally let me discuss exclusionary innovation. innovation is not always good. sometimes it excludes competition, with respects to search algorithms, they are often designed to sell preference. technologies are not interoperable. data affordability raises similar concerns. big tech frequently introduces immigration -- and of -- innovations to degrade competing products and services. let me offer a example. google uses its power in the online digital advertising marketplace to force publishers to use google exchange which targets extremely high transaction fees. these hurt publishers' revenue so they developed a code to go around the fees. they called this an existential threat so they introduced a series of innovations to make it slower and harder for publishers to use competing exchanges. in short, google introduced numerous innovations for the express purpose and result of excluding competition. let me close by saying that one certainly has the impre