former s.e.c.hairman jay clayton is here. >>> later, we speak to the fund manager who has beaten the s&p 500. more still ahead on "worldwide exchange." stay witange." stay with us. me-thing. [ a.i. copilot ] glad you called, j. [ a.i. copilot ] it's time for an upgrade. awesome. ♪ ♪ [ inner monologue ] i knew what i had to do. because they never stop. no time to waste. this isn't sci-fi. this is precision ai. ♪ ♪ [crowd chanting] they ignored your potential, and mocked your ambition. but it's not the critic who counts. with every swing and block, your game plan never changed. ♪♪ some still call it luck. let them. because you know what it's always been. inevitable. ♪♪ ♪♪ norman, bad news... i never graduated from med school. what? -but the good news is... xfinity mobile just got even better! now, you can automatically connect to wifi speeds up to a gig on the go. plus, buy one unlimited line and get one free for a year. i gotta get this deal... i know... faster wifi and savings? ...i don't want to m

the s.e.c. has been reviewing those call options. there have been internal s.e.c.cussions about whether those moves could be considered market manipulation, and morgan stanley and e-trade spokesperson said essentially no comment, we don't discuss the individual activity of our clients, and the s.e.c. saying it does not comment on the existence or nonexistence of a possible investigation, mel. back over to you. >> kate, is there any sense as to whether or not e-trade tipped off the s.e.c. or are these parallel things going on? >> it's not clear. you'd think this is something that would have gotten the s.e.c.'s attention regardless of what was happening at e-trade and something i've been talking to with former s.e.c. commissioners about sort of the liability here for keith gill and totally unchartered territory, that they have been paying attention to this, according to this reporting, and former regulators are having a hard time wrapping their head around it. a lot of the posts keith gill has done don't have anything to go with gamestop. but if he was posting at the

and then the former s.e.c.r warren's comments on the fed. exxon's lawsuit against activist shareholders being thrown out, and much more. "squawk box" will be right back. >> announcer: time now for today's aflac trivia question. which state is home to the most lakes in north america? the answer when "squawk box" returns. oh, charades! - okay! - love it! umm... first word. - tonsillitis! - nostril! uh-uh... bill! uh-huh... - hip-hop! - limping! mmhmm! medical bills! uh-huh! - pancakes! - cash! who pays you cash when you have medical bills? grrr! no idea. [tapping] gap! the gap left by health insurance? who pays cash to help close that gap? aflac! oh, aflac! get help with expenses health insurance doesn't cover at aflac.com pictionary?! (luke) this will be a gold mine of local intel. (marci) so, tell us about this corn festival.cover at aflac.com (stylist) oooh you got your corn pudding... (marci) so...is it safe around here? (stylist) sometimes. [luke gasping] (marci) no eyebrows? (luke) think of how light it'll

and again, the s.e.c.inaction that it's not going to go after anyone who owns less than 5% of the company for this kind of thing. that's unfortunate because if you bought gamestop at $40 this morning, you're already feeling like a moron. and i bet everybody who bought it today ends um feeling the same way. maybe the s.e.c. should just say you know what? caveat emptor. i always like to say there is always a bull market somewhere. i promise to try to find it for you right here on >>> right now, call it the nvidia in the room. could it be a bad thing? more billionaires rushing to back donald jay trump. democrats have an answer. we have mega donor tom steyer. >>> and has a narrative of corporate inflation just been popped? belly up or buckle up on this monday. last call is up right now.

. >>> we have a news alert on another s.e.c. suit. >> so the s.e.c.suing another crypto firm, this time it's consensus, alleging a big fail to register as a broker. this is a company run by the co-founder of atherium. it is the latest enforcement action from the scc. -- s.e.c. robinhood also got a notice from the s.e.c., so this is alined with the s.e.c.'s previous position. coinbase also countersued, coming at a time when crypto has become this hot bed -- hot button political issue. former president trump has really come out as more vocal backer of the industry than trying to court donations from crypto entrepreneurs, but it did not come up in the debate, guys. >> we'll talk about the s.e.c. next block. thank you very much. >>> coming up, while washington grapples with the fallout from last night's debate, the supreme court overturninga four-decade old precedent with major consequences for all federal agencies. we'll debate for what it means for wall street next. >>> and president macron's citizens head to the polls sunday. we'll tell you why the eco

>> i have no doubt that the s.e.c.manipulation. here is the key point. as karl pointed out, there is nothing obvious about what he is doing that is illegal under the current rules. the key point of this is the s.e.c. f they view that this is trading that is not good for the market consistent with maintaining fair order and efficient markets, they could actually change the rules. what is happening today is not new. this is deja vu all over again. with s we saw this three years ago with the meme stock frenzy. after that, there were four hearings on congress, i testified in two of them. the s.e.c. went forward with market structure reforms. some were needed and some were not. they didn't address the underlining issue of possible market manipulation going on in the current markets that is not caught under the current rules. they could have changed the rule set. they spent three years doing nothing. three years ago, they got a wake-up call and they hit the snooze button. >> you are being critical. they had the time before t

we, the s.e.c., tomorrow, are turning 90. happy birthday, s.e.c. 90. and what president roosevelt did is created this commission to oversee that you, the investors, get disclosure, and in the crypto markets, they aren't giving you that disclosure, and secondly, that exchanges like here, this floor of the new york stock exchange, get properly regulated to protect against fraud and manipulation, and they don't trade against you. and these crypto exchanges, jim, are doing things we would never allow this new york stock exchange to do. our laws don't allow you to trade against your customers. and so, you've seen the bankruptcies in this space, and there are some of the most leading lights in this field are either in jail, about to go to jail, or waiting extradition. >> okay, that's a suboptimal situation for them, but i'm looking at the -- >> but it's a suboptimal situation for investors. you're investing in a field right now that you're not getting the proper disclosure. >> agree. there's securities for people actually i know. i mean, their names. and the

is there market manipulation as the s.e.c.des and ties or a ban from the morgan stanley trade platform. to help us answer this litany of questions and perhaps raise a few more, let's bring in kate kelly. good morning. good to see you. >> good morning. great to see you too. interesting stuff here. >> yeah. i think you might have the volume on something there, don't worry about it. 'll move past it. we hit you with an avialanche o questions. what do you think about the scrutiny -- short selling was suspended. are we possibly setting up for something like that now following the return of roaring kitty? >> i think that's a great question. i think it would take a great events to impose the short selling ban. that was done in order to keep the stocks from plummeting too badly, and there was a lot of anger and consternation about it at the time. i think we could see rule making and concern, and the s.e.c. from what i read, at least, may be taking a look at some of this stuff. i think you alluded to it with the morgan stanley etrade p

of course, he had previously had this s.e.c.lated to his public disclosures related to a potential tesla buyout, and that was, you know, he's supposed to buy back certain agreement on that score. obviously, tesla shareholders gave a huge endorsement last week to that pay package. that was tied, in large parted, to the stock getting up to really tremendous levels from where it was initiated in 2018. on the other hand, to me, the part of that that was a little bit uncomfortable was, he had such incentive to jack the market cap up by a certain date, and he has an ability and a willingness to basically hype the stock publicly, and sort of put out these aggressive targets about what's going to happen, including robo taxis and in terms of when that was going to be a reality. and so, it seemed as if he had this unusual ability to get those targets met, even though all above board and obviously shareholders say that's fine. >> it's not his first fight with the s.e.c. either. remember? they had a problem with the funding secured about te

the bulldogs shared the s.e.c.r season title with texas a&m and finished their season ranked number three in the country. congratulations again to ms. mert and ms. nova for their extraordinary achievements and wish them continued suc in their future endeavors on the tennis court.Ñ$ mr. speaker, i rise to honor the life of sergeant daily who was a loving father and husband who devoted his life to protecting his community. in 1985, sergeant daly began his career with the pearl police department and started as a deputy and served his community before moving to the civil division. he worked with thiving ham police department as a firearms instructor as he worked to train, motivate deputies. the sergeant was a respected and accomplished law enforcement officer. his life serves as a model of public service emblematic of the sacrifice police officers across the nation make each and every day. i send my condolences to his family, sheriff mcduffie and the entire effing ham department and thank you and i yield back. the spea

he believes that gary gensler, the chair of the s.e.c.ing crypto and the crypto industry, could hurt biden particularly with young entrepreneurs and young voters. that is indicative. people around biden's camp are seeing this and seeing people going to trump in the tech world is raising alarms. that's what cuban is saying to me. >> raising the alarms in terms of what it may mean for the s.e.c. action or is dit too lat thilate? >> what influence is this going to have at the s.e.c. and in terms of the election? i think people may go back to trump because of what gary gensler is doing at the s.e.c. that's the theory coming from mark cuban. >> brian, thank you. >>> and we will have the latest from the apple developer conference which srttas next week. i hope to avoid passwords forever. "squawk box" returns in just a moment. >>> welcome back to "squawk box." apple looking to introduce a password app. it is part of the next operating system version and software expected to be announced on monday at the developer conference. the app would compet

that's something that the s.e.c. specifically looks at when it talks about stock manipulation.other words, is a person using multiple accounts to drive the price up of the stock? >> interesting. let's talk more about what those options are to cash in without attracting regulatory scrutiny. we talked to chris murphy for that. everyone's buzzing about this, chris. walk us through it. >> sure. umm, thanks for having me. it's obviously a unique situation. everyone knows or at least speculates on what his positions are, from what he put out there. so, you know, yet if you were to start to sell out of those calls, people would be confident that's him. obviously, he has a huge amount of followers. so that would be a signal to the rest of the market that, you know, he's selling out. so it does put him potentially assume thing is him, in a spot where, you know, everything that he is doing in the options side of things is going to be seen and understood by everyone who is watching this. >> in other words, when you look at the options market, is it clear that he's doing what he says he's

he voted to overturn s.e.c.d he told me he is looking at a couple of crypto bills and called it 21st century stuff. interesting to see how crypto is playing on the hill and how it is work with the campaign group and bulking up ahead of the general election. >> really interesting how they are targeting candidates on very specific issues here. curious, looking at bitcoin. trading at $65,000. how do crypto prices influence the elections and donate to the pacs? >> reporter: thie big question is is this legitimate and something they need to keep an eye on? i think folks in d.c. feel the answer is yes. you see the up and downs. sam bankman-freed with everything falling apart. they can talk and engage with policymakers on this stuff. they are trying to go through an image switch. showing they are the adults in the room and they are secerseri and this is not the wild west and this is a cohesive message. >> emily wilkins, thank you very much. >>> coming up, we have the full story coming up on musk versus advertisers. >>>

they get a letter% the s.e.c a e s.e.c.s a friendly civil letter and they can't sleep for two weeks. they say how do you do it? that's one i haven't been able to answer. i don't know. the reason i think i can do that is because i know how great this country can be and it's so big. it's such an important thing that i'm doing. i enjoy doing it. rachel: i thought that was such a fascinating answer that he said i don't know how i do it because everyone asks that question. you know, it takes so much work to do what he's doing, to run for office and then to have all these things on top of him, you know, all -- intel agencies against him, doj against him, charges here, charges in georgia. it's so much that everyone's like why do you do it and he says i love this country and you kind of have to believe it because it hasn't been profitable for donald trump to run for office. it's been very profitable for the biden family to run for president. they've become fabulously wealthy from it from selling out our country but that is not what

the s.e.c.mandating large companies to let us know of any material incidents around cyber security is just another tailwind at the back of these companies. but crowd strike, specifically to your point being cloud native, it's no surprise it's become the best performing one out of the pack. especially after palo aloe inadvertently justified crowdstrike's model by talking about the need for platformization and getting everything under one roof in a fragmented market. >> what about the fact that the stock is up so much, what does that do to the bar? didn't we see what happens when stocks go up a lot or where the bar rises a lot and then you don't meet that moment, hello service now, mondo, i could go down the list. >> i definitely think it's going to take a beat to impress crowdstrike shareholders tonight. i think a little beyond today, right? this is the sector i have the most conviction about over the next 12 months plus for a whole host of reasons. pwc did a survey of about 4,000 global leaders

tesla revealing the vote count in s.e.c. filing.ckage passing with 77% of votes cast in favor. 1.76 billion shares voted versus 529 million against. some vocal against. we kept hearing about them. a tiny portion in total. more than 73% that had voted in favor of the pay package. back in 2018. so overwhelming on the retail and institutions as well. we will talk more about this. someone who has a different view than you, jay, anne lipton will be with us and see what she has got to say about this. >>> coming up, cocoa crisis has more than doubled since the start of the year and tell you about the maker of oreos is handling the chocolate crisis. >>> outgoing cleveland fed president will join us 8:30 a.m. eastern time. you're watching "squawkbox." this is cnbc. how do you find the perfect father's day gift? simple. just type wt.com. weathertech has hundreds of premium products that will keep dad's vehicle looking its best. like laser-measured floorliners, cargo liner and seat protector for extra interior protection. sunshade blocks harmf

under armour paid a huge amount of money, but it wasn't the s.e.c.s. very important. and chewy, i don't know. when ryan cohen -- when katy and ryan -- this is an element that is not memesters, apes, ice cream cones, reddit must be watched every minute. i get my bulletins, a lot of it's -- a lot of it is silly, but you need to know what people on reddit are thinking, and you need to know what ryan cohen's thinking and what roaring kitty is thinking. keith gill. they're factors. they're certainly more factors than half of this stuff that i come in with. >> we didn't get to discuss the scotus decision yesterday about s.e.c. in-house proceedings. the other is how many google searches reference reddit, and this rosenblatt downgrade at google has real questions about search. >> yeah. look, i mean, the stock c's had big run. people are unsure about what's going to happen with search versus gemini. i think search has gotten in better -- i'm tired of bashing alphabet, because every time i've said it's almost over, it's found a new way to make money. they're v

they're connecting the glitch now to an s.e.c. rule change that requires investors to settle their stock purchases in one day, rather than two. >>> when we come back here tonight, outside new york city, the new headline at this hour about the accused serial killer after this newest search of his home. >>> also, the longtime congresswoman revealing her battle with pancreatic cancer tonight. >>> and later here, pat sajak on his final week on "wheel" after 41 seasons, and what he's saying now about whether he could have kept going. isease you can reduce the risk of kidney failure with farxiga. because there are places you'd like to be. farxiga can cause serious side effects, including ketoacidosis that may be fatal, dehydration, urinary tract, or genital yeast infections, and low blood sugar. a rare, life-threatening bacterial infection in the skin of the perineum could occur. stop taking farxiga and call your doctor right away if you have symptoms of this infection, an allergic reaction, or ketoacidosis. ♪ far-xi-ga ♪ smile! you fou

the problem apparently unrelated to the new s.e.c. rule requiring faster settling of trades. instead, the new york stock exchange tonight says the problem appears to stem from a new software release involving real-time stock price information. >>> when we come back here tonight, the tourist attacked by a bison at yellowstone national park. >>> there's also news coming in tonight, a lifetime ban for a major leaguer, and we'll tell you why. >>> and here in new york city, the couple magnet fishing. what they reeled in, and what it's worth tonight. missing out on the things you love because of asthma? get back to better breathing with fasenra, an add-on treatment for eosinophilic asthma that is taken once every 8 weeks. fasenra is not for sudden breathing problems or other eosinophilic conditions. allergic reactions may occur. don't stop your asthma treatments without talking with your doctor. tell your doctor if your asthma worsens. headache and sore throat may occur. tell your doctor if you have a parasitic infection. step back out there with fasenra. ask your doctor if it's ri

regular season champions, s.e.c.ournament champions and college world series champion with a remarkable 60-13 record. the coach and i spoke in the office a few weeks before the season started and told me when they punched their ticket, no if, when, he wanted them to take it all in and just enjoy it and that's exactly what they did, if you watch any of the video of the game, his father came down on the field and it truly was an emotional moment. i'd also like to congratulate dylan on an outstanding college world series performance. he was named the men's college world series most outstanding player after he homered in each of the final three games. you have made knoxville proud and the entire state of tennessee proud, and i wish to be back home and celebrate with you all instead of stuck here in washington, d.c. madam speaker, your 2024 national champions are clad in orange and white. thank you, madam speaker, and i yield the remainder of my time. the speaker pro tempore: the gentleman yields. for what purpose does th

is the s.e.c. going to look at this?ople on private subreddits or on text messages or whatsapp with other people. do you think, so the reason i mention this, there is some people who look at that and say, he individually needs to be looked at in some special way, but other people say, he's doing what everybody on wall street has been doing forever. how do you sit on that? thinking about robinhood and what robinhood is supposed to mean. >> i don't have any secret information more so than what you guys have and what you're seeing on social media. i do think that there is a lot of new tools that the regulators have to monitor trading activity. the consolidated audit trail, they can sort of see more information, a lot of these have been implemented in the past couple of years. so, i would imagine that they're seeing something that we -- that hasn't been revealed yet and they're investigating. but, again, i don't really -- i don't really have any insights that are special there. >> i don't even know how i feel. i don't know w

so that's can take some time, the -- the sec garrett -- s.e.c.ary gensler, you'll see the issuers take their filings and that process take some time and is already beginning to happen. so the timeline might be compressed from weeks instead of years or months. ed: thank you. coming up on the show. i took a ride in a robotaxi in las vegas last week and i was the first person to do it. more on that next, this is bloomberg. ♪ how am i going to find a doctor when i'm hallucinating? what about zocdoc? so many options. yeah, and dr. xichun even takes your sketchy insurance. xi-chun, xi-chun, xi-chun! you've got more options than you know. book now. from recent grads... ...to rising stars... ...to living legends. —you got this. —thank you. vanguard's retirement solutions can help all your employees be well on their way to their financial goals. that's the value of ownership. >> still a bit of a novelty. most people driving extra haven't seen one of these. >> this is robotaxi from the autonomous ride-hailing company owned by amazon. it is no steering whee

the crypto crowd has a grievance against the s.e.c. and it goes on and on like that so that is what they are waiting at the moment. >> let's talk about these different business groups. this group the sort of sprung up , the silicon valley, elon musk, some people in the hedge fund community who are all of a sudden. trump. is that not a power story, that they realize trump is a transactional president and they just bought themselves access to potentially [ inaudible ] >> i think the access piece is important but i think elon musk has the sort of what he calls the woke mind virus idea as the challenge. i'm not buying into that. >> of course president biden and his support of electric vehicles has been good for his company. >> yes, so this is very interesting. i've always thought this was one of the great challenges for president biden, which is that president biden did not kiss the elon musk ring early on because he was kissing the union ring early on and as a result, ilan took personal offense to this. this is when they were inviting all

"the wall street journal" also in this report saying that the s.e.c.n reviewing trading in gamestop around those call options and some of his social media posts according to people familiar with the agency's efforts. no decision they say has been made and they're still debating this. we also reached out to morgan stanley and etrade, scott. no comment yet but we'll keep you posted. >> let me ask you a question, kate. has the page that you say has been going around on social media, allegedly, i suppose, an etrade page, has that been verified by any of the parties involved that it's legit? >> it has not, scott. but this report does, if true, lend some credibility to the fact that he may, indeed, have an etrade account. if they're able to look him up and say, we are considering pulling his account down. so we have not verified that independently, other news outlets have not, but it did spark some of the trading we have seen in gamestop and some of the excitement. so newsworthy in that sense. the screen shot was up for debate. really interesting they're cal

you have the s.e.c., fet and you know in the next term you can say i don't want to take this call and he will fix it for you. >> he will try to fix it for you. it won't be that easy but he will try to do it. the other thing worth focusing on here is that the business community should care about long-term economic growth and widespread prosperity. it helps them, it helps their children. it helps all of them in myriad ways. everything he is proposing undermines that. he's got inflationary policies. everything he wants to do will add to the deficit. it doesn't give us more educated middle-class american population. everything that he wants to do is ultimately in the long term against the interest of the business community but in the short term, it pads their wallets. >> but it goes to ultimate power. elon musk is the best example. he is potentially putting together some sort of partnership or coalition. he will go out and raise money for trump. look at joe biden's policies. pro-electric vehicles, that's great for elon musk. donald trump is anti-electric vehicles. i'm not even talking abo

as many as six publicly-traded auto dealers already filed notices with the s.e.c.ct to their businesses. cdk is not answering questions about the cyberattack but put out a statement on saturday saying in part, we have begun the restoration process. based on the information we have at this time, we anticipate that the process will take several days to complete, and in the interim, we are continuing to actively engage with our customers and provide them with alternate ways to conduct business. now, all of this raises questions, tyler, for the canadian private equity firm brookfield business partners which acquired cdk in $8.3 billion transaction back in 2022. the fallout from the cyberattack and the way it's been handled could have implications for any exit plans that the private equity firm has for that cdk investment. in a statement to cnbc, brookfield said in part, we believe that cdk is a great frustration with the lack of communication from cdk about what has happened here and i should also say cnbc learned just in the past few minutes that cdk hired the cyberse

shares of the company of tank 39% and today, the company said it had gotten the green light from the s.e.c. to make more shares available. that means to reward donald trump with more shares and others, but it also means a diluted value for each outstanding share that is out there and on that news, prices dropped 17% in after-hours trading. that's a big drop but don't forget, donald trump's steak is still worth billions. we're going to keep watching trumps media stock and make sure you know what is going on every day. when we return, the new arms race begins as ukraine gets more help with weapons from the u.s., putin makes a rare visit to north korea for a boost on the battlefield. we are going to get in it when the 11th hour continues. >> i am jonathan r continues. >> i am jonathan remember the three p's. what are the three p's? the three p's of life insurance on a fixed budget are price, price, and price. a price you can afford, a price that can't increase, and a price that fits your budget. i'm 54. what's my price? you can get coverage for $9.95 a month. i'm 65 and take medications. what

he recently angered the community by vetoing a bipartisan resolution that would have limited the s.e.csites, this comes as the space is spending big this election cycle. they say they're hooking for a president who -- looking for a president who brings sensible policy. >> the trump team has done a number of things to reach out to the crypto community, the biden administration has started to make some early efforts. i'm hoping we'll have active healthy dialogue with both candidates and they'll recognize this is a consumer protection and national security imperative and be in support of sensible crypto policy. >> reporter: he isn't the only one. the stand with crypto pact is signing up advocates in droves. georgia and arizona doubled the gap in votes between trump and biden in 2020 so maria, that alone underscores the impact crypto could have on the result come november. maria: great story, kelly, thanks very much. kelly o'grady joining us now is ubs wealth management senior vice president brenda o'connor kquanis. also with us is mark tepper. what do you make of that reaction to kelly's

the company agreed to resolve a lawsuit brought by the s.e.c. and pay $4.5 billion.pany was sued for misleading crypto investors in the leadup to the collapse of stable coin back in 2022. that led to $40 billion in investor assets of being wiped out. the settlement without a dollar amount was first announced back in may. >>> and the tennis star carlos alcaraz will team up with his childhood hero raphaefael nadal play doubles at the olympics. alcaraz is widely seen as the heir to nadal's throne. he's one of the best in the world. >> so fun. love that. tyler, thanks. >>> coming up, sherry redstone shocking the business world by calling off merger talks with skydance. we'll ask laura martin what could be the next step. and cnbc is celebrating pride month throughout jup. here is wayne tim. ♪ ♪ >> pride is about genuine alleyship. we need it not just during pride month or out once a year, but every single day as part of your daily life, especially in the workplace. when i think about the qualities that create success, at the top of the list are resilience, grit, and empat

it was harder, the s.e.c.me of creating more efficient markets. without the protection, he can't smash this box down, shorts cannot assassinate them, smash them down, anytime something goes wrong. the crash of 2008, such a horrible period. we saw smaller version during the mini crisis of 2023. the shorts are like shooting fish in a barrel. so many banks traded like going backwards, other than a few never wells like first republic, they were fine. short-sellers found themselves targeted, facilitated by social media platforms so they have to be careful. only when the meme stock crowd goes up, you never know when that will surface. these are highly unusual situations. you can find great opportunities and stocks when the shorts have overreached and buying. before going into situation, i have to warn you, the balance of power favors the short- sellers. even if the short- sellers are wrong about a company travis prospects, they can still demolish a stock and especially highly visible campaigns. many times, the short

at any point, you get the s.e.c., ftc on you, and in the next term you can call jt and say i don't wantnd he will fix it for you. >> and he will try to fix it for you. it won't be that easy, but he will try to do it. >> well, joe biden certainly won't do it for you. >> the other thing that is worth focusing on here is that the business community should care about long-term economic growth and widespread prosperity. it helps them, it helps their children, it helps all of them in myriad ways. >> good luck. >> what they have had for 37 months? >> everything he is proposing undermines that. he has inflationary policies. everything he wants to add to the deficit. it does not give us a more educated middle-class american population. everything he wants to do is ultimately in the long term against the interest of the business community. but in the short term it pads their wallets. >> but it goes the ultimate power. elon musk was the best example. wall street journal was reporting it this week. he is potentially putting together some sort of partnership or coalition. he will go out and raise mo

what does the s.e.c. have? a cartoon that he tweeted? >> that's what we brought up.wyer, but i don't think there's anything illegal. he posts a picture, people's interpretation of the picture makes the stock go higher forrer what reason, and he's benefiting from it. it's gamesmanship like in baseball. if your mets, somebody steals a sign from the mets, you're upset, but it's just the mets sort of suck, so -- >> you bring that up? the yankees lost the world series where there was apparently sign stealing. you can't stop whining about it. i think if you continue the fact, full does clos disclosure that's not his account, that's a different issue, i can't speak to that. but if someone is disclosing a position, isn't that what you're supposed to do? and then investors make their decisions based on that. the power this guy has over the market and this stock price is extraordinary. >>> all right, up next, final >>> all right, up next, final trades. the future is not just going to happen. you have to make it. and if you want a successful business, all it takes is an idea, a

so, it looks like they filed -- so, what happened, you file a registration statement, the s.e.c.o back and forth. somebody probably had the sense it was getting very close, they filed another amendment this morning and then it cleared tonight. so -- probably a little bit of leaked information there, or something, it just happens, more generally, but this is a tsunami of stock that needs to find a home. >>> coming up, kb home on the move after its latest earnings report. the numbers the headlines, the implications for the housing trade next. >>> plus, our next guest is saying a hurricane is hitting the real estate trade, but could there be any opportunities amid these heavy headwinds? we'll dind inve into the eye of storms right after this. >>> missed a moment of "fast?" catch us any time on the go. follow the "fast money" podcast. we're back right after this. ♪♪ ♪♪ ♪♪ chewy, a citi client, uses citi's financial expertise to help drive its growth and keep its supply chain moving, so more pet parents can get everything they need... right when they need it. keeping more pets, and fa

listen, you have to take into account that he has his nonprosecution agreement, both with the fdny and s.e.c. you can take that into account when assessing his credibility, but not to come to the conclusion that donald trump was either guilty or not guilty, and the same for michael cohen. his was more pleading guilty and serving time, taking that into account to assess his credibility. when you couple that with what was read back, with regard to the testimony, it just seemed like they got to the decision fairly quickly. >> the jury did but is supposed to do. jurors are supposed to take the facts, and they are the fact finders, and the ones that decide the credibility of the witnesses. that is not the judge's purview. they are supposed to take the facts and apply them to the law, so when you saw them, that together, i was thinking, okay, they are doing what they are supposed to be doing, but remember, michael cohen's instructions were more stringent. it was actually harsher. it was the accomplice one. it said, you cannot under new york law convict solely on the basis of the testimony of an ac

the s.e.c. is out of step with the rest of the biden administration. the softening of the approach from the white house is something we have been tracking a lot the last few weeks, and i think you are going to see a very thoughtful approach to web 3.0 and crypto and the biden campaign in the white house in the coming weeks and months. joe: great to have you at the desk as part of our special coverage. wiley: great to be with you in real life. joe: we will be watching the debate together coming up. democrat congressman wiley nickel at the table. earlier we spoke with new hampshire governor chris sununu, who is now supporting donald trump after earlier in the cycle being one of the most powerful surrogates for nikki haley, as he talked about right here on bloomberg. today, we started talking about his expectations for the former president. >> i think he's going to rein it in. biden will have more energy than people think so i think trump will have more professionalism. if he gets frustrated by biden, who is -- if that guy is getting under your skin, it i

that would make forecasts that the s.e.c. would never allow in a traditional ipo.em, when portfolio managers get excited about putting a lot of money to work in ipos, they often need to raise that money by selling something else. when there are a lot of large deals, they need to do a lot of selling. 2021 was different thanks to the fed rate policy. the new 10s to trot out the old. that's what happens. you sell and buy. remember, the bulk of the new money that comes into the market goes into index funds, and they can't participate in ipos because they aren't in the indices set. they participate in the deals in the aggregate don't have enough sky harbor coming no to get in on a bunch of big deals without selling something else. there is the mechanics of it. so the next time we have a big wave of upcoming initial public offerings, i need you to remember that it pays to be cautious when the ipos are coming hot and heavy. the bottom line, as much as i love anything that generates enthusiasm for the stock market, of course, like a few massively successful ipos, you got t

the s.e.c. rules on this issue are behind the ball, but the case could not proceed. exxon had sued another shareholder in january to prevent them from submitting another proposal in the shareholder meeting. by the way, this was the third time, i believe, they had brought this and twice in the past, shareholders had resoundingly voted it down. exxon's point was they did not want to have to keep handling this. exxon argued that investors could keep refiling similar proposals at future meetings if they did not get a ruling. critics of the lawsuit said it would have a chilling affect on the petitions. this is all going back to the changes that made it much easier to bring proxy votes as a shareholder who owns not very many shares to do it again and again if the shareholders voted it down. darren woods wanted a ruling on this and the court system to weigh in, not just the s.e.c. >> you wonder why companies want to be private. >>> regulatr laid regulators sud adobe yesterday. adobe hid details of the ex expensive cancellation fee from consumers. hid it in fine print and op

. >> here's the thing, if the s.e.c. -- >> buyer beware. >> -- considers putting press releases for annually reports out on twitter as compliant with reg fd, how is this by putting something out there showing everybody at the same time around the world with no kind of preferential access, that is considered now fair disclosure, right? hey, i'm telling everybody. the tough part about this for me right no is i don't know and i don't have a personal relationship with roaring kitty, i don't know and i don't know of anybody else who has independently verified these screen shots are the position he has. >> if you assume it is, it seems like -- wow, that's really -- that's five times your money. >> by the way, joe, this is fast moving enough where you could put a screen shot out there -- remember, screen shots are balance sheet looks, right? it's a motel in time. what happens if literally two minutes later or even less that position has been traded around or dissolved or added to or whatever. things are just -- they move quickly. technology and faster chips are just going to make it even quicker

could be an s.e.c. rule on meme stocks. don't like that.g on opinion trading their own money. great for the msarket. wall streets want to beat retail, they're doing it now. wall street is a game and now regular investors are having fun, too. >> having fun and i guess part of it is just getting people activelyive involved. what's the right way to go about this? you don't want retail holding the bag if a big movement not based on fundamentals and things that are tossed around? people thought wall street was rigged for years and years and the retail investors could never win? >> true. here right now with these types of meme stocks, keith gill particularly. everything is public. right? perfect information makes perfect trades. that's the baseline of economics. the more retail investors have actual information the better decisions they can make. right now we're seeing retail investors act very differently from how they did back in 2021. also seeing the street act very differently. reacting to keith gill. reacting to the positions he's showing he

there are elements that impact the s.e.c.in as as i've said publicly, this is a bill about filling the gap and accomplishes the goal, giving us regulatory powers to regulate them and bring some transparency to this particular side of the market that involves commodity tokens itself. >> so you are in favor of it. >> i'm supportive of moving forward with legislation to fill in the gap. there are some issues i raise with members of congress about the bill. as you said, it's just one step, the senate still has to take up the bill. the white house has weighed in and says it wants to work with congress to fill the gap and further support both innovation which, you know, is outside of my purview and there's gaps and regulation issues. >> but you're in favor that it does give power over the cryptocurrencies themselves. >> 100%, and we've said that all along. as defined, what we've experienced at the cftc for over a decade is the gap in regulation where we don't have tools to regulate the market and it's leaving a pretty significant c

technologies, with the danger of falling behind china, do you agree the united states must restore the s.e.c.'s auction authority and identify and -- a pipeline on spectrum that can support commercial innovation and u.s. leadership? secretary raimondo: i do. here's what i think. i think certainly we need to restore their auction authority. i think this is a balance which is to say we support an ntaa studying the spectrum, seeing what could be made available. and looking at maybe spectrum sharing. we can't -- d.o.d. needs what it needs to do its mission. a lot of the spectrum is really important. i strongly support figuring out how we can find some spectrum to advance commercial innovation without ever impairing their mission. i think it's possible. by the way, here's what i also think. we can't think of national security so narrowly. i said this before. national security isn't just tanks, missiles, satellites, etc. it's also our ability to out compete huawei, our ability to out compete china. if you look at the amount of mid band spectrum available in china versus here for commercial sector,

this sparked internal discussions at the s.e.c.bout whether they could be considered manipulation. andrew left, who was burned by the position in gamestop in 2021, tells bloomberg, he is once again short gamestop. he covered that position and reshorted the stock yesterday. in a tweet, he said the keith gill post appeared more like manipulation without investment pieces. he said someone is backing gill financially. we will tackle that question about manipulation with jacob frenkel in the next hour. >> the stock opened at $40 yesterday. it closed up $5 at 28. it is not doing much this morning. it was at $40 when it opened. it's a great gig. you know, people on twitter say warren buffett bought. it doesn't go up 80% after he announces something. he might announce that he owns something and it may boost the stock a little. you don't get to buy 100 options and quadruple the underlining stock. if that's true with keith gill, that's an $85 million profit in a couple of hours. >> it's a situation where reddit, the reddit forums, where the

in an s.e.c. 10k form and do an annual report. usa facts for government in the united states.e branch folks. the purpose? we have to make data-driven decisions as a government. people have to be looking at the same number. like a business, whether it's revenue, expenses or outcomes. you know? how are people living? that's how i think we need to make some decisions and that's what we are here to preach. >> so i know you don't like to be partisan about this. i'm curious. what do you think is the most misunderstood data out there? meaning that the conventional wisdom around some facts, if you will, are one thing, but in truth, once you've actually done the math and work you've done, you say actually that surprises me, different than i imagined. different than what the public may understand? >> i'll pick the economy in many senses. i heard you guys talking about it a minute ago. if you look at the trajectory over time, people can focus on wages. people can focus on family income. but what's really happening, while those things have drifted north, people are paying less taxes today

under s.e.c. rules, they would have to tell us. they are a private company. they may need to report what happened. we can learn from other businesses impacted. a couple of key things. one, multifactor authentication every chance you can use it. this means more than user id and password. have the pass books. this highlights the gaps in the security posture that you can then go back and fix. third, be looking at things like do we look at our log-ins or do we look at anomolous behaviors? those are tougher to do. the easier things to do is looking for the multifactor authentication and keeping systems up to date as possible and training employees, despite all of the money businesses spend on cybersecurity, sometimes the employees are the last line of defense. teaching them how to spot sophisticated social engineering attacks in mails and phone calls and text messages and links in attachments can go a long way from preventing the incident from happening in the first place. >> when you think of the notable impacts, not just cdk, but the heal healthcare industry. th

it was actively looking at london after decided it would be likely that s.e.c.ent donald trump joined tiktok over the weekend. it was a bid to court younger voters. both trump and president biden are active on the app that they have both publicly called to ban . trump joined its first office conviction on 34 felony counts. shares of nvidia and amd both gaining in their pre-market, at least about 2%. both companies showcased a new generation of chips that came to power the global boom in ai. at a conference in taiwan, they announced a new black while ultra chip for 25. amd also announced plans to speed up production of ai processors. he said companies that do not embrace and will be left behind. this is ceo's math, which is not accurate but correct. jonathan: love that quote. i will use that. more from dani in about 30 minutes. nvidia higher by about 3% in their premarket. coming up, bloomberg's alex webb on nvidia's latest ai announcement. this is bloomberg. ♪ jonathan: live from new york, opening bell one hour and 15 minutes away. to kick off a brand-new tradin

you know, congress has tried, the s.e.c. has tried various times to rein them in. actually a house judiciary report this week that suggests that the republicans in congress are about to dial in there look, at really high important meetings, people will do their own work for the most part the reason proxy advisers exist, they came out of the department of labor in the '80s which gave 401(k) and pension plans which didn't have the time and attention to vote on every single thing in every company they owned said if you outsource to kind of an accredited third apartment, we won't give you a hard time about it, so it's really meant for the super long tail of these things, and i think we've seen their influence wane. >> it's a cyo thing, and looking at it from the point of view of the republicans is very interesting. are they suggesting this is more of kind of telling people what to vote but put are their political spin on it like we've seen other places? >> the report out of congress is sort of this vast left week conspiracy involving climate non-profits and proxy advis