sonali: that's a great question.heat of the gamestop blowup -- well, not a blow up, it works well for a while. around that time, retail trading accounted for about 25% on the greatest days of u.s. equity trading. it could be a lot less than that some days. but is it a good thing that there is a marginal buyer in this market? payment for order flow has helped facilitate that. the options process goes on, citadel securities is paying robinhood, but the question is whether they can maintain those volumes once the motto changes -- once the model changes. alix: we appreciate it. thank you for jumping in and staying with us. hopefully we will get joe moglia back, we are working on his audio now. this is bloomberg. ♪ ♪ guy: so we have been sticking around for the conversation with joe moglia. we think have done it -- technology is a wonderful thing. joe, we hope it will work, so let's give it a go. joe: i hope so too. guy: you sound perfect. do you think there is a problem that needs fixing here? what is gary gensler up to?

sonali, as always, thank you.up, will elon musk still need his twitter handle if his deal with twitter actually goes through? and who is he supporting in the 2024 presidential election? ♪ at fidelity, your dedicated advisor will help you create a comprehensive wealth plan for your full financial picture. with the right balance of risk and reward. so you can enjoy more of...this. this is the planning effect. emily: it's time for more news on the world of elong musk. the world's richest man appealed to a court ruling that upheld the fcc requirement -- s.e.c. requirement for him to have a twitter sitter, which is ironic since he wants to buy twitter. ed: this is a deal he made with the s.e.c., and just because he did not like it, you have to stick to it. you cannot have remorse about it. emily: just because you are going to own a twitter, you still have to have it. ed: his legal team is saying the agreement itself is harassment, so we will see where it goes. it is more litigation. emily: he is also using twitter to s

sonali basak, thank you for joining me as well.oomberg." ♪ >> time now for a bloomberg business flash, look at some of the biggest stories in the news right now. the u.s. supreme court has rejected a multibillion-dollar appeal from bayer over its weed killer. the court refused to shield the company from potentially tens of thousands of suits that roundup causes cancer. it argued unsuccessfully federal approval of roundups label meant the lawsuit could go forward. guggenheim will formally merge with polestar on thursday. the transaction is expected to raise at least 815 lien dollars -- $850 million. bruce kept cut reportedly will leave. according to espn, he announce it will be made in the coming days. he is ranked 19th in the world. he is one of the highest player so far to join ed. that was your latest bloomberg business flash. guy: thank you very much. interesting to see how those work. coming up on the european close, we will be talking about where the pound goes next. matt strike today and u.k. shutting down the transport netwo

sonali: what are your ambitions?can this be a way that the traditional netflix of the world can be overtaken by blockchain technology? >> coming from a visual effects background, people know that funding traditionally for projects is political and difficult. we want to democratize and decentralize that. sonali: how does it help that base expand and where do dau's fit into the nft world? emily y: you can think of dau's at communities online. it is kind of like a hybrid between communities and on chain company. we think coming together is an example that i think previous companies are competitive in the web3 space is more collaborative. they can join forces and make things even better. sonali: not all is well in the world all the time. i want to ask about the stolen bored ape when it comes to seth green and his work. what does an event like that do to the integrity of the industry? emily y: i can definitely see how it discourages a lot of people, but it's definitely interesting -- an interesting case because it shows w

sonali: i'm curious also about hiring in this market.e high-profile hires, most notably those reported you hired a new coo from goldman sachs. i'm wondering what your plans are moving forward. is there still any sense of a war on talents given this market is softer than a year ago? david: for us, the key to everything both internally and with our pope fully accompanies is our ability to attract incredible talent. that is one of the things that as we have grown with our size and scale, it has given us the ability to attract incredible managers. look at last year when the spac market was wide open. lots of ceos were being drawn to spac's and other vehicles. all of those executives are starting to come back to us. we are finding an immense upsurge in talents that we can attract our portfolio companies. at the same time internally, we will always look to raise our game and bring the best and brightest into our shop. we are thrilled about tether minor, from goldman, joining us later this year, but we have a host of talent that we have been ab

sonali: great question.you know when talking about banking in switzerland, there is banking and there is chocolate. banking is a big deal, the prized asset when it comes to the swiss economy. so doing a merger is not an easy thing to do, especially when it comes to regulators. the rumor with state street in this blog, it was at nine swiss francs was the potential deal. remember, credit suisse was trading at more than that at the end of 2020, so that gives you a sense of what that really means. but we have seen this how many times before? rumors about european banking consolidation, and they are pretty perennial. it is hard to execute. francine: there are rumors about amanda bang and profit warnings from credit suisse -- there are rumors about m&a and profit warnings from credit suisse. sonali: less than 24 hours after we published a story about a top thinker, credit suisse going to clients last five months saying they are back. and bloomberg reporting that according to people familiar, because of the profit

sonali basak, thank you for joining us.back up, chuck robbins, cisco ceo once more from cisco live for more of that exclusive conversation. next. this is bloomberg. ♪ emily: we are back with chuck robbins, ceo of cisco. we were talking about the economy, elon musk says he has a super bad feeling, jamie dimon is paring for an economic hurricane. how would you phrase it? chuck: i remain optimistic but i understand there is a lot of complexity in the world. we are focused on delivering technology to our customers, focused on delivery are shareholders. there's a lot of complexity. i think the fed is going to move tomorrow. we are paring for what we can control and will respond accordingly. emily: are you preparing for a possible recession? you have to be planning for different scenarios. chuck: we are always planning for different scenarios but we've done enough downturns that we have playbooks and know how to deal with those appropriately. i'm trying not to borrow any trouble even though i understand it's a complex environment

sonali: what are your ambitions?me, can this be a way that the traditional netflix of the world can be overtaken by blockchain technology? emily y: coming from a visual effects background, people know that funding traditionally for projects is political and difficult. we want to democratize and decentralize that. so that ended prudent -- independent creators can take a directed community. it's an experiment right now. that's a use case that blockchain technology is perfect for. it will drive volatility. that's the kind of thinking. ? >> i'm curious about the dow model. bit dow. what kind of investment is needed in the space? how does it help the space expand? how do dow's get into the nft world, expanding even in a down market? emily y: you can think of dao's at communities online. it is kind of like a hybrid between communities and on chain company. we think coming together is an example that i think previous companies are competitive in the web3 space is more collaborative. they can join forces and make things even

sonali basak is here.n addition to the situation you talked about, the counterparty was not three arrows capital or another lending firm. equally interesting, we -- how the industry is shoring up in the crypto winter. we want to talk about that with mark lam, the ceo of coin flex. they are looking to bring back operations in a more normal form and resuming withdrawals by thursday, june 30, and one of the ways you said to me is by issuing a new token. $47 million worth with a 20% yield. that is a large returned to investors. mark, tell me, what does the token represent? who is it making whole, how is it making them whole, and what happens if you can't raise money? >> at coinflex, we believe in markets, transparency and tokenization. we have done that with other products. we are doing that with the recovery value usd. it is a way for us to use tokenization to solve this problem, where we have this asset, it's an ultra high net worth individual, they owe us these phones, -- funds, and we want to make it such

sonali basak is here now to give us a lay of the land. than addition to the situations that you talked about, when it comes to coinflex , we are going to get some more details about them in a second, but equally as interesting is how the industry is being shored up in the middle of this crypto winter and the liquidity crunch. we are going to talk about how that is going to happen with mark lamb, the ceo of coinflex. coinflex is looking to bring back their operations in a more normal form and resuming withdrawals by thursday, june 30. one of the ways that you have said to me today that you are planning on doing that is by issuing a new token. that is almost $50 million, $47 million worth with a 20% yield. that is a large return to investors who would get into this token. mark, tell me, what does this token represent? who is it making whole, how is it making them whole, and what happens if you cannot raise that money? mark: at coinflex, fundamentally we believe in markets, transparency, and tokenization. so we have done that with one of our

so stop -- sonali, thank you so much.elcome bloomberg intelligence's julie to talk about developments now when it comes to fintech and apple. first of all, julie, should we be waiting for apple's crypto play? julie: against he says -- i guess the sense of urgency is off for now with prices being down. crypto payments down the road will definitely be interesting and i would expect apple to be a player there. still a really small market. about $16 billion last year made in crypto payments from merchants to consumers. still not a huge market, but an opportunity down the road. emily: let's talk about what apple is doing, which is apple pay later, announcing this ability to pay later for anything you buy via apple pay in four installments. take a listen to what they had to say about it. >> apple pay later lets you split the cost of an apple pay purchase into four people payments, spread over six weeks, with zero interest and no fees of any kind. and apple pay leader is available everywhere apple pay is accepted, in apps and on

sonali basak, work us through the story.inelli: you have absolute volume down on the year and major deal announcements, activision, twitter. there have been large deals. look at this part of the year. you have so much choppiness in markets. what price do you pay that will still be relevant in the next two weeks? what about rising interest rates? for dealmakers, private equity has so much dry powder on the sidelines. that they would increase deal volumes at the end of the day. but there are some issues to do with private equity takeovers, valuation being one of those. a lot of banks are stuck with loans that are difficult to offload to investors at this point. even financing for private equity deals is getting covered. things have gotten rough. kriti: how do dealmakers keep busy in this environment? sonali: not consolidation to make companies bigger, but in fact to make company smaller and more focused. spinoffs have been a major theme this year. you also have for example big tech companies buying a smaller high-growth tech c

sonali, walk me through this.ali: ken griffin is moving citadel and citadel securities to miami. there was that epic move he made in the middle of the pandemic when people were working out of a hotel in miami, in the heat of the crisis. while this is not surprising, it is a huge move for ken griffin, a huge move for chicago. ken griffin was a pivotal employer in the city, as well as a huge benefactor. alix: what does this mean for miami? sonali: so many investment firms have been starting to move there, this adds a mother -- another massive one. there are about 1000 people working for citadel and citadel securities in chicago right now. moving the space over to ime over some period of time, hundreds will be working out of miami more immediately, plus a bigger real estate presence for citadel in an office tower in the business district. alix: are there any other big firms that are still thinking about this big move? sonali: the question has been, how much of the move would happen? we know goldman sachs has been mak

sonali basak here to break it all down. is it going to keep up? sonali: a lift and bitcoin. sunday brought more than 60% lift and bitcoin prices. now you are looking at a 2% rise in the last 24 hours. earlier today, it was 5%. it shows you that this team is starting to slow down a little bit. you are still seeing arise. bitcoin hovering above 20,000. let's take a look here at a cerium. like bitcoin, massive rise on sunday. bigger jump and bitcoin. that is starting to slow down significantly, now only up 2/10 of 1%. still, you do see ethereum giving some life back to the nft market. nft index rising once again. look at these volumes, up quite a bit when you look at the largest marketplaces. open seed up more than that right now in terms of volume. volumes are higher in the last when he four hours. the volumes are down over the most recent time but today, they announced a funding round that had their valuation announced as surging tenfold. you are seeing the nft market come to life just as people gather at nyc nft. there's a lot of excitement around what the future brings desp

sonali basak is here with more. when you look at the decline in bitcoin, you look at what happening in the etf world which are often tied to stocks, bitcoin, the performance much worse. sometimes almost twice as bad. katie greifeld found the six worst-performing non-leveraged etf's were tied to crypto companies. blockchain, again, nearly double what you are seeing in bitcoin. again, they are holding the likes of coinbase, marathon digital, galaxy digital. we talked about the equities trading alongside bitcoin have seen a bigger drop in many regards, and that is what you are seeing in the etf. emily: thank you for that update. i want to talk about all of that and more with matthew ball and matt cogan. both of you are out with your own news, launching a new index fund along with multi-coin capital. matthew, tell us more about this new fund? matthew: the goal was to provide qualified purchasers an opportunity to divest in and i diversified index of tokens that are consistent with the metaverse. our goal is to take a lo

and ali: i'm sonali basak. romaine: a bearish forecast for

sonali: can you speak to the overall fundraising environment? one of the rare companies able to see a tenfold valuation since march. how hard is it to raise money and what are investors looking for when they are putting their money to work? >> it is tougher than it was two or three months ago, for sure. if you are a high quality team with clarity of thought, clarity of vision, strong execution, long-term focused investors will want to do these deals. magic eden is a testament to that. despite a deteriorating market over the last couple of months, our numbers have been as strong as ever and we have a lot of appetite and interest inbound from existing investors and new investors. there's appetite to do deals but the implication is there is a longer dating time with a lot of teams and investors and that's probably healthy for the market. emily: obviously you are optimistic. paint the picture five years out. what does the nft market look like? >> going back to the point earlier around mimicking the growth of fungible tokens, i believe nft will perme

sonali: what goes around keeps going it down, so when you talk about bitcoin, yeah, the price movementson one hand, you have a lot of people saying ok, is time to build. time to put our heads down and really make projects that will last longer term. bitcoin has risen in the last week. it has not risen past 32,000, but it is above the 30,000 level. we are down on the month 16%. it has not moved much at all. the question moving forward will be about correlations. i want to draw attention emily to a theory him. why? because it is also down and not just on the month but on the because well, so you can see the last week between the two large cryptocurrencies. the questions moving forward here are how will they react in relation to each other and react to the rest of the crypto universe. and reaction to a lot of the macroenvironment we have been watching so closely this month. we have been talking about those venture funds and how they deploy money in this down market. emily: thank you very much. we will hear more on this from police, founder and managing partner at the venture firm still mar

terrible sonali been a greatl. part of the day with himaz here in the capital . amazing conversation, really telling, of course, to be back tomorrow night, 8:00 p.m. so that's the sworn enemy of lies and possibly smugness and groupthink have the best night. the ones t who love you know, that . welcome to "hannity". tonight we start with a foxox news alert. we have a lot of new news for o you tonight. now on this programam we have long detailed, hyper partisan illegitimate nature of this sham january six committee now on ongoing in the dc seweret and swamp. butast over the past 48 hours, this charade hast been exposed for all to see. now after yesterday's franklyon ludicrous testimony, no one in their right mind should take this committee seriously. it has been apparent from days one this committee always c hadn a predetermined outcome and every single person on the committeee in we all know voted to impeach trump and hates donald trump and what we all witnessed was so blatantly dishonest, so unethical's s that the members of the committee, they should be ashamed

terrible sonali been a greatl. part of the day with himaz here in the capital . amazing conversation, really telling, of course, to be back tomorrow night, 8:00 p.m. so that's the sworn enemy of lies and possibly smugness and groupthink have the best night. the ones t who love you know, that . welcome to "hannity". tonight we start with a foxox news alert. we have a lot of new news for o you tonight. now on this programam we have long detailed, hyper partisan illegitimate nature of this sham january six committee now on ongoing in the dc seweret and swamp. butast over the past 48 hours, this charade hast been exposed for all to see. now after yesterday's franklyon ludicrous testimony, no one in their right mind should take this committee seriously. it has been apparent from days one this committee always c