spacs still looking for deals. it is down about 3% this year, although trading marginally higher today as a result, many of the spacs that are debuting are doing so with major concessions for investors. these include greater fraction of warrant per each unit sold, less time to find a deal, think 15 months instead of the standard 24 months and more money held in trust it is clear that the leverage is definitely much more so in the hands of the investors as opposed to the sponsors looking to debut these things. >> and we have the highest profile one in a while with the trump spac how is that affecting things >> it came at the end of the month. it is drumming more attention to the product as a hole. if you look at stocks traded by just retail investors a lot of them aren't spaks or stocks taken public through spacs clearly this is a strong investment vehicle for retail investors, hedge players have been in this area. it definitely brings renewed attention to this space. but for investors, there aren't going to be that

for retail consumer focused spacs.c markets have never been more relevant to retail companies. you can get an ipo or direct the sting to get you to market, but if you are at a critical inflection point, like the companies we are going after, you are still left to fend for yourself, managing quarterly expectations, managing the street. if you have any experience partner by your side like vmg, you have a game changing outlook. with 15 years of consumer retail experience, we can help companies with all kinds of brand management, operation, finance, and there is really no comparison to the spac alternative. while we have seen some choppiness in the market, the last couple of months have shown that consumer retail spaces can do well in the market. if you are a growing company, you can benefit from having expertise at the table. matt: let's talk about the consumer. the consumer seems to be fairly flush with cash, but on the other hand, facing some serious inflation. how do you view this economy for retail consumers? aarti: i

. >> spacs, they were back in october, but with a catch.d we'll do it next breaking groundn your biggest project yet. worth is giving the people who build it a solid foundation. wealth is shutting down the office for mike's retirement party. worth is giving the employee who spent half his life with you, the party of a lifetime. wealth is watching your business grow. worth is watching your employees grow with it. principal. for all it's worth. (kids playing) pnc bank believes that if your phone can help you track your pizza come on, cody. where are you, buddy? then your bank should help you track your spending. virtual wallet® is so much more than a checking account. its low cash mode feature gives you at least 24 hours of extra time to help you avoid an overdraft fee. okay, he's gotta be close. he's six blocks in the other direction. make a left, make a left, make a left! he made a right again. virtual wallet® with low cash mode from pnc bank. one way we're making a difference. >>> spacs made a comeback in october, leslie picker says, becau

that is a spac, whether that was 10 years ago or in the middle of a spac frenzy.michael reese and mark lipshultz of blue owl speaking exclusively to erik schatzker. it is fascinating the creativity that is going into this process. to take a step back to your first comment going into that, there is genuinely a problem for these guys to deal with. you have a huge amount of dry powder, you have an incredible amount of assets that are starting to look quite punchy. how do you tie those things up? it'll will be a huge challenge. maybe we will look back in 20 years and think what is going on now is crazy. that is where we are. alix: that is where we are. goldman sachs had a great deep dive into spac's. they were saying the trends they are noticing is investors might by the spac, but before the acquisition they are dumping their stocks. a lot of these guys said they raised $1 billion and then they only get 300 million to spend. that slows down the m&a market. there is so much money there that has defined a deal in a certain amount of time. talk about those valuations. ta

matt: let me ask you about this spac deal.this an exit for you, will you stick with marc and terran and work in this area? what does it mean when they go public in 2022? jeff: we have a couple responsibilities. we have a holding period. we are in for at least six months. then we will distribute the shares to our investors. those investors will make their individual decisions. obviously, they'll be leaning on us for guidance on what to do. i will say this clearly right now on national television, but i think this is just the beginning of what terran orbital will be doing. let's just say that this is just the launch. the ceiling here is really endless. this is an incredible company with great people behind it doing incredible things. i am an investor for the long run. will not be selling my stock. matt: jeff ransdell, founding partner of fuel venture, and marc bell, ceo of terran orbital talking about the plans they have in going public and investing the cash. time for the bloomberg business flash. shares of casper sleep surging

. >> coming up, a fast-growing coffee company is going public via a spac deal.have the latest with a man leading that effort and we'll ask him if past political headlines will help or hurt that business we'll do it next even when you're focused on what's happening right now. and thinkorswim trading™ is right there with you. to help you become a smarter investor. with an innovative trading platform full of customizable tools. dedicated trade desk pros and a passionate trader community sharing strategies right on the platform. because we take trading as seriously as you do. thinkorswim trading™ from td ameritrade. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones ♪♪ ♪why do you build me up (build me up)♪ butter... cup... baby... up would be the operative word there pal. oh, yeah, yeah. sorry, have a good day! if you ride, you get it. - come on in! oh wow, we're really backed up. ge

the current spac environment, mike may mahan and the current ceo.ou first, why this company and how long did it take you to find it >> we think we found a very special company in manscaped, and it's been extraordinary what they've been able to do in a relatively short period of time and in three years they went to nearly $300 million in revenue they raised $23 million of equity which is an extraordinary achievement. we were fortunate to find them relatively recall owe in the process and one of their board members called us and said i think we have your spac company and we couldn't believe what we were hearing and we did a lot of work around the company to validate what they told us and we were pleasantly surprised when they checked out. >> paul, the numbers were astounding and i had to do a double take myself when you go to $1 billion, to $300 million today and you have optimistic projects of 500 million by 2023 how in the world did you do it and how did you even get to that bigger number we obsess over making the very best products for men, and i t

he said, i have a spac i said, really he said, yeah, a big spac.n and you have company with a road show, people would know you as being involved with a company. it wouldn't be like, hey, i have a spac, pass the salt. it was never like that we've got a lot of companies, yeah, items on a menu for heaven's saying. >> right. >> i've been wondering when the price wars were going to end whether it comes to the gambling stocks. >> interesting still one of the great spac deals. >> right >> yeah. >> meantime, right now in the house, they have the votes to pass the president's $1.7 trillion build back better act let's get to ylan mui in washington >> that's right, carl. democrats are finally passing the signature social spending package through the house, almost straight down party lines. you can see lawmakers, democrats cheering and clapping as those final votes were cast. the final vote tally is 220 to 209. every republican voted against it, almost every democrat voted for it the only hold out was jared golden of maine. he was unhappy about the increase in

looking at the spac 50 index of public spacs looking for deals down more than 3% this year so as a result the spacs that are debuting are doing so with major concessions for investors. these include a greater fraction of a warrant for each unit sold, less time to find a deal think 15 months. and more money held in trust to protect against the activity that we have seen. guys >> leslie, thank you so much. >>> nxp semi under pressure. reaction from an analyst who thinks the stock could rally more than 20% from current levels in 2016, i was working at the amazon warehouse when my brother passed away. and a couple of years later, my mother passed away. after taking care of them, i knew that i really wanted to become a nurse. amazon helped me with training and tuition. today, i'm a medical assistant and i'm studying to become a registered nurse. in filipino: you'll always be in my heart. to make progress, we must keep taking steps forward. we believe the future of energy is lower carbon. and to get there, the world needs to reduce global emissions. at chevron, we're taking action. tying our ex

haslinda: you had a spac in june. and you had an i.p.o. a spac back in june to create a company that would buy assets linked to hospitality. sebastien: that's right. haslinda: like food and yet to make any investments. why is that? sebastien: because we have discipline and we have time. it's 24 -- haslinda: discipline because of what? because you're seeing frothy valuations out there that you would rather wait and see? sebastien: no, we've never had so many people knocking on our door trying to joyous in the spac. because any family funded brand whether it is wellness, whether it is food and beverage, those guys have credibility but they don't have scale. and since we are up -- offer 7 -- open 750 new restaurants every day, we can -- for any great brand. so wove an ample choice which ie which is thank god i can actually pick. but i just want to make sure the right horse and again it's going to be a long journey. and accor has to be instrumental. but this is not the core activity. the core is the hotel business and the spac is on the side.

money but really any spac can do that the real trick is to combine with a spac to bring operating perspectivemake it a better company on, not just a short term but a long-term basis and i think that's whatwe were able to do with vertiv and what made the spac so unique. for that's not generally what spacs are. >> you also wrote a book, really fantastic book, where you talked about -- >> thank you >> absolutely. you talked about when you went to honeywell, very few people believed and ge was basically too far gone why were they swept under the rug for so long, the accounting problems they were the reason ge became a despuroddau. >> i appreciate the mention of the book i appreciate it. it's on the best seller list in china. it's global and i kind of like that when it comes to the ge stuff, i haven't been there in 22 years it's kind of tough for me to opine on what the accounting was or wasn't. i can certainly discuss what i dealt with at honeywell because i lived that one i don't know enough about the ge financial accounting situation >> well, the reason i mention is only because when larry culp

it's a tough environment for spacs and i think that plays to our advantage?ulative nature of the business is being pushed out and people with real capital, we committed $250 million of our own money alongside the spac, the ability to backstop and have kreblts in the marketplace and strong investor base we have the following we would like to think we bring, all those create us an opportunity to find a better investment. >> what are you seeing out there? i would assume you've had your share. it's been a while and why has nothing fit the bill >> it is a competitive market and we went from a speculative in the beginning of the year, we would walk in and make a bid and somebody would examine come in and make a bid 40% higher and sellers have having to adjust their expectations but that plays to our advantage >> why >> because again, we have credibility with real capital, with a real following. >> right. >> not a fly by not. not playing for the promote. we're playing to build a long-term business, our model from the beginning -- >> i never understand why you were d

one of them is something called a spac. a spac is a new device that enables someone to go public without going through the normal ipo process. does that offend you that people are going around the ipo process you have at the sec, or do you say, ok, as long as some disclosure occurs? gary: i think we at the sec are committed to being technology neutral, and innovations like special-purpose acquisition companies, which have been around for quite some time, they took off in the last two years, and there has been hundreds of them, as you know, and well over $100 billion raised through these fundamentally blank check companies. what we are looking at is how do we guard the public disclosure, but there are also significant fees, they take 20% as it promotes, and we have two years to invest the money, they are encouraged to invest the money because they want to get that 20%, and then what sort of conflicts does that set up? what due diligence are they doing when they buy those target companies? having said that, we are looking at

whether it is a spac or to ipo, we will keep an open mind to next year.ne: wayne ting, thank you so much for that, the ceo of lime. i want to wish you happy birthday. you are catching up to me. matt: i am for 12-year-olds today. amanda: it is a good age. maturity is just around the corner. for matt miller, i'm amanda lang. this is bloomberg. ♪ ♪ >> this is gets the close. -- this is bloomberg markets the toes. -- bloomberg markets the close. >> this is bloomberg markets. better-than-expected jobs report keeping and i on commodities. we've got you covered. a promising breakthrough, rolling back to life, pfizer ceo joining us next. you not want to miss it.

. >> yes, i mean, he was king of the spacs or maybe he is still king of the spacs. i don't know maybe the spac market doesn't have a king any more he was all in and now we're in a different phase. the heat on spacs has slowed down and a divergence within the tech sector. this is something we talked about a lot. those companies really hurt by supply constraints those who have not been able to navigate it and those now feeling the pinch as the stay-at-home market seems to wane carl, i do think that we're seeing some of the high fliers of the past year really come down to earth while we still have some of those stocks at these very high valuations, carl >> yeah. wells with the note a few moments ago, guys. we've seen a number of recent stories that in time may be seen as signs the market for risk assets both stocks and crypto has peaked john, they point out to crypto.com arena out in l.a. they point to sweet green going from a $1 billion or $2 billion valuation to 5 or 6 in just less than a year. and then the mayors of new york and miami taking their initial pay and bi

direct listing, the spac market is extremely hot on top of that 379 ipos you just listed, 539 priced year to date. we are seeing a continuation of that also to note, our desk, our bankers, our originators are seeing an increase in uptick in filings for those type of acquisitions and blank check companies. i expect the ipo market to remain strong to year end the wind from thanksgiving and finish up q1 with a spike in demand for ipo issuance. >> in the al of them are successful more than 22 doubled from their opening price, affirm, and more tillows, the chicago hot dog restaurant but many are trading below their offering price robinhood notably. what does that say about the current climate of ipos? >> i know it is saturated. i believe that that robinhood situation maybe is an outlier. look at the top of the show, the rivian up another 20% today so take a peek at the demand, the subscription, going into the new issuance date, the night of pricing. that will help you determine the win remembers the the losers however, i will tell you the market, too, what we are seeing -- not just that i

we got incredibly prnt the metaphor i make is when you start a spac, it's obviously not an operatingback with i don't think we could have come up with a better and bigger and tastier fish than the one that is panera brands >> yeah. this conversation is making me hungry, danny. hugs is up 7.5% on this news this morning it's an interesting deal that's been struck here because both you and your spac are going to invest in panera brands which is going to pursue a traditional ipo process. how did this actual deal come together >> well, we happen to have amazing new partners, which is j & p brands, the primary shareholder and long-term shareholder in panera brands and when we were looking to see what kind of a business we would partner with, we had the very, very good fortune of coming together we realize that we have a very, very similar approach to business we knew that our mission of spreading hospitality wherever we could would find an amazing platform with panera brands. do you know that a quarter of all americans dine or drink at either panera, caribou or einstein brothers and bruege

gone public today via spac. let's deal with the mechanics of the spac. why did you go this way? you do with the money? richard: access to capital on a great basis. we now have access to over 200 when he $5 million. we have huge automotive manufacturing demand to rollout products in japan, the whole of aipac, the whole of europe. this enables us to supercharge. with backing from microsoft and palantir, we were already the market leader in the u.s.. we intend to be the market leader globally. alix: real-time, are people moving around right now? richard: from less than a minute ago, 77 vehicles are moving around new york. we receive up to 450 data points every second, so we can see intersections, traffic light changes, so the consumers are in control, the drivers are in control with what they share with us, but we are helping the city be safer, reducing congestion in real time. one of our key partners is microsoft. we are helping them improve their mapping product. guy: in terms of what is going to happen next, this feels like it has been easy week -- has been ev week. we had the w

it is going public via spac.ng us now is the company's ceo sarah frier at the nyse come along with ed hammond. ed: sarah, great to be with you. i normally wouldn't want to start on the shares when we are talking about this, but this is one of the biggest pops i've ever seen on one of these, about 40%. why is this happening? why are we seeing such a reaction? sarah: because they are very excited about our business. nextdoor is about neighborhoods. we believe we have a global opportunity on our hands. of course, we are doing it for the right reasons. we are all about purpose and about making it a kinder world, but we also know we have a great business on our hands. a lot of data that allows us to do an app sponsored model, and we are excited about where the business is going from here. ed: talk to us about what is going to be the first order of business. sarah: obviously it was a fundraising opportunity because we wanted to bolster the balance sheets. where we are going with that investment number one is to continu

and before this he sold endeavor, nice premium last year and that is why i'm so interested in the spac, because mr. gruben is familiar with the world and with the nfl and before that he served saz a mid shipman on a nuclear submarine we want to know what that experience has translated to in the business world but also very curious to know what it is up to so i think it is interesting so welcome back to "mad money. >> thank you, jim. thanks for having me and especially thanks for giving me the forum on this special day, veterans day and a great shoutout to all of the people who serve and who have family members that served and who have friends that have served great sacrifices from all of those people. >> we rang the opening bell this morning and i thought of you we used to take this day off to celebrate and it is funny we have a lot of days that we have off in this country that do not commemorate lives lost and people who served the country. and it is almost like if you had to do it over again, i swear this could be the day that would you take off not a lot of the others that we do >>

>> i think the spac craze, in terms of fundraising, that has occurred. there are some 500 spacs in the u.s. looking for a home for billions of dollars of investment. i think that money has to be deployed, and it probably means we are going to see high-end m&a activity, especially in a low interest rate environment. i think there is a long way to go in terms of it playing out. >> in 2022, are there areas of underperformance sector wise that you expect to outshine year? >> it is really difficult, because the day we launched our view, omicron became a factor. the question is how any of our predictions get affected by the result of these areas. my instinct is we will not going to go back. the airport takeover, for example. i think all of it will continue, it will be an interesting sector to watch in the next couple of weeks and months. that is my hunch, and i have in wrong before. i think we will still see continued levels of heightened m&a activity, infrastructure, even in the vision sectors, it will continue to be a robust level of investment. i'm very hop

sales that are expected to come along and yet you heard him reference oems, spacs and new startups in the ev space take a look at the market caps again. this is what he is talking about. the fact that tesla has by far the largest market cap, that's not new, but it is what has happened with rivian and with lucid. briefly, lucid surpassed general motors earlier today before it pulled back. for rivian, while it is pulling back today it is way past general motors in terms of market capitalization, which has a lot of people saying, hey, is the market a little too frothy here about the expectation for the ev makers? quickly take a look at shares of general motors we asked mark royce the question, kelly, a lot of people have been posing which is, look, should general motors spin off cruise or some of the ev action to capture the ev entities he said, no, that's not the plan they're too integrated and they believe too much that those assets are crucial to growing general motors in the future there's no plan to spin off the evs at this point. >> it has been an impressive and amazing display to

embarq went public via a spac. it has self-driving trucks.nd ceo alex, congratulations and thank you for joining us. talk to us about where the trucks are now. what can you do and what is the vision to mark alex: it is a super exciting time in the world of self-driving trucks. embarq has a leak of truck -- a league of trucks making deliveries. you see trucks on the road, making deliveries. going from the edge of one city to the edge of another autonomously. the next step is to bring in the funding to allow us to take that from a small scale and put it into tens of thousands in trucks in america's biggest cities. emily: alright has partnered with -- aurora has partnered wiedex, what kind of wood to stick partnerships do you have at this point? alex: embarq has the leading partnerships on the logistics side. the largest company in the united states, or in dhl, and in our partners the reservations. emily: how do you make money? alex: that is one of the things that differentiates embark. we have a software and service business model. we license s

and then wasn't >> it's a quiz >> i'm not going to get it >> by the way, this was one of the largest spac deals >> yes. >> both bought or at least took in businesses from blackstone. they held on, though they did use it as an opportunity to monetize i don't know maybe black sstone has owned it for a while this is, by the way -- >> leading specialized payment platform, core business to connect and transact seamlessly through leading capabilities and payment processing, digital wallet and online cash solutions. they lowered their guidance, and it's getting crushed >> what, does he have waterloo 10 and 2 what are those -- >> yeah, it's a mix. he's got two that haven't announced deals and another one that's still above ten. >> if they don't show it, my joke about waterloo doesn't work >> i like that joke. to use a term you like to use. that's suboptimal there. we're taking them off the money maker list. >> on the wall of shame? >> no, but off my list of money makers >> we haven't talked aboutb yond meat, down 16 with a miss, weak guidance, bernstein cuts to market perform. >> that was just a

have a nice thanksgiving. >> you too. >> caller: i'm calling about jobi aviation. >> if you win a spacthat line, you know, i'll give you blade. i think blade is an inexpensive stock. i like them. let's go to david in florida david. >> caller: hey, how's it going, supreme leader cramer? >> i'm doing okay. how about you? >> caller: doing pretty good i've been watching you since i was 14 or 15 so -- >> go ahead, i'm sorry >> caller: i want to ask you about curiosity street. >> these entertainment companies are all down right now an entertainment company i really like is disney. that's the most hated stock in the omniverse but that's okay, i'm sticking with it and i'll do a talk about it when i do my club talk. the people that are selling it are taking a three-minute view i'm taking a 30-year view. let's go to nick in new jersey. >> caller: booyah,jim. how are you, sir >> we still beat 'em playing soccer we still beat 'em. >> caller: anyway, jim, i'm calling to ask about buzics incorporation. it's augmented reality. >> it's a spec, spec, spec if you want to speculate in that business i'm o

still remains to be seen, but you can see it's trading under that $10 mark that it went public at via spac worth about $10 billion today. at the peak it was worth $47 billion, jon >> yeah. i think the tldr on this one, dee, is don't hate the player, hate the game, right he's arguing, yeah, i got billions of dollars, but there are other people who sold out at different times and, yeah the little guy kind of got screwed hey, that's the risk you take. hey. >> i'm surprised he didn't throw masasan under the bus here because a lot of this story is what happened when softbank came into the picture, carl, and supercharged growth. from comments from adam neumann and comments from masanan on adam neumann, they have that friendly relationship or at least civil one despite everything that's happened >> he's clearly listing the constituencies that were behind the company at the time, although that answer to andrew right there is probably the closest we've seen to a mea culpa out of neumann. >>> still to come what's the better chip stock to own, nvidia or amd we'll debate that on the other side of this

. >>> plus a major spac bet on social media with huge returns, we'll tell you about next door and later on, move over apple and microsoft, sort of there's a new entry into the $2 trillion club, we'll tell you who it is. that's your mystery chart, shouldn't be too hard. if you can't guess that i'm not sure i have anything for you we'll tell you all autt bo iwhen "worldwide exchange" rolls on right after this bring your visit to outdated montepisa! our sights will take your breathing away. our food will make your mouth leak. and our roads will make you break wind. translation is complex. transperfect makes it simple. our experts help your business succeed. in any market, any language, any industry. simplify global business with transperfect. healthier is on-demand covid testing to help you return safely. even if it's still... a little awkward. how've you been? -i'm so good! ♪ this is what healthier looks like. ♪ every day in business brings something new. so get the flexibility of the new mobile service designed for your small business. introducing comcast business mobile. you get the mos

someone other than tesla, to invest in there have been a lot of ev companies going public through spac transactions. riskian went through more of a transcription ipo. really, we can't forget that riskian hasn't really built any vehicles yet they have had a handful that have gone out to customers they are inexperienced and unproven we really don't know how well they are going to do if you do recall, tesla struggled a lot with producing cars in the beginning. >> it has been a struggle. i am sure elon musk would say it continues to be a struggle today, the manufacturing piece of it as they are quickly trying to get up to scale as all these players enter the ev space, joanne, do you think that makes tesla's lead all the more significant or will they be able to take all the learning tesla has done, $12 billion in capital, and expand in a fraction of the time? >> i think the latter is probably true. tesla led the way and a lot of companies, including the traditional automakers, learned from tesla you know, for the first time tesla now has competition. i think riskiariskian has a loto prove y

he has a list of inflation-related sectors that could drive the market spac-takular spacs are back, buts are

. >> no, they're all spacs and i don't know about the valuations being down to earth but the prices arerst one is dmy technology group 4. it's one of the king of spacs and this one going into this friday, december 3, there will be a shareholder vote on whether to merge with planet labs. planet labs, as you might know, is the brain behind google maps, google earth, so this thing, this deal will raise about $600 million. it is a $250 million pipe led by google, by time venture and by blackrock, so its got a lot of good money behind it. they already have revenues looking for revenues of about 113 million and they expect to be profitable on an adjusted basis by 2025 that's my favorite stock. another one is red wire. red wire rdw, down a little bit, its been kind of weak, they had a little bit of an accounting problem. now they found it hem selves, they reported they had a problem and had to delay earnings, that's why the stock has been a little weak, they can have revenue over 150 million for this year and 230 million next year, this is a stock that's a space infrastructure company first of

facebook but then there's kind, k-i-n-d, the stock symbol for next door which came public today via spacsquare, the de facto ceo, took over the next door media site when it was a fledgling business that couldn't accept checks for advertising. they turned into a company with $52.7 million in sales in third quarter alone, accelerating revenue group. they now serve 280,000 neighborhoods around the globe, not just in the u.s. this morning she explained to me the appeal of being kind, how next door wants to promote the spirit of being a good neighbor. >> our whole reason to be here is to ult vat a kinder world where everyone has a neighborhood to rely on. we think it is good for the world and great for business, too. >> look, i have known saracens she schooled me way back when square was $12 she told me to stop bashing the darn thing and start recommending it because of its out size potential for growth. i'm glad i took her advice how could i not? she laid it out for me since then square rallied 224 points when she left square there was a ton of speculation about where she would go next and a

you guys have increased the share price from that spac listing.are you seeing recently, especially given over the last few days with the new variant omicron, you seeing engagement increase, next door get a bump up when we see these variants circulate? >> i mean, for sure it's unfortunate. it's a little bit same old same old but nextdoor is all about local and place for trusted information. so, when emergencies happen, we often see people turning to the platform that really helped us in 2020, but our growth has continued, right our wow growth in q3 was 20% year over year and that was on a really heavy number back in q3 of 2020. so people come for that trusted information. through the weekend we have been working withfolks like the nhs you pave.gov in particular a lot of news over the weekend second, i always say it's not public agencies that save you in a crisis it's your neighbors. it's the power of proximity. sometimes it's small maybe it's going to the pharmacy for you. sometimes it's just checking in. right? we know that loneliness is a big iss

the company just announcing it has completed its spac merger and joining us now from the nyse is bird's travis van der zanden thanks for joining us this morning. your stock trading down 10% this morning. what's your message to investors about what's next for the company? >> well, look, i know the stock price is going to be volatile in these early days i know we're up 14% yesterday and down 10% today i think for me, i don't pay close attention to it. i talked to the company about this we expect ups and downs and really the whole company is focused on execution, long-term execution and beating the forecast and that's really what matters is taking more electric scooters and more electric bikes to cities all over the world >> travis, talk to us about the competitive landscape. lyft just reported a 51% increase in the number of active riders and there's lime backed by uber. i've seen a lot of lime scooters i wonder if you're concerned about consolidation among your rivals >> yeah. there are a few players in the category doing electric scooters and electric bikes bird's going after the 60% of

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. ♪ >> i think that spac's are here to stay. >> you can trade anything. >> today, we are in an everything erik: i'm erik schatzker, and welcome to bloomberg's front row. today, i'm talking to the dynamic duo behind blue owl, one of the fastest-growing players in private markets. michael rees assembled a giant portfolio of hedge funds buyout firms. vonnie:

wework is set to report for the first time since the spac last month. provide a viable path forward on tuesday the walmart, the classic value trade. can the retail joint provide clues to the trades. then nvidia, can its massive run continue let's kick it off with wework, the company having a rough go of things after initially filed -- went public last week via spac last month shares spiked on the first day of trading but slid more than 11% in just three weeks. is there any hope for this pre-revenue company that's trying to come out of a challenging time, shall we pud it kate rooney is here with the story along with gina sanchez, cnbc contributor for "the trade. kate, what should we expect here >> investors are looking at net income at the end of q2 the company was still losing billions of dollars when it comes to net income and we really had a tough time during the pandemic. so investors are seeing can the company cut costs at a rate that will keep up with the valuation, even though the stock has been trading below $10. analysts are still looking for an

but the first one is why are you doing a spac >> so, we really needed to raise money because when welooked at the company we have a ton of opportunity. we wanted to put more money on the balance sheet to go out and meet our ambition. how we raise money is less -- we didn't really care that much we wanted to choose the right route for the company. we could have done an ipo. we're a high quality company the spac works because we found a great partner in coastal adventures. >> kind of a rock star in the business you had -- you could have had an ipo, would have been a big branding message instead you're going with a quiet one. >> we think this is a big branding method. don't get us wrong what it gave us is certainty we locked in our valuation in july it allowed us more time to talk to investors so i think it's a better branding because you're getting to the fundamentals with investors over an extended period of time as i said, it was more than just bringing money to the table. the note in particular, i worked for seven years at square, he brings a lot of experience, great recruiter and a

>> good morning, dagen great to be here with you so, you know when we started this spac announced itey wanted to price this detail correctly so that was important to us for a shareholders, to know that we are bringing, gett to the public markets a billion dollars valuation, and this is a hundred-billion-dollar market opportunity, so, we look at gett and when they penetrate u.s. greater than they have already, i think there is a lot more on the table where even if they have 10% of this hundred degree planned market we are excited to see what they are able to do to fuel growth next two years. >> what are you going to do with new money? what are the plans. >> right, and as mentioned market more than 100 billion dollars, so we have it is a green field, a message we want to capitalize on this keep growing doing what we're doing now so far good, aggregation, issue what we will continue doing at scale. >> at scale, what about -- how much of those fortune 500s are you involved with entire corporate landscape wide open for you in terms of potential new clients. >> that is right -- fortune 500

as you know, i also helped bring joby public via spac, and it has helped move the transport grid fromd, redefined cities, make commutes much less arduous, onerous, being able to live more remote and then coming to the cities. i think the jetsons is no longer science fiction, but en route to science fact. david: what about space? do you invest in space-related investments? reid: not as intensely as some of my friends like elon. who obviously are -- and i have put some money into space x. that is more because elon and this amazing transformation in the world -- but it is officially an important area. i ended up in it sometimes just by who i know. ♪ ♪ david: let's talk about how he became an investor and an entrepreneur. you were going to be an academic, and then on the road to damascus kind of epiphany, you said, i am not going to be an academic, i am going to be something more important than an epidemic, i am going to be an investor. is that right? reid: it did not start with investor. it started with product creator. it wasn't necessarily starting with entrepreneur. it was, how do we

in freezing temperatures of a 1000 strapped to the border are caught in the middle of a diplomatic spac. poland says they have been more than $5000.00 attempt to crossings from bella is so far in november, compared to a $120.00 all of last year. steadfast and reports from the polish bell russian border. the cleaning on to hope at the gates of europe exhausted, cold and at the mercy of border guard elevation stay tv shows thousands of asylum seekers and migrant strapped at the border. now moving even closer to poland and closer to attend, stand off with border troops. bell russian leader, alexander lucas shanker, says he's working to return migrants to their homes and will retaliate against more sanctions. on the other side of the border, the human toll of this crisis got a name and a face in a small village of the minority muslim thought a community in poland. a funeral was held for 19 year old mother of her son, a syrian from the city of homes who drowned in the river after crossing the border . a friend to survive said bella, russian troops pushed him into the water. his last rides he

as you know, i helped bring joby public by spac, and it has moved the transport grid from 2d to 3d, redefined make commutes much less onerous, being reliable to getting to the airport on time or being able to live remote and come into the cities. the jetsons is no longer science fiction, but we are en route to science fact. david: what about space? do you invest in space related investments? reid: not as intensely as some of my friends like elon. obviously, i put some money into spacex. that is more because of elon and his amazing transformation of the world. but it is obviously an important area. i have ended up in it sometimes just by who i know. ♪ ♪ david: so, let's talk about how you became an investor and entrepreneur. you were going to be an academic, and then on a road to damascus kind of epiphany, you said, i am not going to be an academic, i will be something more important, an investor. is that right? reid: well, it did not start with investor. it started with product creator. it was not even necessarily wanting to be an entrepreneur. it was, how do we think and speak better? how do

through one of the largest spacs ever.gapore airlines says its balance sheet improved last quarter. the carrier posted $316 million loss compared with $1.7 billion per year earlier. singapore now allows visitors from a dozen countries to enter without quarantine. plenty more to come as we count down to the open in japan and south korea. the dollar is a little bit stabilized here. we will see how the bond markets are in japan. the china opening could be interesting as well as we see that tech rebounds overnight on singles' day. plenty more to moving is a handful. no kidding! fortunately, xfinity makes moving easy. easy? -easy? switch your xfinity services to your new address online in about a minute. that was easy. i know, right? and even save with special offers just for movers. really? yep! so while you handle that, you can keep your internet and all those shows you love, and save money while you're at it with special offers just for movers at xfinity.com/moving. >> xi jinping has won a mandate to potentially rule for lif

on the production line there, up about 8% digital world acquisition corporation, the trump-linked spaclly happen >> i'm not sure. the whole idea behind the friday trade is they were going to then put out those vehicles and see whether or not they could put those deliveries out there on a mass scale lucid could be a huge trade to the up side. we are looking at the market values we're talking about 50 to 60 billion in equity value at this point for lucid. u.s. to put that in perspective, it's not that far behind some of the biggest automakers in this world right now. we talk about how tesla is bigger than the big three combined, lucid right now will put it in the 60-plus billion dollar market range. it's been one of the big st stories. it's been a massive momentum trade. >> dom, it's november 1st. that means yet was halloween did you get the cute kiddos out? >> my daughter was tinkerbell with lit-up wings, and well, my son was captain hook he couldn't coop -- he didn't want the hook on his hand nor the hand, but if you take away the hat and the hook, it just looks a little like austin po

. >> one last question you know there's been a number of lydar spac ipos and people say there's a lotonsolidation or we will see. what's your take on that >> this is what we're seeing you can see there's hundred different efforts out there. everyone and the brother trying to do an lydar r&d hot in the technology and we had to pioneer the components to make a unique system to make it work but talk is cheap you have to really show substance and get designed in. the decisions that automakers are making now in terms of who and what they work with, that lasts for many years to come this is very sticky type of solutions. high barrier to entry and exit and today certainly as far as we're aware we are the first company that has a solution to this problem for the performance, safety, the technicals and everything that's needed to make this happen and the opportunity to make over the industry. >> in new york, just quick one for me own elon musk and tesla and wondering how you view him and what they're doing and the fact to continue to grow and the steel and an inflection point with evs and the