the whole spac boom started with nikola. an electric vehicle play with a stock that soared to the stratosphere and then we found out that it made outrageous claims that couldn't be backed up by the facts. nikola is one where they doctored the video of the electric truck. they made it roll down the hill. i watched it. i thought the thing was just incredible. it's just the dumbest fraud imaginable. so i want you to do this. the next time you see this kind of enthusiasm for potentially dubious merchandise, take your cue from public enemy. don't believe the hype. one last thing. and this is really true of all media. both online and off. whether you're watching tv like watching me or scrolling through tweets, please be skeptical. it pays to be a skeptic. my general approach is that when you hear on tv is possibly right and if you're not fraudulent but no more than that. same goes for the web, except you have to be a lot more skafl because there's a ton of junk information and uninformed commentary. that's just the world we live i

it is the return of the spac. this is a different model. this came after the spac. the spac that would merge are universal and blocked by the s.e.c. he ended up buying that universal stake for his own fund. there were the rights that came with that which were different than the previous generation of spacs. this is approve by the s.e.c. we will see what he buys. he has a lot of money burning a hole in his pocket. >> did he get to save that or give it back? >> he gave the money back. there were interesting warrants which we will talking about which lead to this moment and can he go buy a big business. the question is what business does he buy? pe company? he threw out the idea that one day could elon musk take x public without going through the public issues? that was the benefit of spac. i argue the problem with spac and they didn't go through the issues and this is worthy because we learned so many went public and probably shouldn't have. we will talk more about that. >> the comments he made about x. you do a deal with x and the question is the price. is that more

, the spac market cooled in 2021, to now, seems doing stories every other week this is another move byd be interesting in a way take musk twitter now x back to public market stay tuned. maria: we will, part of the reason that spac market slowed because regulations, all the administration decided that they didn't like spac deals anymore started coming up with heavy hand of government, that certainly slowed things down in a big away. >> thank you, cheryl. cheryl: you bet. comedian bill maher boegdz president biden step aside for 2024 race. >> someone has to convince president biden if he runs again, he is going to turn the country back over to trump. -- [laughter]. and go down in history, as ruth bader biden. [laughter] person doesn't know when to quit so does great damage to their party and their country. joining me right now democrat strategist former hillary clinton inspection person an initiative senior adviser joining me fox news political analytical author of the book tan for granted, thank you so much for joining russ, your thoughts is the mainstream media or democrats beginning t

it is the virgin galactics via spac putting out and the rent the runways and they were fine shots onf you tell the market over and over this is the product we're offering at some point, if you're a retail investor you would say why would i bother? this is clearly an adverse selection problem. >> i wonder what happens next because the exit is so important for venture capital and private equity for so many parts of this whole ecosystem. does that exit just become selling to another firm and still able to realize those multiples and also does that then mean, like you said, about the public markets? do we worry about the quality deteriorating over time or was it when the stuff was getting there in the first place? >> think you've got it exactly right. there was a long time, i was actually working earlier in my career when the idea of a private equity firm was verbotem and that's most of the business and as you sell back and forth with each other and higher valuations and keep the good companies private. i think that's certainly the case. venture capital hasn't gotten there yet, but if yo

enjoyed by member state powerful and you figure such as your p and commission present. ursula waterlines spac, ukraine's desire, but making it become a reality is proving far from simple. not everyone shares or enthusiasm. there are worries about the price tag had the impact on existing member states, as well as corruption and ukraine, and how and large the you would function in the future. let's take a quick look at where we're talking about. ukraine is here in the center of europe, bordered by russia and beller roost, as we see here. the use made up of 27 countries, extending right across the continent. ukraine shares of border with several e. u member states, ukraine's possible membership of the you is one of the discussion points at a summit of the european political community that's taking place in the spanish city of grenada. from where sonya go, you go reports the 1st day is the announcements of the arrival of the ukrainian president for legitimate. so lensky is assigned that the issue of ukraine and its place among europe is very much at the center of these talks as well. course there

wall street journal says the investment is a new class of special purpose acquisition companies or spacsars ago by ackman with approval from the s.e.c. on friday. ackman will likely have more on this coming up at 8:00 a.m. eastern on "squawk box." >>> apple issuing a software update to address complaints of the new model being too hot. it is normal for devices to feel warm when used for long amounts of time. the update will not reduce the performance of the new models, frank. i don't have that problem. i didn't get that new one. >> i haven't upgraded. it is easy to save a couple bucks. maybe i'll wait for 16. silvana henao, thank you. >>> we turn our attention to d.c. and the drama in the cap capitol. taking the government to the cliff just before the midnight deadline on saturday. the agreement is only kicking the can down the road as the republicans in the house find tension just boiling over. emily wilkins has the latest in d.c. emily, good morning. >> reporter: good morning, frank. you mentioned congress narrowly averting a shutdown over the weekend after kevin mccarthy ditched the s

that was one of the more successful spacs of all time.at's a name that has been a beneficiary of this trend. >> some follow-through to your point, carl, on the earnings movers. netflix up again. at&t is higher again today. tesla is lower. there's some carnage in the solar stocks, though, that i think are worth mentioning. after we got news yesterday from solar edge, one of the big -- i mean, lots of downgrades for that stock. it sounds like kind of a repricing there of what's going on when it comes to europe. >> they came out with a preannouncement, essentially. you can see what it's meant to the overall market cap. they're losing 35% of its value. here's the key quote. this was a preannouncement, not the full earnings. "we attribute cancellations, significant cancellations particularly from europe during the second part of the third quarter, substantial unexpected cancellations and pushouts of expected backlog, higher than expected inventory in the channel, slower than expected installation rates, much slower at the end of the summer and

. >> a concern via a spac merger with a valuation of nearly $1 billion, but the poplar gen-z bran hasy the market cap is just $14 million. guess what? joining us now in a fox business exclusive life from the game square headquarters in texas is ceo justin keller. justin, great to see to you. let me begin with, you know, having just outlined the problems that we've seen with faze clan, why do you think it makes sense to game square? >> yeah, absolutely s. and thanks for having me. i was actually formerly the cfo at faze clan, so it's a bit of a full circle moment for me. ashley: wow. >> talks really initially began faze, we've been a client for some time, so talks initially began around strengthening that partnership. when it became evident to us that they would be looking at a potential liquidity event, you know, we saw this as a huge opportunity. i reconnect with the faze founder s which was really important, got their backs and support -- backing and support and here we are. we're extremely excite to be combining the world's biggest bran in this space -- brand in this space to be ab

, i hope it goes well, because i don't like spacs.hurt the people who watch us. someone better watch out. i'll just do it because i do not play for dinner, and i don't care. >> are you impressed that people appear to be, at the moment, willing to go long into a weekend where we know what the headlines are out of gaza? >> well, i think that -- look, it's a complicated issue there, but there's a -- obviously, a strategic move that israel's made that says, listen, you want -- you don't get the lights turned on until you get the hostages back, and i think that they have always felt that egypt was a free rider, and that they're trying to push people down that way. but you know, look, i think that there's -- there are a lot of people, i think, who feel that the situation is not out of control, that what israel is doing is trying to figure out a way to make it so there's the least bloodshed, but there will be a lot of bloodshed, and i just don't know. i think there's a lot of people -- when you hear people talking about how they're worse tha

that's what i did with the spacs and ipos in 2020, and 2021. also known for flat out lying. lying about material information is what we call a crime. sometimes you need to take what they say with a grain of salt, if not a full carton of morton's iodized. you might be surprised by how many straight shooters you find at the highest levels of corporate america. some are honest, others don't want to go to prison. good call. either way, they tell the truth. again, when we have someone on the show with a track record of being extremely candid or both, i try to point that out to you. it matters, when honest, smart executives tell you something is going incredible well, i think you should believe themm. when jensen huang, the visionary ceo came on the show in september 2022, the stock had been eviscerated for the better part of a year. everybody was giving up on tech in the face of the federal reserve's rate hikes. he told an incredible story about nvidia's ability to reinvent itself. nvidia's engine, less than a month later, the stock bottomed, four m

that was a travesty, the spacs. what is the homework?buy a stock you should listen to conference calls. go to the company's website. i really like that. i start with that lately. read the research if you can get ahold of the research. read the news stories. that's called google. everything is available on the web, everything. you have so much more info available now. so much more knowledge that there is really no excuse. you're up there at the goldman sachs library for some mike feature statement from three months ago as i did four decades ago right down the block here. you have everything right at your fingertips. but if you fall back on a buy-hold strategy for any group of stocks and don't pay attention, i can assure you that you'll be soundly beaten by professional money managers with good track records who are actively searching for high quality stocks all the time. one more point. i'm quite sure an index can fund anybody who doesn't know. give up on individual stocks and put your funds in a cheap s&p 500 index fund. i'm in favor of

pis preconception. n spac some things are for boys. but diversity drives innovatioen . >> my goal is to really fliplu the script. pick something that you love pick something that you love and goeprint. >> how do we live in space? how do we live on the moon? i want to help figure that out. >> you can create a blueprint if you can see her, you can be her. >> do you have trouble hearing conversations? are you constantly asking loved ones to repeat themselves? do you miss out on discussions or talking with friends? then you would benefit from nano hearing aids. don't waste thousands of dollars on expensive hearing aids or settle with the frustration of cheap amplifier ears. right now you can get two revolutionary nano cic recharge hearing aids regularly $794 for just $297. or opt in to our payment plan of four easy payments. >> i love how affordable the nano hearing aids are compared to some hearing aids there as much as three, four, $5,000. >> don't be fooled by higher priced hearing aids. the cic recharge is a true hearing aid, not an am

gentleman jill spac.the chair would like to rise -- all members written opening statements will be made part of the record. please provide those to the clerk probably. i didn't think our witnesses for being here today and taken the time to testify before the subcommittee. you will have an opportunity given opening statement followed by a round of questions from our members. our witness today are miss shelee kimura, president and chief executive officer of hawaiian electric. mr. mark glick, chief manager of the hawaii state energy office, and mr. leodoloff asuncion, chair of the hawaii public utilities commission. we appreciate you all being here and and i look forward to hearing from you. you are aware the subcommittee is holding oversight hearing and when doing so with the practice of taking testimony under oath. do any of you have an objection to taking testimony under oath or give your testimony under oath? seeing no objection, we'll proceed. i would advise you you can be provided counsel biggie if you

a spac from brazil. okay. isn't that exactly what's called for?y -- and the braves have been doing well. you follow the braves? the stock? >> that's starting -- because of the braves. >> it's doing well. >> it's a pure play, they own the stadium too. >> i think the buy is meaningful for them. >> there's the realtime exchange. all right. there's the -- there's the heat map. do you guys know the realtime exchange doesn't exist any more in reality? that's real, but that thing they showed earlier is not real. that's why i was making that face. >> are you telling me that's a sham? >> i'm saying it's created in the -- where? i don't know. it's a -- wow. it's a.i. i don't know. i'm looking for it. i'm like, where is that -- that darn -- and it wasn't here. >> is the 30-year a sham? >> look at me here. >> oh, look at that. now you look like "succession." >> i am. what's going to happen in the house? let's make it happen. let's pick a new speaker. all right, everybody. >> he can do that too. what a multitalent. >> so good. speaking of things that are not r

and at the nasdaq, conduit pharmaceuticals celebrating its recent listing via spac.aracterize what the bulls or bears need to do today to demonstrate they've got the ball? >> i think you want to look at a couple of the megacaps, megacap techs, because they do very well no matter what. if you think that the fed is going to hike, they've done well. and they've been the only place where there's really been buying in the last few weeks. there's been a lot of bull markets that we have lost, and there's -- it's undeniable that the narrow -- the narrowness of this market, when we do have up days, is just horrible. so, down days, if you lose the megacaps, you really could have a nasty day. >> yeah. i think earlier in the week, bespoke was tracking the number of down days for spy, the spy etf, down 33 of 50. >> no, it's just -- it's not a great time. david, there's so many bear markets underneath. i mean, when they got to the food stocks yesterday, people look at them and say, hold on just a second, they're 21 times earnings? they should be at 12 times earnings. there's six s

and others in this district and families and even site leaders have been really suspect about using spac as state mandated cumulative testing as our metric for how we do it is the metric. but there and it's not going to change anytime soon. but how when we get to this part where it says thereby teachers across sites will increasingly review implementation and impact data to plan and provide targeted instruction when we have such a huge i mean, i'm not projecting just because i'm not really happy with spec, but i've seen this in the conversations i've had for decades about this with other educators in the field, particularly here in san francisco, that there's such resistance voice and rightfully so, i think many times to utilize this type of data to set goals and we had this discussion when we were making our goals too, but this is where we landed. how do we get to the point where our our everyday instructor actually does this? like, is that a realistic is that something that we can actualize when we have so many folks that are just really not happy with the actual testing model that we

there that have been talked about on the program, whether it's commercial real estate or crypto or spacsre overlevered in the market today and we'll have to see where that comes from. but i think the key from an investment standpoint today is to minimize exposure to those area that need to rely on leverage, that have to issue debt in this market, and screen for stocks that have great balance sheets, more sustainable earnings, better return on equity. >> but it sounds like under your scenario, you're going to see -- i would imagine, you're calling for equities 12 months from now to be lower than they are today, which in this case, why wouldn't you just be sitting in cash or doing something else? >> it's a time frame thing. 12 months from now, we could already be seeing equity markets rohr. but i think over the shorter term, absolutely. there's one area of the market that's really not priced for a recession unfolding, and that is high-quality bonds. i know it's scary right now to lean into high-quality bonds at a time where rates are rising at this clip, but there has been a ton of value u

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