we make the return to sun valley in a few moments.uch more ahead from new york and idaho, this is bloomberg. ♪ caroline: let's get back now to the sun valley conference in idaho, where many of the world's top business leaders are gathered to talk deals. we have a special guest, ed. eddie: we do. in the conversation in and around sun valley is around the big-picture, about inflation, recession, private, public markets, startups, venture capitalists. i am delighted to be joined by kevin hart, general partner and cofounder of eventbrite. explain where we are in the world right now. kevin: you know what warden would say about an entrepreneur in the -- what one would say about an entrepreneur or investor, i important enough to have been through a few cycles of up and downs. i think we are really in the beginning act of this process. with the fed stimulus and the action taken in march of 2020, we kind of delayed and pushed out and amplified what is happening now, and that is a very dire outlook on the economy over the coming years. eddie: l

this is bloomberg. ♪ caroline: back to sun valley.k spoke to the ceo of sofi. >> it's a year that is atypical from the standpoint that equity values have come down. inflation is on the rise. you also have an uncertain marketplace. it's much more a year about partnerships and new partnerships that get extended as well as finding new partners. there has never been a time like this in the last 30 years. we have had so many conflating factors. >> what is the investor tone? you yourself had 60% decline in sofi, but so have many of the players. you were doing acquisitions yourself. how do you nag -- navigate that turmoil given that you have recently decided to go public? >> we are sticking to our strategy. we have found ray success over the last three years despite the fact that the student loan business has been negatively impacted. we have been able to grow 50% last year and we will grow 50% again this year. we will increase our profitability from 30 million 200 million. right now, it's hard for investors to see out be on the next six to

that is sonali basak joining us from sun valley. minutes from the u.s.ederal reserve june meeting. we talk about what likely the market will focus on in the next 15 minutes. this is bloomberg. ♪ jon: this is "bloomberg markets ." i am jon erlichman with kriti gupta. time for what it is worth. the latest model shows there is a 38% probability of a u.s. recession the next 12 months, up from 0% months ago. we are getting the fomc meeting at the type of the hour and risk is something the fed must deal with. kriti: kriti: let's discuss that. from an investor perspective, who better than gene tannuzzo from columbia threadneedle. $700 billion the firm. the investor perspective on these fomc minutes, is it really going to change anything or give us insight into what we are going to hear in a couple of weeks? gene: perhaps we get a little insight. i think what we want to know is 75 basis points already baked in for the july fed meeting. the market is pricing in 70. we think 75 basis points is likely because that gets you to the convenient level of 2.5%, which is

ed ludlow, we are never going to let him relax and sun valley.are going to keep you on top of all the eeev news. this is a market reaction. why? ed: yeah, because they are making progress. they produced 500 equals approximately in the quarter. they have jumped to 4400 in the second quarter. this is about a production ramp. remember, 2018, micro focus on tesla and the production hell. rivian is showing it is making progress, and the street is looking at that and saying we believe you i know i am in sun valley, but guess who else is in unveiling to mark the rivian ceo -- who else is in sun valley? the rivian ceo. this is a company heading in the right direction in their factory at least. caroline: you said hello, did he say anything back? ed: he did. he is an interesting guy. sources tell me he is often the smartest person in the room, but comes across as incredibly humble. it is an interesting one. at a tech and media conference, you would not in automotive really fits into that. he is not only automotive executive. mary barra, the gm ceo, is also

the add-on emco sun valley conference.ning us from that spot is bloomberg's sonali basak. let's talk steel volume. we are talking about recession, inflation. to what extent is the financing or desire to finance taking a hit? sonali: great question. of course, there are a lot of jitters. investors themselves are being stung. what kind of appetite do they have for new deals, new investments? venture capitalists are expecting that any recession could be worse than expected. they are preparing for hard times. with that said, what is really important is something i mentioned last time. there are certain areas that people are getting very excited about in particular. take energy. electric vehicles. we will talk about elon musk in a second but the rivian ceo is here as well. there is a lot of chatter around electric vehicles. the rivian ceo has his car here and it's a very attractive electric vehicle. it has been driving around the main parking lot in front of the large. -- the lodge. wes eaten the newport energy founder told me

about some media this year, julia is live from sun valley with her.ter: we are hearing a lot here in sun valley, about an advertising slogan, telling us his big blue brand clients see flashing yellow warning lights and as they pull back, he expects the lengths of meta to lose ground to retailers. >> now when you think about the retail networks, the walmarts, the amazons, the targets, those groups of huge retail networks, it is the point of purchase for marketers, they are taking more from the other players. >> echoing that, icco, joey, told us he also sees advertisers pulling back but the tech market provides fantastic opportunity for them to pick up some public company assets. >> this is the first time in a very long time, years, like five years at least where there is real opportunity in the public markets, and we just, we have not seen that, the math didn't work for us for a while to buy a growing business, with big upside, because all of the upside was already priced in and none of the execution was there yet. >> there is one potential set of asse

i understand the ceo and the cfo of twitter are at sun valley.l just say out loud, i wish i was still in idaho, for i wish i was with you in the studio. this is the most crazy story of my career and lifetime. that allen and co. is an advisor on the twitter side. allen and co. is a long-standing advancement inc. for twitter -- investment bank for twitter. no one saw them in the same space. as you know, i asked them last night if they were worried about elon musk walking away. twice, they declined to answer the question. . 24 hours later, he walks away. there we go. caroline: ed ludlow, we will let you go for a moment. thank you for jumping on the phone with us. ed ludlow, with the analysis. we have expert analysis from a senior analysis on twitter, dan ives who has a rating neutral on twitter and a price of $38.79. 12 month price target of $43. you are a busy man. what do you make of this walk away? dan: caroline: caroline: for twitter -- dan: for twitter, it is a nightmare scenario. stocks will be $25 to $30 on monday. they face a brutal court ba

with the liberty media buffet sitting down with her at the sun valley conference this morning.n to that interview. >> that is right. the ceo of liberty media, the three largest assets of formula one, braids, and the chairman of sirius xm and has a broad view into the economy. he tells us that he sees no signs of a lack of consumer demand but expects a slow down. he says it is still unclear whether we will see a full blown recession. on the heels of the media mergers over the last several years, i asked him when he expects another round of deals. >> private equity is loaded with a lot of money and they are out there ready to move but usually it takes a while for sellers or potential sellers to recognize the new environment of potential buyers who are much more quick to say things are down but i think it will take a while to work through. on the corporate side there are factors where the regulatory environment is more difficult clearly. that surround tech and media. the administration probably is more of a break on the m&a activity and i think it will be a while before you see so

let's get back out to sun valley where our julia boorstin is sitting down with the ceo of live nationjulia? >> thanks so much, kelly that's right i am here with michael rapino. michael, we were talking about what you were seeing in terms of the health of consumer spending. you have a global view of what's going on right now in terms of ticket sales are you seeing recessionary trends >> you know, we're not we've had such pent-up demand both in europe, america, australia. we are headed for a record year right now, as of this weekend. i checked all our latest data. people are showing up. 90% rates. our ticket sales are double digits over 2019 and the one factor we like to see is what are they spending on site and those are up 25% since 2019 which was a record year. >> and that spending on tickets or spending onna an sillries >> having a beer or a hot dog. do you see a pullback with that? record levels when they're coming there to have fun, drinking, enjoying the night. >> we're hearing a lot about ticket prices being on the rise. >> obviously, we talked a lot about inflation and gas pric

there was a richest man is coming to sun valley. he is due on thursday.have seen twitter's cfo but no sighting of the ceo. there is a lot of discussion around streaming and content. you have the current disney sepia -- see you downtown. you have bob iger in town amid reports of a risk -- a rift in their relationship. you have reed hastings -- they were the highlights of last year and that stock has crashed down to earth and then you have david of warner who is highflying at the moment after the merger of those two businesses despite an aggressive campaign of cost-cutting and there is optimism. what will happen in a higher rate environment. overall, we also talk about how this is still a birthplace for future deals to be done. ed ludlow. bloomberg news, sun valley, idaho. >> let's look at the latest headlines now. slower profit growth in the last two years. lukewarm consumer demand leaving margins. preliminary operating profits rose to $10.7 billion. sales increase 21% over $69 billion and that is slightly above estimates. we will get the divisional breakd

our sources in sun valley also have a lot of skepticism about this.ot of this is a way to renegotiate the deal. he waived the right to see all of the data behind twitter beforehand. he waived access to the deal room. he does have a nonbinding agreement and twitter will want to hold him accountable to buying this company. another thing we are hearing is if a deal didn't go through, what is the future for twitter? the cfo is also here at sun valley as well as the ceo and the lead director, the chairman of the company. this is going to be a very significant moment that is pretty imminent where elon musk will arrive in this town where there is only a small and elite group of investors at this conference. >> what else is dominating the chatter there? >> we asked a bunch of investors, are people interested in twitter itself? a lot of investors say from a potential investing perspective is the deal going to go through or not? there are a lot of investors here. we have warren buffett, bill gates. there are a lot of acid ending investors plus a lot of newer co

ed ludlow, as ever on the scene in sun valley. ay be lacking, that the stories certainly are not. i wonder if you have seen elon musk yet? ed: i have not seen elon musk. i'm told by sources he is still expected, but not until later in the week. i have seen ned siegel, the cfo. i have not seen twitter's ceo. in terms of the deal context, that is the one everyone wants to talk about, right? this is an interesting gathering of people. traditionally the boutique investment gate -- bank that hosts it invites a broad range of names. streaming has been the story, but in the background you have this social media deal everyone is talking about in the corridors. kriti: speaking of social media, let's talk about one of the big fields that has been roiling markets. the elon musk twitter deal. he is elon musk there? where is he? ed: you know, elon musk works on elon musk time. i think what is interesting is that he has this period of silence at the end of june, beginning of july, where he was not tweeting. the spread on the deal on twitter's cu

we'll take you from the sun of the south of france to sun valley where the elite are gathering. key event happens tomorrow. elon musk's speech. we'll give you a head's up on what to expect. this is bloomberg. >> this is bloomberg market, the european close. you're looking at a live shot of the principal room. kriti: keeping you up to date. in japan, shinzo abe has been shot and killed while speaking at a campaign rally. the attack shocked the country where political violence and guns are rare. the suspect was arrested moments after the shooting. the man told police he intended to kill abe because he was frustrated with him. he was 67 and the longest serving prime minister in japan's history. in the u.k., suk an entered the race. let's restore trust and reunite the country. the u.s. is expected to press the case at the g-20 meeting in bally. the u.s. and its allies will try to prevent the presence of the kremlin from converting the conference's agenda. sergey lavrov met with the chinese on the sidelines of the meeting. 24 hours a day and on bloomberg wick take, powered by more th

. >>> media moguls and tech titans descending on sun valley to talk about the state of the industry,d much more a live report is straight ahead a the second hour of "squawk box" begins right now. ♪ >> good morning and welcome back to "squawk box" on cnbc, live from the nasdaq market site in times square i'm joer can nan with melissa lee. andrew and becky are off today u.s. equity futures are a little bit in the red we've seen a little red, a little green back and forth after a big rebound yesterday, which brought the s&p and the nasdaq both into the positive territory, after being sharply lower for most of the session. treasuries at this hour continue to maybe raise a few eyebrows that we're definitely not above 3% on the ten-year, but we're certainly getting flatter and flatter 2, 2.84, 2.81 so that's not flat >> negative. >> that's inverted oil, which was, you know, 120 a couple weeks ago or close to it fell under 100, went back over 100. in fact right now it's at 100. this next gentleman is back, i didn't think about it, dom, who looks at the premarket movers but i feel the loss o

up next we will take you to sun valley. moguls are meeting their, some of the elite money managers at the sun valley conference. what should we be watching. this is bloomberg. ♪ >> you are looking at the principal room. coming up, the social finance ceo, this is bloomberg. ♪ >> keeping up to date with nusra around the world. fbi director christopher wray escalating a dispute between the u.s. and china over hacking. he warned western companies china named to ransack their intellectual property and eventually dominate key industries. he said chinese spies are snooping on everything from fortune 100 companies. their new concerns shanghai may find itself band in a lockdown for the financial hub reported the number of coronavirus cases doubled in a day, the highest level since may. shanghai's increased mass testing. they've broke ground in a new battery factory in germany. we spoke to the vw ceo. >> we feel now in good shape to get up to six plants all in europe. 5000 people here, 5000 jobs there. $20,000 will be created by this

ed: sun valley is hosted by allen and co.. you look at the name and the deals, they are advisors on the twitter deal. the idea is they bring together all of these people from telecom, media and tech. this is a place where future deals are born. the idea is discussed. what is thrown in this year is the world is changing, markets are volatile. central banks are fighting inflation. they have these big picture discussions, giving worldviews. that is the premium access. thoughts of wall street, executives. caroline: coming up. tiktok remains under pressure. why the fcc wants apple and google to remove the app entirely. this is bloomberg. ♪ caroline: in the u.s., tiktok is installed 300 million times. our next guest is calling on apple and google to remove the app. joining us now is the fcc commissioner. thank you for joining us. overall, why would you want it removed from the app store? guest: it's not just another app for sharing funny videos. it operates as a sophisticated surveillance tool, it's pulling all sorts of information.

talk to you soon. >> anytime >>> meanwhile, in sun valley, the media conference is underway, a lot oftter around nfl rights and who will win that sunday ticket bid the stream es seem tore leading the charge there julia boorstin joins us with a guest in a cnbc exclusive. hi, julia. >> reporter: thanks so much, carl i'm joined by nfl commissioner roger goodell to talk to us about everything that's going on in sun valleyand his visit thank you for being here. >> great to be with you, julia. >> there's a lot of interest in who will be buying the next round the rights nfl sunday ticket highly coveted rights they're all interested it happens those players are all here in sun valley what is going on with the talks? >> we're continues them. the discussion has been going on well over a year it's an important decision, because the assets are really valuable to us i clearly believe we will move to a streaming service i think that's best for the consumers at this stage, but we have so much interest right now, so much innovation around that and how we'll be able to change the way people watch foot

su: he was the marquis on saturday at the annual sun valley media conference. many stuck around just to hear him. he focused mainly on the future of mars. no answers regarding the deal which had been scrapped 24 hours earlier. elon musk accused twitter of misrepresenting data not comply with the contractual obligation about the use of bots. twitter has said it will hold his feet to the fire on the terms of their deal. haidi: the drama continues. next on daybreak australia, this week u.s. inflation brands are set to reach a new four decade high, boosting even more the chances of another jumbo fed hike. we look at what to expect with jason janco of prestige economic next. this is bloomberg. haidi: inflation and growth data is in focus at this week. there are a few key central bank decisions. india and the u.s. will release inflation readings this week. investors track rising price pressures. in the asia-pacific we have new zealand's reserve bank likely to deliver another bigger hike and we could get the largest move ever from the bank of korea. china over the com

well, he was at sun valley, this hush-hush conference on friday and saturday, and he spoke on stage atut i am told by a source who was in the room, he did talk more about the bots problem, apparently according to the source, musk doubled down on his claims about bots all across twitter, he said nobody believed, this is paraphrasing but he said nobody believes twitter's claim, that bots are under 5% of the total usage on twitter. so, he apparently went on about the deal, there are some headlines that you will see out there saying he avoided the subject but i am told he did talk about twitter, he dribbled down on his decision to try to back out of the deal and he is claiming it is about bots. let's analyze that and more. there accidents and -- claire atkinson back with me. just remind us how this started, because musk originally said he was going to fix the bots problem, the same problem he now says is stopping him from doing the deal. >> there was an interesting series of events, where at the same time the tech market dropped off the cliff and that includes the value of tesla which is h

it happened friday night when you learn mask and twitter's cfo and ceo were in sun valley.aidi: what are the expectations for this battle, other than perhaps more -- other than perhaps more memes? ed: it is possible that this settles out of court. they agreed on a share price during the merger in april. twitter's board intends to hold elon musk to that deal. what musk plans to prove is that there was material effect. that over a number of weeks in may and june, he asked twitter for information about the number of bots on the platform, and he says twitter was not forthcoming with that request and that amounts to adverse material effect. past court rulings haven't gone that way in mergers & acquisitions cases where the complainant has been able to prove material adverse. there are other parts at play. maybe musk comes in with a lower price offer. haidi: continuing to watch this space and all those developments. ed ludlow with the latest on twitter and elon musk. let's get to su keenan with the first word headlines. su: we are going to start with sri lanka, the opposition part

more common and rights fees are getting bigger by the month, it seems julia boorstin is live in sun valley with one of the heavy hitters in that space. julia, we'll send things over to you. >> thanks, dom i am joined by casey wasserman, ceo of wasserman who owns the largest sports legacy and repres representing billie eilish and coldplay i want to talk sports. all of the sports commissionerses are here and a particular attention right now is being paid to the nfl rights and nfl sunday ticket is up for grabs. what does it mean if those nfl rights go to a buyer like apple? >> i think it's the beginning of a transition to what people think the future media will be like and what's amazing about the nfl is by far the biggest sport in our country the audience is so significant the sunday ticket is the precursor to streaming given that it's on directv or subscription and it gives someone like an apple or amazon might buy it, hundreds of games a year to deliver to their fans in a very meaningful way and ways to experiment around the broadcast and it's a powerful platform in the country. >> do you

nigel nigel farage >> coming up, we're live from sun valley, idaho with an exclusive interview, iac ceoke, every click you take, every move you make, every step you take, i'll be watching you. the internet doesn't have to be duckduckgo is a free all in one privacy app with a built in search engine, web browser, one click data clearing and more stop companies like google from watching you, by downloading the app today. duckduckgo: privacy, simplified. this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app. >>> when we come back, media and advertising coming out of the pandemic at allen and company's big sun valley conference, julia boor stin is there what have you got on tap for us. >> rain stopped. and coming up, we have ain't view with joey levin we're going to be talking about the health of the consumer, health of advertising and atwh's next in the competition with the tech giants co

pocket news reports the apple ceo tim cook met with nfl commissioner judge or goodell during the sun valley media conference last week but disney, amazon, and directv reportedly have made offers and sources say the price tag could be $3 billion a year. apple is currently streaming friday night baseball games on apple tv plus and will start airing major league soccer games next year. we wait with baited breath for who gets the football games. >> i can't just wait for football to start. i love football season. thank you. >> let's get through summer. >>> this morning pg&e is under fire once again. coming up on today in the bay coming up on today in the bay we investigate ♪♪ [children playing outside] reynolds wrap makes it easy to cook and clean up meals in no time. ♪♪ [food sizzle] so i don't miss all the fun stuff. [whoosh] [splash] easy prep, cook and clean. with reynolds wrap. flex alert! flex alert! a power outage is looming. that's just alert, he's always getting worked up about something. flex alerts notify us of preventable power outages. that way we always know when to help stop one.

juliet is talking about sun valley, how many executives seem to be excited about how he may be giving up on this because many of them also had reasons why they would agree with his initial idea but potentially right now, this deal looks like it may be off here. below $35, down about 6% right now. tim, do you have thoughts? i know we talked about this one ad nauseam but if this really is the real deal, it is ending, what are your thoughts? >> elon is the gift that keeps giving. karen heinemann, back when this deal was coming together, i don't know where she sits in that position but good for her. and, i see twitter now back to before this elon story, i think you have to look at the company through a different lens, because we have now confirmed there are no other buyers. we have now challenged some of the assumptions on the number of users, but we are really no different than where we were. we are at a place where twitter timmy is still intrinsically valuable, a company that many people thought would move significantly higher than it began to monetize and they brought on some of the ne

." >> he's at sun valley as well and zaslov gives us sound. >> hbo being a key of that strategy. >> whenun. it's very effective. what do you hunt with? >> i don't hunt, but with a bow and arrow. i like to creep up from deer and get them from behind i'm very quick. >> cruel i think they should call it sunset valley. i feel bad i'm pretty down. how about you? i mean, that's all great they all pretend, oh, chin up? disney, i want to know, is bob chapek as done's the shareholders >> you have to stick with your strategy. >> and, what, be happy >> no, believe in what you've laid out and execute >> really? >> yeah. >> what are they serving you what's the drink of choice out there? >> you don't get the historical reference, 1978. >> what's the drink of choice? >> i'm not getting it. >> kool-aid. >> i thought maybe a gimlet. >> beefeater is making a comeback, enough with the tanqueray. >> how is mezcal doing >> i'm shorting bombay sapphire here i'm putting it out who is run the halftime today? >> i am. >> do you see any unusual activity >> the in a najarians are not g me. >> they're not >> no. >>

shery: as elon musk prepares to attend the sun valley conference with the world's top executive, reports the billionaires twitter deal is in serious jeopardy. getting more with the conference. this will be a very interesting event. now that we continue to see the latest development with that twitter drama and elon musk unfold. >> it is not only that elon musk is one of the most coveted speakers at this event intended to speak on saturday. he is moments away from being at the event. we see on twitter that he has landed in idaho. and we know that the twitter executives have already been here for a while. that includes the cfo. i've also seen the board chair. under $38 after hours. to the extent investors at this conference care about that deal. the opportunity to maybe buy twitter shares if it were to go through or be involved in financing in some fashion. that is what they are talking about. on the other hand, they are interested in elon musk for different reasons as well. but it will be a very interesting moment in all of these executives in the same conference together in a fairly confi

did mary pick that jean jacket out for sun valley >> complimenting her >> great minds i'm feeling very cool. i know that's montana. i don't need anyone telling me, i know where it is anyway, did you go to the pio? >> we went to the pioneer, known for their potatoes the size of your head. it's iconic sun valley >> it is it's a great, great place, made jeopardy the other night, not great because of hemingway t was a hemingway category we don't need to go into that. anyway, julia, thank you good to have you on. >> all right, let's talk about the broader markets as the major averages track for their second week of gains. joining us for more, sarat sethy. always good to talk to you >> good to see you, melissa. >> the numbers in just about 18 minutes or so. what do you want to see? >> i think you want to see a soft landing that's what the markets want that's what you've seen the last few days you don't want to see stagflation. you want to see a goldilocks scenario where we are seeing grote growth, but pressure on inflation. you're seeing that on some of the other sectors. housing is coming d

elon musk will make remarks at a sun valley conference saturday.e of the heavyweights will push among what the deal looks like and the timeline. the stock is down 4%. tesla is not moving. it's moving positive in reverse. we know there is that inverse relationship. does he split attention? those shares are about flat. in terms of deal news, this is up almost 2% this morning. warren buffett buying those shares when it drops below $50. he is hopping into that market. it looks like he has hopped into that. that is pushing the stock up. we have some specific news with the fundamentals. gamestop, you've had a complete turnaround in the story. gamestop was higher by a lot because of a stock split in the last 24 hours. they fired the cfo. they announced widespread layoffs. shares are down 5.5%. levi strauss, denham never goes out of style. kailey: skinny jeans do. >> i wonder if tom has those 70's bellbottoms. jonathan: you can stay for a while if you want. >> levi strauss is up 4%. levi's is coming out on top. tom: i will have to take a road trip to brook

katleen: as you know, elon musk was in the sun valley conference and was asked questions about this.naged to just go around them and he did not really address them. su: he talked about the future of mars. we do know that with the regulatory filing, he brought up the issue he has brought up before of lots. he said twitter provided user data but did not provide access to just how prevalent the bots are. his decision to walk away again not unexpected and twitter does plan to enforce the deal. twitter and a tough spot if they lose the suit, stock will freefall. if it wins, the company will be run by an unpredictable and lupton's owner. -- reluctant owner. many people are going to stay tuned. haidi: let's get you a quick check of business flash headlines we are following. leaked documents reportedly showed that uber tried to lobby politicians including the french politician, emmanuel macron. as part of its global push between 2013 and 2017. the so-called files have a hundred to 4000 documents from one cofounder travis was ceo. in a statement, they did not deny allegations but focused on h

next week, bloomberg and sun valley, you definitely don't want to miss it.day onwards. this is bloomberg. ♪ >> cooperation with europe, competition with china, conflict with russia -- it always come back to ion

if they get to sun valley, how many will come in on private jets, what does their travel look like.ot and seeing how many mercedes were there versus fords. the same is true today, how much money do the companies have. the days of naming stadiums are long gone. tech is a fundamental mistake that a lot of investors are making. microsoft or crowd strike is different from a zoom, a meta. those could be haves and have notice. you it's like plumbing in your house, you can't build one without pipes. companies will continue to invest in stocks that move you into corporate security, bring people together, that's microsoft, changing your world, that's apple. stuff like netflix, peloton, those will be a dime a dozen in the next five years. you have to make a decision what's going to be here in five years, what's not. that's how i approach the market. the former list i even and buying more of, the latter i will avoid. maria: comcast is down 20% year-to-date, discovery, the same thing. is there value here, keith? >> i would submit respectfully not until luke's point where the economy really hit

you are at sun valley talking about financing deals with the biggest players in the world. what did you learn? daniel: 14% is a bit -- sonali: 14% means it's pretty expensive for companies to borrow but that's a pretty coupon to collect. you have investors looking to get in but you have to have that risk appetite. kriti: we will find out if we do. despite the credit market, you are starting to see it seep into the markets a little bit. kkr is known to lead in while valuations are depressed. as such, the firm raised $2 billion for a new credit -- based on as a backed financing. joining us is the cohead of private funds, daniel --daniel petrzak. let's start with the macro picture, 9% handle on inflation. talk to us about how it affects the financing. are you more hesitant to hop into new deals, projects? daniel: clearly i think the print today was no surprise on how wide it was. i think volatilities exist in the markets and i think in many ways that volatility is good for private credit. we are in the business of finding interesting opportunity if these were privately origina

looking forward to the coverage coming out of sun valley.k about what is happening in the markets right now. we probably have not paid enough attention. it is the start of the third quarter, the start of the second half. what a bumpy ride the first half was. let's talk about where we are today. stocks edging off a little bit now. we are down by around 0.3% for the stoxx 600. stocks starting this quarter may be a little bit on the back foot , but that is not where i think the action is. the bond market has been whippy this week. determined to year has set the biggest range ever in terms of its weekly range. absolutely amazing. like about what is happened so far this year to the 10 year as well, -20, up to around 1.7. bond market is all over the place right now. the italian two-year today done by 21, nearly 22 basis points, despite the fact that we are seeing superstrong inflation coming out of the euro zone. the market is backing off of september from 50 basis points at the ecb to 25 basis points, so that is fascinating. brent crude is up 1.6

julia will have more from the sun valley conference throughout the day here on cnbc it is like 3:30 inhe morning out there. >>> still on deck, the oil story that is largely flying under the radar right now. a huge pipeline that moscow may be forced to shutdown over paper work issues. that story ahead. >>> reminder if you haven't already, follow our podcast. if you missed the show any day, or wake up later, we get it. download it and listen to it in the car or whatever. 'rba rhtfts up 128 wee ckig aer this. 't let s ff ts slow own. so i started taking osteo bi-flex every day because it has joint shield... ...clinically shown to improve joint comfort within 7 days. osteo bi-flex - available at your local retailer and club. (vo) this is more than just glass, walls, doors and carpeted floor. osteo bi-flex - it's a place to change the world. loopnet. the most popular place to find a space. there's a reason comcast business powers more businesses than any other provider. actually, there's a few... comcast business offers the fastest, reliable network... the protection of securityedge™ and th

the question is what kind of conversation will happen here at the sun valley resort?ge of sources. they have a legal standing. that's when the deal was made with elon musk. that twitter is willing to take this to court if necessary if not trying to get out of this deal. i've heard from a couple of people they don't think that. he did waive the right to do his due diligence. that's certainly something that is working in their favor. >> do you think the deal will get done? >> what are we, 50%? >> know. i don't think it is. after that initial impulsiveness it was clearly one possible scenario after another. the deal if he is self-admitted what not have been rational to begin with. he never expected to make money from it. it's the emotional impulsive elon musk speaking out. there aren't two right here. there is the impulsive mosque in the emotional must. he is not making any sense. so the question is who is going to win? they are never going to win the deal. >> i hope the deal gets concluded. i don't think they have any choice other than to extract the deal. they need to

gallantry and intrepidity as an infantry squad leader with c first cavalry division near the hutu kim sun valley 1966. with a bunker and concealed trench system garrisoned by the north vietnamese troops in vastly superior forces, two squads of the platoon had deployed. more than open terrain to the east end of the village. the opportunity to ambush they arrived with machine guns and small arms fire against the two squads at the center of the village, killing the platoon leader and the point man wounding four others, then successfully suppressing the surviving soldiers paid staff sergeant kenna shira moved with his men to the sounds of the fire, seeing the fire from the trench had to be stopped if anyone from the trench would be survive to verse deployed is meant to cover and then crawled forward to attack the enemy force alone. he began by throwing grenades from the parapet while flattened to the ground come successfully group throwing the first kid made through the aperture of the bunker, eliminating the machine gunner who had opened the action. with five grenades remaining in his rifle to sust

. >> between sun valley and tahoe, all of these beautiful places that people like to go in the summer not as reliable >> we need the satellites to become more reliable i've been out there with jonathan thomas insouth lake tahoe. it is an amazing, amazing spot >> i'm sure, but internet being what it is. >> the powerhouse road trip, a market once dominated by bidding wars and they are now seeing price cuts wait until you see some of these houses plus the trade on twitter if elon musk's deal comes undone. it's one of three controversial names and we'll discuss in today's three-stock lunch and three movers as we go to break six flags, we don't talk of it often, down 6% citing, get this, slowing attendance >> i was at a six flags park just this past weekend. >> don't tell ron insana and a bank of america upgrade and owcoa up 17% today "per lunch" comes back in just a moment than just an investor you're an owner. that means that your priorities are ours too. our interactive tools and advice can help you build a future for the ones you love. that's the value of ownership. lemons, lemons, lem

ask you about his long-stated position which he reiterated according to reuters and bloomberg in sun valley mars. humanity will reach mars in your lifetime. let's talk about mars with a picture of musk after he spent much of his speech talking about it. i guess you've pushed back on this with a fairly rational argument i've read in the past. people probably don't want to live on mars but when you look at the technology like we're seeing with webb and the ability for people to really create extraordinary things when given the time and financing, when are we going to be able to put somebody on mars and will musk be the one to do it? >> we are already on mars with rover. we now get high resolution images, remote control from earth on mars which at any given moment could be 100 million miles from earth. we have a human presence through our robotic emissaries. elon wants to put people on mars. you have to want to do that. somebody has to pay for it. it's expensive to send people to mars. and so it's a whole other objective to accomplish that other than sending a robot. the question is can that h

is not involved with it and the stock's down 10% today and last week i heard a number of ceos in sun valleyculate to me that maybe musk was the right guy to fix up twitter and bring some new energy and innovation and make the platform more accessible in the same way that he made tesla and electric vehicles widely accessible to the masses and sort of kicked off an innovation there and that was before this big move friday afternoon and there's a lot of concern that this company will have a hard time not only just getting through its normal business and holding on to employees. >> you would think and with the stock crumbling like that, a lot of people seeing wealth crumbling with it. julia boorstin. >> coming up in today's three-stock lunch, we'll take a look at instveors betting against earnings you don't want to miss it. bubbles bubbles so many bubbles! as an expedia member you earn points on your travels, and that's on top of your airline miles. so you can go and see... or taste or do absolutely nothing with all those bubbles. without ever wondering if you're getting the most out of your tr

to sun valley, you had attendees crowding around.ld that on thursday night, tim cook, the ceo of apple, borrowed one of the pickup trucks with a gang of people and went into town for dinner, which is interesting, because as we have reported at bloomberg, apple is looking at its own electric vehicle potential he. in the world of tech, it is interesting to see who was looking at who and who is spending time with it. caroline: indeed. what a small world it is over there. ed ludlow, looking in on everyone and what they are up to. we thank you so much great electric vehicle expert there. let's get back to the key story of the day. shares tumbled after elon musk walked away from his $44 billion deal to buy twitter, setting the scene for a disruptive legal battle. our next guest says that while twitter is well-positioned legally, elon musk is looking for any excuse to get out of the deal. joining us is in lipton and associate dean for faculty research. wonderful to have you with us and your expertise. are there any legal grounds for elon mu

. >>> sun valley always brings together the biggest names and most powerful leaders of media and techis year they came to the conference facing a list of headwinds from subscriber issues at netflix to the risk of ad spending slowdown. julia boorstin is live from a gorgeous live shot good morning, j.b. >> good morning. macroeconomics certainly looming large especially when it comes to the question of how a pullback in consumer spending and advising spending could potentially drive m&a. sarah sandberg is here fresh on the heels of her announcement of her plans to leave meta. meta is expected to suffer from that ad pullback there's one pending deal in focus here twitter's sale to elon musk. elon musk is scheduled to speak at the end of the conference the ceo recently merged with his stock down 38% since that emergencier closed in april. i'm hearing a lot of chatter among executives here about the pressure that company is under with its high debt load and saz sof's imperative to -- >> when you look at the assets we have, what may be the most strategically complete broadest demographic's a

sun. enter valleys, low 90s. through tuesday and wednesday. perfect weather for the summer. the winning number combos tonight. wouldn't that be good? tonight. wouldn't that be good? >>> coming up, how you can here's why tribal leaders urge you to vote yes on prop 27. the act provides hundreds of millions every year for permanent solutions to homelessness, mental health and addiction in california. prop 27 supports financially disadvantaged tribes that don't own big casinos. by taxing and regulating online sports betting for adults 21 and over, we can protect tribal sovereignty and finally do something about homelessness in california. vote yes on prop 27. >>> the oakland zoo is asking for help after the pandemic ruined its finances. they are asking for a measure on the property tax to fund the zoo. adding to the $24 million operating budget. the property tax will go for 20 years. the facility lost $2 million per month when it was closed for the pandemic, and it's never recovered. >>> cutting-edge technology, this cinema occurs 60 miles south, offering a new virtual reality e

geopolitical risks, the owner of the boston celtics sat down with bloomberg of the annual conference in sun valleyaho. >> we are in a very volatile. period. there has been a breakdown in democracy, policy, which came out of a period of growth and global trade benefiting people all over the world. there were winners and losers and we have seen tribal movements of people who were left out of that and the political system has been in an upheaval in many countries. people are looking for answers. it is causing this location and almost a breakdown of what we were before. i think the social issues are very important. the younger generation, they recognize that and they are concerned. >> what are some of the specific issues? >> specifically in fighting in extreme political views rather than trying to get things done for the good of the country. a short-term approach of trying to get elected by not making change or working on the environment or really pushing social justice board as we should. as a balancing factor is this generation, i see it in every walk has bought into the fact we need to change polic

what about him evading questions or declining to answer questions on deal-related things, at the sun valleyrence? su: there were many who stayed later than normal to hear the address from elon musk late saturday, but mom was the word. he refused to take questions on the deal, talked about the future on mars, according to those in attendance would we know from the regulatory filing on friday. musk has mentioned the bots, how he thinks he never got the correct information on how many of twitter's uses are actual bots, and legal experts say that musk could have a challenge because the courts in delaware tend to rule against the party trying to break the deal. stay tuned. david: su keenan there with all the latest and snapshot of where we are in this fairly complex and straightforward story. the misery index in sri lanka, the reason we are looking at this, in case you missed the weekend, dramatic scenes there. mid-week, you had the resignations of the president and the prime minister, and you understand why the discontent. this is the employment rate and the inflation rate. you put those two on

. >> reporter: there's a big media tech conference in sun valley, elon musk is supposed to be there thereend. deals get done there, so maybe he will negotiate a lower price and we'll see some fireworks. cheryl: well, and that's the question mark here, i mean, is he using the public forum to negotiate a better deal. you and i talked about this, he's got a good reason with those bots. you could almost say that was actually -- if they were flat out lying in their quarterly statement to investors, twitter has more problems than elon musk backing out at this point. >> reporter: yeah, definitely. and he would have cause to walk away if they were. cheryl: he does. legal cause, there you go. kelly o'grady, thank you so much, live for us from los angeles. i want to bring back in carol roth and michelle snyder. that's the question, is elon musk using the public forum of twitter to get a better deal? >> it certainly seems that way, but it also looks like there may be sort of a little bit of buyer's remorse with elon musk after he was so so boldly looking at buying it at much higher levels of $54.20

school bus is all and saying, of course, the sun mon valley unified school district. very nice.ha and politician in the window too. >> there's we saw the u.s. and i think with now i wonder if the little kids really know what it is. huge thing. think it's yes, the little kids. what is this party for? they'll know like it. it's for america's birthday. think they'll know what ask how this show just showed up all want to good for god. bless you. god bless you. and not is america have a good woman. all right. from my self. move you have first. >> we do have a lot >> so little one. they got there. happy 4th of july. chief are coming over here. yeah. oh, yeah. that's a there you go. where you go >> give us the parade. got the real time. >> their past low and always motorcycle from we are the army's trying from one how do you want what you want to say to people watching about 4th of july? what i have a very safe and sane 4th of that out there and they're allowed operate here. yeah, the rain stopped. we've seen a lot of fire no byes find way >> interview before the july, if you would lik

so some of us in our inland valleys will also be looking at those gray skies up above. as we do see the sun rising here in a few hours 50's for our current temperatures, fremont and hayward at 56 degrees. when you're sitting at 60 petaluma one of our cooler spots at 52. well, timber on in fairfax, definitely cooler spots. only in the 40's this morning. grey skies near the coastline will stay put through the day while the rest of us. we'll see it lift burn off of that low gray and then sunshine. just the cherry on top of the really comfortable afternoon, we have even cooler than yesterday with almost all of our inland areas down into the upper 70's bayside areas into the upper 60's. so, yes, that is even cooler than it was yesterday of more details in what to expect for your friday forecast. still ahead, as far as our bridges go, the bay bridge this morning. looking good. still below 10 minutes on the bay bridge. if you are making your crossing out there, which is to 7 minute drive across that right now, definitely an easy go for those of us that are on the earlier side of getting to work in

stay with temperatures in the 60s through the next seven days with morning fog, afternoon sun and the inland valley is also shaping up good as we head into saturday and sunday. the weekend is getting closer. it's a fact. >> i love it's tuesday. >> we're almost there. >> something to look forward to. >> positive outlook today. >> thanks, jeff. >> thanks, jeff. >>> up next beings, an avalanche caught on camera. how a hiker >>> take a look. an avalanche in the tean mountains in kyrgyzstan. a luck hiker escape. he heard deep ice cracking behind him and took out his phone and recorded it all. he found cover behind a rock and was not hurt. the rest of the hikers survived as well. that's pretty incredible. >> i would be running right now. he's still standing there. >> it hid behind a rock. >> insanity. >>> a woman from the netherlands has seen more of america than most americans. >> she's traveled 18,000 miles and done it on foot. friends cheered as she finished hiking all 1,200 miles of wisconsin's ice age trail setting a record. she's the first woman to hike all 11 national scenic trails. she started in