robinhood. reporter: the ceo ofrobinhood, vlad tenev. - vlad tenev. - vlad tenev, who's the coceoof robinhood. expert: in 90 days,they went from the 300 most downloaded app onthe app store to number one. - we believe that the morepeople that have access to the markets and can startinvesting earlier, the better offour economy will be. - so suddenly, instead oflooking at tiktok and youtube and instagram, people arelooking at robinhood's trading application. - i have a little bitof addictive personality. sober-- we can go there.it's not a secret. so it became, like, my fucking thing. chris garcia:you start making money, and all of a sudden,you start seeing your account just boom,boom, boom, boom, boom. and you get hooked,real quick and real fast. - it did feel a little bitlike a game. and again, i'm a gamer. and when i started withrobinhood, the first stock-- they give you a free stock. i guess, ironically,mine was gamestop, which i was very, very upsetand offended by at the time. my most important kitchen tool? my brain. so i choose neuriva plus. unlike some others, neuriva plus is a multitasker

how diz options traders digest the news but first, robinhood andzillow on the move.n "fast money." welcome to ameriprise. i'm sam morrison, my brother max recommended you. so my best friend sophie says you've been a huge help. at ameriprise financial, more than 9 out of 10 of our clients are likely to recommend us. our neighbors the garcia's, love working with you. because the advice we give is personalized. hey john reese, jr. how's your father doing? to help reach your goals with confidence. my sister told me so much about you. that's why it's more than advice worth listening to. it's advice worth talking about. ameriprise financial. i started screening for colon cancer because of my late husband jay. i wish he could have seen our daughter ellie get married, on the best day of her life. but colon cancer took him from us, like it's taken so many others. that's why i've made it my mission to talk about getting screened and ask people to share their reasons why. i screen for my growing family. being with them means everything to me. i screen for my girls. they're alwa

, stripe this morning how does that help the balance sheets >> robinhood was 23% layoffs youing is stock based compensation there's a lot of dilution in the startups that pent public that gave aquity to early employees. that's a big operating expense line item. while it's tough for employees near term and say what you mean about what it means for the economy, in terms of the stocks, wall street likes to see this displace and see the layoffs happening, especially in the public names >> kate rooney, thanks for breaking it down for us. jon. >> yeah, and turning to some more earnings still ahead, we're going to get a read today on how small and medium business technology demand is holding up and on an important enterprise upstart when we get results from names like bill.com, godaddy, atlassian, and paypal. while higher rates have caused havoc for some consumer names, etsy and ebay jumping this morning on the back of relatively strong results from both names i would point out, etsy still off 55% year to date ebay off just 40% year to date but carl, godaddy and bill, you don't alwa

that is the company that bought the robinhood shares. ity is not included in the filings, which is what makes this interesting. the defendant in the lawsuit is capital markets, which had held the collateral that is being disputed here, and according to the financial times, which saw the loan documents between block by an emerging technologies, emerging developing technologies, the collateral is robinhood shares. so they want them back because this is what was liquid inside the sam bankman-fried empire. this is not an end and be in the bankruptcy proceedings would it comes to ftx. however, that draws a lot of questions in terms of how block by gets paid and how other people get paid because block five months and get paid to pay everybody else. >> this is deeply confusing for me. ultimately, are you hearing from lawyers how likely they are to get a significant amount of the 680 million thereafter back? >> it's an interesting question because 680 million in the scope of billions of dollars is a significant amount of money, especially when yo

joseph, thanks for being with us this morning talk about the public companies involved in crypto, the robinhoods coin bases of the world. less chance for them to be cross dabbling in the kinds of things ftx was. does that make them stronger and tell us maybe they have less chance to make profit here >> i think it's a double-edged sword, really. firstly you have the issue the volumes and interest in volatility are going to go down in the space, which is clearly a massive negative for a lot of these companies that are operating within crypto currencies, but that also does provide an opportunity for others to take up a larger share of the market as the second largest derivative has filed for chapter 11 definitely two sides to these companies. >> how much risk is there within crypto from the sort of pancaking collapses that we've seen from stable coins to now ftx? is it at all clear how stable the existing sort of anchoring forces in the crypto ecosystem are, and what happens if either there's another run or if q4 turns out not to be so great in terms of holiday spending. how much is the ecosystem r

liz: you brought a figure that the robinhoods and the interactive brokers of the world, because of thesehey have been able to offer free-trades. charlie: well does schwab offer free? liz: sure. charlie: okay, i thought you have to pay a marginal fee at schwab. liz: no. and i'll tell you, you've got to figure out what doesn't work about there has always been a question, do you get ripped off other do they skim too much on the execution because payment for order flow system. right? robinhood send the order flow to virtu. they match buyers and sellers with electronic trading and skim a little bit. liz: fraction of a penny, something like that. >> it is done nanoseconds maybe screwing people. maybe they are trading on the side. there is never any evidence of that. we do have evidence that when you go to robinhood you pay almost nothing. we do have evidence, planned parenthood has issues with execution. meme stock, didn't have enough capital. by the way no one really lost money in that, right? if you bought amc right after that, could have sold it for $70 a share that june. just remember that

that is the company that bought the robinhood shares. that is what makes this interesting. ending in the lawsuit is ed and f man, which has held the collateral being disputed here. according to the financial times which saw the documents, the collateral in dispute is robinhood shares. caroline: they want them back? sonali: this is what was liquid in the sam bankman-fried empire. that draws a lot of questions in terms of how blockfi gets paid and frankly how other people get paid because blockfi wants to get paid to pay everyone else. caroline: this is deeply confusing. you are hearing from lawyers how likely they are to get a significant amount of the money sonali: back. sonali:it's interesting because $680 million in the scope of billions of dollars is a significant amount of money when you look at the rest of what blockfi's creditors are owed here. a lot of creditors are owed $720 million or so. 650 would help on that. i spent another day with the bankruptcy experts and lawyers and something interesting they told me is one thing that has not happened is creditor committees

. >>> blockfi is suing sam bankman-fried over the robinhood shares he suffered severe liquidity crunch triggered by the failure of sam bankman-fried's ftx exchange. >>> thank you very much. when he come back on the show. fed officials doubling down on higher for longer speak as they try to reverse yesterday's losses. >>> elon musk taking on apple claiming it may kick twitter off the app store. >>> and more on the china unrest and if it is turning any heads in president xi's ner incircle we have a very busy hour still ahead when "worldwide exchange" returns after this commercial break. real-time ticket upgrade! meaning... i get to meet my childhood idol. that works. i named my dog joey fatone. when your customer experience works, the world works. that's why the world works with servicenow. mornings are our time, and i couldn't let stiff joints slow me down. 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. >>> welcome back to "worldwide exchange

lee: the day of its ipo, robinhood was valued at $32 billion. before, the company was fined nearly $70 million by regulators, for causing users "widespread and significant harm" over the past few years. and it's facing more legal battles and regulatory reviews. and this isn't the case for every single platform, but certainly some, in my opinion, have crossed the line into encouraging people to take on excessive risks. lee: we reached out to robinhood and several other investing platforms. they all declined to be interviewed. remember, trading is only one way people have been taking risks online. sports bettors see an open field of endless possibilities. dabbundo: it's something i do and love. and it's only growing. lee: and sportsbooks keep upping the ante and tracking the results. all: oh! man: you can actually see when a big play happens bets per minute will jump up. and then they'll go down. so, you can actually kind of tell what's going on in the game just by looking at that screen. no matter who you are, two more. okay. being yourself can b

the report is also that they are suing ftx founder over the robinhood shares he said to have pledged teral. the fight seems to be brewing between twitter and apple after elon musk accused the iphone maker of threatening to keep social network off the app store. apple has cut advertising on twitter which he acquired this month for $44. apple has been one of twitter's top advertisers and users say they continue to see ads on their feeds. bloomberg has learned apple faces a production shortfall of about 6 million iphone pros this year after factory protests and china. the estimate depends on how fast foxconn can get people back on the assembly lines. they have struggled with worker unrest for weeks as covid infection spread. >> given those had that is that you have mentioned, the nikkei reported that sony will supply apple with its latest image sensor for the next series of iphones. we are also watching other asian apple suppliers given what you mentioned with the turmoil in here. we are also watching those crypto related shares. we talked about the drama over block by returning. these a

the fed. we've got stocks, semiconductors, and streaming. we'll tell you how to position for robinhood, qualcomm, and roku ahead of their results. >>> but first, that fed decision, yeah, it's front and center for you and it should be they're going to be keeping into every single word in the statement. so your next guest is looking at the little details of chair powell's language and what that may say about the fed's next move 47 or so minutes until that decision and we're back right after this zero-commission trades for online u.s. stocks and etfs. and a commitment to get you the best price on every trade, which saved investors over $1.5 billion last year. that's decision tech. only from fidelity. - oh, the stock market is doing that fun thing again. news from the future: you're going to live through that about 10 more times! (laughs) no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - [narrator] yieldstreet: private market investing. >>. >>> all right. when alan greenspan ran the fed, some investors would do what they referr

the impact it's having on robinhood. more on "fast" when we return. loopnet. popular place to find a space. personalized financial advice from ameriprise can do more than help you reach your goals. wow... we can make this work. it can help you reach them with confidence. no wonder more than 9 out of 10 of our clients are likely to recommend us. ameriprise financial. advice worth talking about. this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. >>> welcome back to "fast money. investors laser focused on tomorrow's cpi report. economists expect they rose .6 of a percent as oil and gas prize ticked higher. a downnote with major indices posting their first loss in four the nasdaq shedding nearly 2.5%. take a look at disney droppi

the unknown, that's a problem. >> it doesn't inspire confidence in bitcoin there's a spillover effect robinhood down 19% coinbase down 13%, just on this idea that maybe there's more regulation or there's a lot of instability. >> also the idea that previously the savior to a lot of other distressed crypto platforms is now itself in need of some kind of help. >> sam bankman freed what else are you looking at >> one of the stories over the recent weeks has been how much negative news the market has been able to absorb without breaking down further. it hasn't gotten us very far this looks like 3600 to 3900 we came up short of that i think it is relevant we closed the gap that was left by the press conference jay powell gave last wednesday, just above 3800. it's all preliminaries obviously we'll get through the midterms and see if the seasonals kick in. take a look at the measure of bond market volatility, the move index. it's effectively the vix for the treasury market and it needs to calm down for equities to get an up trend going it's rolled over nicely as it did a couple other times when you did get relief rallies

their member, iran's the largest probably fighting organizations the country. >> robinhood? exactly right. >> we work on the issue of the child tax credit. -- and then we cut the child poverty rate and a half. remember work on these issues, and not getting the state to make an adjustment. and those hoping that they would make. just speaking to and my colleagues. our china can adjustment to the end of the day speech. he said we work with six months to had aligned in the speech. but what if you can read the whole speech. that is a point. everything in our life the policy situation. the air we breathe, the water we drink, the way your policed, the transportation assets you have, or don't have. the homes we've been for the homes and your children attend. those are positive agents. in order this be maryland decade, and i'm convinced this could be marilyn's decade. it means we got to take our policy seriously, and that means we need to take care that our policies are meeting people where they are. i know that we have a government is going to support individuals and give them a cha

the last time you were on, we talked about how ftx would b buybuy robinhood and a stunning fall from y world what do you make of it >> it is really funny that last time we were talking about rumors of sam bankman-fried bu bu buying robinhood and now ftx is insolvent. now founders with the cult personality ends badly we have seen this previously this year in crypto with the collapse of the luna/terra ecosystem and we have seen it with the crypto hedge fund that blew up. i think there is a lesson to be learned there. sometimes when founders are too good to be true, they end up hurting a lot of investors, but also customers and industry. >> if not binance, do you think there will be another buyer or existing backers of ftx of larger capital tiger or softbank could step in? >> i think at this point, the chances of the alternative deal are slim we heard that sequia and other venture capital firnlsms will announce the value of ftx equity is basically zero. customers can't get back deposits i think sequoia mentioned their primary responsibility is the fiduciary responsibility to the limited

that was the theme throughout the three companies and robinhood earlier this week. and guidance for these varied but we just heard a lot more about a disciplined approach to spending, the word prudent was thrown out a lot on the analysts calls they are trying to show wall street they can be more disciplined through what's looking like a lot tougher of an economic cycle than obviously a year ago and for coin base in particular with what's going on in crypto markets they're really getting hit by that slowdown. >> yeah, boy, have times changed, the era of being prudent. paul, are you excited about any of these valuations? >> they have come insomuch i think the key here with block was the fact that it was riding that crypto wave and the buy now pay later wave way higher in 2021 and then it got hit hard as both of those waves crashed this year what's encouraging about -- on the prior screen you showed block and coin base higher and they have the most exposure to crypto and the crypto market has stabilized the chart of block almost looks like a chart of bitcoin and so you'

fidelity is following in the foot steps of robinhood, and we know crypto has had a rough year down 55% since the beginning of this year. brian, it speaks to the fact that -- companies are making these bets i realize some were made before the so-called crypto winter and they've taken time to build out rollout but they are continuing to bet there will be a marketplace for crypto currencies >> listen, when they say crypto winter, we've gone through many of these if you look at the history of bitcoin, there's some great books out there, bitcoin has fallen 75% like ten times. some were like 12 cents to 8 cents in the early days. those really in love with this, they don't mind it going down. they probably bought it as $1 so bitcoin at $19,000 is huge for them if you believe it's going to $50,000, $60,000 again, are you upset about $20,000? i don't know the believers, you won't have their minds changed, which i respect. >> that's right. we'll have to see how it goes. let's go to bertha coombs for the cnbc update. >> thank you, morgan here's what's happening at this hour president biden has le

the green side here. coinbase's stock is shooting higher today. robinhood is shooting higher. is not entirely dented. people see promise in certain entities, particularly those that are regulated in the u.s. for those inside the united states. there is a general sense of backstopping here. another thing the industry is calling for is proof of reserves, essentially audits. a lot of folks are trying to show they not only have those reserves but those reserves are backed one to one. for every asset that goes in, there is money held for the customer so the customer can get money back when they need it. guy: amazing. to quote ferris buehler, things have been pretty faster in here. alix: you just quoted ferris buehler. sonali: i can't say i have seen it. guy: what? alix: we are old, guy. go to break, click. guy: i am rarely speechless. sonali basak, we need to talk about your education. thank you very much indeed. this is bloomberg. ♪ guy: the calm after the storm. yesterday amazing to see what was happening on wall street. did not affect your quite the same way. fairly cautious eur

the due diligence. >> it's interesting, i'll tell you this if you were looking for an institutional platform to use, forget retail because they were just trading them everywhere think about robinhoodbecame a crypto thing. if you're an institution and you had every reason to believe to trade with that institution, that's one thing if you are an investor, like in this platform as an entity, you know what i mean, that's where the due diligence i think fell down in talking to a handful of vcs who actually were pitched on this company over the last couple of months, a lot of them just didn't pass the smell test is why they didn't raise the capital. no one and came out and said anything and people were still letting him be on the cover of magazines and everything else. so it's really interesting the due diligence on that side seemed to be okay at least at this stage of the game but there were enough things out there over the last few months that we've seen, enough blowups where people had a reason to be skeptical. >> think of all the people that paid or got paid to have ftx all over them, including major league umpires who are supposed to arbitrate between good -- they're not, not this.

bigger than the size of the entire market value of robinhood today. t of money that is being asked. where is that money? tom: the split for me is bitcoin chat, teller chat and blockchain. his blockchain a transactional, digital threatened by this bitcoin price debacle? sonali: only as far as future investment that could go into it. if you look at future investors and other things that went bust this year, sequoia had to million dollars in ftx. alan howard, southbank, analysts are trying to figure out what the exposure was after sequoia has written there stake down to zero. how much money is left to invest after that? lisa: what is your sense in terms of discussing where the shoe was going to drop next is going to come from? is your senses a lot of losses haven't been recognized or are offset with sales? sonali: dozens of firms will fail on the back of this because they have had accounts with ftx and can no longer get that money back those are potential brokerages, people. lisa: i think the distinction for the contagion aspect for the individual who sol

time they were trying to talk the price of robinhood up you don't leak you mightware more expensive ahead of the bid, and that was something when sam bankman-fried, it seems too good to be true to be a household name overnight it was evident to me starting in june, this is the first thing that interested me in crypto, that this was built on a lot of leverage and there are probably so many cockroaches hidden within the walls the fact you see these systemic failures within crypto is not surprising to me given how much leverage existed between these firms. i also think it's important to point out, this is not systemic to the u.s. or global economy. this stuff is just systemic within crypto, and, you know, i really -- the thing that chafes is when i start hearing calls to regulate crypto, i don't think that's necessary at this point >> what about just making it easier to operate in the united states rather than operating in offshore somewhere where these things happen? is there a way to do that with a light touch? >> well, there isn't a ton of regulatory framework eve

the other side would say, wait a minute, stock trading and the execution has never been more seamless and cheaper. that's why you have robinhoodwed on the execution is insane because it is so cheap right now to trade. and these off-exchange things that occur, the citadels where they match buyers and sellers and pay for that order flow, they pay it pretty exhibiterly and match all the orders, even the odd lots and weird illiquid securities. they do it seamlessly through electronic trading. if you really want to mess with that, you know, you're playing with fire because right now stuff is working pretty good even though they canned make the it's not a public-lit market. public-led market. the end of the year is key because i think the republicans take congress in january, right? is it 1 -- lauren: i think it's the 3rd, not positive. >> it's not like the president on the 28th, right? that's when the president is inaugurated, goes into office. in early january, they don't have the direct ability to stop gary gensler, but they could call his, call him up there to congress, have multiple hearings which heir planning to do, make his

proof the democratic party is a party of college educated coastal elites, this is it. reverse robinhoodand giving to the rich. janitors and hospital cafeteria paying for the medical degrees of doctors and nurses, school janitor pay for the advanced degrees and the well to do parents. auto mechanics pay for the graduate school loans of the people, wealthy people who bring their cars in to get fixed. this is a war on the working class by this administration which shows they are the democratic party is no longer the party of the working class. >> john: we had a member of congress, i can't remember who it was, saying the plumbers and auto mechanics who have children with student loans are happy they are going to get the student loan forgiveness. >> the majority of them don't and probably have kids getting medical degrees and advanced degrees and law degrees and the rest of it. >> john: great thanksgiving. >> you and your family. >> john: hope you spend some quality time with your family. >> molly: voters in california were sold on the idea legalizing marijuana would have a cut down on crime

the old animation. >> emily: like robinhood and all that. >> carley: little mermaid. >> harris: loved ursela even thoughhe wasn't good. >> carley: we'll be right back. ♪ >> harris: in case you missed t the united states will take on iran in a must win world cup matchup, fifa, today 1:00 p.m. eastern is when the coverage starts. 2:00 p.m. eastern is when the game starts on big fox. the game is set to be one of the most politically charged in history. there's always a back story. it takes place in the shadow of iran's month-long nationwide protest. the government is now reportedly threatening its national team and their families ahead of the match telling them to "behave after speaking out in the game against england". kennedy knows more about soccer next to brian kilmeade. >> kennedy: i've been recuperating on the couch and watching every game and iran and wales was fascinating and did not sing the national anthem playing england and mouthed the words soullessly during the game and they were threatened and if iran won, it would send a message that you cannot coopt the message and there's a lot of iranian

after the bell, earnings continue with qualcomm among others including zillow, ebay and robinhood. how much do we see the chip pressure on going especially if you see more disruption to manufacturing especially in china. did you see what's going on at foxconn? that entire region of china shut down due to covid raising questions about the production of iphone 14. this is the factory that produces 80% of the iphone14 for apple. jonathan: lockdowns in china again but there is this committee being formed to assess whether we should drop covid zero. should we keep china keep rallying off of the back of that? tom: much like here, the damage has been so bad from the summer that you cannot say china equities have broken out to some form of a new trend. the weakness in the renminbi is somewhere around .28. they are micromanaging a virus, how do you do that? jonathan: the fed decision is just around the corner and we have the cohead of u.s. equities. on the december meeting, not the november meeting, what are you looking for in that news conference? >> a signaling of pivot in today's meeting

and that spans not just, you know, some of the younger companies like with robinhood, snap, private companiesting thousands of jobs, and some of them throughout multiple rounds of layoffs. but the bigger companies, facebook, twitter, salesforce are also starting to do some deeper cuts as well. >> and ultimately, where do you see those employees going? where does that wind up affecting the u.s. economy in a way that they can find new jobs, potentially? >> i mean, it's interesting because we have been on this massive bull run over the last decade or so, and that has really fueled a talent war where in the tech industry, you know, people are in such high demand, particularly engineers, but across the board that often, you know, if your start-up fails or something happens, you can easily find a new job in the tech industry because the demand is just so high and they're all hiring and staffing up so aggressively. that could start to change. and we're seeing that now where, you know, people that have never had to work that hard to find a job in tech work may have to think a little harder, try a lit

the fed decision and the news conference and we get earnings a little bit later. qualcomm robinette spent -- robinhood booking. alix: tomorrow there is the boe decision. how do they look at the outlook when they are still uncertain when it comes to the budget and we also get the s&p services pmi. will we see more persistent price inflation. u.s. durable goods and the g7 foreign ministers will meet in germany. olaf scholz will be in china and that is a bit controversial. before that, here at home you had your dinner and put your kid to bed so you will watch the chief future officer show at 8:30 p.m. i went to duke energy and met with the cfo, brian savoy. there are a lot of interesting things going on for this guy. first of all i got to go to their control center, renewable control center where you had three guys monitoring all of the wind and solar assets throughout the country and the technology is so advanced that if the wind shifts they can shift the turbine. if the sun rotates they can shift a solar panel and it is here -- and it is key. guy: if the sun rotates, i imagine the sun would move. alix:

to complicate the blockfi is suing former ftx over shares of robinhood he pledged as collateral to backalma laid today loan. the close links between the crypto ventures and untangling process that the it is facing. i spoke with former ftx customer and founder of crypto fund wave, that company pulled assets from ftx before it collapsed. he shared the writing was on the wall but others were intoxicated by the success. >> the books of the company, all of the basic things anyone else would do people forgot. all of these companies were you know, creating huge returns and losing money while doing so to acquire the customers and do the land grab. that is not the game we played. >> reporter: cheryl, tomorrow, sam bankman-fried is slated to speak at "the new york times" deal book conference. apparently no questions are off the table. i want to know what lawyer okayed this. this should be interesting, cheryl. cheryl: charlie gasparino and i had the exact same conversation on set, kelly. in what world does anybody think it's a good idea for sbf on the stage with very actually tough reporter we sho

summit, the vc founded by jeffrey katzenberg and sujay jaswa which birthed the now shuttered quibi button invested in robinhood, and they're hosting their summit where they will talk to a number of their portfolio companies and founders it has been a challenging veer for the venture capital xas. the ipo market remained shut, valuations are falling and exits have been hard to come by. the latest from ftx calling into question due diligence and founder worship. we will discuss all of that and also getkatzenberg's take on the latest at disney as iger returns. sitting across from me, jeffrey, certainly no stranger to leadership transitions at disney or the streaming space >> yeah. really interested in what he has to say this seems like a point in sort of a typip cycle in silicon valley, people get caught up in the compensation, in the hype around certain types of applications and services, vcs can kind of mob the soccer ball, right, trying to all get into the same kinds of apps and then there's a downturn and people say, oh, my goodness, that was so crazy that was so foolish, as if they hadn't done it and fueled i

you are seeing these firms leaning on the diversification of the businesses in order to show investors what they are worth. robinhoodo point out as well because revenue top estimates. stock wise, they are down the least of the group about 30% this year. crypto decreased 12%. options and equities were up. they're coming in with an adjusted profit number that is better than expected. cannot hold when it's not on an adjusted basis? emily: jack dorsey has been in the news all year. did we hear from him on the call? talk to us, he was really instrumental in launching some of twitter's early crypto project. tell us more about the connection. >> we know jack has supported a lot of companies in the lightning network trying to integrate it with twitter. he was on the block call. he is focused very much on block and financial services. he did not discuss twitter. the question i would have is as it pertains to block and twitter , we asked someone at sophia a similar question. -- sophia -- sofi a similar question. looming open question. it is yet to be seen, but one yesterday seemed like they were open for business should that

and the ftx founder is being sued over robinhood shares he is said to have pledged as collateral. chair sergeant new york after results that beat analyst estimates, while revenue jumped 65% from a year earlier. the chinese e-commerce platform has been benefiting from china's covid policies as more people are stuck at home. and a special dividend around $4 billion, in exchange the dividend aims to boost market confidence and reward shareholders. that will use a special dividend to boost their stake in the company. david: i think that is helping among the many parts to this equity market, including -- including helping lift the overall tide. tiny assets just about across the board are rallying. this is the equity story. thanks china index is up 3.6%. the currency is obviously on a stronger footing, .5% offshore. you're looking at commodities higher across the board, onshore at 3% and 2.9% on the chinese 10-year yield that takes us back to about one year highs as far as shields are concerned. there's a sense that given what has happened it might actually nudge and accelerate the proce

all of this hitting bitcoin prices you've seen the jitters this week about more shoes to drop potentially and other counter parties, robinhoodtoday but down for the week >> the ceo of binance which passed on the deal in a conference overnight saying this is like the 2008 financial crisis for crypto and we could see more businesses fail kate rooney, thank you >> thanks. >>> bring in a venture capitalist voice on the story, eric hippeau, lerer hippeau managing partner you didn't have investments in ftx or anything affiliated but you have crypto investments. does it make you think twice >> hi, sara. we have crypto investments but they're on the fracture. we never invested in exchanges or coins or protocols. what's happened this week is very serious because it has the potential of contamination pretty much throughout the ecosystem. the total value of crypto assets this week fell by about $150 billion. the entire crypto world now is worth less than a trillion dollars when it was worth $3 trillion at the end of 2021. and so there are serious questions. really the main question is, can the trading market in crypto sur vuv without r

the enemies of all mankind. they went on to attack any ship that had -- on board. someri people have written that pirates were robinhood'sey were stealing from the rich to give to thegi poor. while that may very well be true but the only poor people that want to get to wear themselves. they were not fighting for a larger cause. they were not political philosophers. they were simply thieves at sea. as i mentioned before a lot of privateers in earlier centuries and privateering goes back to the 1200's of a lot of privateers were in fact nothing more than pirates despite the fact that they had a letter ofof mark. during the american revolution and the privateers are fighting on behalf of their country to be. they were not attacking ships of any nation. they were attacking british ships were neutral ships carrying b arms to the british navy or army. they operated under a code of conduct. they couldn't treat prisoners poorly they had to run the ships into port to be adjudicated in to determine whether or not it was -- and if it was not it would be returned to the owners and that did happen in certain cases. so the pirates dur

them as we head to break, take a look at bitcoin and ether along with coinbase and robinhood plunging doe digits after the speak to the ceo of a major trading platform for more on how the industry is trying to calm some of this contagion. we'll be right back. ♪ finally? this is financial security. and lincoln financial solutions will help you get there. as you plan, protect and retire. ♪ and i'm going to tell you about exciting medicare advantage plans that can provide broad coverage and still may save you money on monthly premiums and prescription drugs. with original medicare you are covered for hospital stays and doctor office visits but you have to meet a deductible for each, and then you're still responsible for 20% of the cost. next, let's look at a medicare supplement plan. as you can see, they cover the same things as original medicare, and they also cover your medicare deductibles and coinsurance. but they often have higher monthly premiums and no prescription drug coverage. now, let's take a look at humana's medicare advantage plans. with a humana medicare advantage plan, hospitals stays, doctor

the fiscal first quarter down 5% after hours, they're talking about a major slowdown, double-digit decline in full your calendar 22 for smart phone handsets. economic headwinds and china impacting supply, robinhood posting a quarter beating estimates, ebay up almost a percent -- 8 percent. a ship to what the ebay is doing at the luxury end of the market, the market is up 0.1%, a really interesting that day. the market having its worst post fed close since january 2021 , almost two years ago down 2.5%, tech the underperformer, names like apple and tesla the biggest points drag on the nasdaq 100. the message from jay powell for the clear, premature to think that rate hikes would and anytime soon. they raise rates by 75 basis points bring us to 3.75. higher rates discount the value of future profits. quick mention of airbnb, airbnb having its biggest drop on record this wednesday. the biggest drop on record. something hard to believe. analyst jumping on the tepid outlook for the fourth quarter this year, revenue 1.8, 1.8 billion dollars, below street expectations, it is a slowdown of bookings going to the fourth quarter and the treatment of the habits of airbnb. emily: we will ask the ceo about tha

they are suing ftx founder sam bankman-fried to seize his shares of robinhood that he you allegedly pledged as collateral. thest time in nearly four decades. the volcano on the big island of hawaii began erupt aring on sunday night. it's still flowing this morning. experts say lava flows are contained at the summit of the mountain which means as of now it doesn't pose a major threat to any nearby communities. however, surrounding areas including the near by island of kona are under advisory us and in particular it's an air a quality issue. residents are warned to watch for falling debris and a ash coming from the y eruption. depending how long it continues to erupt as it is right now, there could be further complications for hawaiians. maria: that's incredible. thank you. meanwhile, on fox news, white house correspondent peter doocy pressing john kirby over the biden administration's messaging on covid lockdown protests. >> why is the white house lying that everybody has a right to protest and not saying it's bad to lock people up in their houses. >> we've been clear, peter, that a lockdown is not a policy th

theing of funds. we have seen it where people are good at technology and are good at risk assessment we saw that with robinhoodast year >> the second order group of questions. you have big funds like sequoia. >> blackrock >> they put out a memorandum saying they do due dildiligence. talk about a red flag. ftx. doesn't have a cfo a financial company and no cfo nobody seemed to walk around saying where is the cfo? how is this possible i think there are so many questions we are asking and raises the next order and question if ftx no longer survives, what happens to binance and others are the other firms as leveraged? do they go after -- >> let's get to whether it is systemic the market cap of bitcoin. $300 billion. >> systemic beyond crypto? >> scott minerd. ltcm >> there are two pieces to this. valuation of bitcoin and valuation of ethereum. >> it's not like the bond market mortgage backed securities. >> think about the ecosystem and all of the corporate valuations of the businesses that were built around this. this was a business that was supposedly worth $32 billion then all of the pension funds and venture ca

the ftx collapse. what more do we know about this? susan: it was very interesting in that filing by blockfi and seems like they're going after ftx's founder sam bankman-fried with his 7% stake in robinhoodockfi is claiming ftx pledged that stake earlier this month in order to save blockfi in the first place when it was first in trouble and that 7% stake is worth a few hundred million dollars or so, but you did have the strong reaction yesterday in cryptocurrency prices and bitcoin falling after blockfi filed for bankruptcy and also some contagion concerns. what about something like silver gate, which is another crypto lender source based in california and that stock is under pressure because you just don't know who owes what to who in this environment when so many players are going under filing for chapter 11. >> yeah, so many layers being peeled back. one way to go. ashley: let's get onto this story, susan. bob iger addressing disney employees in the town hall yesterday. do we know what he said? susan: he said the hiring freeze will stay in place and it's not all that shocking and streaming needs to focus on profitability and not just subscriber growth, which i think every streamer has

whose families, the students don't have trick-or-treat options in their neighborhood. so, robinhoodes with costumes, courtesy party city, and fun party activities. there was, art craft projects, face painting and dance contests, a costume contest, musical performances and lots of food. and, of course, lots of candy. new york city mayor, eric adams even showed up to join in the fun and hand out some treats. >> so, alternate over, now for some closing thoughts from stephanie. where should i say, who shared from the movie clueless. >> we talk all the time, about how angry this country. is how divided they are. and it's likely going to become angrier. but, those are the big headlines, below those headlines, there are good people doing good things every day. and, what is that, it makes for a great time. it is not just about taking care of those around, do your, friends your family. it's about if you need help, ask for it. and, if you could give, help give it are there ways to share the joy, spread the wealth. we're doing it here in new york city. and, inviting people from all different n

i was surprised how much cash sam had in the market and buying 9% of robinhood. k and i certainly didn't feel anything enough to speak up i was as surprised as anybody. >> i think a lot of people feeling that way right now >> that's the same thing mike novograd said that yesterday where is he getting the cash for the deals. >> a lot of people were quiet about that because they were jealous. an envy. they thought am i doing something wrong? how is he doing this it wasn't just how is he doing it it is almost feeling bad that you couldn't do it nobody wanted to raise their hand and say i think there is a problem here >> during the good times, alameda was riskless arbitrage >> he was buying in the u.s. and selling in japan >> riskless. the other with the interest. it made hundreds of millions of dollars in short order you can put that back. he thought he could keep it going. >> he was running a prop desk. coinbase was never that. coinbase has no -- >> as far as we know. >> no, i am confident about that. >> you were all the way on the basis of crypto in general at one

sam seemed to have to go out and perform various investments in the market, both their ventures arm and, you know, buying 9% of robinhoodrganizations. i was thinking where is all this cash coming from you always look back, 20/20 hindsight, but i didn't feel anything enough to speak up so i was as surprised as anybody. >> you said you had spoken briefly to sam and cz during the process. what did sam say to you? >> well, when he reached out, he was in the mode of trying to raise financing, emergency financing, and so we briefly discussed that but, you know, it quickly became apparent to me that this wasn't the type of asset that we would want to invest in if it was actually that far under water, and, you know, if there had actually been either fraud or just, you know, misrepresentation to either customers or investors, you know, at this point, my view was that the firm didn't have value to -- for us to participate in anything even if we could. so anyway, it was sort of a moot point. at that point, i offered to be helpful in any other way i could, but there was not something for us to do together. >> how concerned were you

susan: most of that is 7-8 rollings in robinhood which is getting caught up in all of this, coinbase, really theff -- stuart: i interrupted you. susan: they're calling this a lehman's moment possibly in crypto -- stuart: ouch. susan: there's no regulation, no federal reserve to step in to help out. stuart: tell me about meta. susan: it's really across the entire valley, a white collar jobs recession. meta, mark zucker zuckerberg confirming they're cutting 13% of their 87,000 work force. that comes to around 11,000 jobs. zuck in that conciliatory e-mail says he overestimated growth. it's not just meta, you have redfin which is that online real estate company, cutting 13% of their jobs. salesforce cutting hundreds of jobs, up to 1,000. and really it's across the entire valley. either you're being fired, or the hiring is being frozen. stuart: not a good situation and not what we were expecting. got it. thank you, susan. let's check back in the midterms, democrat tony evers just won a second term as the governor of wisconsin. however, the senate race between ron johnson and mandela barnes, that's st

. >> ainsley: not the only company in silicon valley laying people off. it strike, zillow, snapchat, coin base, robinhoodeigner's lead singer kelly hanson joins us live with a must-see bu live with a must-see bu announcement. ♪ i wanna know what love is nucay add-on injection for severe eosinophilic asthma. nucala is not for sudden breathing problems. allergic reactions can occur. get help right away for swelling of face, mouth, tongue, or trouble breathing. infections that can cause shingles have occurred. don't stop steroids unless told by your doctor. tell your doctor if you have a parasitic infection. may cause headache, injection site reactions, back pain, and fatigue. ask your asthma specialist about a nunormal with nucala. customize your kitchen at lowe's with the samsung bespoke refrigerator. buy more save more on samsung appliances plus get $350 off instantly when you buy any 4 pieces. shop daily steals this black friday exclusively at lowe's. imagine having to use the wrong tool at your job. (upbeat music) - let's get into the numbers. - why would a company do that? especially with hr and payro

robinhood lowering its operating expense forecast for the full year those shares are popping 5%. saying it expects advertising revenue and sales of its devices to fall in the current quarter, the holiday quarter. roku is down 15 now. down 80% year-to-date. >>> let's get to the fed this morning. another interest rate hike delivered yesterday. that was not a surprise. perhaps the signal there's no pivot coming any time soon has surprised markets, that's the way it looks given where the s&p was and is now our senior economics reporter steve liesman has it all for us. >> it was an interesting day, david. there was this hope for a pause that lived for about 30 minutes yesterday. the fed's statement comes out at 2:00 p.m., with the impression fed might be more on cumulative tightening and jay powell steps to the podium at :30 and throws icy cold water on that hope. >> it is very premature to think about pausing. when people hear about lags, they think about a pause it's very premature to be talking about pausing our rate hike >> very premature. they were just thinking about it for 20 m

the wonder coast summit, a vc firm. it was famous for birthing quibi but it has gone on to invest in a number of other companies including robinhoodcquired by adobe in a massive deal, some called the biggest indications in a difficult market also companies like airtable and databricks we'll hear from portfolio companies and founders all day about the state of vc, which has had a difficult year as you know, exits have been tough to come by, the ipo largely remains shut valuations in public and private spheres are falling. we'll talk to the to of them in "techcheck" to see what they're seeing at the moment. >> looking forward to that interview. deidre bosa, thank you. >>> now for an cnbc news update with bertha coombs. >>> nato secretary-general stoltenberg warns russia is using winter as a weapon of war against ukraine and that, quote, we must prevent president putin from winning he also expressed his belief that the country will become a member one day, saying nato's door is open >>> virginia congressman donald mceischen died last night. he had struggling with health issues after a cancer battle in recent years the democrat had be

robinhood, bankman-fried owns a stake in, down double digits we're going to follow it the news, binancetx deal that is being reported right now by the "wall street journal" having an impact stocks at session lows we'll go into the "closing bell" market zone. cnbc senior markets commentator mike santoli here to break down the crucial moments. julia boorstin on disney, mark mahaney on meta. we are seeing stocks norv session lows, down 2% on the s&p. every sector lower and we've seen that it's really energy getting crushed the hardest down 5% right now consumer discretionary down 3% technology is having a rough day. most of these big cap tech the stock lower except for meta. to shortage of catalysts what are you watching? >> all of it the bond market, i don't know if it's a little bit of the safety bid but aside from the 10-year which had a bad treasury auction a couple hours ago, you have yields that are tame maybe that is because people are grabbing at something relatively safe i do think the fact that you have energy on the downside when you have mega cap growth stocks giving some of th

robinhood, they don't say, hey, mr. cramer, how are you doing? >>> disney is on deck for the by the way third best dow performer this morning you have wakanda forever opening this weekend, jim. by the way, if you combine hue low, espn plus, disney plus now overtaken netflix with 221 million subscribers. >> i think disney could say that they're opening seven new theme parks and already reserved and really incredible and the stock money goes down 10%. david, how could one stock be so hated? can you please -- is it a balance sheet? is it, i don't know, the pirates of the caribbean >> your disney is more hated than meta, come on come on now. come on. >> no. >> give me a break there. >> he has a point there. like saying green bay is better than -- >> the new york jets, which is not the case at all. no, we're saying that buffalo is better than the new york jets. i'm not sure about that anymore either. >> shut down josh allen. what i'm saying between disney and say -- >> what? >> i'm thinking 1 and 7 teams. >> disney is now 34% company parent is down 37% for the year which is more h

the 12,500 tax free allowance. therefore they to start to pay tax when . i see my colleagues tax when. i see my colleagues i'm giving you i'm taking exactly like robinhoodng such a great thing for the old age pension good old jeremy no not good actually very rich men millionaires . one almost millionaires. one almost a billionaire making on how they're going to literally claim they're going to literally claim the middle class to everybody. but apart from the middle class themselves, i like the way it's going at all. then i don't think they're the right people to be doing the job at, but they're not so aspirational people. there's why people there's no growth why people going to work their socks off want. it's encouragement. want. it's no encouragement. well, there's none because you might as stay at home might as well stay at home because that's what happened to the a of people the pandemic and a lot of people like but because going like that. but because going to get benefits you do get all these benefits if you do so if there's no incentive people to go to work because actually lot of people we actually a lot of people we better pay off not what. bett