people are also wary when considering spacs. orlando bravo, founder of thomas brown go believes there needs to be more disclosure around returns. he spoke exclusively about that and why he is investing in octane -- blockchain. >> we will be big players on the bi outside as this industry matures, especially around blockchain technology. in many cases, blockchain provides better use cases for problems that exist, database software products. we are seeing this maturation and we will be participating. to us, it is just the software or digital market just became bigger, and is providing bigger opportunities for us. >> what does it look like in terms of the deals that we could see you do? companies you would avenue there --you would go after, biot models? >> first it is gross equity. late stage growth equity from this category is becoming feasible to investors. in the next two to five years, we will be right there, just like we were 20 years ago as one of the first software biot firms in the world. >> another area we have discussed is

obviously you did a spac this year, now the spac through iron source. the spac game has been sullied by abuse from some participants, or perhaps too much energy too quickly. you said you had hoped to do another. is that something in the works? >> yes. nobody likes that word. regulator stole like it. investors told like it. we will call at some thing different. because it will be something different. we believe there should be great alignment between the spac sponsor and the investors, just like in private equity. investing real capital behind it, being the lead investor is something that we did in our deal. we believe there should be more transparency in terms of what are the returns of that spac sponsor? what are they look like? there should be more transparency in terms of how did they perform in terms of what they originally gave investors. that should be a requirement. we feel spac's are one of the great financial vehicles for absorbing this we of large software companies -- wave of large companies looking for financing. it is also a chance to -- th

the spac game has been sullied solid. it has been abused by some participants or perhaps too much energy too quickly. you said you had hoped to do another spac. is that still in the works? orlanda: yes. nobody likes that term. regulators don't like it and now investors don't like it so we will call it something different, because it will be something different. we believe there should be greater alignment between the spac sponsor and the investors, just like there is in private equity. investing real capital behind it, being the lead investor at the pipe, for example, which is something that we did in our deal with ion source. we believe there should be a lot more transparency in terms of what are the returns of that spark sponsor, what do they look like, and there should be transparency in terms of how does that company perform versus the projections they originally gave investors? that should be disclosed in every quarter. so we feel that spacs are one of the great financial vehicles for absorbing this wave of large sof

julian salsberry at goldman sachs, made conversations about spacs and whether they will be legitimate in the long run. >> we are not offering stock vehicles to our clients -- spac vehicles to our clients but they are investing. do you believe in the owners, the people who are raising the money, allocators of capital. it seems like there was a boom of spacs, but as a vehicle it's likely to be when that will be around for a long time. >> what we have seen in spacs is how difficult it is for companies to go public and companies are more and more choosing to stay private. i don't necessarily think that is a good thing. until we get some alternatives, that excess return is being captured by institutions. at the moment, it is very clear that the public market ipo process is not as efficient or easy as people need it to be. >> the spac product or up or is a solution for companies. it was overly exploited in the early part of this year when there was too much euphoria around it. it is a useful solution for a seller of an asset, not only because they are able to get to the public markets but t

the spac was hilarious. it had all of this marketing hijinks in it. >> they're not actually merging with a business. it's like there's this great mattress maker we found. it's like, it's a dream. it's a marketing deck of like a future multi-facetted trump corporation. >> yeah. it's suspiciously crummy asset management or a scam is what they should call it. when people say trump has been a good businessman, what they are not defining is he is a tireless self-promoter. he will do anything to get his name out there and he's done a very good job of convincing people that somewhere behind that sizzle is steak. the reality is he's a serial bankruptcy artist. any time he's been asked to put his hapds on company and manage it well over a long period of time, he screws it up. time and again for decades. as you know and i know, running media companies is not easy. if he's going to use this money to start social media platform or some sort of a news site, it will require good management, hard work and imagination and h

or $500 million spac, they have the opportunity to look at this deal and say, i don't like that deal. i want my money back okay so this whole thing about spacs is just something we've let in washington create. these are very sophisticated people that are buying these spacs long before it goes to the retail customer. >> okay. >> so i really do not know what this is about. >> okay. we have to leave it there. great to see you it's been a while. tilman fertitta. >> thanks, guys. >> after the break, join us at our table for a working lunch. jon fortt is sitting down with the ceo of -- i was going to say he's here. 'ljo u here. hel ins live to share what they discuss, right after this e. - ten-x it? ten-x is the world's largest online commercial real estate exchange. if i could, i'd ten-x everything. like a coffee run... don't just sell it. ten-x it. municipal bonds don't usually get the media coverage the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free, now is an excellent t

well that spac taking off like a rocket ship. ii have a couple market pros whether this will save all the spacs and would you be a buyer? we'll be right back. ♪. (rhythmic electro rock music) (crowd cheering) - bito, bito, bito, bito! - [announcer] bito, the first u.s. bitcoin-linked etf. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire at t-mobile for business, unconventional thinking means we see things differently, so you. can focus on what matters most. whether it's ensuring food arrives as fresh as when it departs... being first on the scene when every second counts... or teaching biology without a lab. we are the leader in 5g and a partner who delivers exceptional customer support and 5g included in every plan. so, you get it all, without trade-offs. unconventional thinking, it's better for business. when traders tell us how to make thinkorswim

some of the rules change and when it comes to these spac, maybe it will make spac great again, i don't know. i think that company should not be a positive company and i actually think they will continue to make spac-- perhaps not taken as seriously as they should be. charles: i read a tweet and i went to bring this up that you put out because i want to get your thoughts. you said celebrating 15 years in the usa. i fell in love with the spirit and moved from england, accent still intact. do you still feel that frontier spirit out there? >> i feel it now more than ever. when you look at the numbers in the business formation that has been filed, through covid 1.4 million. you see a nation with huge resilience and people come out perhaps looking at ways to get the flexibility they can't get in the traditional workplace. charles: do americans give themselves too much of a hard time? you go to other parts of the world and people look up to america. you wouldn't think that if you are here, but i think because of that, native americans miss a lot of opportunities. >> i think america should be

. >> and trump spac. launching the former president's media platform could this shake up everything we will be back right after this looking at your full financial picture. this is what it's like to have a comprehensive wealth plan with tax-smart investing strategies designed to help you keep more of what you earn. and set aside more for things like healthcare, or whatever comes down the road. this is the planning effect from fidelity. ♪♪ we believe everyone deserves to live better. and just being sustainable isn't enough. our future depends on regeneration. that's why we're working to not only protect our planet, but restore, renew, and replenish it. so we can all live better tomorrow. ♪♪ >>> welcome back to "fast money. macy's shares going up if e-commerce spinoff becomes reality, the firm sees the stock going higher great to have you with us. are you saying that after the spinoff macy's, the brick and mortar part of the business will be worth much, much more >> yeah. the ecommerce business is w

this is his fourth spac. he has yet to get one over the finish line. it is different, one deal giga energy was ready to go it got fogged down, also notable the spac that was going to buy this guy was basically wuhan, china. there was a little irony of china there especially can't say how many e-mails you did for folks on the street,ing the backstory or background of who they were, that put this together, the wuhan, china headquarters being where they are based as one of those items. thank you, good to see you have a great weekend. >> you too >>> when we come back, spanx founder sarah blake aly and ann chung, on the news they're taking the share of the brand. the deal was all female and an all female board will be appointed. we'll be talking to both of them in minutes >>> later the latest booster news and what it mnsea for marines. you are watching skwaux. this is cnbc >>> skwaux tv: mount everest, the tallest mountain on the face of the earth. keep dreaming. [coins clinking in jar] ♪ you can get it if you r

are going on a spac on nasdaq. emily: would you -- have you changed your strategy at all given the crackdown? are you putting just as much money as you would have more are you changing where that money goes? edith: i really want to go back to china. because of covid, i've been here for two years. it makes it really hard for me to invest in china, mostly from the capital strategy is to focus on early-stage input early support on infrastructure software. right now, the world is so big and everybody is more distributed remotely, so it doesn't matter if they are in china or not. but most of the investment lately has been in silicon valley, we invested in data bricks and ftx. emily: it is interesting you mentioned ftx because they moved their headquarters from hong kong to the bahamas in part because of this crackdown. over the long-term, how do you see this playing out in china? do you see the chinese government easing up on some of these restrictions or if this is the long-term strategy, how do you think that impacts

a spac was perfect for us. we went public via spac. we were fortunate to raise 200 $50 million today to continue on our journey. emily: talk about that journey and how enjoy has evolved, how it is different from the best buy geek squad, which is not the right parallel, but it is what many of us know. ron: the geek squad is technical support. enjoy, i spent a lifetime reimagining the retail experience. i did that at apple, target, tried to for jcpenney. why not bring the store to the customer? i saw them bring airbnb to the hotel and peloton the studio. we have inventory and train people. when you order from apple, you take experience and we bring the store to you. you can do everything in the home you can do in a store. emily: because of supply chain issues, people cannot get what they are ordering. it takes months. how are you seeing that play out? how bad is it given how many years you have spent in this industry? ron: i have been doing iphone launches since the first one for the apple store. it is very common at the beginning of a l

it is merging with activision, a spac. it gives the combined company and enterprise value of $556 million. for more on the decision, the tradezero ceo dan pipitone. this is obviously a decision to do spac instead of straight up ipo. why was this the move for you? dan: from a time-to-market perspective, a valuation perspective, the spac was the right move. we began this process a few months ago and we sent -- we selected dune as our partner from a finding perspective at $172 million in cash. it spoke to our needs and wants as a company and we feel that postmerger we will be in a position to execute on our growth plans into the future. matt: and i hate the word merger because i always feel like we are using it on behalf of pr. it makes more sense in terms of a spac acquisition, of course. but, at the end of the day, you and your cofounders are still going to own a majority of this business, right? you are rolling 100% of your equity in and you will own 70%. dan: that is correct. totally true. we will have a vast majority of

. >>> spac 50 index of the biggest spacs. while those have not been great for investors they have been great for wall street. >> the house always wins in the spac market its house of wall street that's netting a huge pay day amid the recent volatility morning star estimates investment banks have brought home $20 billion related to the $200 billion raised in the spac market over the last years that rate is about 50% higher than bankers get for taking a company public traditionally that's because banks have more touch points from underwriting the offering of the special purpose acquisition company to arranging the merger financing known as a pipe. to advisory work on the event dial morning star says of the banks, ever car and lazard benefitted the most meanwhile, investors in publicly traded spacs have been in the red with spaces of all stages seeing declines so far year to date such large fees are bound to raise questions now about banker incentives as well as due diligence. >> certainly will, leslie. thanks. >> thank you. >>>

great to see you again we spoke at the beginning when you set out to look for a spac target here we are. how long will you hold on to wework shares? >> i see this as a long-term play, deirdra. if you look at companies that could one day be worth $100 billion, we see wework as that kind of company. you need a gigantic town, you need a fantastic team and you need -- and wework has all of those. i see this as a long-term hold >> so vivek, what does long-term hold mean to you i mean, spacs have come under more scrutiny and we had other sponsors come on here say that these were long-term bets but not necessarily holding on for what some would consider the long-term. what is that for you six months, a year, is it more >> no. for me personally it means years. when companies like apple went public, 99.9% of the value was created in the public markets. now rich equity guys are getting all those gains. so really democratizing access to these great companies, these rocket ships after all, wework is going after the world's largest asset class, real estate. imagine $70 trillion of commercial pay sit

it's important to remember that spacs are a workaround. they are a way to raise money and develop a publicly traded company without going through the usual regulatory hoops and processes. the company does not have to file a big, fat prospectus where it outlines risks and basically opens up its books for all the world to see and scrutinize. so, if a company pursues this vehicle, a spac, it's usually because they don't want to go through all that process and all that scrutiny. so, of course, the question always is why, why would a company want to avoid letting its investors carefully look at its books and make a reasoned decision about whether or not they want to buy in? >> so, you, tim, have studied everything to do with donald trump and his business ventures in the past. how is this one going to go? >> well, if we're going to take history as a guide, it will go south and it will go south pretty quickly, and anybody putting their money into it should recognize that who donald trump is now is a very different person than who trump was in the

i wanted to come back to spacs, if i may for a moment. it does appear that that market has been making its voice heard when it comes to spacs we're seeing sponsors changing their compensation arrangement so, is the market doing its job and they don't have to take regulation in terms of spac? >> i think there is a need here for greater transparency, greater disclosure these are innovations that have happened in our market but they're costly and may have inherent conflicts, taking generally about 20% of the offering if you raise a billion dollars, that's $200 million. to basically raise money in a blank check type of shell company. and then you have two years to go out and try to buy something. and there's this conflict that if you don't buy something, sponsor doesn't get that 20% i know i've said this a lot about staff working on recommendations. we need work on the economic analysis, which is so critical to good decision making. five commissioners and so the process does take a number of months and sometimes the public says where's that d

the chart looks at what we have seen in recent history because there is this index spac. it tracks the blank check companies that have not found a company to buy yet into the company that comes out of the deals like we work that just went public yesterday. since highs in february this index is down 44%. a gain of 13.5 percent for the russell 3000 shows you how out of favor specs into the companies they have been buying our lately. tom: you have decades of experience. have you seen anything like this before? david: i can't say that i have. spacs have been around but they have become especially popular. tom: where is the transparency? do we know what we are by? --we are buying? >> every time i think meme traders have gone into hibernation, they prove me wrong. david: you could make that argument when you look at this deal. it is not like other transactions where you have a business operating. in this case we are talking about speculation. we have this social media site that former president trump is going to set up that it won't even be operating until the first quarter of

former president trump's spac merger with digital merger acquisition corp. is sinking this hour by 30%. it's had a wild run. last week it gained 800%, and then today you see it's taking a breather, it was down 11% yesterday. and there is a little bit of a negative if halo effect. phun ware was hired by president trump's 2020 re-election campaign to building a phone app, they're getting hit to the tune of 40% now. so we do have some short sellers circling, and we'll be watching these developments very closely. >>> the future of internet regulations hanging in the balance at this hour as in-fighting between progressive and moderate democrats could lead to the federal communications commission moving significantly to the left, embracing -- 'em baggerring -- embracing -- [laughter] which is it, folks? net neutrality among other tough regulations. charlie gasparino, what's the lowdown? >> i hear you put me at this desk away, off the set -- liz: are you scared of mesome. >> -- because you can't stand being next to me. liz: oh, i heard that you were scared. >> one

we have this big spac run. bill is an extraordinary investor he has great instincts and we have a great board and we've been incredibly careful and as you know, we've had a deal with universal music and we had some issues in getting it approved. so we reversed it to bill's fund which turned out to be a phenomenal investment. rid now they're looking at a lot of different targets we do have a very large spac at 4 billion. we've turned it into a spark, and i think bill's being extraordinarily careful and thoughtful he's not allowing anybody to rush them into any decision, but i must say we have ample targets. the valuations, yes. they're high everywhere particularly in the valuations in the digital space and valuations have skyrocketed particularly in the software area, but we're dealing with it, i think, very intelligently. >> i would be remiss if i didn't ask you quickly because i want your opinion on this and i think others would be interested in it, too. if you represented scarlett johansson in the whole thing

a lot of interest from spacs. i think it's part pride, we wanted to be the first bitcoin miner to go through the regular process and go through the front door. and it's part economics. we did not want to give up any of our company to the spacs if we didn't have to. we think we have a great business model being verbally -- vertically integrated. that led us to the decision to go through that process. matt: what is your business model? i don't know if it's a coincidence, but it's great timing for you to go public on a day when bitcoin it's an all-time high. what makes stronghold digital different? >> i think we will see new all-time highs with coin -- with bitcoin every month. it's getting an option that many have been talking about for years area what makes us different is that we on the power assets -- for years. what makes us different is that we on the power assets to mind the bitcoin. many of our competitors by the power from others. for that reason, our cost of power is half of the industry average, giving us

. >> spacs or cannabis about three spacs. let's put on some spacs. no don't put on any spacs there is a hippocratic oath even for people on air. a hippocratic oath for anchors first, do no harm. >> yes, that is true although -- there is -- it's funny -- we haven't talked about spacs in a little while. a journal did a story about talking about you can buy them as a rate of return vehicle because you can buy them at a discount and analyze a percentage return which is probably better in the bond market as i pointed out in previous reporting, there are other who is are making choices about who is going to get the highest rate of redemptions and then you can orchestrate a short squeeze. >> in other words, you want to have spac that comes on and says mine is going to go to a discount because the business is awful, you should buy it that to me is persuasive. >> yeah. that is agreed that is an interesting -- >> that's not even -- it's better than a lotto ticket, obviously. >> yeah. >> the other headline was on supply chain issues which he felt would not be a

a company called share care came public via spac this and i'm checking in with the ceo of the digital health care and see what the heck is wrong. so stay with cramer. >> announcer: don't miss a second of "mad money." follow @jimcramer on twitter have a question? tweet cramer, #madtweets send jim an e-mail to madmoney@cnbc.com or give us a call at 1-800-743-cnbc miss something head to madmoney.cnbc.com. paola needs a parachute. so, salesforce customer 360 unites your marketing, sales, commerce, service, and it teams around her. so they can deliver a great experience from anywhere. ♪ (whistle) ♪ make fitness routine with pure protein. high protein. low sugar. tastes great! high protein. low sugar. so good. high protein. low sugar. mmm, birthday cake. try pure protein shakes. with vitamins and minerals for immune support. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire [ sigh ] not gonna happen. that's it.

it's gotten to the point that the sec recently warned investors not to invest in a spac simply because a celebrity is involved. in this case, trump is teaming up with digital world corporation, a nasdaq listed shell company. wall street gave the trump deal a standing ovation on thursday. digital world shares more than quadrupled finishing the day 357% higher. that the' despite the fact the latest security filings don't indicate how much revenue, if any, the new trump company generates. it's likely to be minimal because the social media company hasn't even launched yet. for trump, going public via spac will give him the money that he needs to build this social media platform without the scrutiny of a traditional ipo. it's worth noting, trump's companies have a history of filing for bankruptcy. filing for chapter 11 four times throughout his career. this is also not trump's first foray with wall street. in his previous ipo trump raised $140 million in 1995 from public investors for trump hotels and casino resorts. but, christine and laura, the company posted loss every every day and it w

the spac has the highest likelihood of success at the end of the day and less market risk. so, this took out all the market risk of going public >> are you profitable? >> we are not profitable yet >> and then one of the other things you're looking to do is actually build out your own low earth orbit constellation. we have been hearing a lot about this concept from the likes of spacex and amazon and one web and others what is your business model for that look like and given the fact that it does seem to be competitive landscape, who do you expect to sign on? >> everybody from spacex to amazon to one web they're all doing different things than what we're doing. think of it as earth observation and not only imaging the planet 24/7 but able to image the planet at night, when it's cloudy, raining, and true 24/7 coverage regardless of the weather or time of day that's a big difference the way it has been done in the past >> you know, space and defense companies have been a focus this week we've seen a lot of earnings and a lot of companies like northrup grumman and their revenues

you took your company public through a spac and check out this performance of the spac that former president trump is about you to enter, this deal to create a new social media app. it's gaining real support. the deal seeing a 350% gain if the spac stock yesterday after rising more than 400% earlier in the day. it is also up this morning another 50%. your thoughts? >> absolutely unbelievable, maria. you know, so we've heard from president trump that he wanted to go out, he's been silenced by all of big tech. he can't get his word out. so he announces this deal for a spac, put a lot of -- caught a lot of people offguard with this and you see the massive move to the upside yesterday. it broke all records as far as volume goes, it broke all records as far as price gains go for spacs. it is trading at a market cap, call it 10, 12, $15 billion. if this is going to be competing with facebooks and the twitters of the world, there's a lot more room to the upside. however, as of you've seen over time, when you have these huge moves up in any stock, a lot of times there's selling and you have moves do

in a spac, he set the price and then fill out the paperwork with the sec, and then you are public. it is a lot of the same process, a lot of the same disclosure, but a different order of operations. emily: if you had your second direct listing of the year with amplitude. the ceo, one of the youngest guys ever to take a company public. coinbase was your first of the year. how many more direct listings do you see coming up? do you see this as part of a longer-term trend? will these continue to be one-off? jeff: we are talking to 10 different tech companies right now about a direct listing. nobody is planning one for the rest of this year but i think in 2022, we are going to see this trend continue. there are twice as many companies that did a direct listing this year as last year. right now for a direct listing, you cannot raise capital. this is for companies that are well funded through the private markets and are more interested in liquidity versus capital raising. emily: amplitude shares ended the day up more than 50%. there was demand but they did not take that opportunity to rai

it is the resulted of a spac transaction with beauex, acquisition corps. joining us live at the corner of wall and broad streets, we ceo sandeep mathrani and executive chairman mar little lo claure. congratulations to you this was a company that to be honest a lot of people thought was going to be left for dead before you made your investment in it. then the pandemic. and who would have thought we'd be sitting right right now for you marcelo having done right star, print t-mobile then this i'd ask you, when you maid the investment in this company life is relative we will talk about the soft bank investment did you think we would be here at this point this quickly >> that was always the plan, when you are making an investment, when there is a great vision, a great asset to be disrupted, the goal is to have a public company. we got here on a different road than we anticipated. but we're here and celebrating with all of our employees, which is marvelous >> we will talk about that road in just a second he was the one who recruited you to take this job. >> it w

continue to slide 92% of the biggest spacs trading below their offer price. the spac 50 index has cratered since its peak in february. >>> one mortgage lender turning its back on the digital currency joining us with a great scoop from yesterday mackenzie, what happened >> so, apparently, carl, home buyers are not all that interested in paying their monthly mortgage in bitcoin. i spoke to the ceo of united wholesale mortgage and he tells me that the company has decided at this point to ditch its plan to accept crypto currency because there was not much customer demand. uwm ran a two-month bitcoin experiment where they gave borrowers the option to pay their monthly bill in a crypto of their choice. six homeowners tried it out making payments in bitcoin and ether and dogecoin and not a lot of people given the fact that we are talking about the second largest mortgage lender in the country. borrowers liked having the option and said it was cool bu ultimately not enough demand worth pursuing given all the incremental cost as well as the uncertainty in the space >>

>> thanks, becky we are at the new york stock exchange wework is going public today, via spac making a delayed debut here it is one of the most dramatic business stories of the last several years a company that was once worth $47 billion, about to go public. that public offering scuttled back

former president donald trump striking a spac deal with digital world acquisition corp.. it plans to launch a new social media platform called truth social with a beta land. next month and a rollout in early 2022. investors rushing to get in early, shares up 370% at this hour. we've got a fox business market alert. so what has been keeping the s&p9 and the dow from staying at new record lines once they've crossed them? at this hour we're seeing just a bit of a repeat where both indices have either hit or run right up to records, shall they close there though? they haven't been able to in the past couple of sessions. yesterday market was decidedly positive with advancers beating decliners, and yet we saw the dow and the s&p fall short by the closing bell. right now the s&p is above that record, up 3.8 points. needs to just be up under a point. as for the nasdaq, look at this, waking up at this hour, moving higher by 69 points thanks to a shot of caffeine from what was yesterday's disappointment, netflix. right now take a look at netflix, it's on the move higher at the mome

liz: all right after gaining 845 % alone last week, dwak, former president donald trump spac merger with digital world acquisition corp. is now losing just a tiny bit of air it's down only about 6.5%, but there is some creep happening at this hour, investors astounded by the hype surrounding that name, are pouring into trump- linked stocks elsewhere. ai firm remark holdings rumored to have links to trump messaging boards, is moving higher right now by 52%. the other spac run by ceo is up about let's call it 5.5%, and so is the tech company created as it plans to offer trump photo nft's, up 6.5%. one that had really run up, fun wear, is down 18% but again it gained as much as 1,400% on friday, so there's a lot of speculation running around the trump spac halo effect. all right, as the biden administration pushes for wider implementation of esg or environmental social governance policies one wall street firm at the forefront could definitely stand to benefit from this shift joining us now, charlie gasparino. charlie, the firm, the name, what is it? charlie: it's blackrock and liz i want to

whatever the business look like, it's just on the idea of the stock and the spac alchemy is working in this sense. i mechxed this yesterday you can look at that potentially as an investor and say you have a built-in audience there we don't have a lot of details, so it will be interesting to see the i say that talking about some of the alternatives media sites as well. and some of the issues like parler is going through. >>> there's only so much adrenaline to go around. >> mike mentioned some of the from the ten-year, around 167 this morning, overjaw, though, dow is up we do have a record high, that will be the 56th of the year we'll be right back. everything you've seen me do was made possible by what you don't see. cause when you're not looking, i go to work. ♪♪ strength isn't a given. it's grown. it's earned and tested. ♪♪ we all have the strength to see what's possible. it's up to us to unlock it. tonal. be your strongest. need to get your prescriptions refilled? capsule pharmacy can hand it's up todeliverunlock it. your medications - today - for free. go to capsule.com. we

we generally do dislike spacs because of their hideous record of people who get in last and at the high you know who those people are? you. it's up nearly 20% month the date here is the bottom line. it's a good time to get some nuevo, the mayor of pennsylvania the nuevo bank exposure. right now i like paypal more than square because it's cheaper, owned by the investment clubs. similar ones with affirm and upstart, you need a pull back. i'm blessing sofi right now. i'm taking a pass on robinhood until those lock up expi rratio occur. i feel like talking calls. let's start with susie in new york >> caller: hi. thanks for the education >> you're quite welcome. >> caller: yeah. my question is on coin base global regulate d platform for crypto currency. i bought it as a speculative play on bit coin because they are profitable in a growing market with 11.3% share of global crypto assets my question is will margins shrink with heavy competition from paypal and robinhood and increased regulation or is the company solid and innovative enough to grow market share and justify what say is their hig

here we are march 2021 and have the wework debuting via a spac deal. sales commit at $593 million, profits still in the negative and they are not positive yet. the occupancy rate caught my eye, 60% is what we are looking at. we are dealing with a volatile pandemic work environment. two years ago the occupancy was 70%. for valuations, a completely different story. i $9 billion valuation -- eight $9 billion valuation back in 2015. you can see how much it has -- a $9 billion valuation back in 2015. you can see how much it has lost. the question is, how do they perform after they hit the spac and that momentum is not there as it was early this year. matt: thank you for joining us. the first of its kind, volvo has released the first fossil free steel vehicle. we will steep -- speak to the lead engineer. this is bloomberg. ♪ moving is a handful. no kidding! fortunately, xfinity makes moving easy. easy? -easy? switch your xfinity services to your new address online in about a minute. that was easy. i know, right? and even save with special offers just for m

that would be the highest volume one day, sort of one-day of the transaction name we've seen in a spac name. >> amazing the target company here is sort of not really operational yet. >> no. >> so this isn't like a typical spac where there's an existing business and you're kind of -- >> i did not see any projections typically on day of announcement you'll get projections, sometimes we, of course, say well 2025. nothing at this point other than a plan to launch this social network to combat the so-called liberal media. but right now, it's looking very good for the president >> i was going to say -- >> they're going to hit -- if they maintain near the stock price they will hit those incentives in terms of performance and, therefore, it will be worth $1.7 billion. >> like in the heat of it in the early part of this year it was mainly spac vehicles like capitalize a brand or personal brand and that's the extreme example of that right here. >> yeah. the trump brand. >> yeah. >> just looking back at the popular vote you had nearly half of the american adult public voted for trump. a built in

. >>> former president trump's digital media spac getting cut down to size could the retail trading frenzy be coming to an end. >>> millions brace for the season's first another easter. we're tracking the storm for you ahead. >>> and dave chappelle breaking his silence over the latest netflix special and he's issuing a bit of a challenge >>> ait's tuesday october 26th, and this is "worldwide exchange." >>> good morning, good afternoon, good evening, welcome from wherever in the world you may be watching us i'm brian sullivan it's looking like a good tuesday morning as the everything rally looks set to roll on futures are higher across the board, all up about.5%, the nasdaq up .6%, the nasdaq and s&p coming off new record highs, the blue chip closing at the 37th all-time high of the year the s&p says, i can top that 56 record high closes for the s&p 500 so far this year out sized gains for the nasdaq and technology as well oh, you might have heard about it, tesla surging to a $1 trillion market cap wow. we're going to get more on that in a moment. >>> also, by the way, as electric car maker

the company went public recently through a spac merger and has a market cap of $20 billion. they do have one big fan at least, that being cathie woods who's been buying into the stock since it went public and bought 8.2 million shares yesterday and ark, the company is moving headquarters to florida effective november 1st the company also announcing it plans to build an incubator in collaboration with the local government which aims to retain and top talent by supporting entrepreneurs and tech startups in the region. it'll be named the ark innovation center and is expected to open in july 2023. brian? like you said, she's trading in the jackets for sunglasses. >> yeah. st. petersburg is a growing financial center raymond james and others are there. tampa may have the best airport in the united states. >> there you go. >> thank you. >> you got it. >>> let's talk about the two ts. tech and tesla they do go hand in hand after all. in the past month, the nasdaq more than 5%, with investors wondering if the shine has come off big tech and the most important stock in the world, tes

we've talked about bad spac's all year. right now, you are up almost 8% on the day for wework, so as smooth as a transition as you can possibly get. alix: true. the appreciate it. bloomberg's sonali basak joining us there. another company making its wall street debut is chicago-based restaurant chain known for its hotdogs and roast beef sandwiches, portillo's. let's talk to the ceo now, michael osanloo. michael, $28. your thoughts. michael: just listening to what you were saying about a tough ipo market, i think that kind of belies that a little bit. we are excited by that. we think we have an amazing growth story, and i think it just suggests there's a lot of appetite, pun intended, for outstanding restaurant stocks. guy: let's talk about the growth opportunity. you've got 20 -- eve got plenty -- you've got plenty of -- would you call that, the beef truck? you're dishing out free food in times square. you're mainly based in illinois in terms of your home market. you got places in vegas, down in florida, some places in l.a.

i was critical for them doing stock but it hasn't done anything, bet a lot of spacs i don't think it will go down much from here that story is old. they knocked the stock down and they're happy, guess that's what they wanted. let's go to marvin in arizona. marvin >> caller: hey, jim, thanks a lot for taking the call. >> of course >> caller: stock i'm looking at pays a special dividend twice a year, along with its regular dividend i'm talking about omf, one main holding. >> you see, when i see personal auto line, i always hesitate i think it's probably -- let's have them on, and the reason i say that is these businesses -- companies can lose money in this stuff so i want to know more about these guys it's too important it seems too cheap i got to figure out what's wrong. let's go to john in missouri john >> caller: boo-yah, jim. thank you for everything you do for us home gamers here, buddy. >> thank you, appreciate it. what's going on? >> caller: i wanted to see what you think about ant noll >> i always liked them building blocks, the plummet cables that are everywhere and they're om

the spac company will merge with a private company, trump media and technology group. it triggered 12 trading halts today. his fans on social media have pumped the stock, fueling heavy trading. and it has been a pretty amazing journey to watch. i mean, three days in a row now of rallies and growing from nothing to $1.5 billion market cap today. amanda: keep in mind, this is a blank check company, a blank page company. we do not know what the company will do. he has grand plans for it, but it is not doing anything at. to me, it is emblematic of a point in the market where money seeking a home, even if it does not know why. matt: my personal take is this is a little bit different because it concerns a president of the united states. even if the president's son is not an artist and people are willing to pay half $1 million for his paintings, it makes sense people would buy stock in a company that wants to buy a president's nonexisting media assets. a stock going in the opposite duration, intel shares are falling. the market cap has been literally decimated, and then some.

stop someone wrote me today and said i have three spacs, i want to talk about it. i just said, i'm not going to hurt anybody life's too short i don't like these it's time for them to stop now, ford is involved with one we had last week, i like that. but i'm not going to sit here and recommend the stocks and people should stop filing them let's go to susan in connecticut. susan. >> caller: hi, jim, it's sue i'm actually in rhode island, a great place for you to bring your wife for a vacation for a weekend. >> we had a great time in rhode island what's going on? >> caller: i have a comment and a stock pick one, i know you say we should have a small percentage of our portfolio in riskier stocks. >> yes >> caller: i think you need to have a five-minute high flier segment on your show every day my stock for today is macy's >> i like macy's very much but it's not a high flier, jeff is doing a very good job, actually a phenomenal job. if we get anywhere near the immunization we should have, that stock should go to 30 i just feel it's had a nice move but it's not over. how

this is the spac taking former president trump's media venture. it was up i believe as high as 175 and traded closer to $12 billion worth of shares today which is a second day in a row for that level almost twice as much as amazon or apple trading today and a viral buying stampede to go with the usual suspects the 10-year note and intel big mover. >> and backing the spac before they knew and now ones that are backing out. bloomberg reporting they want out on an ethical basis. >> right a lot of hedge funds spread the bets around the spac world so you have to decide if you want to be in business with whatever the target company. >> on top of the meme stocks. >> down significantly today stealing that energy. >> all the oxygen is going to trump. >>> boston beer reporting last night reporting with a loss of more than $4 a share due to significant temporary charges. analysts expected a $4 profit. shares plummeted but today recovered. now joining us is boston beer chairman jim cook. welcome back. >> nice to be back. >> what is happening in the hard seltz

liz: well, the spac merger, we're going to be watching that very very closely. i have to ask, because we just talked about how tough it is right now, what with the supply chain situation and when we look at the weakness in the length of the supply chain, whether it is who knows, you know, a crisis where you've got the trucker issue, you've got a shortage, very specifically, by i-brands pointing it out, just about 40 minutes ago here on the show, of the cargo and the boxes, right? you look at those situations and you say when does this free up? >> you know, the expectations be that within the next 12-24 months, but what may happen is the demand will drop. that obviously is not the way you want to fix the supply constraint is you really want to fix the supply side, not the demand side, but ultimately, what we're probably going to see is the economy will taper off a little bit here, supply will begin to catch up but one of the things as an investor we're focused on right now is investing where that supply chain is much less relevant. a good example again is open do

. >> one of very few spacs that i feel will not by on your hit lit. >> you knowi funny, looking at spacs that have gone public we're here talking about the pack it's amazing to me. >> hope springs eternal, as we've talk about many times. it hasn't quite completely eliminated the maybe there is endless demand, but look i met with the person in chans charge of the sustainability they're going to 100,000 rivien. they're going public the old-fashioned way. >> it is one to think about you now that you've such big gains in lucid, which amazon is banking on in order to reduce its carbon footprint. >> and then you have volvo, gm saying they're going to launch 20 new evs, but early 2028 david, ij sure you're all over this engine one. >> i was listening, like a lot of people, "squawk box" that had a great group of guests. mobile e. of course they're sup supportive making the point that this company is going through a radical transformation so that by 2030, gm will largely be an electric vehicle company i met with the sustainable officer last week, they're not just taking it seriously, this is thei

>>> plus, the donald trump spac, the company set to take trump's planned social media company has fell 1,000% in two days and it is not the only name surging as politics and meme stocks collide. that story and more coming up. >>> first, record highs for the dow and s&p 500 chl welcome back, dom, as well david tepper, you heard him last hour, sees a potential turn offer for equity >> there's a lot of folks out there. i don't believe he is the only one that feels as though this market might be a little bit toppish, a little bit moreover valued, a little less attractive on a risk/reward basis but it tells you a little bit about what is happening overall thematically because we seem to be hitting the record high levels kelly said it first, so i will put the gold stars next to the dow and s&p 500. they did at one point today hit record intraday levels we are not at closes yet however, you can see the s&p backed off right now, down about ten points i will give you context. on the day's highs we were up roughly ten points and down 25 at the lows. a little bit in the middle of the range there,

can read her story on the uranium names but going to cnbc.com/pro >>> vivid seats going public via spac in a deal with horizon. up next, we will talk with horizon's chaianndrm a ceo todd boehly about where he sees opportunities. back in a moment your strateg. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. ♪ >>> welcome back, everybody. billionaire todd boehly's eldridge investment has strong comparisons with berkshire hathaway, but their focus is media, music, technology and sports and gaming. some key businesses include draftkings look at these names. cloud nine, rolling stone, epic games to name a few. joining us from the milken conference is todd boehly along with our brian sullivan. brian. >> reporter: thanks, kelly again, those are the ones we know there's a spac today, horizon acquisition picking up vivid seats today, today is the first day. todd, part owner of the

trading of a special purchase acquisition company, spac, was suspended several times today. shares of digital world acquisition corporation spiked as much as 400% after it was reported it would help launch a new social media platform for former president donald trump. we saw losses between about a third and half a percentage put in the indices today. the turkish theater dropped to a fresh low against u.s. dollar after the u.s. bank dropped interest rates and the second time in as many months. president are to want took a heavy hand in monetary policy, disputing economic was of that higher interest rates help to stabilize inflation. we have reports. reporter: another shock move by turkey's central bank. thursday's decision to slash interest rates by 2% set the turkish lira tumbling to record lows. the announcement was met with skepticism by investors and financial analysts, who said it was likely to further hurt the turkish economy and leave households and businesses to absorb the fallout. >> [speaking native language] reporter: turkey has for years been struggling with high