Amazon Announces Stock Split, MongoDB CEO Dev Ittycheria on Earnings & Tesla CEO Elon Musk’s Ongoing SEC Feud

TechCheck

CNBC

Disruptors, Tech, Technology, Cnbc, Management, Business, Faang, Investing

4.5 • 66 Ratings

🗓️ 10 March 2022

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show covering the historical impact of stock splits for Apple with CNBC’s Dom Chu after Amazon announced a 20-for-1 stock split and a $10 billion buyback. Next, Evercore ISI Head of Internet Research Mark Mahaney joins for a closer look at Amazon, and our Julia Boorstin highlights changes at Disney between the tenures of CEO Bob Chapek and his predecessor, Bob Iger. Then, MongoDB CEO Dev Ittycheria weighs in on the software firm’s latest earnings, and Fundstrat Global Advisors Managing Partner Tom Lee offers his perspective on the continued plunge in valuations. “Margins” Editor Ranjan Roy also weighs in on Tesla CEO Elon Musk’s ongoing feud with the SEC, and our Julia Boorstin returns with the results of a new CNBC-Momentive survey for women in the workplace. Later, CNBC’s Frank Holland reports on tech’s slow start to 2022 ahead of his special on the changing sector landscape airing at 6 pm ET.

Transcript

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0:00.0	I'm Carl Kintanilla. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:06.7	Good Thursday morning. Welcome to Tech Check. I'm Carl Kintania with John Ford and Dear Grubosa.
0:10.9	Today, Amazon delivers that split with next day results, what this signals for the company, investors, and other big tech names.
0:17.5	Disney employees say the magic has died. Bob Chepec tries to script his own legacy
0:21.8	and shareholders push back against the company's silence. Plus MongoDB surging nearly 19%
0:27.8	after results. The CEO is going to join us later on this hour. Dave. We're going to start, Carl,
0:33.3	with that 24-1 stock split and $10 billion buyback from Amazon. It is one of the few spots of green among tech this morning.
0:40.0	Shares up nearly 5% coming down a little bit from those after-hour peaks.
0:43.8	It is an unusual move we should note.
0:45.6	Amazon under Bezos has prided itself on being customer-obsessed.
0:49.0	It has invested nearly every dollar back into the company.
0:52.8	Profitability has come second.
1:11.2	So does this suggest that we could be seeing a more shareholder-focused, more shareholder-friendly CEO and Andy Jassy? That is a point that many analysts have noted this morning. Now, a stock split, of course, doesn't create any new value, but how the company framed it was important. A spokesperson said that it would, quote, give employees more flexibility in how they manage their equity and make shares more accessible for people
1:15.5	looking to invest in the company. So Jassy could be responding to the pressure from a sagging
1:20.6	stock price by targeting retail investors. Also, what that stock underperformance has meant for
1:26.2	hiring and retaining employees.
1:28.8	As for the buyback, $10 billion guys, represents less than 1% of the company.
1:32.6	And anyways, it's not guaranteed that they do all of it.
1:34.9	But, again, it could suggest that Jassy sees value here and put a greater focus on profitability
1:40.0	and thus shareholder friendliness.
1:43.3	John, certainly, you know, Bezos is still there, still
1:46.5	involved, but I do think that this is sort of an important shift that we are seeing from
	...

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