Bets & the Economy: Wells Fargo CEO Charlie Scharf & Fanatics CEO Michael Rubin 9/10/25

Squawk Pod

CNBC

Investing, Business News, News, Business

4.2 • 543 Ratings

🗓️ 10 September 2025

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In an extended interview, Wells Fargo CEO Charlie Scharf shares his perspective on the health of America’s economy, including the dichotomy between low and high income consumers and the real impact of tariffs on U.S. businesses. Fanatics CEO Michael Rubin has been building sports businesses since his first appearance on Squawk Box in 1999. Now, he’s growing his company’s sportsbook and collectibles businesses and answering questions about his own IPO. Plus, Lisa Cook will remain Federal Reserve governor for now, Klarna is going public on the NYSE, and Oracle Chairman Larry Ellison has surpassed Elon Musk as the world’s richest person, thanks to a stock surge after Oracle’s earnings report. Charlie Scharf - 19:38 Michael Rubin - 37:26 In this episode Michael Rubin, @michaelrubin Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Andrew Ross Sorkin, @andrewrsorkin Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in show music, please.
0:03.0	Hi, I'm CNBC producer Katie Kramer.
0:07.0	Today, on Squawk Pod, two big names in business.
0:11.0	First, from the world of banking, Wells Fargo CEO Charlie Scharf,
0:15.0	he shares his intel on America's businesses, consumers, and economic health.
0:20.0	No one likes uncertainty, no one likes the idea of increased pricing,
0:23.6	but they are hopeful that the tariffs wind up at a reasonable level.
0:27.6	So far that's been the case, and everyone's been able to share in that in a way which hasn't driven significant price increases.
0:32.6	So they're looking at what the end result is, which is a more competitive set of companies in this country.
0:38.3	Then from the world of sports, Fanatics CEO Michael Rubin, he's been building businesses since the late 90s, but this one outshines them all, and at a 25-ish billion dollar valuation, it's still growing.
0:51.3	When you think about what gaming can be, in our five-year plan, we have gaming being
0:56.3	40% of our profits.
0:58.8	It's another big day on Squawk Box's 30th anniversary week.
1:03.0	I had a better head of hair then.
1:04.0	You did.
1:05.0	You all did.
1:06.0	We may be on Memory Lane today, but the best squawk years are still ahead.
1:10.0	With this withering back and forth, you up with every day, you should have a few more scars.
1:15.6	That may be on the end.
1:16.6	It is Wednesday, September 10th, 2025.
1:21.6	It's why none of us leave. We love it.
1:23.6	Squawk pod begins right now.
	...

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