Didi’s Downturn, Cyberattack Hits Over 1,000 Businesses & Alight CEO on Public Debut Today

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 6 July 2021

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors kick off the morning with Didi’s drop lower after China removed the company from its app stores. Early Didi Investor Christian Cadeo joins to further break down the recently public company’s downturn. Then, CNBC’s Eamon Javers is here to cover the latest massive cyberattack hitting more than 1,000 businesses over the weekend. We also have Cambria Investment Management Co-Founder and CIO here to talk all things retail investing and Robinhood ahead of Robinhood’s upcoming IPO. Later, CNBC’s Eunice Yoon joins live from Beijing with more details on Didi and China’s revised rules for listings overseas. Then, Pacaso Co-Founder and Palantir Board Member Spencer Rascoff is here to further discuss regulation in both China and the U.S. Plus, we have the story on Next Door- the social network for neighbors- announcing a deal to go public via SPAC. Later, Alight CEO Stephan Scholl joins our anchors live from the NYSE to speak about his company’s public debut via SPAC today.

Transcript

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0:00.0	I'm Dear Joe Boza and you're listening to CNBC's Tech Check.
0:03.5	Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:24.3	Good Tuesday morning and welcome to Tech Check.
0:26.1	I'm Deer Drabozo with John Ford.
0:27.9	Carl has the morning off today.
0:29.3	A DD disaster.
0:36.6	Shares of this year's biggest IPO down more than 20% this morning as China removes the company from its app stores. Then a $70 million ransom,
0:38.9	the latest on this weekend cyber attack with more than a thousand businesses impacted, and
0:44.0	a split on Apple to Wall Street firms going opposite ways this morning on today's battleground
0:49.8	stock with shares closing in on another all-time high, John. Yeah, and we're also watching Amazon up more than 3% on the first trading day with
0:57.9	Andy Jassy as CEO.
1:00.3	Meanwhile, Chinese tech selling off JD.com, Baidu and Pin Duo, the three biggest laggards on
1:06.3	the NASDAQ 175% of which is Reddy.
1:12.2	Yeah, call that that DD contagion.
1:14.5	And look at shares of DD, as I mentioned, down some 20%.
1:18.3	They are sinking after China announced Friday.
1:21.0	It would halt downloads of the popular ride sharing app while it conducts a cybersecurity review of the company.
1:28.6	China pulled the app from stores entirely just on Sunday, also announced probes into two full truck aligned subsidiaries
1:34.2	and online recruitment platform boss, GPIN, all of this turmoil. It actually might have been
1:39.7	prevented. The Wall Street Journal reporting that China had warned Didi as early as three months ago that it should consider delaying its IPO due to security concerns.
1:48.5	But the company decided to forge ahead actually speeding up its roadshow leading up to the IPO.
1:54.5	And of course, John, this could have bigger implications.
	...

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