Elon Musk Becomes Twitter’s Largest Outside Shareholder, Amazon Labor Union President Chris Smalls on Vote to Unionize & Twitch Co-Founder Justin Kan on NFTs in Gaming 4/4/22

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 4 April 2022

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors start today’s show looking at Twitter after Elon Musk became the social media platform’s largest outside shareholder, with insight from Goldman Sachs analyst Eric Sheridan and Verge Editor-in-Chief Nilay Patel. Then, Amazon Labor Union President Chris Smalls joins after successfully leading the first vote for Amazon warehouse workers to unionize in the company’s history, and Stifel analyst Scott Devitt offers his thoughts on how the union vote could affect the e-commerce giant’s bottom line. Later, CNBC’s Phil LeBeau reports on Tesla delivering a record number of vehicles in Q1, and livestreaming service Twitch Co-Founder Justin Kan discusses gaming companies expanding into NFT offerings. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0	I'm Deerreboza, and you're listening to CNBC's Tech Check.
0:03.5	Our show is live weekdays at 11 a.m. Welcome to Tech Check. I'm Carl Cantonia with Deirdrebosa and John Ford. Today, funding secured. Twitter has a new largest shareholder than the head of Amazon's worker union after that historic labor victory.
0:38.4	Later on, we're going to explain how the NASDAQ whale got beached, Dee.
0:42.2	Carl, we got to start with Twitter, of course.
0:44.5	Tesla is Elon Musk taking a 9.2% stake in the company, according to a filing.
0:49.1	Shares are spiking some 25% at the moment.
0:52.2	The new position comes shortly after Musk criticized Twitter for
0:55.0	its free speech principles and even said he was considering starting his own social media platform.
0:59.7	Musk's tweets, of course, have gotten him in trouble in the past. After his now infamous 420
1:04.4	funding secured tweet, Musk was forced to abide by certain guardrails around his Twitter use,
1:09.7	his response back then,
1:11.5	worth it. It's also worth remembering some relative size here. On the day of Twitter's IPO,
1:16.4	it closed near $45 a share. Nine years later, even with today's huge pop, it is barely at $49.
1:25.9	Market cap still below $40 billion.
1:28.9	Guys, of course, a lot of questions this morning centering around what could or would Elon Musk do with his stake?
1:36.0	I mean, there's not a lot that he could do, but there is still some skepticism on Wall Street that it would necessarily be passive as it was registered.
1:43.5	Gordon Haskett points to the Silver Lake
1:45.5	Musk connection says, don't sleep on the idea that Musk and Silver Lake might take Twitter private.
1:51.6	Musk, of course, with that 9.2%, Silver Lake is below 1% in terms of its stake. But they note that
1:58.2	Musk and Silver Lake were talking when he was considering bringing Tesla private.
2:02.5	So I don't know what they could do, but it's an idea. And there's lots of them floating around this morning.
2:07.1	Yeah. Well, in the spirit of Elon Musk, I'm going to say something controversial here.
	...

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