Elon Musk Puts Twitter Deal on Temporary Hold, Breaking Down the Instability in Stablecoins & Alphabet’s Autonomous Driving Plans 5/13/22

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4.5 • 66 Ratings

🗓️ 13 May 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show with “Margins” Editor Ranjan Roy breaking down Elon Musk temporarily pausing his deal to buy Twitter as the platform calculates its total number of spam and fake accounts. Then, Castle Island Ventures Founding Partner Nic Carter offers his perspective on the volatility in crypto, and former Twitter board member Peter Chernin weighs in on the Musk saga and the broader media landscape. Next, CNBC’s Dom Chu covers some of the top movers in the Nasdaq as the index rallies to end the week, and our Deirdre Bosa shares part of her exclusive conversation with Alphabet CEO Sundar Pichai focused on the tech giant’s autonomous driving plans. Later, our Jon Fortt and CNBC’s Kate Rogers air highlights from their interview with restaurant software maker Toast CEO Chris Comparato, and CNBC’s Kristina Partsinevelos joins with insight on chip stocks following Intel’s annual shareholder meeting and Micron’s investor day. 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 John Fort. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:10.4	We'll see you soon, Morgan. Good Friday morning. Welcome to Tech Check. I'm Carl Kinteneer with your
0:14.2	DeBosa, John Fort and Julia Borson. Got to start with Twitter today. Share is tanking after Elon Musk
0:19.3	tweets his takeover is on hold before later
0:22.3	clarifying his commitment to the acquisition. Where does the deal stand? Is this a live
0:27.3	renegotiation taking place over Twitter? And what does the SEC think? John, a lot of discussion
0:34.0	about whether or not it's a better price for Twitter, whether it's trying to stem the losses in Tesla stock or maybe both.
0:40.7	Maybe all of it.
0:41.6	I mean, the currency that he's paying for Twitter with got weaker, Tesla stock.
0:47.3	And then the comps on Twitter, other internet stocks also got cheaper.
0:51.6	So he's going to buy something for a premium price with a kind of weakened
0:56.9	currency. That's not a great deal. So, you know, maybe he's looking at bots, but I don't think a
1:02.0	lot of people believe he's looking at bots. He knew that bots were a problem to begin with.
1:07.0	It's one of the things that he wants to fix, right, Julia, that's going to make this a gigantic
1:12.5	deal where he's going to grow revenue.
1:15.2	What was it, 5X in just a few years?
1:19.1	Yeah, grow revenue of 5X and also expand that Twitter user base to nearly one billion users.
1:25.5	That was his plan there.
1:26.8	But I think that you're absolutely right
1:28.4	to focus in on the valuation of the company and the differential between the 44 billion
1:33.5	that Musk was going to pay and where the stock closed yesterday. I mean, there was a $9 billion
1:38.6	differential in market cap between where the stock was last night before he sent out that
	...

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