Facebook Joins the $1 Trillion Club, Didi’s Upcoming Market Debut & Former CISA Director on Cybersecurity Concerns

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 29 June 2021

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors kick off this morning with the story on Facebook hitting a $1 trillion market cap after dodging the FTC’s antitrust complaint. We bring in Former Facebook General Counsel and Chief Privacy Officer Chris Kelly to further discuss what the antitrust dismissal means for Facebook and big tech. Then, Former Uber SVP Emil Michael joins to speak about the highly anticipated Didi IPO set for tomorrow. Also, Cathie Wood ramps up her Bitcoin ambitions with an SEC filing for a new Bitcoin ETF. Later, Former Google Executive and Neeva CEO Sridhar Ramaswamy is here to discuss his company’s ad-free search engine, which directly competes with Google. Plus, we have the scoop on Etsy’s latest acquisition driving the stock price up 7 percent yesterday. Also, CNBC’s Leslie Picker joins live from the Aspen Ideas Festival to interview Former CISA Director Chris Krebs on cybersecurity amid an uptick in ransomware attacks this past year.

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.
0:07.9	Good Tuesday morning and welcome to Tech Check. I'm Deirdreboza with John Fort, Carl
0:12.0	Kintinia and Julia Borsden. Today, Facebook hits a trillion dollar market cap and dismisses
0:17.6	FTC antitrust concerns. Then Kathy Wood and Crypto, why ARC is looking to launch its own Bitcoin ETF.
0:24.6	And finally, it is the biggest IPO of the year, what to expect from the DD debut tomorrow.
0:29.6	D all against the backdrop of some more record highs.
0:33.6	NASDAQ just dipping into the red a moment ago, but currently up one point after hitting yet another all-time high along with the S&P yesterday.
0:41.3	In fact, the S&P is shooting for five straight gains. We haven't done that since March.
0:46.3	Tech stocks continue to lead the charge in June, John, as a lot of these charts have found some new life.
0:52.3	Speaking of tech stocks, we begin with Facebook,
0:54.8	hitting a trillion-dollar market cap,
0:56.5	becoming the fifth company ever to do that.
1:00.0	And it got a boost there after a judge dismissed the FTC's complaint
1:03.2	and state antitrust cases against the social giant.
1:06.3	Stock easing off this morning after yesterday's afternoon,
1:08.7	surge before the close and now off those highs.
1:12.2	Julia, what seems to me to be most interesting here is this sort of warning shot toward the
1:19.6	authorities out there coming after Big Tech that if you're going to accuse them of being
1:23.8	monopolies, you'd better clearly define what the market is. And I see implications for cases
1:30.0	against Apple, Amazon, on down the line. There are broad implications here, John, but I think
1:37.0	you're absolutely right. What's so crucial here is that while the state AG's case was dismissed,
	...

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