Fed Looks Back to Y2K, Bill Gates vs. Elon Musk & Summer Travel Demand 5/05/22

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 5 May 2022

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks fell sharply Thursday and erased large gains seen in the previous session after the Federal Reserve raised rates by half a point. CNBC’s Steve Liesman breaks down the Federal Reserve’s move – and his role in the initial relief rally. Tesla CEO Elon Musk has lined up additional funding for his takeover of social media giant Twitter, according to a new filing. Meanwhile Bill Gates has warned that Elon Musk could make Twitter “worse” after Musk accused him of shorting Tesla stock last month. Facebook parent Meta is slowing the pace of hiring as it reckons with its weakest revenue growth on record and ongoing business challenges, such as Apple’s privacy changes and the war in Ukraine. Glenn Fogel, president and CEO of Booking Holdings, breaks down the company’s latest quarterly earnings report and summer travel demand. Plus, happy Cinco de Mayo! In this episode: Steve Liesman, @steveliesman Glenn Fogel, @BookingHoldings Andrew Ross Sorkin, @andrewrsorkin Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in show music please.
0:03.0	Hi, I'm C. NBC producer Katie Kramer today on Squawk Pod.
0:08.0	Remember Y2K, the Millennium, the AOL Time Warner merger, the last time the Fed raised rates 50 basis points.
0:15.0	The economy and the country have been through a lot over the past two years
0:20.0	and have proved resilient.
0:21.0	Fresh off an extraordinary pandemic, a key interest rate is up half a percent as the Central
0:26.9	Bank scrambles to fight historic inflation.
0:29.5	And Wall Street cheered.
0:31.3	Powell came forward and said, hey, 50s is what we're going to be doing, but we're not going to be
0:35.8	doing 75s, and I think the market liked the idea that there were some guardwales.
0:41.4	And summer travel ready for takeoff, booking CEO Glenn Fogle.
0:46.0	Travel is coming back and we're all pleased.
0:49.0	We all went through a hard time for two and a half years
0:51.0	with people not being able to travel the way they
0:53.2	wanted to so this is something I think everybody feels pretty good about.
0:56.5	Plus billionaire versus billionaire Musk versus Gates their feud on Twitter
1:01.5	misinformation Tesla and philanthropy.
1:04.0	Elon Musk turned around and said, well, if you're short Tesla,
1:07.0	I can't really talk to you about philanthropy and anything else
1:09.0	because I don't believe that you could possibly actually be interested in climate change.
1:15.0	It's Thursday.
1:16.3	Wait a minute, is it?
	...

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