FTX Denies Robinhood Acquisition Rumors, A Look at the Fintech Consolidation Landscape & Big Tech Pushes Back Against Anti-LGBTQ Legislation 6/28/22

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 28 June 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors start today’s show covering the rumors that crypto exchange FTX might be looking to buy trading platform Robinhood, with insight from CNBC’s Kate Rooney and Slow Ventures General Partner Sam Lessin. Then, Bain & Company Partner Michael Cashman offers his perspective on the broader consolidation landscape in fintech, and Jefferies analyst Brent Thill joins to discuss his upgrade of cloud computing firm Snowflake. Next, our Julia Boorstin looks at catalysts sending Disney shares higher, and Wedbush Securities Head of Equity Trading Sahak Manuelian shares his outlook for tech amid the ongoing volatility. Later, CNBC’s Steve Kovach reports on big tech names pushing back against anti-LGBTQ legislation. 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 Carl Kintanilla. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:09.1	Good Tuesday morning. Welcome to Tech Check. I'm Carl Kintanilla with your Gerbosa and John Ford. Today, snow keeps accumulating. An avalanche could be in the distance. One Wall Street firm, again, upgrading Snowflake. We'll talk to the analyst behind the call today as valuations continue to plummet who are the
0:24.8	next M&A targets the sour will break down some names in the online retail
0:29.0	space that may be on sale and speaking of MNA FTX CEO Sam Bankman-Fried
0:34.9	denying reports the companies looking to buy Robin Hood.
0:38.0	That stock up 14 yesterday.
0:40.6	It's actually where we'll start this morning with Kay Rooney, who's got the latest.
0:43.6	Kate?
0:44.4	Hey, Carl, that's right.
0:45.3	Sources I've been talking to are skeptical of an outright deal between FTX and Robin Hood,
0:49.5	but there is some strategic rationale or we could end up seeing a partnership model.
0:54.0	Another CEO in the
0:55.5	industry telling me the cost of acquiring customers, especially in the U.S., has roughly
0:59.8	tripled from around $60 back in 2020 to $250 per customer. The revenue per user, meanwhile,
1:07.7	has roughly stayed the same. Robin Hood has more than 22 million customers,
1:12.1	so buying Robin Hood may be a cheaper way for FTCS to get those customers.
1:17.1	Sam Bankman-Fried, meanwhile, has been on a deal spree and is moving FTCS into equities as well.
1:22.2	The company acquiring a smaller brokerage startup, we've reported on some of the ambitions there.
1:26.9	He also gave two
1:28.2	emergency loans to crypto companies, BlockFi and Voyager. It comes as the price of Bitcoin has fallen
1:34.5	roughly in half, and trading volume of Coinbase and Robinhood we've seen really fall off sharply
1:39.5	this year. FTX is likely seeing the same slowdown, and that calls into question whether FTX could afford
	...

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