FTX Makes First Appearance in Bankruptcy Court, Chainalysis CEO Michael Gronager on Crypto Turbulence & New Disney CEO Bob Iger Announces Restructuring Plans 11/22/22

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 22 November 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show with CNBC’s Eamon Javers reporting on FTX’s first-ever appearance in bankruptcy court. Then, Baird analyst Will Power and Mighty Capital Founding Managing Partner SC Moatti join with their outlook for the software sector, and blockchain data platform Chainalysis CEO Michael Gronager joins to discuss FTX’s collapse. Next, we take a deep dive into the return of Disney CEO Bob Iger with our Julia Boorstin and Cowen analyst Doug Creutz, and CNBC’s Kristina Partsinevelos covers inventory concerns for chipmakers. Later, CNBC’s Frank Holland breaks down headwinds for UPS and FedEx as e-commerce volumes and consumer demand soften.

Transcript

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0:00.0	I'm Deer Jrabosa and you're listening to CNBC's Tech Check.
0:03.5	Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:09.2	Good Tuesday morning. Welcome to Tech Check. I'm Carl Kintania with John Ford and Dear Gehobosa.
0:13.5	Today, a lot more on tech's biggest stories and how to trade them today, from Dell to Zoom to Disney and more.
0:19.7	But first, FDX executives taking to a Delaware courtroom for their first ever appearance before a bankruptcy judge.
0:26.5	Our Eamon Javries is live on the scene there this morning. Morning again, Eamon.
0:31.4	Yeah, good morning to you, Carl. They are starting here just in any moment now here in Wilmington, Delaware with this bankruptcy of FTC.
0:37.0	We just saw a gaggle of attorneys heading in here. The billable hours are going to be impressive on this one
0:42.5	based on the number of attorneys who showed up for this hearing so far today. We'll see where we go
0:47.1	with this today and whether we learn anything more about FTX's assets and who all the creditors are.
0:54.1	What we know so far is that FTX owes the creditors
0:57.0	at least $3 billion. They could have over a million creditors involved in this bankruptcy
1:03.2	before all is said and done. They've identified 216 bank accounts across 36 banks, which have
1:09.2	positive balances. So there is some room for optimism here
1:13.8	for some of the creditors. The company said over the weekend that there are some of the assets
1:17.7	are solvent inside some of the sub entities that are inside FTX. So there's a lot of unpacking
1:24.4	to do here. We just saw a bunch of filings hit the docket here in this case.
1:29.2	Just within the past couple of minutes, we're going to start pouring through those, and they're
1:32.3	going to get underway here inside momentarily as well. And the big question on everybody's mind is
1:38.8	how much money does FTX ultimately owe, and who does it owe that money too? Those answers, we might get the
1:46.6	beginnings of those answers today, but nobody is expecting to know the entire picture by the time
1:51.0	this hearing is over this afternoon, guys. Back over to you. All right. Amen Javers, thank you. And now
	...

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