Musk’s Pay Package Shock, AI Job Jitters, & Starbucks Cold Drinks, Heating Up 01/31/24

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 31 January 2024

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

A Delaware judge has invalidated Tesla CEO Elon Musk's $56 billion pay package, citing the board's failure to prove its fairness and lack of evidence regarding negotiations. Thousands have been laid off across the tech industry, including at Microsoft, Alphabet, eBay, and PayPal. Alex Kantrowitz, founder of Big Technology, considers AI’s impact on the workforce. Starbucks lowered its same store sales forecasts and reported a growth in iced drinks, in its latest quarter. CFO Rachel Ruggeri outlines the company's first quarter, its 2024 outlook, and consumer appetite, abroad and at home. Plus, Nikki Haley is still fundraising from billionaires, and Universal Music Group will pull its music–like that of Taylor Swift and Olivia Rodrigo–off of TikTok. Alex Kantrowitz - 15:10 Rachel Ruggeri - 21:45 In this episode: Alex Kantrowitz, @Kantrowitz Contessa Brewer, @contessabrewer Robert Frank, @robtfrank Michael Santoli, @michaelsantoli Cameron Costa, @CameronCostaNY

Transcript

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0:00.0	Bring in show music please.
0:04.0	This is Squawk Pod from CNBC.
0:07.0	On today's episode,
0:08.0	tech firms like Microsoft, PayPal, Google, eBay, they've laid off thousands, while doubling down on AI.
0:17.4	Big technology founder Alex Cantruitz says the reasoning is not what you think.
0:22.4	This isn't like a moment where you're starting to see AI replace engineers at Google,
0:26.4	absolutely not.
0:27.4	It's more about who can build the new generation of AI technology for us.
0:31.8	Let's make room for them, give them room to run."
0:35.0	And Starbucks stock jumping, even though it missed expectations in its first quarter.
0:39.9	The CFO Rachel Regieri talks cold drinks, all day sweets, and global growth plans for the brand.
0:46.5	Certainly there were some headwinds and specifically in our international market, but despite that,
0:50.8	we opened 10% of our net new store growth came in our international market.
0:55.0	But first, Elon Musk's 56 billion dollar pay plan ruled void,
1:01.0	and the race for president is costing Wall Street's elite.
1:04.5	Billionaires are burning $100 bills at the altar of Nicky Haley.
1:09.6	I'm C. NBC producer Cameron Costa.
1:11.9	It's Wednesday, January 31st,
1:14.3	and Squawk Pod begins right now.
1:16.5	Good morning and welcome to Squawk Box here on
1:22.8	CNBC live from the NASDAQ market site in Times Square. I'm Mike
1:26.4	Santoldi along with Contessa Brewer and Robert Frank. Joe, Becky, and
	...

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