President Biden’s Executive Order Aimed at Big Tech, Benchmark General Partner Bill Gurley on Instawork’s Latest Funding Round & Exclusive Interview with SiriusXM CEO

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 9 July 2021

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

CNBC’s Ylan Mui joins our anchors this Friday morning to cover the details of President Biden’s executive order targeting anticompetitive practices in Big Tech among other sectors. Then, Inside.com Founder and CEO Jason Calacanis joins to discuss the impact of this latest antitrust action. Calacanis, an early Robinhood investor, also shares his thoughts on Robinhood’s upcoming IPO. Next, FTC Commissioner Noah Phillips is here to further break down President Biden’s executive order and discuss antitrust regulation at large. Later, Benchmark General Partner and Instawork Investor Bill Gurley is here with Instawork CEO Sumir Meghani to discuss the company’s latest funding round. Gurley also shares his thoughts on the recent crackdown on tech companies in China. Plus, SiriusXM CEO Jennifer Witz joins CNBC’s Julia Boorstin in her first interview since taking the CEO role on January 1st. Then, CNBC’s Kate Rooney covers the performance of meme stocks and crypto, which headed in opposite directions over the past month.

Transcript

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0:00.0	I'm Deerreboza, and you're listening to CNBC's Tech Check.
0:03.5	Our show is live weekdays at 11 a.m. Eastern to Tech Check. I'm John Fort with you as for both.
0:28.7	Carl's got the morning off again. Coming up on the show today, President Biden moves to curb big tech's power.
0:35.3	We'll speak with a Trump-appointed FTC commissioner who opposes the measures.
0:40.0	Plus, benchmark Bill Gurley making another big bet on the gig economy.
0:43.6	And then an exclusive with the new CEO of Sirius XM, her first broadcast interview since taking over the job.
0:51.2	John, we'll start with big tech and movement on regulation.
0:53.9	President Biden signing an executive order aimed directly at the biggest tech companies.
0:58.5	Elon Mui has more.
0:59.6	Elon.
0:59.9	Break it down for us.
1:02.3	Well, Deirdre, basically the White House wants regulators to flex all of their muscles as they ramp up scrutiny of the big tech companies.
1:09.4	Now, the executive order does encourage the agencies to think about not just price and antitrust
1:14.8	cases, but also how privacy and data collection can be affected.
1:18.2	The administration also wants the FTC and the DOJ on guard against things like serial mergers
1:24.1	and so-called killer acquisitions of big tech's budding competitors.
1:30.2	Those platforms are absolutely right.
1:31.9	Have brought innovation to our economy and improved services.
1:37.9	They've also created significant problems, problems for users in terms of their own privacy and security,
1:43.5	problems for small businesses in terms of their own privacy and security, problems for small
1:44.3	businesses in terms of entering markets.
1:48.2	Now, in addition, the White House is calling on the FTC specifically to write new rules
	...

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