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Squawk Pod

Regulation Nation: Twitter’s Data Dilemma with Ajit Pai, & Robinhood’s Revenue with Jay Clayton 6/9/22

Squawk Pod

CNBC

Investing, Business News, News, Business

4.2543 Ratings

🗓️ 9 June 2022

⏱️ 30 minutes

🧾️ Download transcript

Summary

Robinhood turned millions of people into retail traders, but now the app’s business model may be in jeopardy as the SEC eyes a plan to crack down on Payment For Order Flow, a practice crucial to its revenues. Jay Clayton, former Chair of the SEC, weighs in on how the SEC’s agenda could transform the stock market. Twitter has agreed to comply with Elon Musk’s demand for access to the platform’s data stream. Former FCC Commissioner Ajit Pai, breaks down what more Musk will ask for, and openings for the Tesla CEO to still walk away from the deal. Plus, in China, the Ant Group IPO may be back on track. In this episode: Ajit Pai, @AjitPai Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Andrew Ross Sorkin, @andrewrsorkin Cameron Costa, @CameronCostaNY

Transcript

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0:00.0

Bring in show music please.

0:02.6

Hi there, I'm C.M.C. producer Cameron Costa.

0:07.4

Today on Squackpot, a journey through regulation nation.

0:11.4

First, the deal on everyone's mind, how far the Twitter board is willing to go to accommodate

0:17.4

Elon Musk's demands and how negotiations are affecting shareholders.

0:21.8

Former chair of the Federal Communications Commission,

0:24.0

Agit Pie.

0:25.0

This is a very important step forward

0:28.0

in terms of Twitter giving information

0:30.0

and must getting information,

0:31.0

but it's certainly not the end of the conversation in terms of the quantum of information

0:34.6

that Musk is presumably going to want.

0:37.1

Then the SEC's regulatory agenda, eyeing a shift for Robin Hood profits by taking on the payment for order flow model,

0:45.1

former SEC Chair Jay Clayton.

0:47.3

Regulation is almost always an existential threat to businesses.

0:50.8

That's why we do these things in an open and deliberative way.

0:55.1

And finally a look abroad. China's crackdown on Big Tech may finally be waning, which means

1:01.0

an opening for one giant IPO.

1:04.0

We're big, we're powerful, we're widespread, we're ant group.

1:07.0

Ant groups are strong.

1:08.0

They are already strong for their size.

1:10.0

They can lift it amazing about them.

...

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