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Squawk Pod

Streaming’s Collapse; Crypto’s Decline & Vegan Jerky 5/12/22

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2543 Ratings

🗓️ 12 May 2022

⏱️ 35 minutes

🧾️ Download transcript

Summary

Bitcoin fell to its lowest in 16 months today, leading a rush out of risk assets, while the collapse of TerraUSD, a so-called stablecoin, underscored the strain on cryptocurrency markets. Bitcoin, the world’s largest cryptocurrency, has lost a third of its value in the last eight sessions. Disney reported stronger-than-expected growth in streaming subscribers across all of its media platforms, but the stock fell today after the company warned it’s still seeing the impact of Covid on its theme parks in Asia. Puck’s Matthew Belloni and Tom Rogers, Engine Media executive chairman and founder of CNBC, react to Disney’s latest quarterly earnings report and the streaming wars. CNBC’s Robert Frank reports how several corporate insiders and executives managed to avoid the tech wreck with big payouts. WeWork’s first-quarter loss narrowed sharply as gross desk sales reached pre pandemic levels with the gradual return of employees in the U.S. to in-person work. Plus, Beyond Meat shares tumbled after it’s jerky launch leads to wider-than-expected losses. In this episode: Matthew Belloni, @MattBelloni Robert Frank, @robtfrank Andrew Ross Sorkin, @andrewrsorkin Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Zach Vallese, @zachvallese

Transcript

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0:00.0

Bring in show music please.

0:04.0

This is Squack Pod. I'm the NBC producer

0:07.0

Zach Valisei.

0:08.0

Today on our podcast.

0:10.0

crypto crush.

0:12.0

Joe, I don't know if you're more of an expert on this.

0:15.0

No, no, no, no, no.

0:16.0

More than 200 billion dollars in value erased in the market sell-off.

0:21.0

So-called stable coins are breaking the buck. Where does that leave

0:24.8

crypto investors? Is there going to be a moment where someone could say conceivably that

0:29.6

the Emperor is wearing no clothes? Disney losing money on streaming pucks. is that the total addressable market for

0:33.0

losing money on streaming pucks Matt Bellany

0:36.0

this was a product of what Wall Street believed in during the pandemic

0:41.0

is that the total addressable market for streaming was going to be

0:44.4

seven, eight, nine, perhaps a billion people that were going to quickly sign up for these

0:49.8

streaming services and pay a premium to do so.

0:52.4

I think that rationale has completely changed.

0:55.2

Those stories, plus We Work says people are going to work in offices, the insiders

1:01.8

who sold off before the market plunge, and beyond me struggling to get beyond

1:07.4

plant jerky.

1:08.4

And I tried it.

1:09.4

You did try it?

...

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