Tech Gives Back This Week’s Gains, Elon Musk Offers to Buy Twitter & A Deep Dive into Crypto Crime 10/5/22

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 5 October 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Our anchors begin today’s show with Bespoke Investment Group Co-Founder Paul Hickey and Crossmark Global Investments CIO Bob Doll weighing in on what to expect from valuations and a potential recession. Then, MoffettNathanson analyst Sterling Auty offers his outlook for the software sector. Next, CNBC’s Robert Frank and Wharton School of Business Professor Americus Reed break down Elon Musk’s offer to go through with his purchase of Twitter. Later, CNBC’s Kayla Tausche reports on President Biden’s response to OPEC cutting oil production targets, and CNBC’s Kate Rooney takes a deep dive into crime across the crypto industry. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0	I'm Dear Drabosa and you're listening to CNBC's Tech Check.
0:03.5	Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:07.8	Good Wednesday morning. Welcome to Tech Check. I'm Carl Ketania with John Fort and Dear Drubosa.
0:11.9	Today, yet another volatile day for markets as tech gives back those gains.
0:16.5	Nasdaq's now down more than 2% and continuing to fall.
0:20.2	Why one strategy just says it's time to get bullish as others warn a recession could still be ahead
0:24.6	Plus a lot more on musk's big capitulation and what that means for the man Twitter and the banks this hour and finally your valuation is wrong that's Moppets take on the software names this week. I've got the analysts behind that
0:37.7	call later on in the hour, John. You have a call before we get to the markets and tech's pretty big
0:44.1	fall today, not as big as it's rides over the last couple of days. Let's start with Elon Musk and
0:49.1	Twitter. Musk agreeing to buy the company for that original offer price of 5420 a share.
0:55.8	Just days before his scheduled trial, he is scheduled to give a deposition tomorrow.
1:00.7	This comes after a drawn-out legal battle that has been giving the world a glimpse of his
1:05.4	texts, particularly over the weekend.
1:08.5	Twitter stock soared more than 20% into the close yesterday on this
1:11.7	news.
1:12.7	But even if the deal goes through, a lot of questions about the business story still remain.
1:17.3	How is Elon Musk going to make money in this broader ad slowdown?
1:22.0	How is he going to secure financing?
1:23.8	As banks face the prospect of hefty losses on debt for the deal and what exactly
1:29.2	this means for his brand and for Tesla's brand.
1:32.7	The highest margin product in Elon Musk's portfolio is the brand of Elon Musk as this sort
1:39.3	of wise cracking billionaire genius kind of this generation's Tony Stark.
	...

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