The Windfall Tax; Twitter’s Advertiser Exodus 11/02/22

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 2 November 2022

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Biden Administration is highlighting the record high profits of big oil companies by proposing the implementation of a windfall profit tax. National Economic Council Director Brian Deese calls for gas companies to lower their prices and reduce the high margins they’re charging. However, the proposal for this tax remains controversial as the midterm elections approach. Plus, the Twitter soap opera’s latest episode: Axios’ Dan Primack on Elon Musk’s first few days as Chief Twit – questions of moderation, revenue, verification and keeping advertisers from heading to the door. In this episode: Brian Deese, @BrianDeeseNEC Dan Primack, @danprimack Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Becky Quick @BeckyQuick Zach Vallese, @zachvallese

Transcript

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0:00.0	Bring in show music please.
0:03.0	Hi, I'm C. NBC producer Zach Valise, today on Squawk Pot.
0:10.0	The White House is threatening to tax the record high profits being made by oil companies.
0:15.3	More with the National Economic Council Director Brian Deese.
0:19.2	The President is clear.
0:20.2	What he would like to see is for these companies to actually step up and for example
0:24.5	reduce the historic margins that they're charging.
0:28.5	And as the Twitter turns, can you live without it?
0:31.8	Free speech, fees for verification, a possible advertiser exodus?
0:36.0	We all should want it to work for lots of reasons because you do want to have a town square.
0:40.0	Wow, the tables have turned.
0:41.0	Twitter's new chapter under Elon Musk.
0:43.7	Dan Primaq of Axios joins our three verified tweeters,
0:47.4	Joe, Becky, and Andrew.
0:48.8	Even if every blue checkmark paid $8 a month,
0:51.4	it is very small money compared to what they're currently getting from their big advertisers.
0:55.6	It's Wednesday, November 2nd, 2022. Squack Pod begins right now. First up today on the podcast, the price of oil has come down from its record highs
1:12.0	earlier this year following the shock to the global
1:14.7	supply chain from the Russian invasion of Ukraine.
1:17.7	But the profit for oil companies continue to stay at record high levels.
1:21.9	The Biden administration is highlighting the record high levels. The Biden administration is highlighting the
1:24.2	record high profits. In particular, the president has said that Exxon made more
	...

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