Today’s Tech Stock Carnage, Facebook Whistleblower Identity Revealed & Facebook’s Global Head of Safety Antigone Davis Speaks Out

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 4 October 2021

⏱️ 54 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors kick off the morning with CNBC’s Mike Santoli on today’s market sell-off as we come off of a weak September. Then, Wedbush Securities’ Joel Kulina joins to give his take on the market, including his thoughts on supply chain issues, social media stocks and more. Next, we cover the Facebook whistleblower Frances Haugen who revealed her identity last night and New York Times Columnist Kara Swisher joins to share her thoughts on Facebook’s fallout. Also, we have Former Cisco Systems CEO John Chambers with his take on the market, including his thoughts on the situation in China, which he says “remains lose-lose.” Plus, we hear from Facebook Global Head of Safety Antigone Davis ahead of whistleblower Frances Haugen’s testimony tomorrow in front of the Senate Commerce Subcommittee. We also have Northman Trader Founder Sven Henrich for more on today’s sell-off. And later, CNBC’s Phil LeBeau is here with the details on Tesla’s deliveries for the third quarter released over the weekend. 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 Carl Kintania. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern.
0:05.9	Listen in.
0:07.0	Happy Monday. Welcome to Tech Check. I'm John Ford with Carl Kintania and Julia Borsden.
0:11.8	Today, the NASDAX's Red October, at least to start, more than half of the stock in the index, are at least 20% off.
0:19.0	Is now the time to reset in tech.
0:21.9	And then leading the charge lower amid this tech sell off with another social media name
0:27.1	caught up in the downturn.
0:28.7	A breakdown of the whistleblower's 60-minute secrets next.
0:32.4	And later, Tesla goes the other way, why strong deliveries and a tweet from Kathy Wood
0:36.7	are having an impact on
0:38.5	that stock today, which you can see up, Carl, about 2%.
0:42.6	John, that tech selloff is where we'll begin this morning.
0:45.2	Facebook, social media names, and most of broader tech are down big this morning.
0:49.6	NASDAQ dropping more than 2% today.
0:52.0	Mike Santoli has a lot more on the sell-off.
0:53.9	Mike?
0:59.1	Carl, I think it's best viewed as part of this ongoing, kind of painful reset in the market. Just the weight of the large-cap growth stocks continues to be the main story recently
1:05.1	as you have this messy rotation transition. When we go down in price in the S&P, you also go back
1:10.0	in time. One element of that reset, we're trading at levels in the S&P, you also go back in time. One element of that
1:11.4	reset, we're trading at levels in the S&P we first reached in late June. So you got three months
1:15.9	worth of upside, essentially kind of wiped away for now and essentially retesting those mid-year
1:22.0	levels. Take a look at the NASDAQ 100 ETF against what you would call the typical stock in the Russell 1000.
	...

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