Twitter Adopts Poison Pill Plan, Select Apple Employees Look to Unionize & Rent the Runway CEO Jennifer Hyman on Quarterly Results 4/18/22

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 18 April 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show with Plexo Capital Founding Managing Partner Lo Toney breaking down Twitter’s decision to adopt a “poison pill” shareholder rights plan in the wake of Tesla CEO Elon Musk’s bid to buy the social media giant. Then, Guggenheim Securities Senior Managing Director Eric Mandl weighs in on consolidation in the tech sector, and Wall Street Journal reporter Tim Higgins joins after publishing a new article on Apple’s transition to making chips in-house. Next, CNBC’s Steve Kovach covers employees looking to unionize at Apple’s Grand Central Terminal store in New York City, and CNBC’s Dom Chu looks at how to play the 10-year yield hitting a three-year high. Later, Rent the Runway CEO Jennifer Hyman discusses the e-commerce platform’s performance following its latest quarterly results, and our Carl Quintanilla recaps his interview with Blue Marble Pictures Founder and CEO Theresa Kang-Lowe on the global expansion of Korean cinema.

Transcript

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0:00.0	I'm Julia Borsden, and you're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern, listen in.
0:09.0	Good Monday morning. Welcome to Tech Check. I'm Carl Cantonia with Dear Grubosa, live in Miami today talking some tech renaissance.
0:15.9	Julia Borson is going to talk some Twitter. Plexo Capitals, Lothony, is going to join us for the hour.
0:21.7	John Ford is off today. Today, Elon Musk and the poison pill. What that means is going to talk some Twitter. Plexo Capital's Lothony is going to join us for the hour. John Ford is off today. Today, Elon Musk and the poison pill. What that means for Twitter and what might come next.
0:27.5	Plus, e-commerce hitting a speed bump amid questions about the strategy. We'll talk Outlook with the CEO of Rent the Runway.
0:34.0	And finally, Apple, the best performing fang name since January between a union union push and some supply chain headwinds, will take a deep dive into Cupertino this hour deep.
0:45.5	And Carl Twitter's Musk saga.
0:47.7	Well, of course, that continues over the weekend.
0:49.5	It continues this morning.
0:50.6	The company's board adopting that so-called poison pill plan, Julia Borson,
0:54.8	here with the latest. There was a lot of it over the weekend, Julia.
0:59.8	Yes, there was certainly a lot of speculation over the weekend about what will happen next
1:03.9	after Twitter's board adopted that poison pill on Friday. Elon Musk tweeting Saturday,
1:09.1	Love Me Tender with some notes, hinting that he could
1:13.3	directly appeal to shareholders to sell the company. He also tweeted out, wow, with Jack departing,
1:19.1	the Twitter board collectively owns almost no shares. Objectively, their economic interests are
1:23.6	simply not aligned with shareholders. And Musk, just tweeting out just now, board's salary will be
1:29.7	$0 if my bid succeeds. So that's $3 million a year saved right there. He's, of course,
1:35.5	referring to the board's salaries. Now, what could happen now? The poison pill does give the board
1:41.8	time to find another buyer at potentially, of course, a higher
1:45.5	price. And we don't know what that plan B is that Elon Musk mentioned when he had that
1:52.3	TED interview last week. But he does have a couple of options. So first, Musk could, of course,
	...

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