Please pray for my pal
@DavidLat
. He is only 44 years old. He is a brilliant mind and a kind soul. All of us are pulling hard for him right now.
#COVID19
#StayAtHome
There is a financial literacy epidemic in America.
Quick lesson: NYC wasn’t handing cash to Amazon. It was an incentive program based on job creation, producing tax revenue.
There isn’t a $3 billion pile of money that can now be spent on subways or education.
I’m terribly distressed by the disappearance of journalist Jamal Khashoggi and reports of his murder. I will no longer be participating in the Future Investment Initiative in Riyadh.
I remember this morning very well. I had spoken to
@elonmusk
by phone earlier and written a column in
@nytimes
for that morning and then went on the air with the news. The truth is I thought the comp plan was the most “skin in the game” in history. I still do. I have criticized…
@elonmusk
@alex_avoigt
Here's how CNBC broke the news when the Tesla board announced the new 2018 CEO Compensation Plan on January 23, 2018, when Tesla was trading at a $59B market capitalization. 🔊🍿
@andrewrsorkin
called it:
"dare I say crazy"
"perhaps the most radical compensation plan in history"…
Reminder:
@SouthwestAir
accepted $3.2 BILLION from taxpayers. That money kept its pilots employed during the pandemic. It also made
@SouthwestAir
the first airline to post a profit. And now, apparently, many of those pilots don’t want to help society by getting vaccinated.
Last month I wrote an open letter to the CEO of
@Walmart
about ending gun violence. I got an email that day from
@LEVIS
CEO Chip Bergh that it got him “thinking” about what more could be done. Today, he got 145 CEOs to do this:
The long term impact of $AMC + $GME isn't about what happens to these companies or their stocks. It is about the public, which views the stock market (and economy) as something that is manipulated and not trusted.
I've been working on this NYT project for months: Many of the deadliest mass shootings in the US were carried out by killers who used credit cards to buy high-powered weapons+ammunition that they couldn’t otherwise afford. No one was watching.
My open letter to Walmart's CEO:
You, singularly, have a chance to use your role as CEO of the country’s largest retailer to change the way guns are sold in America to prevent massacres like the one in your El Paso store.
With apologies
@MelanieWhelan1
, level with customers. Mr. Ross has a controlling stake in
@soulcycle
. He is not a passive investor by any definition. Which means your profits are his profits. He's using his profits to support Trump. That's the reality.
It is a bailout. Not like 2008. But it is a bailout of the venture capital community + their portfolio companies (their investments). That’s the depositor base of SVB. It is the right thing to do in the moment, but there will be ramifications + new regs. VC’s should say thank you
Just brought my child to an urgent care center because she had a fever and I wanted to get her checked out. The doctor, nor the nurses, wore any masks. “Why would we mask if we are vaccinated?” the nurse told me. I was dumbfounded. I turned around and walked out.
My 10 year old son just asked me, “If I make money, why do I have to pay tax?” I said because everybody does. He replied: “But no taxation without representation. And I can’t vote at my age.”
Me to my 9 yr old: “We need to build some structure into your days.” Him to me: “Dad, the world is falling apart. There is no structure. These are very stressful times.”
I am so moved by the words of
@KillerMike
. I’ve watched and rewatched this. It is worth watching in its entirety no matter your politics, race or anything else. None of it should divide us.
#Together
Sad personal news: My grandmother, Lilly, at age 102, has passed away. I have celebrated her birthday on here for many of years + a bunch of you have been kind to keep in touch about how she was doing. She lived an awesome life and taught me so much.💔
My kids just played a pretty sophisticated April Fools joke on me + I totally fell for it. They sent me this email from Roblox saying my credit card was charged $1,000. I ran into their room with steam coming out of my ears. I was punk’d. Nice going, kids.
A lot of folks have been asking if I would still be interviewing
@SBF_FTX
at the
@nytimes
@dealbook
Summit on Nov 30…
The answer is yes. 👇
There are a lot of important questions to be asked and answered.
Nothing is off limits.
Looking forward to it…
We all want K-12 to reopen safely in fall. To do so, why is there no conversation about devoting federal funds to create mandatory regular testing at schools+provide significant PPE for teachers? Even assuming kids are low risk, it would protect teachers+communities+help economy
There’s been a lot of emotions and analysis about Biden’s projected win this morning. But of everything I’ve watched, this struck me as the most raw and honest moment...
On my run through Central Park this morning, I made a point of saying “Good morning!” to every person I encountered.
I encountered 355 people.
128 said “Hello” or “Good morning” back.
41 gave a head nod
186 didn’t acknowledge
(165 wore headphones, some whom did reply)
Fact check: This is misleading, if not inaccurate. 1) JPM took a $25B loan from Treasury because the govt insisted; it didn’t want it + paid it back. The Senator then conflates $391B of loans from Federal Reserve as taxpayer money, which it traditionally would not be considered.
I was just on the phone when this question came up: If a state decides to prematurely lift rules against the guidance of CDC, should it be eligible to receive federal help if it later needs it as a result? Discuss...
Several years ago, I went to a fancy dinner and when I arrived, I was told they were moving my seat to put me next to a big-name politician. They said he wanted to meet me. I said, “Really?” When I sat down, the politician said, “I loved The West Wing.” 🤦🏻
"Biden's beef with
@elonmusk
seems to be a big missed opportunity — politically....He has helped turn the most famed entrepreneur of our time, even if erratic, from being a Biden supporter — Musk voted for him — to a vocal backer of Republicans."
Jeopardy! episode last week:
Alex Trebek: “Any family members back home cheering you on?”
Contestant Burt Thakur: “I learned English because of you. My grandfather who raised me...I used to sit on his lap and watch you every day.”
When people lose money, lots of money, they don't blame themselves. They blame others. They blame the system. I've been trying to raise questions about the system. But right now, nobody is interested because there is too much money to be made. Until there isn't.
The responses here are crazy. Vaccinated people can transmit COVID. Especially Delta. CDC says medical facilities are REQUIRED to mask. NY requires masking (where the urgent care was — btw so does Broadway or US Open) Kids under 12 aren’t vaccinated. We went to different doctor.
My two cents:
@Apple
Vision Pro is the future. It is likely a game changing, historic moment. But it is super pricey. If you can afford the future now, you’ll buy it. If you can’t, it’ll be even better (and lighter!) if you wait into the actual future. Either way, the future is…
"What put my life on a different trajectory was that someone intervened to give me an opportunity to close that opportunity gap," says
@Merck
CEO Ken Frazier. "We're not asking people to give everybody handouts but we need to acknowledge that there are huge opportunity gaps."
When your kids surprise you on your birthday at work...Thanks to them, my wife,
@JoeSquawk
,
@BeckyQuick
and the
@SquawkCNBC
producers for making my morning!
Teachers, whose entire professional mission is to educate and keep kids safe, won’t require the vaccine among themselves. (This after the union didn’t want teachers in the classroom for nearly a year.) Let that sink in.
@the_transit_guy
The plane was likely just being “repositioned” — as in the plane was sitting at one airport and then was moved to a different airport to pick up its passengers. This happens all the time. Planes often sit at a less busy airport and then fly to another one close by.
Just learned an amateur paparazzi took my pic while I was eating OUTDOORS nearly 6 weeks ago (10/27) when COVID positivity rate in Manhattan was 1.07%. (I refused to sit indoors nor in tent behind me. ) It isn’t hypocrisy; it’s consistency.
#Science
#StayHealthy
This is, far and away, the best shareholder letter I've ever read. I don't say that lightly. It is
@JeffBezos
' last as CEO of
@amazon
. Read it until the very end. There are some real and profound lessons in there.
This is laughable. The traditional banking system services billions of people transacting billions of times a day.
#Bitcoin
uses half the energy with a fraction of the utility. cc:
@novogratz
.
A missed Q for Zuck: When a user uploads a pic or video, what kind of machine learning and AI is used to tag it? Walk us through it step by step. How are those tags then used to build a social graf for advertisers and internal purposes?
I have no interest in protecting hedge funds or the system. It needs reform and I’ve argued for various regulations for years. My only interest is helping protect investors who can’t afford to lose. While many are very sophisticated, others aren’t. Be careful out there.
I’m headed to Davos. I know, I know. Before you say it is a global cabal seeking profits for the elite, let me say this: Is everyone there self-interested? Yes. Emphatically, yes. But…I don’t know anywhere else that you can put all of these self-interested people, representing…
.
@lloydblankfein
, a critic of Trump, said: “For Wall Street, it was lower taxes, less regulation. He was delivering what ‘we’ wanted. We put a clothespin on our nose. We weren’t ignorant of the kind of risks we were taking. We repressed them.”
Disgraceful. Tell that to the families of the nearly 100,000 who died and in many cases couldn’t even pay their respects in person because of this virus.
@andrewrsorkin
Is it really 100,000? —How is it possible New York City’s death rate is 10 times higher than the rest of the country—Flu deaths in this country went to zero over the last two months. — Yeah —but poignant headline —Fear sells
Warren Buffett said the $137 billion he had on hand “isn’t all that huge when you think about worst-case possibilities.”
Let that seep in.
My
@nytimes
column...
Trying to understand Bitcoin's price movements this weekend...If it is, as Bitcoin bulls believe, a store of value, during a war, wouldn't it be a considered safe haven? And if it is a hedge against inflation, wouldn't buyers rush to it out of fear that countries will spend more…
I've been arguing for a tax structure that incentives long term investing for more than a decade. So I'm with you,
@chamath
. One distinction: I'd include an AMT, so the wealthiest aren't paying lower rate than their secretary, as Buffett says.
Buffett once said: “It’s not about timing the market, it’s about time in market.”
There should be a step down in capital gains tax for individuals as they hold stocks. 20% per year decrease in cap gains tax. 0% after a five year hold period.
Incentivize long term behavior.
My
@nytimes
column: As companies "pause" donations to candidates, they should consider making their halt permanent. The donations undermine credibility. The money is seen as a bribe for legislation and the legislation is seen as a favor in return.
The First Amendment does not require printers to print every newspaper, cable services to carry every channel, book publishers to publish every book. It protects your right to stand on the corner + say what you want, assuming you’re not calling for a lawless action.
#parler
"Andreessen Horowitz is investing about $350 million in Flow....the largest individual check Andreesen Horowitz has ever written in a round of funding to a company, values Flow at more than $1 billion before it even officially opens its doors."
Reminder: ByteDance originally was going to make
@Microsoft
its “tech partner” (cloud host) w/minority interest early this summer. Trump administration said ByteDance needed to sell full control of US biz. Now Trump is discussing accepting “tech partner” deal w/
@Oracle
? C’mon.
Sad to report that Arne Sorenson, CEO of Marriott, has passed away. He had been battling pancreatic cancer since May 2019. He created the modern day Marriott and acquired Starwood hotels. He also happened to be a very good guy.
An exhausting week of work + virtually no sleep is an obvious reminder: Sleep is everything. When I don’t sleep, I’m too tired to exercise and I eat junk to keep my energy and focus, often to no avail. It is a vicious cycle.
#getsomerest
#sleep
American business has succeeded because we have been a nation of laws, and a democracy that the world believed in. If that democracy + its laws are not defended, the environment that has allowed American companies to prosper will no longer be a sure thing.
I covered the financial crisis + I watched all the finger pointing in its aftermath. The blame was on the banks. It was uncouth to raise the idea that some regular folks made mistakes or speculated. When $GME music stops, watch the people on here pumping it blame someone else.
Most will focus on the video of Serena and the chair umpire, but this video in which
@serenawilliams
displays incredible sportsmanship is the one I will show to my daughter when she is older. Class.
#USopen
Breaking News: Howard Schultz will leave
@Starbucks
at end of month. End of era. Says he will consider “public service” among options. Speculation will mount about 2020. I’m going on
@CNBC
NOW to discuss. Read my story here:
What do you think of this? Reasonable? Unreasonable? Please leave comments in the replies. Looking for a constructive conversation about solutions that acknowledges the current system isn’t working.
Full recordings of
@andrewrsorkin
interviewing Kamala Harris, the president of Taiwan, Elon Musk, Bob Iger and others at the DealBook Summit are now available:
Re: encouraging "herd immunity," there is evidence that even mild cases are resulting in long term lung damage. We won't know until more studies. But it should be a risk factor added to the equation of reopening before we have testing + ppe at scale.
Fascinating statistic from
@ezraklein
: "The Senate is split 50-50, but the 50 Democrats represent more than 41 million more Americans than the 50 Republicans." He says, "This is not a good system."
As
@Tesla
's market cap passes $1 trillion today, I keep thinking about everyone (including myself) who thought
@elonmusk
's attempt to take the company private at $420 a share was an act of insanity. Instead, it would have been the deal of the century. He knew.
#fundingsecured
My essay in today's
@dealbook
: "Important questions must be asked about business leaders who enabled Mr. Trump and, in turn, share some degree of responsibility for the disgraceful acts that took place in Washington yesterday."
In 2015, I interviewed
@elonmusk
and
@sama
together on stage, in part, about AI just as
@OpenAI
was being formed. Here’s how they thought about AI then:
I genuinely want to learn. Please explain this: After the financial crisis, media was blamed for not blowing whistle loudly enough ahead of time to protect "public." Now, media cautions about $GME mania to try to protect "public" and is told public doesn't need protection.
This is what leadership looks like. It is hard. And this bank and its president Clark Lauritzen will get blowback. But it is an important first step. Will
@Visa
+
@Mastercard
step up and go further?
Ed Asner was the greatest. I had the deep privilege of working with him briefly when he played Warren Buffett in Too Big to Fail. He was so kind and funny.
#EdAsner
RIP
What do you think about creating a simple test to be an "accredited investor" rather than based on wealth? Sort of like a driver's license? Creates a fairer system and ensures everyone involved has financial literacy and understands risks.
@andrewrsorkin
@chamath
Let’s also lift Accredited Investor limitations so that anybody can participate and invest in the wealth creation of startups. Today these rules restrict access to some of the most profitable investment opportunities to those who are already wealthy.
CCIV SPAC is currently down 32 percent on official news of deal w/ Lucid. It pains me to see investors lose money, especially retail. But that’s what was alway going to happen. This speculation game is just that. Maybe it will turn into a good long term investment? Let’s see.
I will be ridiculed for this position: Until airlines start advertising crying babies in first/business class next to someone trying to work or sleep rather than the ads we see of serenity, I can’t support kids up there. I say this as a parent of three!
I got an email from Walmart’s CEO midday today. It was his plan to step into the debate on guns. Other CEO’s should follow his example. My latest column:
I would love to do away with subsidies for businesses, but the reality is they exist. Unlike many sweetheart deals, the one for Amazon was well crafted and would have created meaningful jobs and revenue for NYC.
👏👏👏This is huge. This is exactly what I argued all companies should do in my column earlier this week. Leadership is being demonstrated at
@CharlesSchwab
. Hope others are watching.
Charles Schwab is discontinuing its PAC. It will donate all remaining funds to The Boys & Girls Club of America and Historically Black Colleges and Universities.
Will others follow?
Breaking News: 145 chief executives of some of the nation’s best-known companies will send a letter to all members of the Senate to call on them to take action on gun violence.
Coming up tonight in 50 min....I will be speaking with
@RobinhoodApp
CEO Vlad Tenev live on
@CNBC
at 6:50pm ET...Any questions for him? Put them in the replies.