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Speaker 1: Live from the Bloomberg Interacted Berger Studios. This is Bloomberg

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Speaker 1: day Break for Tuesday May seventy two. Coming up this hour,

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Speaker 1: stocks rise, ahead of key retail sales data and earnings

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Speaker 1: from Walmart and Home depon new developments this morning, and

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Speaker 1: Elon Musk's pursuit of Twitter, where Buffett changes banks will

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Speaker 1: explain and they send moves to a passage of forty

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Speaker 1: billion dollars in aid to Ukraine. President Biden heads the

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Speaker 1: Buffalo today following Saturday's deadly mass shooting. Plus New York

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Speaker 1: City's health chief urgess people to mask up. I'm Michael

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Speaker 1: blarn More. Ahead, I'm John Stashdow and sports. The Yankees

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Speaker 1: stay red hot with an easy win in Baltimore. The

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Speaker 1: Islanders have hired a new coach. That's all training. Ahead

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Speaker 1: on Bloomberg Daybreak on Bloomberg eleven three, on New York,

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Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,

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Speaker 1: Bloomberg nine sixties and Francisco Sirius x M one nineteen

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Speaker 1: and around the world. Old on Bloomberg Radio dot Com

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Speaker 1: and via the Bloomberg Business App. Good morning, I'm John

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Speaker 1: Tucker and I'm Karen Moscow in US Dock Index futures

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Speaker 1: are on the rise this morning. We're coming up to

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Speaker 1: five out one on Wall Street, and we check the

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Speaker 1: markets every fifteen minutes throughout the trading day. On Bloomberg

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Speaker 1: right now, SMP futures about fifty seven boys. Douth futures

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Speaker 1: have three five NASDACK futures have two hundred forty three

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Speaker 1: ten year treasury down nine thirty seconds, held two point

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Speaker 1: nine one percent, and they yield on the two year

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Speaker 1: two point six zero percent. John and Karen. The rise

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Speaker 1: and futures follows a late day sell off on Wall Street.

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Speaker 1: The tech of the NAZAC was hard as say, falling

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Speaker 1: more than one percent. New York State manufacturing activity unexpectedly

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Speaker 1: contracted at May. And that's the concerns of slowing growth

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Speaker 1: recession of years are real. According to Voyas in your

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Speaker 1: portfolio manager Barbara Reinhard, we think that the world is

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Speaker 1: going to go from worrying about inflation to worrying about

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Speaker 1: the recession probably in just a few months time. So

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Speaker 1: we think that this is the very beginning of the

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Speaker 1: worries that we see happening for the for the economy.

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Speaker 1: Will the Investment Management's Barbara Reinhardt made the comments on

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Speaker 1: Bloomberg Business Week her weekdays from two to five pm

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Speaker 1: Eastern on Bloomberg Radio. Meantime, John Cash is king. That's

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Speaker 1: according to the latest Bank of America Fund Managers survey,

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Speaker 1: which shows cash levels among investors hit the highest level

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Speaker 1: since September of two thousand one. Stankflation fears are the

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Speaker 1: highest and fourteen years investors see hawkish central banks is

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Speaker 1: the biggest risk, followed by a global recession, and speaking

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Speaker 1: in central banks, we could get more clues on the

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Speaker 1: path of interest rate hikes. Six FED officials speak at

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Speaker 1: events today. The highlight comes this afternoon when the Fed

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Speaker 1: shair j. Pale's interview for a live Wall Street Journal event.

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Speaker 1: Well in Asia, overnight, John stocks were winners. Technology shares

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Speaker 1: climbed as investors assessed China's effort to stamp out COVID.

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Speaker 1: Look at the recap from Bloomberg's Juliette Sally in Singapore.

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Speaker 1: Good morning, Juliette, Good morning Karen. The m s c

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Speaker 1: I Asia Pacific Index gain for a third session, as

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Speaker 1: longest winning streaks since mid March. China's tech companies jumped

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Speaker 1: on optimism. Beijing may ease up on a year long

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Speaker 1: clampdown following a meeting between regulators and corporate giants. Adding

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Speaker 1: to the positive time, Shanghai reporting three days of zero

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Speaker 1: community transmission. This is a milestone that could lead officials

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Speaker 1: to start unwinding the punishing lockdown and reopening. Stocks also

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Speaker 1: rose in Japan after the nation announced it will allow

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Speaker 1: small tourist groups on package tours into the country this

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Speaker 1: month on an experimental basis. In Singapore. Juliette Sale Bloomberg Daybreak,

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Speaker 1: Thanks Julie Attorney to Corporate News. Fresh developments this morning

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Speaker 1: on whether Elon Musk will pursue he is takeover of Twitter.

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Speaker 1: Let's get the latest live from Bloomberg's REDNEYA Young, Good morning, Na,

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Speaker 1: Good morning John. Elon Musk says he'll proceed with his

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Speaker 1: forty four billion dollar Twitter takeover only if the social

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Speaker 1: media giant proves that less than five percent of his

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Speaker 1: accounts are fake. He shared even more of his skepticism

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Speaker 1: yesterday at a Miami Tech Prince, estimating that bots make

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Speaker 1: up at least twenty percent of all Twitter accounts. Musk

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Speaker 1: shocked the market last week when he tweeted that his

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Speaker 1: offer was temporarily on hold, and doubts are growing that

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Speaker 1: he'd be able to pull off his acquisition and that

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Speaker 1: he may consider dropping his bidding price. Shares of Twitter

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Speaker 1: right now are down about two percent in early trading.

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Speaker 1: Live in New York. I'm gonna need a Young Bloomberg

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Speaker 1: day break. I need to thank you. We moved from

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Speaker 1: one billionaire now to another. With news from Warren Buffett,

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Speaker 1: the Berkshire Hathaway chairman, said goodbye to one longtime bank steak.

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Speaker 1: He made a big bet on another. One of filing

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Speaker 1: shows that Buffett ended his long running investment in Wells

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Speaker 1: Fargo in the first quarter and has now invested roughly

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Speaker 1: two point nine billion dollars in City Group. Shares of

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Speaker 1: City are up more than four percent this morning. It's

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Speaker 1: a big day on the retail front. This morning, we're

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Speaker 1: gonna get earnings from Home Depot and Walmart. Bloomberg's Tom

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Speaker 1: Busby has more on the outlook for Walmart. The focus

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Speaker 1: for investors is whether sales continued to grow at the

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Speaker 1: nation's biggest read sailor and largest grocery seller amidst stubbornly

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Speaker 1: high inflation, or whether consumers were forced to pull back

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Speaker 1: a bit last quarter. Bloomberg consensus calls were adjusted earnings

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Speaker 1: per share of a dollar forty eight on revenues of

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Speaker 1: just over nine million dollars and comp usls forecast rise

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Speaker 1: two and a quarter percent. Tom Busby, Bloomberg Daybreak, Right, Tom,

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Speaker 1: thank you. Also, this morning, before the market opens, the

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Speaker 1: government issues economic data on retail sales. We get a

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Speaker 1: preview from Bloomberg's Lisa Mateo. The median forecast calls for

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Speaker 1: a game, but Bloomberg Economics anticipates slower growth in April

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Speaker 1: retail sales. The reason signs of stress as inflation chips

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Speaker 1: away at household finances. Consumers are turning to credit to

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Speaker 1: pay for essentials such as food and gasoline. That doesn't

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Speaker 1: bode well for discretionary spending. Lisa Mateo, Bloomberg Daybreak, Thanks Lisa.

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Speaker 1: We now turn to developments involving the war in Europe.

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Speaker 1: Senators have advanced the Ukrainian aid bill with wide support.

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Speaker 1: Amy morriss is details from our Bloomberg N one newsroom

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Speaker 1: in Washington. The Senate overwhelmingly moved the bill forward with

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Speaker 1: a vote of eighty one to eleven. The measure would

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Speaker 1: give forty billion dollars an aid to Ukraine, including money

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Speaker 1: for weapons training and humanitarian aid. Now this was a

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Speaker 1: procedural vote. A final vote on the measure is expected

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Speaker 1: as early as tomorrow if all lawmakers wave rules on debate,

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Speaker 1: and then from there it would go to the President's desk.

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Speaker 1: Last week, Senator Rand Ball of Kentucky held up the

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Speaker 1: bill over concerns about the cost and how the money

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Speaker 1: would be spent in Washington, I'm any more as Bloomberg

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Speaker 1: daybreak right, Amy, thank you. And it appears that Finland

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Speaker 1: and Sweden's bid to join NATO is hitting a roadblog.

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Speaker 1: Turkey's President er Juan is for the brakes on the move,

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Speaker 1: saying he won't allow the countries to join the alliance

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Speaker 1: because of their stances on Kurdish militants. Here Toman caused

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Speaker 1: Sweden a nesting ground for terrorists. Even if he does

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Speaker 1: not end up blocking membership, are Towan could extract concessions

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Speaker 1: from NATO to allow it. And this morning we're seeing

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Speaker 1: futures rallying ahead of the cash open on Wall Street.

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Speaker 1: Right now, the Dawn Future is up three hundred fifty

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Speaker 1: eight points smp E. Many futures up sixty one and

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Speaker 1: the Aztec futures up two hundred and fifty five, and

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Speaker 1: the benchmark ten year yield right now at two that

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Speaker 1: is up to basis points. You're listening to Bloomberg Daybreak,

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Speaker 1: it's five. He'll set about Wall Street. Time to bring

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Speaker 1: in Michael Barr with more on what else is going

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Speaker 1: on in New York and around the world. John, thank

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Speaker 1: you very much. President Biden heads to Buffalo, New York

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Speaker 1: today after Saturday's deadly mass shooting at a supermarket. Authorities

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Speaker 1: say the gunman is an eighteen year old white supremacist.

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Speaker 1: Buffalo Mayor Byron Brown. It's been hard. Uh, it's shocking,

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Speaker 1: it's painful, and um, I've worked hard to hold this

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Speaker 1: community together. Mayor Brown says he will also talk with

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Speaker 1: the President Biden about federal gun laws in New York.

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Speaker 1: In vigil was held at Harlem Church last night for

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Speaker 1: the victims in Buffalo. Among those in attendant said Bethel

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Speaker 1: Gospel Assembly, New York Attorney General Letitia James. We are

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Speaker 1: in pain for the thirteen individuals who were shot, in

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Speaker 1: the ten beautiful lives that were lost, and for their

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Speaker 1: families that are suffering, and for the Buffalo community that

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Speaker 1: is in so much pain, so much anger, along with

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Speaker 1: a G James, New York Mayor Eric Adams also spoke.

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Speaker 1: Adams talked about Buffalo and an eleven year old girl

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Speaker 1: who was shot and killed by a gunman riding a

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Speaker 1: scooter in the Longwood section of the Bronx last night.

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Speaker 1: We have to be consistent because if you take the

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Speaker 1: life of young Kiera merely because of which she lived,

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Speaker 1: you no more less demonic than a person that took

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Speaker 1: the life of those ten innocent people in Buffalo. Mayor

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Speaker 1: Adams also slam social media. New York City health officials

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Speaker 1: are urging New Yorkers to wear masks in the all

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Speaker 1: indoor public settings as the city approaches high risk COVID

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Speaker 1: nineteen alert status. New York City has been averaging around

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Speaker 1: thirty six hundred reported new cases of COVID nineteen per

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Speaker 1: day over the past week. Five states old primary elections

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Speaker 1: today ahead of the November of mid terms. In Pennsylvania,

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Speaker 1: both parties hoped to pick up an open Senate seat

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Speaker 1: In the Republican primary. TV star Dr menmn Oz has

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Speaker 1: former President Trump's endorsement. Oz is running against former Bridgewater

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Speaker 1: CEO Dave McCormick. But conservative commentator Kathy Barnett is surging

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Speaker 1: in the polls Bloomberg Government Elections, reported Greg Jarrow. Sometimes

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Speaker 1: when you have races where we have two front runners

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Speaker 1: beating in on each other, sometimes a third canic can

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Speaker 1: kind of steak up there by surprise. And but Barnett

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Speaker 1: did a rise in the polls in the last seven

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Speaker 1: or ten days, Bloomberg's Greg Jarrow. As for the Democrats,

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Speaker 1: Lieutenant Governor John Fetterman, who had a health scare, probably,

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Speaker 1: according to Jarrow, as enough of elite still win. The

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Speaker 1: primary Global News twenty four was a day on air

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Speaker 1: and on Bloomberg Quicktake powered by more than twenty seven

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Speaker 1: hundred journalists and anolists in more than a twenty countries.

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Speaker 1: And Michael bar this is Bloomberg, John, Michael, thanks, he

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Speaker 1: is South by ten Wall Street ten out for the

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Speaker 1: Bloomberg Sports Update. Good morning, John Stan show Ki Morney. John.

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Speaker 1: Here in mid May, the Yankees and still yet to

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Speaker 1: reach double figures in the lost called another way, this

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Speaker 1: one in Baltimore with a big hit coming from an

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Speaker 1: unlikely source. Is hit in the air down the right

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Speaker 1: field line, a long run per cent and there and

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Speaker 1: it is it is a home run. Wow. He hit

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Speaker 1: one right down the line and it just got over

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Speaker 1: the high wall near the pole. Well, that is really something.

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Speaker 1: A three run home run for Trevino w f an

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Speaker 1: Yankees first home run hit by a catcher. Jose Trevino

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Speaker 1: and Kyle had got Yoka, both batting under two hundred.

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Speaker 1: It's hardly hurt them. They are now twenty six and nine,

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Speaker 1: nineteen wins in the last twenty two games. They get

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Speaker 1: the Oil six to two. H Donaldson and Anthony Rizzo

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Speaker 1: had back to back homer's in the ninth inning. Luis

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Speaker 1: Sevrena allowed only one hit Yanks out hit the Oriels

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Speaker 1: eleven and three Yanks and only allowed seven hits over

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Speaker 1: the last two games. Mets and Cardinals reined out. City

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Speaker 1: Field will play a straight doubleheader today after a weekend

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Speaker 1: with a total of seven game seven's. The NBA and

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Speaker 1: NHL playoffs took a night off back. Tonight started the

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Speaker 1: NBA's Eastern Conference Finals Celtics and he in Miami. They

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Speaker 1: met in these finals two years ago. Miami won that serious.

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Speaker 1: Stanley kept second round starts tonight with in stint battle

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Speaker 1: Tampa Bay and Florida. Also St. Louis at Colorado Rangers

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Speaker 1: and Hurricanes game one and Raleigh tomorrow. The Islanders, who

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Speaker 1: just fired coach Barry Trots promoted his assistant Lane Lambert.

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Speaker 1: Pg H champions FT is off Thursday, and tells so

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Speaker 1: that if any champ, Phil Nicholson is not playing Tiger

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Speaker 1: Woods is as his legs severely injured in that car

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Speaker 1: after the last year, is feeling better. John Stash Howard

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Speaker 1: Bloomberg Sports. John alright, thanks John, and we're in the

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Speaker 1: green right now Premarket Dow futures three forty eight points,

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Speaker 1: SMP futures, they're up sixty at the Nanstic futures right

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Speaker 1: now two hundred and fifty four points. If you're listening

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Speaker 1: to Bloomberg day Break, just ahead, can't we shop until

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Speaker 1: we drop Walmart sales under close scrutiny as they report earnings,

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Speaker 1: will preview their earnings report with Jen Bartashes of Bloomberg Intelligence, Markets,

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Speaker 1: Headlines and breaking news twenty four hours a day at

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Speaker 1: Bloomberg dot Com and Bloomberg Business at and at Bloomberg

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Speaker 1: Quick Tape. This is a Bloomberg Business Lash and I'm

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Speaker 1: Karen Moscow stocks in Europe are rising along with US

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Speaker 1: stock index futures as risk appetite returns to markets, royal bike,

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Speaker 1: concerns about global economic growth, searching prices and policy tightening.

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Speaker 1: Treasury yields are rising. The dollar for its reading whicheck

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Speaker 1: the markets every fifteen minutes throughout the trading day on Bloomberg,

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Speaker 1: and technology shares are gaining this morning, with NASDACK futures

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Speaker 1: jumping up more than two percent of two hundred fifty

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Speaker 1: seven points does in P futures up sixty down futures

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Speaker 1: have three hundred forty three the ten your treasury down

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Speaker 1: five thirties seconds, YELD two point nine zero percent yield

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Speaker 1: on the two year two point six zero percent. Nimex

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Speaker 1: herd oil is up to ten percent or twenty three

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Speaker 1: cents at a hundred fourteen dollars forty three cents of barrel.

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Speaker 1: Comex gold up seven tenths per cent or thirteen dollars

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Speaker 1: ten cents at eighteen twenty seven ten announced the euro

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Speaker 1: one point oh four eight one against the dollar, British

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Speaker 1: found one point to four eight six, the yen one

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Speaker 1: twenty nine points to nine, and bitcoin this morning is

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Speaker 1: up more than two percent at thirty thousand at five

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Speaker 1: hundred eighty dollars. Today, we are watching for report on

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Speaker 1: April retail sales at at day thirty Wall Street time

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Speaker 1: and nine fifteen it's industrial production. Then at ten Business Inventories,

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Speaker 1: Home Depot, and Walmart are among companies scheduled to report

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Speaker 1: earnings today. That's a Bloomberg business flash. Now here's Michael

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Speaker 1: Barr with more on muss going on around the world. Uncle,

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Speaker 1: good morning, Good morning, Karen. President Byton travels to Buffalo,

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Speaker 1: New York this morning to meet the families the victims

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Speaker 1: of sun to Day's supermarket shooting that left ten people dead,

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Speaker 1: all of them black. This as we learned the eighteen

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Speaker 1: year old suspected shooter was allegedly inspired by the race

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Speaker 1: whose great Replacement theory. Five states will hold primary elections today.

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Speaker 1: Pennsylvania is trying to decide an open Senate seat ahead

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Speaker 1: of the mid terms. Other states holding primaries are Idaho, Kentucky,

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Speaker 1: North Carolina, and Oregon. In baseball, the Yankees beat the

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Speaker 1: oriole six to the Mets Games reigned out the Red Sox,

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Speaker 1: and Giants won the Nationals. And He's lost. Global News

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Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,

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Speaker 1: powered by more than twenty seven hundred journalists and analysts

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Speaker 1: in more than a hundred twenty countries. I'm Michael bar

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Speaker 1: This is Bloomberg John. Thank you, Michael. It is five

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Speaker 1: twenty on Wall Street. We are live in the Bloomberg

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Speaker 1: Intract to Brokers Studios. This is Bloomberg Daybreak. Elon Moss

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Speaker 1: says he will proceed with his forty four billion dollar

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Speaker 1: takeover of Twitter only if the social media giant can

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Speaker 1: substantiate claims about the proportion of bots its service. Let's

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Speaker 1: take a deeper dive this morning. We were joined first

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Speaker 1: by Giles Turner, Bloomberg Technology Managing Editor. Can you explain

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Speaker 1: to me the big deal about bots? Yeah, it's very

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Speaker 1: difficult to work out how many bots there are on

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Speaker 1: the on the platform. I do have simply both for

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Speaker 1: the Elon Musk saying that surely the CEO of Twitter

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Speaker 1: must know how many fake accounts on the system. We

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Speaker 1: spend a lot of time trying to figure it out ourselves.

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Speaker 1: I remember doing the brexit um sort of breakdown. We

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Speaker 1: were trying to work out how much of the accounts

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Speaker 1: were fueled by um outside influence perhaps from Russia. Clever

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Speaker 1: people who us are trying to do it as well,

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Speaker 1: and it turned out to be incredibly difficult once you

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Speaker 1: drilled down into these accounts. Um So, But keeping here

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Speaker 1: for Musk is how much of the accounts are fake?

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Speaker 1: Obviously he thinks they've drawn to him. There are a

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Speaker 1: lot of fake crypto accounts are obviously going to be

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Speaker 1: drawn to Musk's own account. He probably finds that a

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Speaker 1: very frustrating, but also it may well be a very

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Speaker 1: clever bartering tool to get a lower price on Twitter.

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Speaker 1: Obviously seen the shares come down quite a lot recently.

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Speaker 1: All Right, so what's Twitter is saying at this point?

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Speaker 1: Presumably what they've disclosed comes in the we're getting regulatory

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Speaker 1: failings for a bunch of companies, right, Yeah, Well they've

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Speaker 1: always said that they think it's around five percent, but

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Speaker 1: they've also always said they think it could be a

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Speaker 1: lot more because it's very difficult to at least it

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Speaker 1: is from the arguments for Twitter, it's very devil to

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Speaker 1: know exactly which accounts are fake, which I'm also it's

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Speaker 1: worth adding here that the people who do make these

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Speaker 1: fake accounts have got incredibly good at this They've had

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Speaker 1: quite considerable amount of time to practice their skill. It

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Speaker 1: is very difficult to work out which are fake and

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Speaker 1: which are not. How it is not impossible, and he

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Speaker 1: is study posting that they don't have better understanding of

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Speaker 1: of this figure and figure accounts. I mean, this is

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Speaker 1: no grad insight. They don't generate any revenue or anything

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Speaker 1: for for Twitter. No, well, they can drive. There's plenty

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Speaker 1: of spectation and why these exist, um, not only for

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Speaker 1: political reasons, but also for for driving or trying to

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Speaker 1: influence the algithm to help potentially get different messages across

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Speaker 1: from various different people. Um, you know, be a fake

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Speaker 1: advertising for example, or for political reasons, be the way

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Speaker 1: no one likes them math for sure, but there are

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Speaker 1: It's on that point that there are bots that are

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Speaker 1: actually valid and Twitter does allow bot certain bots to

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Speaker 1: be on their on their system, for example, things that

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Speaker 1: the recent popular ones that is a pot that's been

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Speaker 1: following various UM yachts and private planes of oligarchs, for example.

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Speaker 1: People have found those very useful. Um, So there is

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Speaker 1: a place of them. However, you've got to think of

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Speaker 1: the perspective that even muster is coming from as being

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Speaker 1: one of the most active users on Twitter, also someone

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Speaker 1: who talks a lot about flitter currency, and there seems

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Speaker 1: to a lot more fake accounts um mainly for trying

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Speaker 1: to trick people into giving up their own money. Um,

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Speaker 1: and they okay, Mosco telling me a very successful Giles

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Speaker 1: nice a lot Chiles Turner, Bloomberg Technology Managing Editor. With

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Speaker 1: that explanation, let's continue our coverage of this story this

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Speaker 1: morning with one of the top analysts covering these UH companies,

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Speaker 1: Dan Ives web Bush Securities, joins us this morning, Dan,

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Speaker 1: why is this so chaotic? Look? I mean, it's turned

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Speaker 1: into a circuit show because the issue is that the

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Speaker 1: bots seek accounts. It was probably noon that it would

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Speaker 1: be higher than what Twitter actually talked about. But I

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Speaker 1: believe this is really ultimately must getting cold feet with

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Speaker 1: the deal, looking for a scapegoat, and you know, it's

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Speaker 1: really turned into what I'd say it was the Twilight

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Speaker 1: Zone situation. He's trying to ballad the deal billion dollar

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Speaker 1: breakup or drive a much significantly lower priced Twitter's back

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Speaker 1: into the wall. There's no other bitter and this has

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Speaker 1: really become you know, like like I said, it's a

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Speaker 1: stirker show. Um, do you mentioned the breakup fee. Is

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Speaker 1: there a way to break up this deal up and

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Speaker 1: uh not and avoid the fee? No. I mean at

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Speaker 1: this point he'd have to pay the fee. But then legally,

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Speaker 1: in terms some of the due diligence, there's a lot

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Speaker 1: of questions if he could even walk a bit because

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Speaker 1: of this back claim, because you know this is gonna

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Speaker 1: now potentially go through a back and forth that could

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Speaker 1: ultimately end up in the courts. We got to hear

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Speaker 1: from Twitter's board, but this is really the issue Twitter News.

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Speaker 1: If they just say okay, no deal, we walk away,

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Speaker 1: then ultimately this is doctor goes under thirty dollars and

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Speaker 1: and that's really the issue for Twitter's board is that

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Speaker 1: they really need to ultimately sit there and wait to

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Speaker 1: see if there's a lower price. And the way that

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Speaker 1: Musk has handled this and I think all around has

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Speaker 1: been a black eye. H So, as far as investors

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Speaker 1: are concerned, are is this is a disservice to the investors. Oh,

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Speaker 1: I mean, I say it's unconscionable in terms the waves

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Speaker 1: hounds in the public market. This is typical due diligence

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Speaker 1: you do behind the scenes, and it's something where market

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Speaker 1: sen dramatically three injin billions come off of his Golden

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Speaker 1: Child test lessons. It's all started. I think you overestimated

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Speaker 1: that his bonds are falling this morning after yesterday's a

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Speaker 1: late sell off. Nancy Davey, founder of Quadratic Capital Management,

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Speaker 1: says the market is still too optimistic about the feasibility

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Speaker 1: to tame inflation. So much of the inflationary shock is

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Speaker 1: not necessarily a result of the level of interest rates.

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Speaker 1: It's other reasons that are pandemic related. So it's a

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Speaker 1: really challenging time to try to thread the needle, and

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Speaker 1: I think that's why we're encouraging investors just to be

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Speaker 1: very diversified. Nancy Davis of Quadratic Capital Management says if

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Speaker 1: inflation does not come down with higher rates, she worries

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Speaker 1: about stagflation. That's surely on the mind of the Fed.

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Speaker 1: As we hear six Central Bank officials to day, including

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Speaker 1: Chair J. Powell. He'll be interviewed during a live Wall

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Speaker 1: Street Journal event later this afternoon. While turning to Capitol

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Speaker 1: Hill the mid term election less than six months away,

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Speaker 1: inflation is likely a major issue for voters. Senator Dick

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Speaker 1: Durbin of Illinois spoke to Bloomberg's David Weston about how

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Speaker 1: President Biden is trying to curb rising prices. But the

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Speaker 1: president's doing releasing oil from the Strategic Patrol named Reserve,

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Speaker 1: making moves in agriculture. He's doing everything within his control

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Speaker 1: and power to move this inflation away from American families.

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Speaker 1: It's a tough challenge. Illinois Senator Dick Durbin speaking with

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Speaker 1: David Weston on Bloomberg's balance of power. Catch the program

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Speaker 1: weekdays at noon Eastern on Bloomberg Radio and Television. And

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Speaker 1: Karen on the economic front, We're gonna get more of

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Speaker 1: a sense of consumer sentiment today. That's when the government

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Speaker 1: issues data on retail sales. We also get earnings from

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Speaker 1: Walmart this morning at overseas stocks in Europe and Chinese

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Speaker 1: text socks clide with hopes that China will ease COVID restrictions.

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Speaker 1: And finally, John, as you've been telling you, there are

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Speaker 1: fresh developments this morning on Elon Musk's pursuit of Twitter,

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Speaker 1: and Bloomberg's Ranita Young joins us live with more. Good morning, Ranita,

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Speaker 1: Good morning Karen. Elon Musk says he'll proceed with his

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Speaker 1: forty four billion dollar. Twitter takeover only if it proves

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Speaker 1: that less than five percent of its accounts are fake.

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Speaker 1: He shared more skepticism yesterday at a Miami tech conference,

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Speaker 1: estimating that bots make up at least twenty of all

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Speaker 1: Twitter accounts. Musk shocked the market last week when he

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Speaker 1: tweeted that his offer was temporarily on hold, and doubts

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Speaker 1: are growing that he'll pull off the acquisition and he

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Speaker 1: may consider dropping his bidding price. Live in New York,

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Speaker 1: I'm Ranita Young Bloomberg, day break right, Grenita, thank you,

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Speaker 1: and shares of Twitter down about three percent this morning.

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Speaker 1: Futures this morning are on the rise. SMP futures up

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Speaker 1: sixty one points down, futures have three D fifty five,

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Speaker 1: and nasday futures up two D fifty seven, or about

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Speaker 1: two point one percent. Ten year Treasury down eight thirty

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Speaker 1: seconds yield two point nine one percent. They yield on

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Speaker 1: the two year two point six zero percent. Nine max

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Speaker 1: Screwed oil is up seven tenths percent, or seventy five

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Speaker 1: cents at a hundred fourteen dollars ninety four cents of

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Speaker 1: barrel comexs. Gold is up seven tenths percent or twelve

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Speaker 1: dollars fifty cents at eighteen twenty six fifty announced the

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Speaker 1: euro one point oh four seven eight against the dollar.

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Speaker 1: Bitcoin is higher. It's at thirty thousand, six hundred sixty dollars.

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Speaker 1: Straight and hand your latest local headlines plus the check

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Speaker 1: of sports. This is Bloomberg. Thanks Karen, find thirty three

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Speaker 1: on Wall Street and let's bring in Michael barn Now

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Speaker 1: with more of what else is going on in New

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Speaker 1: York and around the world. John, thank you very much, sir.

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Speaker 1: President Biden travels to Buffalo, New York today he will

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Speaker 1: try to heal a community following Saturday's mass shooting. Authorities

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Speaker 1: say ten people were killed inside at top supermarket by

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Speaker 1: an eighteen year old white supremacist. Buffalo may Byron Brown

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Speaker 1: said he plans to talk to the President about gun laws.

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Speaker 1: The availability of guns is just far too great in

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Speaker 1: this country. Guns too often fall in the wrong hands,

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Speaker 1: illegally and illegally. Something has to be done about that

430
00:24:15,760 --> 00:24:18,159
Speaker 1: at the federal level. That finally has to be the

431
00:24:18,240 --> 00:24:22,800
Speaker 1: resolve to change that. Mayor Brown told ABC the shooting

432
00:24:22,920 --> 00:24:26,159
Speaker 1: shakes your sense of security in New York. Vigil for

433
00:24:26,280 --> 00:24:29,240
Speaker 1: the Buffalo victims was held at a Harlem church. Last night,

434
00:24:29,640 --> 00:24:33,679
Speaker 1: Mayor Eric Adams spoke at Bethel Gospel Assembly and criticize

435
00:24:33,720 --> 00:24:37,919
Speaker 1: social media. What happened and Buffalo is no different than

436
00:24:38,000 --> 00:24:41,479
Speaker 1: the sickness of social media that has music telling our

437
00:24:41,600 --> 00:24:44,320
Speaker 1: young people to go after each other and shoot each other.

438
00:24:44,560 --> 00:24:47,960
Speaker 1: Along with Erik Adams, New York Attorney General Letitia James

439
00:24:48,160 --> 00:24:51,320
Speaker 1: was also in attendance. New York City health officials issued

440
00:24:51,359 --> 00:24:54,760
Speaker 1: an advisory urging New Yorkers to mask up as the

441
00:24:54,800 --> 00:24:58,200
Speaker 1: city approaches high risk COVID nineteen alert status. The Health

442
00:24:58,200 --> 00:25:00,399
Speaker 1: Commissioner says we should wear face cut of rings at

443
00:25:00,440 --> 00:25:03,960
Speaker 1: all times in public indoor settings. Five states old primary

444
00:25:04,040 --> 00:25:07,159
Speaker 1: elections today. In Pennsylvania, both parties hope to pick up

445
00:25:07,200 --> 00:25:10,680
Speaker 1: an open Senate seat in the Republican primary. TV star

446
00:25:10,920 --> 00:25:15,040
Speaker 1: Dr mem and Oz has former President Trump's endorsement. However,

447
00:25:15,119 --> 00:25:19,160
Speaker 1: conservative commentator Kathy Barnett is surging in the polls as

448
00:25:19,280 --> 00:25:23,200
Speaker 1: for the Democrats. Bloomberg Government Elections reporter Greg Jarrow was

449
00:25:23,320 --> 00:25:26,760
Speaker 1: asked about Lieutenant Governor John Fetterman's announcement that he had

450
00:25:26,800 --> 00:25:29,159
Speaker 1: a stroke last week. It's big news to occur in

451
00:25:29,200 --> 00:25:31,880
Speaker 1: the winning days of the campaign, but I think Utterman's

452
00:25:31,960 --> 00:25:35,199
Speaker 1: lead in the polls over his Democratic opponents, led by

453
00:25:35,560 --> 00:25:39,080
Speaker 1: Representative Connor Lamb, was probably substantial enough where he's probably

454
00:25:39,119 --> 00:25:42,320
Speaker 1: gonna win the primary anyway. Bloomberg's Gregg Jarrow. Other states

455
00:25:42,359 --> 00:25:46,560
Speaker 1: holding primaries today are Idaho, Kentucky, North Carolina, and Oregon.

456
00:25:46,880 --> 00:25:49,320
Speaker 1: Global News twenty four hours a day on air and

457
00:25:49,520 --> 00:25:52,360
Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven

458
00:25:52,400 --> 00:25:54,800
Speaker 1: hund your journalist and analysts more than a hundred twenty countries.

459
00:25:54,920 --> 00:25:57,639
Speaker 1: I'm Michael bar This is Bloomberg, John Michael, Thank you,

460
00:26:02,000 --> 00:26:04,320
Speaker 1: l five thirty six on Wall Street. Time to out

461
00:26:04,359 --> 00:26:08,000
Speaker 1: for Bloomberg Sports Updating, and here's John than. Another night

462
00:26:08,040 --> 00:26:10,320
Speaker 1: and the Yankee victory, this one in Baltimore started the

463
00:26:10,359 --> 00:26:12,479
Speaker 1: four game series. Yanks be the Oil six to two.

464
00:26:12,560 --> 00:26:14,480
Speaker 1: The big head Not for Aaron Judge, you got the

465
00:26:14,560 --> 00:26:18,160
Speaker 1: night off rather from light hitting catcher Jose Travino three

466
00:26:18,280 --> 00:26:20,320
Speaker 1: run homer hit down the line in right field, Josh

467
00:26:20,359 --> 00:26:22,440
Speaker 1: Donaldson and Anthony Rizzo with back to back homers of

468
00:26:22,480 --> 00:26:25,440
Speaker 1: the night. Luis Severino aout only one hit. Was not

469
00:26:25,560 --> 00:26:29,199
Speaker 1: a great night for Joey Gallo. Baltimore's first batter, gallow

470
00:26:29,320 --> 00:26:31,439
Speaker 1: dropped a fly ball went for a three base air.

471
00:26:31,560 --> 00:26:33,879
Speaker 1: He also went over five with four strikeouts. But the

472
00:26:34,040 --> 00:26:36,879
Speaker 1: Yanks still win and they've now taken nineteen of their

473
00:26:36,960 --> 00:26:39,680
Speaker 1: last twenty two. Mets and Cardinals reined out double header

474
00:26:39,680 --> 00:26:42,040
Speaker 1: today at City Field. The Islanders just fired their coach

475
00:26:42,080 --> 00:26:45,480
Speaker 1: Barry Trots. They are replacing him with his top assistant,

476
00:26:45,600 --> 00:26:49,840
Speaker 1: Lane Lambert. It's a good day, um, something that you know,

477
00:26:50,200 --> 00:26:53,640
Speaker 1: I have been preparing for for a long time. UM,

478
00:26:53,840 --> 00:26:57,520
Speaker 1: throughout many years in the game and many years as

479
00:26:57,520 --> 00:27:02,440
Speaker 1: a coach. UM. Uh and uh So there's there's a

480
00:27:02,560 --> 00:27:05,600
Speaker 1: level of excitement for sure. Lambert worked under Tracks for

481
00:27:05,680 --> 00:27:08,000
Speaker 1: eleven years at three different places and filled in for

482
00:27:08,080 --> 00:27:10,359
Speaker 1: him for several games this past season. As for the Rangers,

483
00:27:10,440 --> 00:27:13,240
Speaker 1: off to Raleigh for Game one of the Hurricanes tomorrow night.

484
00:27:13,280 --> 00:27:15,359
Speaker 1: The two teams met two years ago in the Bubble.

485
00:27:15,480 --> 00:27:19,840
Speaker 1: Carolina swept the best of five qualifying round series. Year ago,

486
00:27:19,960 --> 00:27:22,200
Speaker 1: Phil Nicholson won the p G H champions You have

487
00:27:22,240 --> 00:27:24,119
Speaker 1: at the age of fifty. He's not playing this p

488
00:27:24,280 --> 00:27:27,840
Speaker 1: G A that begins Thursday and Tulsa. Nicholson criticized for

489
00:27:27,960 --> 00:27:30,840
Speaker 1: comments he made about joining a new Saudi back tour

490
00:27:31,080 --> 00:27:33,639
Speaker 1: eighty two year old Jack Nicholas says he was offered

491
00:27:33,680 --> 00:27:36,919
Speaker 1: the job of running that new tour and was offered

492
00:27:37,200 --> 00:27:40,440
Speaker 1: one hundred million dollars and Nicholas turned it down due

493
00:27:40,480 --> 00:27:43,840
Speaker 1: to his loyalty to the PGM. John Stashatward Bloomberg Sports

494
00:27:43,920 --> 00:27:47,159
Speaker 1: John Thanks John. It is now five thirty seveled on

495
00:27:47,320 --> 00:27:49,879
Speaker 1: Wall Street time for the Tri State Business Report, and

496
00:27:50,000 --> 00:27:53,679
Speaker 1: for that we're joined by Bloomberg's ed query. The spread

497
00:27:53,720 --> 00:27:57,000
Speaker 1: of the omicrons subvariant is stalling Wall Streets returned to

498
00:27:57,080 --> 00:28:00,399
Speaker 1: the office based on prett A mon J Coffience dandwhich

499
00:28:00,480 --> 00:28:03,960
Speaker 1: sales in the financial district. Bloomberg Spread Index shows the

500
00:28:04,080 --> 00:28:07,240
Speaker 1: chains transactions last week in the area that includes the

501
00:28:07,320 --> 00:28:10,520
Speaker 1: head offices of firms like Goldman Sachs, with the lowest

502
00:28:10,600 --> 00:28:15,480
Speaker 1: since February. New York State manufacturing activity unexpectedly shrunk in

503
00:28:15,560 --> 00:28:18,440
Speaker 1: May for the second time in three months, reflecting plunges

504
00:28:18,520 --> 00:28:22,320
Speaker 1: in orders and shipments. Additional disappointing results may raise concerns

505
00:28:22,320 --> 00:28:26,280
Speaker 1: about a slowdown in economic activity. The former Hampton's home

506
00:28:26,359 --> 00:28:30,080
Speaker 1: of the late Johnson and Johnson chief executive officer James

507
00:28:30,320 --> 00:28:33,320
Speaker 1: Burke has been sold, Sources tell Dow Jones it went

508
00:28:33,400 --> 00:28:36,399
Speaker 1: for close to its forty eight million dollar asking price.

509
00:28:36,640 --> 00:28:39,920
Speaker 1: The roughly four acre ocean front estate is in Sagaponack.

510
00:28:40,360 --> 00:28:44,640
Speaker 1: It includes two distinct parcels, according to the property's listing agent,

511
00:28:44,840 --> 00:28:49,560
Speaker 1: Christopher Covert of Compass, that your Bloomberg Trying state business report.

512
00:28:49,760 --> 00:28:53,000
Speaker 1: I'm Ed Corey said five thirty eights on Wall Street.

513
00:28:53,040 --> 00:28:55,800
Speaker 1: Bloomberg Radio is on the air from San Francisco to

514
00:28:55,920 --> 00:28:58,920
Speaker 1: New York, London to Hong Kong. Let's stick in now

515
00:28:58,960 --> 00:29:00,720
Speaker 1: with their global industry and for some of the top

516
00:29:00,800 --> 00:29:04,800
Speaker 1: stories heard on our three hundred affiliate radio stations around

517
00:29:04,840 --> 00:29:10,480
Speaker 1: the world. I'm Gina Servetti and for w w b B,

518
00:29:10,560 --> 00:29:13,720
Speaker 1: I'm in Chicago. I'm reporting that Bowen's biggest customer in

519
00:29:13,880 --> 00:29:16,760
Speaker 1: China is dropping plans to add more than a hundred

520
00:29:16,920 --> 00:29:20,120
Speaker 1: seven thirty seven Max jets to its fleet. I'm Caroline

521
00:29:20,160 --> 00:29:22,880
Speaker 1: Head Complain by David Digital Radio in London. We're reporting

522
00:29:22,920 --> 00:29:26,080
Speaker 1: on the latest UK unemployment numbers showing the labor market

523
00:29:26,200 --> 00:29:30,800
Speaker 1: getting even tighter, but real wages are dropping as inflation skyrockets.

524
00:29:31,360 --> 00:29:34,320
Speaker 1: I'm Steve Polas Content ten Wins in New York. We're

525
00:29:34,360 --> 00:29:37,440
Speaker 1: looking at how the Bloomberg Fred Indeck shows Wall streets

526
00:29:37,440 --> 00:29:41,160
Speaker 1: already sluggish. Returned to office plans are taken a step back.

527
00:29:41,480 --> 00:29:44,520
Speaker 1: I'm in Cory on w w J in Detroit. I'm

528
00:29:44,560 --> 00:29:48,000
Speaker 1: reporting the owners of an Auburn Hills, Japanese diner are

529
00:29:48,040 --> 00:29:53,520
Speaker 1: being charged with filing false tax return and those are

530
00:29:53,680 --> 00:29:56,560
Speaker 1: some of the stories are Twenty seven hundred Bloomberg journalists

531
00:29:56,560 --> 00:29:59,240
Speaker 1: and analysts are working on this morning around the world.

532
00:30:00,040 --> 00:30:04,520
Speaker 1: It is on Wall Street. The following is an editorial

533
00:30:04,680 --> 00:30:08,760
Speaker 1: from Bloomberg Opinion to soaring prices at Another worry for

534
00:30:08,840 --> 00:30:13,280
Speaker 1: American consumers an alarming shortage of baby formula. The nationwide

535
00:30:13,320 --> 00:30:16,400
Speaker 1: out of stock rate has surged past and it could

536
00:30:16,440 --> 00:30:19,360
Speaker 1: take months for supplies to return to normal. Two basic

537
00:30:19,440 --> 00:30:23,160
Speaker 1: problems underlie the shortfall. The first was a contamination scare

538
00:30:23,160 --> 00:30:26,760
Speaker 1: at one of the US's largest formula production plants. The

539
00:30:26,880 --> 00:30:29,960
Speaker 1: facility was shut down and has yet to come back online.

540
00:30:30,200 --> 00:30:33,520
Speaker 1: A second, more intractable problem is that decades of bad

541
00:30:33,600 --> 00:30:37,800
Speaker 1: policy have led to extreme market concentration. For example, excessive

542
00:30:37,880 --> 00:30:40,280
Speaker 1: terrorists and other trade barriers have all but shut out

543
00:30:40,440 --> 00:30:44,800
Speaker 1: imported formula in a well functioning market. The temporary shuttering

544
00:30:44,880 --> 00:30:47,840
Speaker 1: of a single plant wouldn't create a national crisis when

545
00:30:47,880 --> 00:30:51,640
Speaker 1: hopes this mass will help policy makers accept an important fact.

546
00:30:52,200 --> 00:30:56,800
Speaker 1: Protectionism doesn't make economies more resilient. Instead, it diminishes competition,

547
00:30:57,000 --> 00:31:01,320
Speaker 1: limits choice, and creates new vulnerabilities. This editorial was written

548
00:31:01,320 --> 00:31:04,440
Speaker 1: by the Bloomberg Opinion Editorial Board. I'm David Shipley. For

549
00:31:04,560 --> 00:31:07,280
Speaker 1: more Bloomberg Opinion, please go to Bloomberg dot com, slash

550
00:31:07,320 --> 00:31:10,960
Speaker 1: Opinion or open go on the Bloomberg Terminal. This has

551
00:31:11,040 --> 00:31:14,960
Speaker 1: been Bloomberg Opinion and Bloomberg Opinion editorials could be heard

552
00:31:15,120 --> 00:31:18,360
Speaker 1: every weekday. At this time, terminal customers could reboard at

553
00:31:18,400 --> 00:31:22,719
Speaker 1: O P I N Go Bloomberg Daybreak, brought you by

554
00:31:22,720 --> 00:31:24,840
Speaker 1: the New York Community Trust. Your name will live on

555
00:31:25,040 --> 00:31:27,000
Speaker 1: as a champion of the causes you care about for

556
00:31:27,160 --> 00:31:29,640
Speaker 1: years to come through a charitable big question of the

557
00:31:29,680 --> 00:31:32,800
Speaker 1: New York Community Trust. We're more at Philanthropist dot n

558
00:31:33,000 --> 00:31:40,040
Speaker 1: y C markets headlines and breaking news twenty four hours

559
00:31:40,080 --> 00:31:43,040
Speaker 1: a day, at Bloomberg dot Com, the Bloomberg Business at

560
00:31:43,160 --> 00:31:46,520
Speaker 1: and at Bloomberg Quick Tape. This is a Bloomberg Business

561
00:31:46,560 --> 00:31:55,040
Speaker 1: Flash and I'm Karen Moscow, and we continue to watch

562
00:31:55,080 --> 00:31:58,600
Speaker 1: shares a Twitter this morning down almost four percent right now,

563
00:31:58,840 --> 00:32:01,719
Speaker 1: as you've been reporting on Musta clearing he won't proceed

564
00:32:01,800 --> 00:32:05,000
Speaker 1: with his forty four billion dollar takeover of Twitter unless

565
00:32:05,120 --> 00:32:07,920
Speaker 1: the social media giant can prove bots make up fewer

566
00:32:08,040 --> 00:32:12,520
Speaker 1: than five percent of its users. SNP futures are on

567
00:32:12,600 --> 00:32:14,920
Speaker 1: the rise this morning. They are up sixty six points

568
00:32:15,040 --> 00:32:17,920
Speaker 1: down futures have three hundred eighty six, and NASTAG futures

569
00:32:17,960 --> 00:32:20,120
Speaker 1: are higher, up two hundred sixty eight. That's up two

570
00:32:20,120 --> 00:32:22,960
Speaker 1: point two percent. The decks in Germany's up one point

571
00:32:23,040 --> 00:32:25,840
Speaker 1: six percent. The ten year treasury down seven thirty seconds,

572
00:32:26,080 --> 00:32:28,280
Speaker 1: yield two point nine zero percent. The yield on a

573
00:32:28,320 --> 00:32:31,160
Speaker 1: two year two point six one percent nine max Scrude

574
00:32:31,200 --> 00:32:33,280
Speaker 1: oil is up half percent, or fifty eight cents at

575
00:32:33,280 --> 00:32:36,160
Speaker 1: a hundred fourteen dollars seventy eight cents of barrel comes.

576
00:32:36,200 --> 00:32:38,600
Speaker 1: Gold up six tenths percent or eleven dollars at eighteen

577
00:32:38,640 --> 00:32:41,160
Speaker 1: twenty five an ounce. The Euro one point oh four

578
00:32:41,240 --> 00:32:43,680
Speaker 1: seven four against the dollar, British pad one point two

579
00:32:43,720 --> 00:32:46,480
Speaker 1: four eight, the En one twenty nine point three five,

580
00:32:47,000 --> 00:32:49,920
Speaker 1: and taking a look at Bitcoin this morning, it's higher,

581
00:32:50,000 --> 00:32:52,840
Speaker 1: up more than two percent at thirty thousand, six hundred dollars.

582
00:32:53,080 --> 00:32:55,600
Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with

583
00:32:55,680 --> 00:32:58,240
Speaker 1: more on what's going on around the world. Uncle Karen,

584
00:32:58,280 --> 00:33:00,760
Speaker 1: thank you very much. Ukrainian troops who have been holding

585
00:33:00,800 --> 00:33:02,760
Speaker 1: out for weeks at a steel plan in the port

586
00:33:02,840 --> 00:33:06,760
Speaker 1: city of Mariuple have finally surrendered to Russian forces. Injured

587
00:33:06,800 --> 00:33:11,080
Speaker 1: soldiers have been taken to Russian and controlled territories in

588
00:33:11,240 --> 00:33:15,680
Speaker 1: eastern Ukraine. Five states will hold primary elections today. Pennsylvania

589
00:33:16,040 --> 00:33:18,320
Speaker 1: is trying to design and open Senate seat ahead of

590
00:33:18,360 --> 00:33:22,800
Speaker 1: the midterms. Other states holding primaries are Idaho, Kentucky, North Carolina,

591
00:33:22,920 --> 00:33:26,080
Speaker 1: and Oregon. In baseball, the Yankees beat the Orioles six

592
00:33:26,160 --> 00:33:28,800
Speaker 1: to the Mets game reigned out the Red Sox and

593
00:33:28,920 --> 00:33:32,240
Speaker 1: Giants won the Nationals, and A's lost. Global News twenty

594
00:33:32,280 --> 00:33:35,680
Speaker 1: four hours a day on air and on Bloomberg quick Take,

595
00:33:35,920 --> 00:33:39,240
Speaker 1: powered by more than twenty seven hunder journalists and analysts

596
00:33:39,440 --> 00:33:41,880
Speaker 1: in more than one twenty countries, and Michael Barn this

597
00:33:42,040 --> 00:33:44,560
Speaker 1: is Bloomberg. Michael, thank you very much. It is now

598
00:33:44,840 --> 00:33:47,640
Speaker 1: five forty nine of all story. We are lying for

599
00:33:47,640 --> 00:33:51,040
Speaker 1: the Bloomberg interranton Broker studios. Down down and check what's

600
00:33:51,040 --> 00:33:53,640
Speaker 1: going on in d C. And some of the top

601
00:33:53,720 --> 00:33:57,480
Speaker 1: stories in the nation's capital include President Biden today heading

602
00:33:57,520 --> 00:34:00,280
Speaker 1: to Buffalo after the mass shooting over the week camp,

603
00:34:00,760 --> 00:34:04,160
Speaker 1: the US Centres passing the forty billion dollar aid package

604
00:34:04,240 --> 00:34:09,000
Speaker 1: for Ukraine, the Biden team easing its Cuba stance, and

605
00:34:09,239 --> 00:34:13,839
Speaker 1: the US set to extend the COVID nineteen public health emergency.

606
00:34:14,360 --> 00:34:16,640
Speaker 1: Let's take a deeper dive into these stories this morning.

607
00:34:16,719 --> 00:34:20,160
Speaker 1: We are joined by Bloomberg Government reporter Emily Wilkins in

608
00:34:20,239 --> 00:34:23,000
Speaker 1: our Washington bureau. Emily, good morning to thanks for being

609
00:34:23,080 --> 00:34:26,880
Speaker 1: with us. Let's start with the visit of the President

610
00:34:26,960 --> 00:34:30,040
Speaker 1: of Buffalo. He's not going to be able to offer

611
00:34:30,239 --> 00:34:34,200
Speaker 1: much except for his sympathies, not much in the way

612
00:34:34,200 --> 00:34:37,440
Speaker 1: a policy change. Is very interesting Bloomberg story of this

613
00:34:37,600 --> 00:34:40,760
Speaker 1: morning on this Yeah, I think there is a certain

614
00:34:41,080 --> 00:34:45,160
Speaker 1: reality um that's really got crystallized after the Sandy Hook

615
00:34:45,200 --> 00:34:48,879
Speaker 1: shooting in fourteen and it's just continued to persist where

616
00:34:49,239 --> 00:34:53,040
Speaker 1: any sort of gun reform legislation, either in terms of

617
00:34:53,239 --> 00:34:57,000
Speaker 1: background checks, um, assault weapons fans, some things that are

618
00:34:57,040 --> 00:34:59,840
Speaker 1: actually pretty popular with with the wide victory of American

619
00:35:00,080 --> 00:35:03,800
Speaker 1: have really been unable to pass in Congress. But you

620
00:35:03,880 --> 00:35:06,640
Speaker 1: know what, John, we actually might be seeing some legislation

621
00:35:06,760 --> 00:35:10,920
Speaker 1: move due to this shooting. Remember, Um, this is tragic shooting.

622
00:35:10,960 --> 00:35:14,280
Speaker 1: Of course, ten dead, three wounded. Eleven of those thirteen

623
00:35:14,320 --> 00:35:17,400
Speaker 1: people were black. And we know that the shooter. Uh,

624
00:35:17,719 --> 00:35:21,400
Speaker 1: you know that that he subscribed to a fringe conspiracy

625
00:35:21,520 --> 00:35:25,400
Speaker 1: theory UM dealing with race. Uh. This is being investigated

626
00:35:25,480 --> 00:35:28,320
Speaker 1: as a racially motivated crime. And what we're going to

627
00:35:28,600 --> 00:35:30,920
Speaker 1: see today, at least it's on the schedule, is for

628
00:35:31,080 --> 00:35:34,040
Speaker 1: the House to begin movement on a domestic terrorism bill.

629
00:35:34,160 --> 00:35:36,880
Speaker 1: This was stalled several weeks ago over some concerns from

630
00:35:36,920 --> 00:35:40,480
Speaker 1: civil rights groups and progressive Democrats. But this has new

631
00:35:40,560 --> 00:35:43,640
Speaker 1: momentum after the shooting, and there's a chance that this

632
00:35:43,760 --> 00:35:46,320
Speaker 1: could be a sort of prime discussed debated today and

633
00:35:46,480 --> 00:35:49,320
Speaker 1: primed for a potential vote later this week. Um, this

634
00:35:49,480 --> 00:35:52,040
Speaker 1: is something that lawmakers think can at least pass the House.

635
00:35:52,120 --> 00:35:54,360
Speaker 1: Of course, they're huge questions about whether it's going to

636
00:35:54,440 --> 00:35:57,320
Speaker 1: be able to get um some Republican support needed to

637
00:35:57,400 --> 00:35:59,719
Speaker 1: move forward, but it is at least one piece of

638
00:35:59,800 --> 00:36:04,280
Speaker 1: ledgislation that lawmakers believe they can move today. Um. But overall,

639
00:36:04,360 --> 00:36:06,400
Speaker 1: I mean, even I think it was very telling. You know,

640
00:36:06,440 --> 00:36:09,480
Speaker 1: when you heard President Biden give his remarks UM after

641
00:36:09,560 --> 00:36:11,960
Speaker 1: the shooting over the weekend, he didn't call for gun

642
00:36:12,040 --> 00:36:15,480
Speaker 1: reform legislation. I think that's just the mindset where everyone's

643
00:36:15,520 --> 00:36:17,640
Speaker 1: at in d C. They just know that it's it's

644
00:36:17,719 --> 00:36:21,799
Speaker 1: really just not possible with the current political atmosphere. Uh.

645
00:36:21,960 --> 00:36:27,080
Speaker 1: In the Bloomberg story, there's a paragraph about replacement theory,

646
00:36:27,120 --> 00:36:30,680
Speaker 1: a few paragraphs a section about it, the replacement theory

647
00:36:30,920 --> 00:36:33,719
Speaker 1: that apparently inspired the alleged gum of the eighteen year

648
00:36:33,719 --> 00:36:38,920
Speaker 1: old white man, and it's causing a blowback for some

649
00:36:39,160 --> 00:36:43,680
Speaker 1: conservative lawmakers, right, Yeah, particularly at leastophonic. She is the

650
00:36:43,880 --> 00:36:46,200
Speaker 1: head of the GOP caucus. That makes her kind of

651
00:36:46,239 --> 00:36:49,439
Speaker 1: the number three Republican in the House. Um. A young woman,

652
00:36:49,640 --> 00:36:54,000
Speaker 1: a new mother, certainly someone to watch within Republican politics.

653
00:36:54,320 --> 00:36:57,640
Speaker 1: And she has pushed um this theory before. She's put

654
00:36:57,760 --> 00:37:01,719
Speaker 1: ads on Facebook um saying that, you know, accusing Democrats

655
00:37:02,040 --> 00:37:05,600
Speaker 1: of planning what she describes as a permanent election insurrection

656
00:37:06,120 --> 00:37:10,719
Speaker 1: by a lot by granting amnesty to undocumented immigrants and

657
00:37:10,880 --> 00:37:14,399
Speaker 1: allowing them to vote, giving them these majorities. This kind

658
00:37:14,480 --> 00:37:16,880
Speaker 1: of a lot of people have drawn links between that

659
00:37:17,239 --> 00:37:19,239
Speaker 1: and what you saw from this eighteen year old shooter

660
00:37:19,440 --> 00:37:22,560
Speaker 1: kind of saying that there was this grand scheme from

661
00:37:22,800 --> 00:37:26,719
Speaker 1: groups in power to replace white Americans with UM, other

662
00:37:27,040 --> 00:37:30,160
Speaker 1: you know, minorities. UM. And so she's received some criticism

663
00:37:30,239 --> 00:37:32,000
Speaker 1: for that. She's pushed back saying that that's not what

664
00:37:32,120 --> 00:37:35,839
Speaker 1: she meant, that this is focused mostly on immigration amnesty UM,

665
00:37:36,000 --> 00:37:38,600
Speaker 1: whether or not those who are currently UM in the

666
00:37:38,680 --> 00:37:43,000
Speaker 1: country unauthorized to get the ability to vote. UM. But certainly,

667
00:37:43,160 --> 00:37:45,200
Speaker 1: I would say expect this to be something that you

668
00:37:45,280 --> 00:37:48,080
Speaker 1: continue to hear about, particularly as we get into this

669
00:37:48,200 --> 00:37:54,080
Speaker 1: election season from Democrats. Yeah, real quickly aid package for Ukraine.

670
00:37:54,120 --> 00:37:57,520
Speaker 1: How closer we are are we to to this? We

671
00:37:57,600 --> 00:38:00,719
Speaker 1: could be less than forty hours away by for ours away,

672
00:38:00,719 --> 00:38:04,040
Speaker 1: maybe even at this point make that forty six. Um.

673
00:38:04,320 --> 00:38:06,920
Speaker 1: We are looking at potential passage on Wednesday, is what

674
00:38:07,000 --> 00:38:10,160
Speaker 1: I'm trying to say, uh, and that we that could

675
00:38:10,280 --> 00:38:12,719
Speaker 1: be Wednesday, it could be Thursday. UM. But at this

676
00:38:12,880 --> 00:38:17,120
Speaker 1: point that has cleared one necessary procedural hurdle UM, and

677
00:38:17,160 --> 00:38:19,800
Speaker 1: it's getting very close. Once, of course, it passes the Senate.

678
00:38:19,880 --> 00:38:22,879
Speaker 1: If there is no potential changes to that text, it's

679
00:38:22,920 --> 00:38:24,719
Speaker 1: going to go straight to Biden stask where he can

680
00:38:24,800 --> 00:38:27,520
Speaker 1: sign it. And that's forty billion for Ukraine for military,

681
00:38:27,560 --> 00:38:30,840
Speaker 1: for humanitarian aid for refugees um and this is funds

682
00:38:30,880 --> 00:38:33,520
Speaker 1: that you've basically heard from from all corners saying that

683
00:38:33,600 --> 00:38:36,520
Speaker 1: are still very badly needed for Ukraine to continue to

684
00:38:37,200 --> 00:38:41,480
Speaker 1: push Russia back from this invasion. Bloomberg Government reporter Emily Wilkins,

685
00:38:41,600 --> 00:38:43,600
Speaker 1: thanks a lot. You can read more mouth these stories

686
00:38:43,640 --> 00:38:47,080
Speaker 1: on Bloomberg dot com or the Bloomberg terminal. You can

687
00:38:47,080 --> 00:38:50,080
Speaker 1: follow the latest on Bloomberg ready on Washington. Bloomberg ninety

688
00:38:50,160 --> 00:38:52,120
Speaker 1: Night one on one oh five point seven f M

689
00:38:52,320 --> 00:38:55,080
Speaker 1: h D two. Karen, all right, John, thank you. It's

690
00:38:55,080 --> 00:38:57,840
Speaker 1: five fifty four on Wall Street. Time for the Bloomberg

691
00:38:57,960 --> 00:39:01,960
Speaker 1: Law Report, brought to you by American Arbitration Association. Business

692
00:39:02,000 --> 00:39:05,879
Speaker 1: disputes are inevitable oversel Faster with the American Arbitration Association,

693
00:39:05,960 --> 00:39:09,880
Speaker 1: the global leader in alternative dispute resolution for over ninety years.

694
00:39:10,040 --> 00:39:12,880
Speaker 1: More at a d R dot org. Now here's a

695
00:39:12,960 --> 00:39:15,279
Speaker 1: legal story we're watching, and it brings us back once

696
00:39:15,320 --> 00:39:18,719
Speaker 1: again to Elon Musk's bid for Twitter. Concern is growing

697
00:39:18,800 --> 00:39:21,080
Speaker 1: that Musk could walk away from the forty four billion

698
00:39:21,120 --> 00:39:24,880
Speaker 1: dollar acquisition. He's been questioning Twitter's publicly disclosed data on

699
00:39:24,920 --> 00:39:27,600
Speaker 1: the percentage of spam and fake accounts on the social

700
00:39:27,680 --> 00:39:31,239
Speaker 1: media service. Beget more on the legal elements involved in

701
00:39:31,320 --> 00:39:34,880
Speaker 1: this story, and with that, Bloomberg's JOm Grosso speaks to

702
00:39:35,040 --> 00:39:39,080
Speaker 1: Eric Talley, a professor at Columbia Law School. Former President

703
00:39:39,120 --> 00:39:42,359
Speaker 1: Trump said, there's no way that Elon Musk will buy

704
00:39:42,520 --> 00:39:46,279
Speaker 1: Twitter at such a ridiculous price. Do you agree with that?

705
00:39:46,640 --> 00:39:49,160
Speaker 1: It's seeming more and more unlikely that Musk is going

706
00:39:49,239 --> 00:39:52,800
Speaker 1: to buy Twitter. Well, at last I checked, former President

707
00:39:52,840 --> 00:39:55,279
Speaker 1: Trump had not been to law school. And one of

708
00:39:55,320 --> 00:40:00,280
Speaker 1: the things that is considerable complication here is that Elon

709
00:40:00,400 --> 00:40:04,000
Speaker 1: Musk has already entered into a contract in which he

710
00:40:04,480 --> 00:40:08,440
Speaker 1: substantially obliges himself to make steps towards buying Twitter at

711
00:40:08,480 --> 00:40:12,759
Speaker 1: a cash price that he's already stated. So the economics

712
00:40:12,840 --> 00:40:16,160
Speaker 1: of this deal I think are probably causing Elon Musk

713
00:40:16,239 --> 00:40:20,799
Speaker 1: to think twice about whether he really has buyer's remorse here.

714
00:40:20,920 --> 00:40:24,160
Speaker 1: Man I suspect he does, if for no other reason,

715
00:40:24,280 --> 00:40:27,240
Speaker 1: because he ended up paying a price that was probably

716
00:40:27,320 --> 00:40:29,400
Speaker 1: higher than it would have been had he just waited

717
00:40:29,480 --> 00:40:32,640
Speaker 1: for a few more weeks. That having been said, history

718
00:40:32,719 --> 00:40:36,040
Speaker 1: books are filled with people who are buying companies who

719
00:40:36,120 --> 00:40:38,759
Speaker 1: then get some buyer's remorse and try to get out

720
00:40:38,840 --> 00:40:42,080
Speaker 1: of that, but the contracts that they've entered into make

721
00:40:42,160 --> 00:40:44,880
Speaker 1: it either hard or impossible to get out of it.

722
00:40:45,040 --> 00:40:48,520
Speaker 1: So one big factor here is trying to determine to

723
00:40:48,640 --> 00:40:52,680
Speaker 1: what extent the deal that Must ended up entering into

724
00:40:52,880 --> 00:40:56,160
Speaker 1: with Twitter is gonna end up tying his own hands

725
00:40:56,320 --> 00:41:00,680
Speaker 1: later on or forcing a fairly difficult renegotiation with the

726
00:41:00,760 --> 00:41:03,720
Speaker 1: Twitter board sitting on a fair amount of bargaining power.

727
00:41:04,160 --> 00:41:06,839
Speaker 1: How messy would it be for Musk to back out

728
00:41:06,880 --> 00:41:09,080
Speaker 1: of the deal? If you just sort of stare at

729
00:41:09,120 --> 00:41:12,160
Speaker 1: the document itself. This is a document that looks for

730
00:41:12,280 --> 00:41:15,520
Speaker 1: what they say in the industry, relatively seller friendly the

731
00:41:15,600 --> 00:41:18,800
Speaker 1: company that's selling itself. There aren't that many ways that

732
00:41:19,000 --> 00:41:21,600
Speaker 1: Musk can walk away. Now, there are some aspects to

733
00:41:21,719 --> 00:41:23,919
Speaker 1: it that make it look like he could. Right, there's

734
00:41:23,960 --> 00:41:26,279
Speaker 1: a termination fee that he would have to pay of

735
00:41:26,360 --> 00:41:28,759
Speaker 1: a billion dollars if he were to walk away, But

736
00:41:28,880 --> 00:41:31,520
Speaker 1: that's really only one of the provisions in the deal,

737
00:41:31,640 --> 00:41:34,480
Speaker 1: And another one which is far more important, is a

738
00:41:34,600 --> 00:41:38,160
Speaker 1: provision that's called a specific performance provision, and that's just

739
00:41:38,400 --> 00:41:41,839
Speaker 1: legal ease for the either side. If the other side

740
00:41:41,880 --> 00:41:44,600
Speaker 1: wants to try to back out, they can essentially force

741
00:41:44,719 --> 00:41:46,960
Speaker 1: the party or get a court order forcing the party

742
00:41:47,160 --> 00:41:49,719
Speaker 1: to go forward. And that's a provision that's in this deal.

743
00:41:50,200 --> 00:41:54,080
Speaker 1: It doesn't provide that many outs for Elon Musk. The

744
00:41:54,200 --> 00:41:57,719
Speaker 1: one that it might help provide is if for some

745
00:41:57,880 --> 00:42:02,000
Speaker 1: reason he's unable to secure financing for the deal, then

746
00:42:02,280 --> 00:42:06,880
Speaker 1: that might allow that specific performance provision to fall away.

747
00:42:07,520 --> 00:42:09,440
Speaker 1: So you know, I think a lot of people are

748
00:42:09,480 --> 00:42:12,080
Speaker 1: sort of thinking that the disclosure he made this weekend

749
00:42:12,520 --> 00:42:16,600
Speaker 1: was essentially trying to set the stage for possibly engineering

750
00:42:16,680 --> 00:42:19,719
Speaker 1: a failing of the financing of the deal. And that's

751
00:42:19,880 --> 00:42:22,600
Speaker 1: Eric Talley, your professor at Columbia Law School, speaking at

752
00:42:22,640 --> 00:42:25,520
Speaker 1: the Bloomberg Stone Grosso. Catch more of that interview plus

753
00:42:25,560 --> 00:42:28,160
Speaker 1: analysis of the latest legal news by subscribing to the

754
00:42:28,160 --> 00:42:31,839
Speaker 1: Bloomberg Law Podcast or downloading the show at Bloomberg dot

755
00:42:31,920 --> 00:42:35,480
Speaker 1: com slash podcast. Attorneys can find exceptional legal research and

756
00:42:35,520 --> 00:42:38,480
Speaker 1: business development tools at Bloomberg Law dot com and on

757
00:42:38,560 --> 00:42:42,560
Speaker 1: the Bloomberg terminal at bilg go. And our top stories

758
00:42:42,600 --> 00:42:46,120
Speaker 1: are straight ahead as Bloomberg Day Break continues, This is

759
00:42:46,200 --> 00:42:46,759
Speaker 1: Bloomberg