1 00:00:02,759 --> 00:00:06,160 Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg 2 00:00:06,240 --> 00:00:10,639 Speaker 1: Daybreak for Tuesday, April two. Coming up this hour, Elon 3 00:00:10,720 --> 00:00:14,280 Speaker 1: Musk pulls off one of the biggest leveraged buyouts in history. 4 00:00:14,360 --> 00:00:17,720 Speaker 1: We have team coverage of his Twitter takeover, Microsoft and 5 00:00:17,760 --> 00:00:21,360 Speaker 1: Apple leave the earning sporade today, and Russia's foreign minister 6 00:00:21,440 --> 00:00:25,000 Speaker 1: warns the risk of nuclear war can't be underestimated. Resident 7 00:00:25,040 --> 00:00:28,200 Speaker 1: Trump's legal troubles continue with New York's a G plus. 8 00:00:28,240 --> 00:00:31,200 Speaker 1: The southern border remains closed for migrants after a judge 9 00:00:31,360 --> 00:00:34,519 Speaker 1: kept titled thirty two in place. On Michael bar More Ahead, 10 00:00:35,080 --> 00:00:37,560 Speaker 1: I'm John Stans shown sports. The next season is over, 11 00:00:37,640 --> 00:00:40,240 Speaker 1: swept by the Celtics, a ninthin rally for the Mets 12 00:00:40,240 --> 00:00:45,760 Speaker 1: to win in St. Louis. That's all trendy Ahead on 13 00:00:45,880 --> 00:00:51,520 Speaker 1: Bloomberg Daybreak on Bloomberg eleven, Free on New York, Bloomberg one, Washington, 14 00:00:51,640 --> 00:00:55,280 Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine 15 00:00:55,320 --> 00:00:59,560 Speaker 1: sixties and Francisco Sirius XM one nine team and around 16 00:00:59,560 --> 00:01:02,440 Speaker 1: the world. Then Bloomberg Radio dot Com and via The 17 00:01:02,440 --> 00:01:09,600 Speaker 1: Bloomberg Business. Good Morning, I'm Nathan Hagar. And I'm Karen. 18 00:01:09,680 --> 00:01:12,679 Speaker 1: Moscow and US Dock Index futures are lower this morning. 19 00:01:12,680 --> 00:01:14,360 Speaker 1: We're coming up to five o one on Wall Street, 20 00:01:14,360 --> 00:01:16,480 Speaker 1: and we check the markets every fifteen minutes throughout the 21 00:01:16,480 --> 00:01:19,520 Speaker 1: trading day. On Bloomberg, Guess and P futures down seven 22 00:01:19,560 --> 00:01:23,720 Speaker 1: points down, futures down seventy six, nasdack futures down seventeen 23 00:01:23,800 --> 00:01:27,320 Speaker 1: The tenure Treasury up six thirty seconds two points seven 24 00:01:27,440 --> 00:01:29,720 Speaker 1: nine percent, and they yield on the two year two 25 00:01:29,760 --> 00:01:32,679 Speaker 1: point six zero percent and nine max Screwed oil is 26 00:01:32,720 --> 00:01:36,080 Speaker 1: down one point two percent. Nathan, Karen, We begin this 27 00:01:36,120 --> 00:01:39,440 Speaker 1: morning with one of the biggest leveraged buyouts in history. 28 00:01:39,440 --> 00:01:42,839 Speaker 1: Elon Musk has clinched a forty four billion dollar deal 29 00:01:42,880 --> 00:01:46,760 Speaker 1: to take Twitter private. Investors will receive fifty four dollars 30 00:01:46,800 --> 00:01:49,360 Speaker 1: and twenty cents for each Twitter share they own. We 31 00:01:49,480 --> 00:01:51,840 Speaker 1: have team coverage for you this morning, starting with Ed 32 00:01:51,920 --> 00:01:55,160 Speaker 1: Ludlow in our Bloomberg nine sixty newsroom in San Francisco. 33 00:01:55,680 --> 00:01:58,760 Speaker 1: Ed has more on four changes Musk may make to 34 00:01:58,800 --> 00:02:01,840 Speaker 1: the platform. Going for word, it's four main things. An 35 00:02:01,960 --> 00:02:04,640 Speaker 1: edit button that is time sensitive. He's talks about that, 36 00:02:04,880 --> 00:02:08,400 Speaker 1: removing bots from the platform. He's talks about that open 37 00:02:08,480 --> 00:02:11,680 Speaker 1: sourcing the algorithm and looking at the underlying technology for Twitter, 38 00:02:11,960 --> 00:02:14,000 Speaker 1: and then finally he's going to look at the issues 39 00:02:14,000 --> 00:02:16,440 Speaker 1: of vans. Elon must basically framed it as being he 40 00:02:16,520 --> 00:02:19,359 Speaker 1: was more in favor of timeouts than all out bands 41 00:02:19,400 --> 00:02:22,360 Speaker 1: on the platform, Bloomberg said. Ludlow says the deal was 42 00:02:22,360 --> 00:02:25,520 Speaker 1: approved unanimously by Twitter's board. It is expected to be 43 00:02:25,560 --> 00:02:28,880 Speaker 1: completed later this year. So where will Elon must get 44 00:02:28,880 --> 00:02:32,079 Speaker 1: the cash to buy Twitter? While Bloomberg's Rnita Young continues 45 00:02:32,120 --> 00:02:34,280 Speaker 1: our team coverage and joins us Live in New York 46 00:02:34,320 --> 00:02:36,480 Speaker 1: with that part of the story, Good morning Randa, Good 47 00:02:36,480 --> 00:02:39,880 Speaker 1: morning care. And it's the twenty one billion dollar mystery. Now, 48 00:02:39,880 --> 00:02:42,720 Speaker 1: there's little doubt Elon Musk can come up with the money. 49 00:02:42,760 --> 00:02:45,720 Speaker 1: After all, the Bloomberg Billionaires Index shows he's the world's 50 00:02:45,800 --> 00:02:48,640 Speaker 1: richest person with a fortune of two hundred fifty seven 51 00:02:48,680 --> 00:02:52,400 Speaker 1: billion dollars. But Bloomberg estimates show Musk has just about 52 00:02:52,440 --> 00:02:55,600 Speaker 1: three billion in cash and somewhat liquid assets, So that 53 00:02:55,680 --> 00:02:59,000 Speaker 1: leaves him with at least three options for financing. One 54 00:02:59,000 --> 00:03:02,120 Speaker 1: way find other investors who buy into his vision, and 55 00:03:02,160 --> 00:03:05,280 Speaker 1: he's already hinted at this possibility. Another way, he could 56 00:03:05,280 --> 00:03:07,679 Speaker 1: sell some of his steak in Tesla, but that will 57 00:03:07,760 --> 00:03:11,280 Speaker 1: likely put the stock at risk. And Thirdly, since Musk 58 00:03:11,360 --> 00:03:14,880 Speaker 1: is likely even richer than calculated by the Bloomberg Billionaires Index, 59 00:03:15,120 --> 00:03:17,520 Speaker 1: he might not even need news sources of funding to 60 00:03:17,639 --> 00:03:20,920 Speaker 1: cover the twenty one billion dollars. Live in New York. 61 00:03:21,000 --> 00:03:23,280 Speaker 1: I'm really need a young Bloomberg daybreak. All right, we 62 00:03:23,320 --> 00:03:25,560 Speaker 1: need to thank you now. Some lawmakers are pushing back 63 00:03:25,600 --> 00:03:28,919 Speaker 1: against the buyout. Senator Elizabeth Warren is calling Musk's Twitter 64 00:03:28,960 --> 00:03:32,920 Speaker 1: deal dangerous. Ed Baxtir continues our team coverage from our 65 00:03:32,960 --> 00:03:36,760 Speaker 1: Bloomberg nine sixty newsroom in San Francisco. Musk and Warren 66 00:03:36,880 --> 00:03:40,160 Speaker 1: are familiar foes. They've had battles over a number of issues, 67 00:03:40,160 --> 00:03:43,080 Speaker 1: but Warren's verbi and share is very strong. She says 68 00:03:43,120 --> 00:03:46,480 Speaker 1: the deal is dangerous for our democracy. She says, quote 69 00:03:46,480 --> 00:03:49,080 Speaker 1: billionaires like Elon Musk played by a different set of 70 00:03:49,160 --> 00:03:52,960 Speaker 1: rules than everyone else, accumulating power for their own gain. 71 00:03:53,480 --> 00:03:56,960 Speaker 1: It's dangerous because one billionaire decides how millions of people 72 00:03:57,000 --> 00:04:00,160 Speaker 1: will have an opportunity to communicate with each other. The 73 00:04:00,200 --> 00:04:03,760 Speaker 1: deal has potential roadblocks, beginning with the SEC but this 74 00:04:03,800 --> 00:04:07,400 Speaker 1: one threatens to be very heated. In San Francisco, I'm 75 00:04:07,400 --> 00:04:10,160 Speaker 1: at Baxter Bloomberg Daybreak and thanks, and we have more 76 00:04:10,160 --> 00:04:12,400 Speaker 1: analysis on the most Twitter deal coming up. In just 77 00:04:12,520 --> 00:04:15,040 Speaker 1: a few minutes, will be speaking live with Wedbush Senior 78 00:04:15,080 --> 00:04:18,520 Speaker 1: analyst Dan ives Well Under the latest on the war 79 00:04:18,680 --> 00:04:22,520 Speaker 1: in Ukraine, Nathan Russian Foreign Minister Sergei Lavrov warnts the 80 00:04:22,640 --> 00:04:26,680 Speaker 1: risk of nuclear war is real and can't be underestimated. 81 00:04:26,720 --> 00:04:29,880 Speaker 1: That's after Defense Secretary Lloyd Austin said the US wants 82 00:04:29,920 --> 00:04:34,040 Speaker 1: to see Russian forces weakened in Ukraine. This morning, Secretary 83 00:04:34,080 --> 00:04:37,520 Speaker 1: Austin is pledging continued US support. Ukraine has done a 84 00:04:37,520 --> 00:04:43,440 Speaker 1: magnificent job defending its sovereignty against Russia's unprovoked invasion. In 85 00:04:43,640 --> 00:04:47,280 Speaker 1: Ukraine's valor and skill will go down in military history, 86 00:04:49,240 --> 00:04:51,680 Speaker 1: and Defense Secretary Lloyd Austin spoke this morning from the 87 00:04:51,760 --> 00:04:54,720 Speaker 1: Ramstein Air Base in Germany. Meantime, the White House says 88 00:04:54,720 --> 00:04:57,839 Speaker 1: President Biden also is working on his next request for 89 00:04:58,040 --> 00:05:01,440 Speaker 1: Ukraine aide to Congress. The Houses also taking action on 90 00:05:01,640 --> 00:05:05,040 Speaker 1: COVID Karen. Just this morning, the Biden administration is announcing 91 00:05:05,040 --> 00:05:08,679 Speaker 1: it will allow all pharmacies to order Fiser's COVID nineteen 92 00:05:08,720 --> 00:05:11,280 Speaker 1: therapy pill as it looks to boost access to the 93 00:05:11,360 --> 00:05:15,080 Speaker 1: drugs supply increases. Starting this week, tens of thousands of 94 00:05:15,080 --> 00:05:17,800 Speaker 1: pharmacies will be able to order the drug. Pilson's have 95 00:05:17,839 --> 00:05:20,560 Speaker 1: started the pandemic, Nathan. Global events and meetings have gone 96 00:05:20,640 --> 00:05:23,039 Speaker 1: virtue all but now. FETCH chair j Powell is set 97 00:05:23,080 --> 00:05:25,760 Speaker 1: to hold his first in person press conference since COVID 98 00:05:25,839 --> 00:05:28,960 Speaker 1: emerged hell Me Live with reporters following the conclusion of 99 00:05:29,040 --> 00:05:32,280 Speaker 1: next week's Today Policy Meeting. Inflation will be a main 100 00:05:32,360 --> 00:05:34,880 Speaker 1: focus for Powell at that news conference. Karen and data 101 00:05:34,920 --> 00:05:39,000 Speaker 1: this morning show prices heading even higher for consumers, according 102 00:05:39,000 --> 00:05:42,080 Speaker 1: to a survey from the National Federation of Independent Business 103 00:05:42,120 --> 00:05:45,880 Speaker 1: For Intent, US small businesses plan to raise prices by 104 00:05:45,880 --> 00:05:48,760 Speaker 1: at least ten percent. And I'm all Street today, Nathan, 105 00:05:48,800 --> 00:05:52,320 Speaker 1: we get a clearer picture of how big business it's 106 00:05:52,360 --> 00:05:55,200 Speaker 1: earnings are coming in. Earnings are rolling in this afternoon 107 00:05:55,240 --> 00:05:57,920 Speaker 1: for Microsoft and Google. Let me get a preview from 108 00:05:57,920 --> 00:06:01,360 Speaker 1: Bloomberg's John Tucker. Google parent Alphabet has been held by 109 00:06:01,360 --> 00:06:04,719 Speaker 1: a rebound and digital advertising, but the shares have LaGG 110 00:06:04,880 --> 00:06:07,360 Speaker 1: and the stock will also face some more difficult year 111 00:06:07,400 --> 00:06:10,920 Speaker 1: over year growth Comparis and analysts estimate earnings per shure 112 00:06:10,960 --> 00:06:14,760 Speaker 1: of dollars seventy three cents, down two percent from a 113 00:06:14,800 --> 00:06:18,560 Speaker 1: year earlier. At Microsoft, analysts are expanding earnings per shure 114 00:06:18,600 --> 00:06:22,719 Speaker 1: of two nineteen. The company may report strong cloud results 115 00:06:22,720 --> 00:06:25,760 Speaker 1: that could more than offset any potential weakness in its 116 00:06:25,760 --> 00:06:29,840 Speaker 1: consumer business. John Tucker, Bloomberg, Daybreak. All right, John, Thanks, 117 00:06:29,839 --> 00:06:31,839 Speaker 1: it's also a big day for earnings in Europe. Let's 118 00:06:31,839 --> 00:06:33,839 Speaker 1: get the latest done that live, we go to London 119 00:06:33,839 --> 00:06:36,440 Speaker 1: and Bloomberg's You and Parts. Good morning You, and good 120 00:06:36,440 --> 00:06:39,320 Speaker 1: morning Nathan and Karen. A trio of banking sector beats 121 00:06:39,360 --> 00:06:42,120 Speaker 1: this morning. Ubs riding a trading boom with better than 122 00:06:42,160 --> 00:06:45,320 Speaker 1: expected profit in the first quarter, but the Swiss banks 123 00:06:45,360 --> 00:06:48,720 Speaker 1: key wealth management business hit by slowing clients activity and 124 00:06:48,920 --> 00:06:52,600 Speaker 1: rising costs. Spain's at Santande also beating estimates, with the 125 00:06:52,640 --> 00:06:56,680 Speaker 1: retail banking giants geographical reach providing a buffer against growing 126 00:06:56,760 --> 00:07:00,680 Speaker 1: economic risks. At HSBC posting a smaller joy in adjusted 127 00:07:00,720 --> 00:07:04,240 Speaker 1: pretax profit than analysts predicted, Europe's biggest bank reporting the 128 00:07:04,320 --> 00:07:07,599 Speaker 1: law than expected credit lost provisions in London. Immune Pault 129 00:07:07,640 --> 00:07:09,680 Speaker 1: has been big daybreak. Okay, you and thanks right now. 130 00:07:09,800 --> 00:07:11,920 Speaker 1: S and P futures are down eight point, staff futures 131 00:07:11,920 --> 00:07:15,239 Speaker 1: down ninety four, nanstack futures down twenty points. Straight ahead, 132 00:07:15,240 --> 00:07:17,920 Speaker 1: your latest local headlines and a check of sports. This 133 00:07:18,240 --> 00:07:25,280 Speaker 1: is Bloomberg and it's sound five oh seven on Wall Street. 134 00:07:25,280 --> 00:07:28,280 Speaker 1: Our current temperature fifty two degrees. We have an accident 135 00:07:28,280 --> 00:07:30,800 Speaker 1: in Brooklyn this morning. Ice found bt QE a headed 136 00:07:30,800 --> 00:07:33,720 Speaker 1: near Atlantic Avenue. Details coming up in traffic. First Michael 137 00:07:33,720 --> 00:07:35,760 Speaker 1: Barr with more on what's going on in New York 138 00:07:35,760 --> 00:07:38,200 Speaker 1: and around the world. Good morning, Michael, Good morning Nathan, 139 00:07:38,240 --> 00:07:41,280 Speaker 1: and New York judge has found former President Donald Trump 140 00:07:41,360 --> 00:07:44,920 Speaker 1: in contempt of court for failing to adequately respond to 141 00:07:44,960 --> 00:07:48,160 Speaker 1: a subpoena issued by the state's attorney general is part 142 00:07:48,400 --> 00:07:51,800 Speaker 1: of a civil investigation into his business dealings. The judge 143 00:07:51,880 --> 00:07:55,000 Speaker 1: ordered Trump to pay a fine of ten thousand dollars 144 00:07:55,040 --> 00:07:58,320 Speaker 1: per day. New York Attorney General Letitia James and asked 145 00:07:58,320 --> 00:08:01,200 Speaker 1: the court to hold Trump in contempt after he missed 146 00:08:01,240 --> 00:08:04,600 Speaker 1: a March thirty first court imposed deadline to turn over documents. 147 00:08:05,000 --> 00:08:08,840 Speaker 1: The federal judge in Louisiana has temporarily blocked Biden administration 148 00:08:09,120 --> 00:08:11,760 Speaker 1: from lifting the border restrictions put in place during the 149 00:08:11,800 --> 00:08:15,680 Speaker 1: coronavirus pandemic. Title forty two was supposed to be lifted 150 00:08:15,720 --> 00:08:19,960 Speaker 1: on May three. The temporary restraining order was requested by 151 00:08:20,000 --> 00:08:25,000 Speaker 1: twenty one Republican led states. Bloomberg Politics contributor Rick Davis says, 152 00:08:25,080 --> 00:08:29,320 Speaker 1: it seems the Biden administration has bungled its administration policy, 153 00:08:29,720 --> 00:08:33,000 Speaker 1: and it just seems like they haven't really focused on 154 00:08:33,080 --> 00:08:35,040 Speaker 1: what the impact is at the state level. They didn't 155 00:08:35,040 --> 00:08:38,560 Speaker 1: consult states that are impacted by the border, and and 156 00:08:38,600 --> 00:08:40,800 Speaker 1: now the whole thing seems to be adding a lot 157 00:08:40,800 --> 00:08:44,400 Speaker 1: of confusion. Frankly, very reminiscent of the current COVID policy. 158 00:08:44,440 --> 00:08:46,400 Speaker 1: Whether it just doesn't seem to be a strategy and 159 00:08:46,440 --> 00:08:51,160 Speaker 1: play here. Bloomberg Politics contributor Rick Davis spoke out with 160 00:08:51,320 --> 00:08:55,240 Speaker 1: Washington correspondent Joe Matthew on Bloomberg Sound on Catch the 161 00:08:55,240 --> 00:08:58,920 Speaker 1: program weekdays at five pm Eastern on Bloomberg Radio. Workers 162 00:08:58,960 --> 00:09:02,680 Speaker 1: at a second Amazon dot Com warehouse in Statn Island 163 00:09:02,880 --> 00:09:05,280 Speaker 1: began voting Monday on the weather to join an upstart 164 00:09:05,360 --> 00:09:08,880 Speaker 1: union that already won a historic election at a nearby facility. 165 00:09:09,240 --> 00:09:13,120 Speaker 1: Employees at the warehouse called l d J five will 166 00:09:13,160 --> 00:09:15,920 Speaker 1: cast their ballots through Friday, with the results expected as 167 00:09:15,920 --> 00:09:19,360 Speaker 1: early as May second, Two days before a mother of 168 00:09:19,440 --> 00:09:23,040 Speaker 1: fourteen children was scheduled to die in the Texas death Chamber, 169 00:09:23,400 --> 00:09:27,680 Speaker 1: Melissa Luccio received the last minute reprieve. Supporters of Luccio, 170 00:09:27,840 --> 00:09:30,840 Speaker 1: accused of killing her two year old child, found a 171 00:09:30,880 --> 00:09:34,520 Speaker 1: forensic expert who says her child's fatal injuries were consistent 172 00:09:34,720 --> 00:09:38,760 Speaker 1: with an accidental fall. Luccio's son, John Luccio, We're gonna 173 00:09:38,800 --> 00:09:40,520 Speaker 1: believe in God, and we're gonna continue believe in him 174 00:09:40,520 --> 00:09:42,280 Speaker 1: and keeping keep our faith up with him in a 175 00:09:43,200 --> 00:09:45,240 Speaker 1: keep on fighting this fight until we bring her home. 176 00:09:45,440 --> 00:09:48,480 Speaker 1: She's no longer going to be executed. My mother will 177 00:09:48,520 --> 00:09:51,360 Speaker 1: be free soon. Don Luccio says. The court will rule 178 00:09:51,440 --> 00:09:54,120 Speaker 1: on the new evidence. Global News twenty four hours a 179 00:09:54,200 --> 00:09:56,880 Speaker 1: day on air, hand on Bloomberg quick Take, powered by 180 00:09:56,920 --> 00:09:59,480 Speaker 1: more than seven hundred journalist and analyists more than a 181 00:09:59,679 --> 00:10:03,680 Speaker 1: d tw two countries. Michael barn this is Bloomberg, alright, Michael, 182 00:10:03,679 --> 00:10:10,160 Speaker 1: thank you. Tuning up to five ten on Wall Street 183 00:10:10,200 --> 00:10:12,480 Speaker 1: time for the Bloomberg Sports Update and Morning Johnston to 184 00:10:12,720 --> 00:10:15,319 Speaker 1: Morning Nathan. This NBA season began with high hopes for 185 00:10:15,400 --> 00:10:17,320 Speaker 1: the New York teams and Knicks were expected to at 186 00:10:17,400 --> 00:10:19,800 Speaker 1: least make the playoffs. The Nets were expected to compete 187 00:10:19,800 --> 00:10:23,199 Speaker 1: for the championship. Neither thing happened. The Celtics completely the 188 00:10:23,320 --> 00:10:25,880 Speaker 1: first round sweet for the Nets, taking Game four in 189 00:10:25,960 --> 00:10:29,160 Speaker 1: Brooklyn one sixteen to one twelve Jason Tatum twenty nine points. 190 00:10:29,160 --> 00:10:33,160 Speaker 1: Boston survived Tatum fouling out in the fourth quarter. Kevin Durant, 191 00:10:33,160 --> 00:10:35,760 Speaker 1: so quiet the first three games, did come alive with 192 00:10:35,920 --> 00:10:38,439 Speaker 1: thirty nine points, but Durant goes out in the first 193 00:10:38,559 --> 00:10:40,679 Speaker 1: round for the first time in his career. He also 194 00:10:41,000 --> 00:10:43,559 Speaker 1: had never gotten swept in a series before k d 195 00:10:43,800 --> 00:10:46,599 Speaker 1: is signed. He should be back. Timber Yerby may not be, 196 00:10:46,760 --> 00:10:49,040 Speaker 1: and who knows about Ben Simmons, who was acquired for 197 00:10:49,120 --> 00:10:52,439 Speaker 1: James Harden and never played. Toronto stayed alive with the 198 00:10:52,440 --> 00:10:55,280 Speaker 1: Game five win in Philadelphia. Dallas beat Utah by twenty 199 00:10:55,360 --> 00:10:58,040 Speaker 1: five to go up three too. Memphis is John Moran 200 00:10:58,120 --> 00:11:01,440 Speaker 1: and him the NBA's most improved player. The Mets in St. Louis, 201 00:11:01,440 --> 00:11:04,319 Speaker 1: Max Scherzer was terrific and seven unti allowed no runs, 202 00:11:04,600 --> 00:11:07,960 Speaker 1: two hits, struck out ten got no run support. Cardinals 203 00:11:07,960 --> 00:11:10,040 Speaker 1: broke up a scoreless game with two runs in the eighth. 204 00:11:10,040 --> 00:11:12,480 Speaker 1: It ain't Mets then rallied in the ninth. He goes 205 00:11:12,520 --> 00:11:15,559 Speaker 1: ready as pitch, We're gonna groundball toward first cold spit 206 00:11:15,640 --> 00:11:18,960 Speaker 1: a typing stop. Nobody's clevering first. What the diego? Smith? 207 00:11:19,040 --> 00:11:22,600 Speaker 1: This safe? Tick deal run third throw home d safe. 208 00:11:22,840 --> 00:11:26,520 Speaker 1: The Mets have the lead. Tomin X Smith comes through 209 00:11:26,600 --> 00:11:29,280 Speaker 1: off the bench with two outs in the top of 210 00:11:29,280 --> 00:11:31,719 Speaker 1: the dine w C. He has. Brandon Nimo followed with 211 00:11:31,760 --> 00:11:34,640 Speaker 1: a two run omber. The Mets improved a thirteen and five. 212 00:11:34,720 --> 00:11:37,400 Speaker 1: They beat the Cardinals five at two. Yankees owes Baltimore tonight. 213 00:11:37,880 --> 00:11:40,040 Speaker 1: If the Rangers have any hopes of winning the division, 214 00:11:40,080 --> 00:11:42,840 Speaker 1: they'll need to beat Carolina tonight at the Garden. John 215 00:11:42,840 --> 00:11:46,600 Speaker 1: Stay Bloomberg Sports didn't thank john SMP futures down down 216 00:11:46,640 --> 00:11:49,600 Speaker 1: six point Stouff futures down seventy nan Stack futures down eight. 217 00:11:49,679 --> 00:11:52,760 Speaker 1: Attain your treasury up eight thirty seconds. The yield two 218 00:11:52,760 --> 00:11:56,120 Speaker 1: point seven eight percent. Twitter shares of four tenths of 219 00:11:56,200 --> 00:12:00,520 Speaker 1: one percent. As Elon Musk buys it out, we get 220 00:12:00,520 --> 00:12:04,440 Speaker 1: insights next from Dan Ives white Bush Securities. This is 221 00:12:04,480 --> 00:12:09,560 Speaker 1: Bloomberg Bloomberg Daybreak is brought to you by the New 222 00:12:09,600 --> 00:12:11,480 Speaker 1: York Community Trust. Your name will live on as a 223 00:12:11,559 --> 00:12:13,640 Speaker 1: champion of the causes you care about for years to 224 00:12:13,679 --> 00:12:16,439 Speaker 1: come through a charitable bequest to the New York Community Cross. 225 00:12:16,559 --> 00:12:23,720 Speaker 1: Learn more at Philanthropist dot NYC. Markets headlines and breaking 226 00:12:23,760 --> 00:12:26,680 Speaker 1: news twenty four hours a day at Bloomberg dot com, 227 00:12:26,800 --> 00:12:30,320 Speaker 1: the Bloomberg Business Outland at Bloomberg Quick Take. This is 228 00:12:30,320 --> 00:12:39,880 Speaker 1: a Bloomberg Business flash and I'm Karen Moscow. Stocks in 229 00:12:39,960 --> 00:12:42,880 Speaker 1: Europe are on the rise as China's pledged to boost 230 00:12:42,920 --> 00:12:46,319 Speaker 1: monetary policy support where its COVID hit economy lifts sentiment, 231 00:12:46,400 --> 00:12:49,120 Speaker 1: while traders are also lying a raft of earnings reports 232 00:12:49,120 --> 00:12:52,040 Speaker 1: from some of the region's biggest companies. US DOCK index 233 00:12:52,080 --> 00:12:54,520 Speaker 1: futures are lower, and we checked the markets every fifteen 234 00:12:54,520 --> 00:12:57,280 Speaker 1: minutes throughout the trading day on Bloomberg. Right now, U 235 00:12:57,320 --> 00:13:00,000 Speaker 1: S and P futures are down seven points down few 236 00:13:00,400 --> 00:13:03,920 Speaker 1: down seventy six, NASDACK futures down four team. The decks 237 00:13:03,920 --> 00:13:06,520 Speaker 1: in Germany is up about one point two percent ten. 238 00:13:06,600 --> 00:13:09,199 Speaker 1: Your treasury up eight thirty seconds, yield two point seven 239 00:13:09,200 --> 00:13:11,400 Speaker 1: eight percent. They yield on a two year two point 240 00:13:11,440 --> 00:13:14,440 Speaker 1: five nine percent, and II Max screwed oil is down 241 00:13:14,440 --> 00:13:16,920 Speaker 1: one point three on a dollar thirty at ninety seven 242 00:13:17,559 --> 00:13:20,400 Speaker 1: four cents in barrel. That's a Bloomberg business flash. Now 243 00:13:20,400 --> 00:13:22,760 Speaker 1: here's Michael Barr with Moore on what's going on around 244 00:13:22,760 --> 00:13:26,160 Speaker 1: the world. Michael, good morning, Good morning, Karen. Russian Foreign 245 00:13:26,200 --> 00:13:29,960 Speaker 1: Minister Sergey Lavrov war in the Ukraine against provoking World 246 00:13:30,040 --> 00:13:33,840 Speaker 1: War three. Lavrov said on Russian TV that the threat 247 00:13:33,880 --> 00:13:37,440 Speaker 1: of a nuclear conflict should not be underestimated. There's mounting 248 00:13:37,480 --> 00:13:40,560 Speaker 1: pressure on former Trump White House Chief of Staff Mark 249 00:13:40,640 --> 00:13:45,920 Speaker 1: Meadows to turn over additional information to January sixth congressional investigators. 250 00:13:45,960 --> 00:13:49,240 Speaker 1: More than two thousand of meadows texts, first reported by 251 00:13:49,320 --> 00:13:52,439 Speaker 1: CNN have now been released. According to the text, some 252 00:13:52,520 --> 00:13:56,040 Speaker 1: of Donald Trump staunch's allies in Congress wanted him to 253 00:13:56,040 --> 00:13:59,480 Speaker 1: declare martial law to prevent Joe Biden from becoming president. 254 00:14:00,080 --> 00:14:03,640 Speaker 1: In the NBA Playoffs, the Celtics eliminated the Nets. Boston 255 00:14:03,880 --> 00:14:07,400 Speaker 1: beat Brooklyn won sixte t to sweep the series in 256 00:14:07,440 --> 00:14:10,760 Speaker 1: four games. In MLB, the mattson Giants one the Red 257 00:14:10,760 --> 00:14:13,880 Speaker 1: Sox lost. Global News twenty four hours a day on 258 00:14:14,000 --> 00:14:17,840 Speaker 1: air and on Bloomberg Quicktake, powered by more than seven 259 00:14:17,920 --> 00:14:20,760 Speaker 1: hundred journalists and analysts more than a hundred twenty countries. 260 00:14:20,920 --> 00:14:24,040 Speaker 1: I'm Michael Barr. This is Bloomberg, Nathan, Michael. Thank you. 261 00:14:24,080 --> 00:14:26,720 Speaker 1: It's five nineteen on Wall Street Live from the Bloomberg 262 00:14:26,760 --> 00:14:30,800 Speaker 1: Interactive Brokers Studios. This is Bloomberg Daybreak, and it is 263 00:14:30,840 --> 00:14:33,640 Speaker 1: the talk of Wall Street this morning. Not to mention 264 00:14:33,800 --> 00:14:38,000 Speaker 1: social media, Elon Musk is buying Twitter in a forty 265 00:14:38,080 --> 00:14:42,160 Speaker 1: four billion dollar leveraged buyout that even the testless CEO 266 00:14:42,360 --> 00:14:44,600 Speaker 1: himself said he wasn't sure would be able to happen 267 00:14:44,760 --> 00:14:47,480 Speaker 1: just a few days ago. Dan Ives is back with 268 00:14:47,560 --> 00:14:50,800 Speaker 1: us this morning, Managing director and senior equity analyst at 269 00:14:50,800 --> 00:14:54,560 Speaker 1: Wedbush Securities. Dan I think it was not even two 270 00:14:54,600 --> 00:14:57,640 Speaker 1: weeks ago we were talking about the fifty best and 271 00:14:57,800 --> 00:15:01,720 Speaker 1: final offer from Elon Musk. It is just incredible how 272 00:15:01,800 --> 00:15:07,080 Speaker 1: quickly the Tesla CEO was able to pull this deal off. Look, ultimately, 273 00:15:07,200 --> 00:15:09,960 Speaker 1: I mean this was really Board's backward against the wall. 274 00:15:10,120 --> 00:15:12,800 Speaker 1: I mean they did the poison pill. They were waiting 275 00:15:12,920 --> 00:15:15,680 Speaker 1: for a white night, a second bidder, but they were 276 00:15:15,720 --> 00:15:18,160 Speaker 1: at the altar and no one ever came. And once 277 00:15:18,360 --> 00:15:23,640 Speaker 1: Musk detailed his financing. Wait last week, the board ultimately 278 00:15:23,720 --> 00:15:26,520 Speaker 1: the clock struck midnight. They had to ultimately sit down 279 00:15:26,520 --> 00:15:28,880 Speaker 1: and do a deal with Musk, and that's why today 280 00:15:28,880 --> 00:15:31,600 Speaker 1: was sitting with the Must Morning Twitter. Do you think 281 00:15:31,600 --> 00:15:35,320 Speaker 1: the deal sticks? I mean, we've got the financing from 282 00:15:35,320 --> 00:15:38,080 Speaker 1: Morgan Stanley, but Elon Musk has got to come up 283 00:15:38,120 --> 00:15:40,520 Speaker 1: with twenty one billion dollars of his own money to 284 00:15:40,560 --> 00:15:44,040 Speaker 1: make this happen. Right, Yeah, he's betten about percent of 285 00:15:44,080 --> 00:15:47,560 Speaker 1: his network pleasure. We have tim percent of his Tesla shares. 286 00:15:48,000 --> 00:15:50,920 Speaker 1: The equity financing is all there, you know, so they're 287 00:15:50,960 --> 00:15:55,000 Speaker 1: from a financing perspective, it's really all set regulatory. I mean, 288 00:15:55,000 --> 00:15:58,440 Speaker 1: they'll definitely be some tuition turned ahead, but I ultimately 289 00:15:58,520 --> 00:16:01,480 Speaker 1: expected to get done into is of a deal. And 290 00:16:01,520 --> 00:16:04,480 Speaker 1: in terms of Twitter shareholders, I mean they were drinking 291 00:16:04,520 --> 00:16:07,880 Speaker 1: some champagne or some good wine last night. Because this 292 00:16:08,040 --> 00:16:11,120 Speaker 1: ultimately ends up in a Goldilock scenario if it's not 293 00:16:11,200 --> 00:16:15,000 Speaker 1: from Must the stockspot about thirty hours. I gotta ask, though, 294 00:16:15,120 --> 00:16:20,480 Speaker 1: do you think Twitter is worth billion dollars? No way? 295 00:16:20,920 --> 00:16:23,240 Speaker 1: I mean it just comes down I mean that I 296 00:16:23,280 --> 00:16:27,560 Speaker 1: mean not again. It goes back to that's why they 297 00:16:27,600 --> 00:16:32,320 Speaker 1: couldn't get a second bitter, because the price is so 298 00:16:32,440 --> 00:16:36,760 Speaker 1: lofty relative to the core fundamental social media headwinds that 299 00:16:36,840 --> 00:16:39,480 Speaker 1: they're seeing. Me look at Facebook just is another example. 300 00:16:40,560 --> 00:16:42,960 Speaker 1: That's ultimately why I must pay the price, and no 301 00:16:43,000 --> 00:16:47,040 Speaker 1: one else was gonna match, so so it continues to 302 00:16:47,040 --> 00:16:49,040 Speaker 1: be a head scratch. And that's why, you know, when 303 00:16:49,040 --> 00:16:52,560 Speaker 1: you look at he's essentially trading Tesla shares for Twitter shares, 304 00:16:52,560 --> 00:16:55,200 Speaker 1: and I would compare it. I mean he's basically trading 305 00:16:56,000 --> 00:16:59,000 Speaker 1: No Boo Sush shoot, you know Sush sheets for you 306 00:16:59,040 --> 00:17:01,360 Speaker 1: know New York City hot dog. Yeah, I've heard that 307 00:17:01,440 --> 00:17:04,880 Speaker 1: to quote before. Yes, it gets to the motivations right 308 00:17:04,960 --> 00:17:09,200 Speaker 1: about what Elon Musk is thinking about buying out Twitter. 309 00:17:10,200 --> 00:17:12,560 Speaker 1: Does he want it to make money? Is it all 310 00:17:12,600 --> 00:17:16,560 Speaker 1: about what he said making it the free speech platform? 311 00:17:16,600 --> 00:17:19,560 Speaker 1: And does that raise the question of whether he even 312 00:17:19,680 --> 00:17:23,520 Speaker 1: needs it to make money in that scenario? Well, that's 313 00:17:23,560 --> 00:17:26,919 Speaker 1: the unusual thing here. It's a guilded age type situation 314 00:17:26,960 --> 00:17:30,480 Speaker 1: where he's not really doing it from a monization respect. 315 00:17:30,600 --> 00:17:33,840 Speaker 1: Music goes back to to be able to monetize forty 316 00:17:33,920 --> 00:17:36,359 Speaker 1: four billions for Twitter, I mean that's going to take 317 00:17:36,880 --> 00:17:39,760 Speaker 1: that's an average I got pill battle. So the freme 318 00:17:39,840 --> 00:17:42,399 Speaker 1: of speech thing, obviously it's front and center. But again 319 00:17:42,480 --> 00:17:45,720 Speaker 1: that's that's the divisive piece, which is a taiwire act 320 00:17:45,840 --> 00:17:48,720 Speaker 1: with Twitter, you know, needs to make sure moves to 321 00:17:48,800 --> 00:17:51,879 Speaker 1: a subscription model and then we give out freeing the speech, 322 00:17:51,960 --> 00:17:54,520 Speaker 1: Like does it start to go down a bad path 323 00:17:54,560 --> 00:17:57,400 Speaker 1: because then others will leave the platform. So that's why 324 00:17:57,520 --> 00:18:00,320 Speaker 1: right now, I mean, this is a platform has been 325 00:18:00,320 --> 00:18:02,760 Speaker 1: on the reform for the last decade, Doors and others 326 00:18:02,800 --> 00:18:06,320 Speaker 1: couldn't turn around. Musk has obviously had massive success with 327 00:18:06,440 --> 00:18:10,679 Speaker 1: other platforms Twitter, that's a whole another animal on versus 328 00:18:10,720 --> 00:18:17,119 Speaker 1: technology platforms like Kpal, Pesla, SpaceX. Now, obviously Elon Musk 329 00:18:17,200 --> 00:18:19,840 Speaker 1: has thrown out a lot of potential changes he would 330 00:18:19,880 --> 00:18:22,200 Speaker 1: make now that he is taking a private What's the 331 00:18:22,280 --> 00:18:26,680 Speaker 1: one serious change that you think Elon Musk could make 332 00:18:26,760 --> 00:18:29,800 Speaker 1: that he is seriously thinking of making as he takes 333 00:18:29,800 --> 00:18:33,720 Speaker 1: Tessil private. The biggest one, I mean, similar almost to LinkedIn. 334 00:18:33,800 --> 00:18:36,760 Speaker 1: I mean, they're going to have a legit premium, fere 335 00:18:36,840 --> 00:18:41,120 Speaker 1: paid per month subscription platform, and I think that's that's 336 00:18:41,160 --> 00:18:44,359 Speaker 1: the biggest thing that investors have always talked about that's 337 00:18:44,400 --> 00:18:47,600 Speaker 1: what I believe they'll implement, really focus more on subscription 338 00:18:47,680 --> 00:18:51,320 Speaker 1: revenue versus advertising. It goes back to like that's a 339 00:18:51,640 --> 00:18:54,600 Speaker 1: business model change. They'll lose a lot of subs, but 340 00:18:54,720 --> 00:18:57,200 Speaker 1: that's really what they need to do here to transform 341 00:18:57,280 --> 00:19:02,320 Speaker 1: the platform. You know, especially if you look relative to Facebook, Instagram, 342 00:19:02,359 --> 00:19:05,639 Speaker 1: TikTok and others each on the outside looking into social media. 343 00:19:06,119 --> 00:19:08,480 Speaker 1: In thirty seconds left here, Dan, do you think CEO 344 00:19:08,640 --> 00:19:12,840 Speaker 1: paragog raal Wall stays Ceo. I think he's going to 345 00:19:13,000 --> 00:19:16,400 Speaker 1: focus on his golf game, getting it down to the scratch. 346 00:19:16,560 --> 00:19:20,400 Speaker 1: I do not seem at Twitter, all right, Dan, Always 347 00:19:20,400 --> 00:19:25,240 Speaker 1: great getting your thoughts, always blunt spoken. Really appreciate having 348 00:19:25,240 --> 00:19:28,520 Speaker 1: God with us this morning, Dan Ives, Managing Director, senior 349 00:19:28,520 --> 00:19:32,000 Speaker 1: equity analyst at Wedbush Securities. Again it is the story 350 00:19:32,000 --> 00:19:35,080 Speaker 1: of the morning, Elon Musk buying out Twitter and a 351 00:19:35,200 --> 00:19:38,840 Speaker 1: deal value forty four billion dollars, biggest leverage buyout ever. 352 00:19:38,920 --> 00:19:42,560 Speaker 1: Our team coverage continues as we check top stories in 353 00:19:42,600 --> 00:19:45,480 Speaker 1: the morning here on Bloomberg Daybreak, as we await big 354 00:19:45,520 --> 00:19:48,240 Speaker 1: tech earning. So can stick around as we check those 355 00:19:48,280 --> 00:19:52,080 Speaker 1: top stories uh this morning. Right now, Twitter shares are 356 00:19:52,240 --> 00:19:55,719 Speaker 1: up six tenths of one percent in the pre market. 357 00:19:55,960 --> 00:19:59,480 Speaker 1: SMP futures down ten points, STAY futures down a hundred five, 358 00:20:00,000 --> 00:20:08,439 Speaker 1: AZDAC futures down thirty. This is Bloomberg, Bloomberg eleven three 359 00:20:08,480 --> 00:20:10,680 Speaker 1: oh weather, mostly cloud. He'd say chance for showers of 360 00:20:10,720 --> 00:20:14,359 Speaker 1: the high near sixty five degrees, upper fifties Tomorrow, mostly sunny. 361 00:20:14,600 --> 00:20:17,119 Speaker 1: It will be mostly sunny, breezy Thursday, with a higher 362 00:20:17,160 --> 00:20:23,680 Speaker 1: fifty five right now fifty two degrees Croadcasting live from 363 00:20:23,680 --> 00:20:27,800 Speaker 1: the Bloomberg Interactive Brokery studio in New York. Bloomberg Eleving 364 00:20:27,880 --> 00:20:32,399 Speaker 1: Freo to Washington, d C, Bloomberg to Boston, Bloomberg one 365 00:20:32,480 --> 00:20:36,200 Speaker 1: O six one to San Francisco, Bloomberg sixty to the country, 366 00:20:36,280 --> 00:20:39,320 Speaker 1: Sirius XM chto one nine team and around the globe 367 00:20:39,400 --> 00:20:43,399 Speaker 1: the Bloomberg Business and Bloomberg Radio dot Com. This is 368 00:20:43,400 --> 00:20:51,960 Speaker 1: Bloomberg Daybreak. It's five thirty on Wall Street. Good morning. 369 00:20:51,960 --> 00:20:55,000 Speaker 1: I'm Nathan Hager and I'm Karen Moscow. We're just about 370 00:20:55,000 --> 00:20:57,480 Speaker 1: four hours away from the open of US trading. Let's 371 00:20:57,520 --> 00:20:58,879 Speaker 1: get you have to date on the news you need 372 00:20:58,960 --> 00:21:01,359 Speaker 1: to know at this hour. We begin with Twitter Elon 373 00:21:01,440 --> 00:21:04,159 Speaker 1: Musk has clenched a forty four billion dollar deal to 374 00:21:04,200 --> 00:21:08,119 Speaker 1: take the social media giant private, and San Francisco Bloomberg's 375 00:21:08,119 --> 00:21:11,359 Speaker 1: ad Ludlow has more on what's next for shareholders. Each 376 00:21:11,359 --> 00:21:14,600 Speaker 1: investor will receive fifty four dollars and twenty cents for 377 00:21:14,680 --> 00:21:17,600 Speaker 1: each share that they hold. The deal has the unanimous 378 00:21:17,600 --> 00:21:20,800 Speaker 1: backing of Twitter's board, and the transaction is expected to 379 00:21:20,880 --> 00:21:23,399 Speaker 1: close by the end of this year. The deal also 380 00:21:23,440 --> 00:21:26,720 Speaker 1: includes a provision where Elon Musque, according to sources, would 381 00:21:26,720 --> 00:21:28,840 Speaker 1: have to pay Twitter a fee if he was to 382 00:21:28,880 --> 00:21:32,040 Speaker 1: walk away from the deal, and Bloomberg's had Ludlow says 383 00:21:32,040 --> 00:21:35,880 Speaker 1: Twitter cannot solicit other offers while the transaction is pending. 384 00:21:36,119 --> 00:21:39,280 Speaker 1: So where will Elon Musk get the cash to buy Twitter? 385 00:21:39,359 --> 00:21:41,720 Speaker 1: Bloomberg's Rnita Young joins us Live in New York with 386 00:21:41,760 --> 00:21:43,960 Speaker 1: the latest. Don that Good morning, Rnita, Good morning Nathan. 387 00:21:44,119 --> 00:21:47,800 Speaker 1: It's the twenty one billion dollar mystery. There's little doubt 388 00:21:47,800 --> 00:21:50,280 Speaker 1: Elon Musk can come up with the money. After all, 389 00:21:50,320 --> 00:21:53,679 Speaker 1: the Bloomberg Billionaires Index shows he's the world's richest person 390 00:21:53,920 --> 00:21:56,840 Speaker 1: with a fortune of two hundred fifty seven billion dollars, 391 00:21:57,080 --> 00:22:00,399 Speaker 1: But Bloomberg estimates show Musk has just about three billion 392 00:22:00,440 --> 00:22:03,400 Speaker 1: in cash and somewhat liquid assets, so that leaves him 393 00:22:03,440 --> 00:22:07,400 Speaker 1: with about three options for financing. One way, Musk could 394 00:22:07,440 --> 00:22:10,240 Speaker 1: find other investors who buy into his vision, and he's 395 00:22:10,280 --> 00:22:13,320 Speaker 1: already hinted at this possibility. Another way, he could sell 396 00:22:13,359 --> 00:22:15,640 Speaker 1: some of his stakes in Tesla, but that will likely 397 00:22:15,680 --> 00:22:18,359 Speaker 1: put the stock price at risk, and since Musk is 398 00:22:18,400 --> 00:22:21,880 Speaker 1: likely even richer than calculated by the Bloomberg Billionaires Index, 399 00:22:22,119 --> 00:22:24,480 Speaker 1: he might not even need new sources of funding to 400 00:22:24,560 --> 00:22:27,720 Speaker 1: cover the twenty one billion dollars. Live in New York. 401 00:22:27,760 --> 00:22:30,879 Speaker 1: I'm Ranita Young Bloomberg daybreak. All right, Granita, thank you, 402 00:22:30,920 --> 00:22:33,399 Speaker 1: I'll Senator Elizabeth Warren was critical of the deal in 403 00:22:33,440 --> 00:22:37,600 Speaker 1: a tweet, calling it dangerous for democracy overseas, Karen, Russian 404 00:22:37,600 --> 00:22:40,199 Speaker 1: farm Minister Sir gay Lavrov is suggesting talks with the 405 00:22:40,320 --> 00:22:42,199 Speaker 1: U S could help end the war in Ukraine, but 406 00:22:42,240 --> 00:22:45,840 Speaker 1: he is warning of serious risk of a nuclear conflict. Meantime, 407 00:22:45,880 --> 00:22:48,680 Speaker 1: Secretary of Defense Lloyd Austin is pledging the US will 408 00:22:48,680 --> 00:22:53,360 Speaker 1: continue supporting Ukraine. We have much more to do Ukraine. 409 00:22:53,359 --> 00:22:56,679 Speaker 1: These are helped to win today and they will still 410 00:22:56,680 --> 00:22:59,400 Speaker 1: need our help when the war is over. Defense Secretary 411 00:22:59,440 --> 00:23:01,880 Speaker 1: Lloyd Austin and spoke today. After visiting key of over 412 00:23:01,880 --> 00:23:04,479 Speaker 1: the weekend, Well, Nathan returned to the Fed now and 413 00:23:04,520 --> 00:23:07,520 Speaker 1: share J. Powell will hold that in person press conference 414 00:23:07,560 --> 00:23:10,359 Speaker 1: at the conclusion of next week's two day policy meeting. 415 00:23:10,440 --> 00:23:13,720 Speaker 1: His last in person presser came in March. And it's 416 00:23:13,720 --> 00:23:16,560 Speaker 1: another big day of earnings with Alphabet and Microsoft releasing 417 00:23:16,600 --> 00:23:20,280 Speaker 1: results after the bell. Industry giants General Electric, Capital One 418 00:23:20,359 --> 00:23:23,399 Speaker 1: and Visa also report today. S and P Future is 419 00:23:23,440 --> 00:23:25,800 Speaker 1: down about ten points this morning. Down Future is down 420 00:23:25,840 --> 00:23:29,040 Speaker 1: eighty nine and as day, Futures down twenty four. Straight 421 00:23:29,040 --> 00:23:32,320 Speaker 1: ahead your latest local headlines plus the check of sports. 422 00:23:32,400 --> 00:23:40,320 Speaker 1: And this is bloomberge on Wall Street fifty two degrees 423 00:23:40,320 --> 00:23:42,200 Speaker 1: in Central Park and it's a debris bill on the 424 00:23:42,240 --> 00:23:45,160 Speaker 1: eastbound b Quee Atlantic Avenue in Brooklyn. Got a steer 425 00:23:45,200 --> 00:23:47,720 Speaker 1: around that. Michael barrs here with what else is going 426 00:23:47,760 --> 00:23:49,640 Speaker 1: on in New York and around the world. Michael, thank 427 00:23:49,640 --> 00:23:52,400 Speaker 1: you very much. Nathan. Former President Donald Trump was held 428 00:23:52,440 --> 00:23:55,120 Speaker 1: into contempt of court and order to pay a fine 429 00:23:55,160 --> 00:23:57,639 Speaker 1: of ten thousand dollars per day. The New York judge 430 00:23:57,640 --> 00:24:01,280 Speaker 1: made the ruling against Trump for failing to adequately respond 431 00:24:01,320 --> 00:24:04,840 Speaker 1: to a subpoena from New York's Attorney General. Trump's attorneys 432 00:24:04,840 --> 00:24:08,840 Speaker 1: said they will appeal this contempt holding, in part because 433 00:24:08,880 --> 00:24:12,480 Speaker 1: they say the subpoena documents simply don't exist. A federal 434 00:24:12,560 --> 00:24:15,639 Speaker 1: judge is now granted the temporary restraining order preventing the 435 00:24:15,640 --> 00:24:19,359 Speaker 1: Biden administration from lifting Title of forty two. That's the 436 00:24:19,359 --> 00:24:22,520 Speaker 1: Trump era public health order which allowed Board of Patrol 437 00:24:22,600 --> 00:24:25,119 Speaker 1: to turn away illegal migrants to prevent the spread of 438 00:24:25,119 --> 00:24:30,120 Speaker 1: COVID nineteen. Bloomberg political contributor Genie Sheheen Zano, I think 439 00:24:30,119 --> 00:24:33,119 Speaker 1: one of the things that's gotten the Biden administration tripped 440 00:24:33,200 --> 00:24:36,640 Speaker 1: up here, quite frankly, is they keep its saying this 441 00:24:36,720 --> 00:24:40,040 Speaker 1: is a matter of public health, not politics. It is 442 00:24:40,080 --> 00:24:43,400 Speaker 1: a matter of public health, but it's also politics. And 443 00:24:43,400 --> 00:24:46,359 Speaker 1: what's tripping them up is you can't divorce the two. 444 00:24:46,880 --> 00:24:50,919 Speaker 1: Bloomberg's Genie seen Zeno spoke with Our Washington corresponded Joe 445 00:24:51,000 --> 00:24:54,760 Speaker 1: Matthew on Bloomberg Sound on Catch the program weekdays at 446 00:24:54,760 --> 00:24:58,480 Speaker 1: five pm Eastern on Bloomberg Radio. Florida Governor Around the 447 00:24:58,560 --> 00:25:02,280 Speaker 1: Santis has signed a bill setting up an election police force. 448 00:25:02,840 --> 00:25:04,720 Speaker 1: You compare us to some of these other states. We 449 00:25:04,800 --> 00:25:07,160 Speaker 1: did a better job, but there's a lot that needs 450 00:25:07,200 --> 00:25:09,080 Speaker 1: to be addressed, and so we weren't going to just 451 00:25:09,080 --> 00:25:11,840 Speaker 1: sit there and say, oh, yeah, we've got everything figured out, 452 00:25:11,840 --> 00:25:13,960 Speaker 1: because there was more to do. In the state of Florida, 453 00:25:14,200 --> 00:25:18,320 Speaker 1: Democrats in the state accused the Santists and Republicans of 454 00:25:18,440 --> 00:25:22,320 Speaker 1: creating public distrust in the integrity of elections. The Texas 455 00:25:22,400 --> 00:25:25,080 Speaker 1: Court of Criminal Appeals issued a stay of execution for 456 00:25:25,160 --> 00:25:28,320 Speaker 1: Melissa Luccio. The fifty two year old mother of fourteen 457 00:25:28,480 --> 00:25:31,280 Speaker 1: was convicted in the death of a two year old child. However, 458 00:25:31,320 --> 00:25:34,240 Speaker 1: defense lawyers and supporters say there is new evidence that 459 00:25:34,280 --> 00:25:38,320 Speaker 1: supports the theory the child fractured its skull accidentally falling 460 00:25:38,359 --> 00:25:42,080 Speaker 1: down steep stairs. Melissa Luccio's son talked to his mother 461 00:25:42,160 --> 00:25:44,600 Speaker 1: on the phone, holding it to the microphone. I just 462 00:25:44,680 --> 00:25:50,720 Speaker 1: want to say thank you to everybody who has supported her, 463 00:25:50,800 --> 00:25:54,960 Speaker 1: supporters say. Luccio's confession was coerced Global News twenty four 464 00:25:55,000 --> 00:25:57,440 Speaker 1: hours a day on air and on Bloomberg Quick Take, 465 00:25:57,440 --> 00:26:00,080 Speaker 1: powered by more than twenty seven journalists and analysts more 466 00:26:00,119 --> 00:26:03,320 Speaker 1: than twenty countries. Michael Barr, this is Bloomberg. Nathan thank you, 467 00:26:03,359 --> 00:26:11,480 Speaker 1: Michael Street. Time for the Bloomberg Sports Update with John. 468 00:26:12,000 --> 00:26:15,000 Speaker 1: Thanks they did. The next season began with them as 469 00:26:15,119 --> 00:26:18,760 Speaker 1: championship contenders. They had three superstars, but James Harden got traded, 470 00:26:18,880 --> 00:26:21,920 Speaker 1: Kevin Durant got hurt, and the unvaccinated Kyrie Irving for 471 00:26:22,000 --> 00:26:23,879 Speaker 1: most of the season either didn't play at all or 472 00:26:23,920 --> 00:26:26,120 Speaker 1: then just down the road. So a bizarre that season, 473 00:26:26,760 --> 00:26:29,239 Speaker 1: and it ended in Brooklyn the one six twelve win 474 00:26:29,320 --> 00:26:32,359 Speaker 1: by the Celtics, who finished off a surprising first round sweep. 475 00:26:32,400 --> 00:26:35,119 Speaker 1: They won all four games by single digits. Jason Tatum 476 00:26:35,440 --> 00:26:38,320 Speaker 1: outplayed Durandoll, though Kad did come alive last night with 477 00:26:38,400 --> 00:26:41,520 Speaker 1: thirty nine points, seven rebounds, nine assists. Didn't help the 478 00:26:41,600 --> 00:26:44,600 Speaker 1: Nets that Nick Claxton was one for eleven from the 479 00:26:44,600 --> 00:26:47,080 Speaker 1: free throw line four for twenty two in the series. 480 00:26:47,560 --> 00:26:50,159 Speaker 1: Was it Kyrie's last game as a net? Sounds like 481 00:26:50,200 --> 00:26:52,919 Speaker 1: it wasn't disused if using that as fuel for the 482 00:26:52,960 --> 00:26:56,600 Speaker 1: summer and come into the season starting from October um 483 00:26:56,720 --> 00:26:58,760 Speaker 1: and and just getting a good start as a team. 484 00:26:58,840 --> 00:27:02,840 Speaker 1: And I hope we willn't run into any barriers um 485 00:27:02,880 --> 00:27:05,119 Speaker 1: and we could just start bredon. Irving is expected to 486 00:27:05,240 --> 00:27:08,080 Speaker 1: decline a thirty seven million dollar option become a free agent, 487 00:27:08,119 --> 00:27:10,240 Speaker 1: says he wants to be back. A few years ago, 488 00:27:10,280 --> 00:27:12,359 Speaker 1: he said he wanted to stay in Boston, and he 489 00:27:12,440 --> 00:27:14,439 Speaker 1: left the Celtics. The only team so far in advanced 490 00:27:14,440 --> 00:27:17,520 Speaker 1: Philadelphia was up three nothing. It's now three too has 491 00:27:17,560 --> 00:27:20,320 Speaker 1: Toronto one game five in Philly, Dallas with an easy 492 00:27:20,359 --> 00:27:22,800 Speaker 1: win and up three two on Utah. What to win 493 00:27:22,920 --> 00:27:25,239 Speaker 1: for the Mets. A scoreless game in St. Louis as 494 00:27:25,280 --> 00:27:28,119 Speaker 1: Max Scherzer was terrific, but the Cardinals scored twice bottom 495 00:27:28,119 --> 00:27:30,440 Speaker 1: the Eighthenny and the Mets then scored five and the 496 00:27:30,600 --> 00:27:32,840 Speaker 1: ninth capped by a Brandon Nemo two on Ormer. The 497 00:27:32,840 --> 00:27:35,800 Speaker 1: Mets beat the Cards five to two. Yankees home tonight 498 00:27:35,840 --> 00:27:38,280 Speaker 1: for Baltimore and the Rangers home tonight for a big 499 00:27:38,320 --> 00:27:42,000 Speaker 1: game with first place Carolina. John Stashoward Bloomberg Sports Nathan 500 00:27:42,119 --> 00:27:44,480 Speaker 1: Thanks John. It's thirty seven on Wall Street time for 501 00:27:44,480 --> 00:27:47,880 Speaker 1: the Tri State Business Report with Bloomberg said Corey New 502 00:27:47,960 --> 00:27:51,000 Speaker 1: York City's urging Amazon shareholders to vote against the re 503 00:27:51,119 --> 00:27:54,840 Speaker 1: election of two of the online retailer's board members responsible 504 00:27:54,880 --> 00:27:58,320 Speaker 1: for human capital management. The city and others say they 505 00:27:58,320 --> 00:28:02,560 Speaker 1: opposed the reelection of Dan Hutton Locker and Judith McGrath, 506 00:28:02,920 --> 00:28:07,400 Speaker 1: saying they've failed to provide adequate independent oversight over workforce issues. 507 00:28:07,960 --> 00:28:11,520 Speaker 1: Union mental health workers employed by Sound Community Services went 508 00:28:11,560 --> 00:28:14,200 Speaker 1: on strike Sunday. They won better conditions and a mental 509 00:28:14,240 --> 00:28:18,000 Speaker 1: healthcare nonprofit in New London, Connecticut. The union says state 510 00:28:18,080 --> 00:28:21,280 Speaker 1: leaders of outsourced public mental health work to nonprofits in 511 00:28:21,400 --> 00:28:25,080 Speaker 1: order to cut costs. Cattalent has agreed to buy Irritech 512 00:28:25,200 --> 00:28:29,359 Speaker 1: self therapy manufacturing facility in Princeton for forty four point 513 00:28:29,440 --> 00:28:32,560 Speaker 1: five million dollars. Irrotech has a Phase one trial and 514 00:28:32,640 --> 00:28:36,080 Speaker 1: first line pancreatic cancer on going in the US, and 515 00:28:36,200 --> 00:28:39,320 Speaker 1: is talking with the FDA about other developments that your 516 00:28:39,360 --> 00:28:42,560 Speaker 1: Bloomberg Try State Business Report. My Ed Corey. Thanks that 517 00:28:42,640 --> 00:28:45,040 Speaker 1: it's thirty eight on Wall Street. Bloomberg Radio is on 518 00:28:45,080 --> 00:28:47,480 Speaker 1: the air from San Francisco to New York, London to 519 00:28:47,600 --> 00:28:49,960 Speaker 1: Hong Kong. Let's check in with our global news team 520 00:28:50,000 --> 00:28:51,840 Speaker 1: for some of the top stories heard on our three 521 00:28:51,880 --> 00:28:58,000 Speaker 1: hundred affiliate radio stations around the world. I'm Steve Podas 522 00:28:58,000 --> 00:29:00,800 Speaker 1: Scan on ten ten Wins in the Ark. We're talking 523 00:29:00,840 --> 00:29:05,000 Speaker 1: about the rising cost of breakfast. I'm Courtney Donaho on 524 00:29:05,120 --> 00:29:08,840 Speaker 1: kat h in Houston. Hospitals are struggling to absorb rising 525 00:29:08,880 --> 00:29:12,760 Speaker 1: costs for labor, drugs and supplies. I'm callin Head called Bloomberg, 526 00:29:12,840 --> 00:29:15,840 Speaker 1: DAB Digital Radio, and de Wiport on Heathrow. The Apple 527 00:29:15,960 --> 00:29:19,080 Speaker 1: says it sees a winter phreeze after a busy summer 528 00:29:19,120 --> 00:29:21,960 Speaker 1: of travel. Passenger numbers are getting better, but it's still 529 00:29:22,000 --> 00:29:25,880 Speaker 1: about sixty five percent below pre pandemic levels. And we 530 00:29:25,960 --> 00:29:28,440 Speaker 1: SA Mateo and I'm w Beezy in Boston. I'll be 531 00:29:28,480 --> 00:29:31,400 Speaker 1: reporting on what lines ahead for Twitter after Elon Musk's 532 00:29:31,440 --> 00:29:34,680 Speaker 1: purchased at the company. Timed Cory on w w J 533 00:29:34,840 --> 00:29:39,000 Speaker 1: in Detroit. I'm reporting General motors, rewards earnings after the close, 534 00:29:39,440 --> 00:29:41,640 Speaker 1: and those are some of the stories. Are twenty hundred 535 00:29:41,640 --> 00:29:44,640 Speaker 1: Bloomberg journalists and analysts are working on this morning around 536 00:29:44,640 --> 00:29:47,560 Speaker 1: the world. It's five thirty nine on Wall Street. The 537 00:29:47,600 --> 00:29:52,360 Speaker 1: following is an editorial from Bloomberg Opinion. After decades of neutrality, 538 00:29:52,560 --> 00:29:55,080 Speaker 1: Finland may decide as early as next month to apply 539 00:29:55,200 --> 00:29:59,480 Speaker 1: for NATO membership, neighboring Sweden. Cartoon falling for both countries. 540 00:29:59,680 --> 00:30:02,600 Speaker 1: The if it's are clear, full membership would bring them 541 00:30:02,680 --> 00:30:06,280 Speaker 1: under NATO's Collective Defense umbrella, guaranteeing that the alliance would 542 00:30:06,320 --> 00:30:09,400 Speaker 1: use force in the event of a Russian attack. NATO 543 00:30:09,440 --> 00:30:13,040 Speaker 1: would also benefit from a Nordic expansion. Finland has an 544 00:30:13,080 --> 00:30:16,960 Speaker 1: advanced air force and intelligence services, and some nine hundred 545 00:30:16,960 --> 00:30:21,200 Speaker 1: thousand Fins have received military training. Meanwhile, Sweden's air defense 546 00:30:21,240 --> 00:30:24,719 Speaker 1: and submarine prowess would be useful in encountering hostile Russian 547 00:30:24,760 --> 00:30:29,240 Speaker 1: activity in the Baltic and Arctic seas. Expanding NATO is 548 00:30:29,280 --> 00:30:32,640 Speaker 1: not without potential hazards, and the risks involved must be 549 00:30:32,760 --> 00:30:35,840 Speaker 1: confronted openly, but the costs of backing down in the 550 00:30:35,880 --> 00:30:39,080 Speaker 1: face of Russia's threat and aggression are likely to be 551 00:30:39,200 --> 00:30:42,480 Speaker 1: far greater. In the end, the bigger NATO would be 552 00:30:42,520 --> 00:30:45,760 Speaker 1: a stronger one. This editorial was written by the Bloomberg 553 00:30:45,800 --> 00:30:49,479 Speaker 1: Opinion editorial Board. I'm David Shipley. For more Bloomberg opinion, 554 00:30:49,480 --> 00:30:52,360 Speaker 1: please go to Bloomberg dot com, slash opinion or opia 555 00:30:52,440 --> 00:30:56,240 Speaker 1: and go on the Bloomberg terminal. This has been Bloomberg Opinion. 556 00:30:56,440 --> 00:30:59,760 Speaker 1: You can hear Bloomberg opinion editorials every weekday at this time. 557 00:31:00,080 --> 00:31:03,160 Speaker 1: Minal customers can read more at O P I N 558 00:31:03,360 --> 00:31:07,160 Speaker 1: GO SMP futures right now down eight points. STOUT futures 559 00:31:07,200 --> 00:31:09,840 Speaker 1: down eighty six. DAN Stack futures are lower by twenty 560 00:31:09,880 --> 00:31:12,880 Speaker 1: three points. The tenure treasury is up eight thirty seconds. 561 00:31:12,920 --> 00:31:16,960 Speaker 1: The yield two point seven eight per cent. You're listening 562 00:31:17,040 --> 00:31:24,760 Speaker 1: to Bloomberg Daybreak Bloomberg eleven three oh weather mostly cloudy today, 563 00:31:24,760 --> 00:31:27,240 Speaker 1: a chance for showers of behind your sixty five upper 564 00:31:27,320 --> 00:31:30,680 Speaker 1: fifties tomorrow under mostly sunny sky. It will be mostly sunny, 565 00:31:30,720 --> 00:31:33,280 Speaker 1: breezy Thursday with the hind your fifty five right now 566 00:31:33,480 --> 00:31:39,920 Speaker 1: fifty two degrees. Markets, headlines and breaking news twenty four 567 00:31:39,920 --> 00:31:43,000 Speaker 1: hours a day at Bloomberg dot Com, The Bloomberg Business 568 00:31:43,000 --> 00:31:46,640 Speaker 1: at Land at Bloomberg trick Tape. He's a Bloomberg business 569 00:31:46,680 --> 00:31:55,080 Speaker 1: Flash and I'm famer in Moscow. U s Dock Indix 570 00:31:55,120 --> 00:31:57,880 Speaker 1: futures are lower this morning ahead of a slew of earning. 571 00:31:57,920 --> 00:32:00,480 Speaker 1: Stocks in Europe are higher as China's play to boost 572 00:32:00,480 --> 00:32:03,920 Speaker 1: monetary policy support where it's covid a economy lifts sentiment. 573 00:32:04,480 --> 00:32:06,760 Speaker 1: We checked the markets every fifteen minutes throughout the trading 574 00:32:06,840 --> 00:32:09,280 Speaker 1: day on Bloomberg. S and P future is down about 575 00:32:09,280 --> 00:32:12,840 Speaker 1: eleven points down. Futures down ninety eight. Nasdack futures down 576 00:32:12,920 --> 00:32:15,200 Speaker 1: thirty two, and the decks in Germany's at one point 577 00:32:15,200 --> 00:32:18,320 Speaker 1: two percent. Ten year treasury up nine thirty seconds yield 578 00:32:18,320 --> 00:32:20,520 Speaker 1: two points seven eight percent, a yield on the two 579 00:32:20,600 --> 00:32:23,680 Speaker 1: year two point five nine percent. Ni Max Screwed oil 580 00:32:23,800 --> 00:32:25,760 Speaker 1: is down eight tenths percent or eighty two cents at 581 00:32:25,800 --> 00:32:28,880 Speaker 1: ninety seven dollars seventy two cents of barrel comics gold 582 00:32:28,920 --> 00:32:31,000 Speaker 1: is a half percent or eight dollars ninety cents at 583 00:32:31,040 --> 00:32:34,280 Speaker 1: nineteen o four ninety announce. The euro one point six 584 00:32:34,320 --> 00:32:36,560 Speaker 1: nine two against the dollar, British bound one point two 585 00:32:36,640 --> 00:32:39,680 Speaker 1: seven to one, the yen at one seven point eight zero, 586 00:32:40,120 --> 00:32:43,320 Speaker 1: and bitcoy this morning is of half percent. It's at 587 00:32:43,320 --> 00:32:46,640 Speaker 1: forty thousand, three hundred ninety dollars. That's a bloomberg business 588 00:32:46,640 --> 00:32:48,960 Speaker 1: flash down. Here's Michael Barr with more on what's going 589 00:32:48,960 --> 00:32:52,560 Speaker 1: on around the world. Michael Karen, thank you very much. 590 00:32:52,600 --> 00:32:56,320 Speaker 1: Antonio Guterres, head of the United Nations, is in Moscow 591 00:32:56,600 --> 00:32:59,920 Speaker 1: to try to discuss a possible ceasefire with the Russian president. 592 00:33:00,000 --> 00:33:03,400 Speaker 1: A lot of merry putin. Meanwhile, Ukraine says five train 593 00:33:03,480 --> 00:33:06,280 Speaker 1: stations were hit by Russian air strikes in the space 594 00:33:06,320 --> 00:33:09,680 Speaker 1: of an hour. Yesterday, following a three day search, the 595 00:33:09,720 --> 00:33:12,479 Speaker 1: body of a missing Texas Army National Guard soldier from 596 00:33:12,560 --> 00:33:16,200 Speaker 1: Arlington was found in the Rio Grand River near Eagle Pass. 597 00:33:16,720 --> 00:33:19,960 Speaker 1: That's where twenty two year old specialist Bishop Evans was 598 00:33:20,080 --> 00:33:22,800 Speaker 1: last seen trying to help two migrants who appeared to 599 00:33:22,840 --> 00:33:26,800 Speaker 1: be drowning. In the NBA Playoffs, the Celtics eliminated the Nets. 600 00:33:27,160 --> 00:33:31,120 Speaker 1: Boston beat Brooklyn one twelve to sweep the series in 601 00:33:31,160 --> 00:33:34,760 Speaker 1: four games. In MLB, the Mets and Giants one, the 602 00:33:34,760 --> 00:33:37,880 Speaker 1: Red Sox lost. Global news twenty four hours a day 603 00:33:37,920 --> 00:33:40,440 Speaker 1: on air and on Bloomberg Quick Take, powered by more 604 00:33:40,720 --> 00:33:43,080 Speaker 1: than twenty seven hundred journalists and analysts more than a 605 00:33:43,120 --> 00:33:47,360 Speaker 1: hundred twenty countries. Michael bar this is Bloomberg. Nathan all right, Michael, Thanks, 606 00:33:47,360 --> 00:33:49,360 Speaker 1: It's five forty nine on Wall Street Live from the 607 00:33:49,360 --> 00:33:53,120 Speaker 1: Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak. We want 608 00:33:53,120 --> 00:33:55,280 Speaker 1: to turn out to what's happening the nation's capital, and 609 00:33:55,280 --> 00:33:57,920 Speaker 1: for that we're joined by Joe Matthew, host of Sound 610 00:33:58,000 --> 00:34:01,320 Speaker 1: On Here on Bloomberg Radio. Are Why Shington, correspondent in 611 00:34:01,400 --> 00:34:05,560 Speaker 1: our Bloomberg Studios in the nation's Capitol this morning. Joe, 612 00:34:05,600 --> 00:34:07,720 Speaker 1: I guess we had to start with Elon Musk buying 613 00:34:07,720 --> 00:34:10,320 Speaker 1: out Twitter, because obviously it's the talk of Wall Street 614 00:34:10,360 --> 00:34:13,000 Speaker 1: and now on Capitol Hill, because we've heard from a 615 00:34:13,080 --> 00:34:18,640 Speaker 1: number of members of Congress already weighing in. Not surprisingly, Yeah, 616 00:34:18,680 --> 00:34:20,920 Speaker 1: this is, you know, one of these stories that gets 617 00:34:21,080 --> 00:34:25,359 Speaker 1: talk started. It's it's not a direct line necessarily to 618 00:34:25,360 --> 00:34:29,239 Speaker 1: to reform, but it might be a catalyst for lawmakers 619 00:34:29,280 --> 00:34:31,000 Speaker 1: to start getting to some of the issues that they've 620 00:34:31,040 --> 00:34:34,720 Speaker 1: been complaining about for months and months, a couple of years, actually, Nathan, 621 00:34:34,760 --> 00:34:37,680 Speaker 1: with Republicans, you know, kind of feeling like they've been 622 00:34:37,680 --> 00:34:40,920 Speaker 1: censored by social media. Democrats worried about more of an 623 00:34:40,920 --> 00:34:44,080 Speaker 1: antitrust angle here, and concerned about the power and scope 624 00:34:44,080 --> 00:34:46,800 Speaker 1: of these companies. The latest we heard was Elizabeth Warren 625 00:34:47,280 --> 00:34:50,279 Speaker 1: actually spoke with reporters just last night and said that 626 00:34:50,360 --> 00:34:54,040 Speaker 1: this deal demonstrates the need for serious regulation for big 627 00:34:54,160 --> 00:34:57,480 Speaker 1: tech and that is not a new refrain from Elizabeth Warren. 628 00:34:57,520 --> 00:35:00,520 Speaker 1: We heard from the White House last evening, is all Nathan. 629 00:35:00,560 --> 00:35:03,000 Speaker 1: Really interesting statement that came from Jen Psaki. This was 630 00:35:03,080 --> 00:35:05,839 Speaker 1: during the briefing not a written statement, but clearly one 631 00:35:05,880 --> 00:35:10,960 Speaker 1: that was rehearsed. It refers to President Biden's long concern 632 00:35:11,719 --> 00:35:14,640 Speaker 1: that tech platforms, this is a direct quote must be 633 00:35:14,719 --> 00:35:18,560 Speaker 1: held accountable for the harms they cause, making reference to 634 00:35:18,600 --> 00:35:21,960 Speaker 1: reforming section to thirty, which you know protects these companies 635 00:35:22,000 --> 00:35:26,960 Speaker 1: from liabilities, making reference to antitrust reforms. It does feel like, Nathan, 636 00:35:26,960 --> 00:35:28,960 Speaker 1: we're on the verge of something here. Well, is this 637 00:35:29,080 --> 00:35:32,040 Speaker 1: just rhetorical, Joe, or could this actually be a catalyst 638 00:35:32,120 --> 00:35:36,239 Speaker 1: for action against big tech, even further action than what 639 00:35:36,320 --> 00:35:39,080 Speaker 1: we've seen already. It very much could be a catalyst. 640 00:35:39,200 --> 00:35:41,640 Speaker 1: You have to remember that we have legislation on the table. 641 00:35:41,680 --> 00:35:45,279 Speaker 1: In fact, last year a series of antitrust bills came 642 00:35:45,360 --> 00:35:48,239 Speaker 1: from the Democratic side of the House that have yet 643 00:35:48,320 --> 00:35:51,600 Speaker 1: to be enacted. And you know that Republicans have been 644 00:35:51,640 --> 00:35:54,880 Speaker 1: screaming about the influence of big tech, not just in 645 00:35:55,000 --> 00:35:57,279 Speaker 1: terms of censorship, but look at some of the testimony 646 00:35:57,560 --> 00:36:01,200 Speaker 1: we've heard from lawmakers like Senator Marshall Blackburn of Tennessee 647 00:36:01,480 --> 00:36:04,960 Speaker 1: singling out Facebook and others like Instagram for the the 648 00:36:05,040 --> 00:36:08,720 Speaker 1: emotional damage that she says they have caused young people 649 00:36:08,800 --> 00:36:11,680 Speaker 1: and young women specifically. You put all of this together, 650 00:36:11,800 --> 00:36:14,880 Speaker 1: it's a pretty hostile environment for social media here in 651 00:36:14,920 --> 00:36:18,600 Speaker 1: the Capital. Well, if given that potential hostile environment, show 652 00:36:18,640 --> 00:36:21,840 Speaker 1: I mean, is there anything that the Congress can do 653 00:36:22,600 --> 00:36:28,560 Speaker 1: legislatively or regulatorily to keep this deal from going forward? 654 00:36:28,600 --> 00:36:30,600 Speaker 1: I mean, is that something that's on the table actually 655 00:36:30,600 --> 00:36:33,760 Speaker 1: trying to block Elon Musk from buying Twitter. Nobody seems 656 00:36:33,760 --> 00:36:36,120 Speaker 1: to be talking about that. Look, regulators will have their say. 657 00:36:36,160 --> 00:36:38,120 Speaker 1: I'm not sure lawmakers can get their act together to 658 00:36:38,120 --> 00:36:40,760 Speaker 1: block a deal on this level, but look for action 659 00:36:40,800 --> 00:36:44,160 Speaker 1: on Section two thirty. If this is something that Democrats 660 00:36:44,200 --> 00:36:48,040 Speaker 1: and Republicans agree on, one of these few bipartisan UH 661 00:36:48,200 --> 00:36:51,120 Speaker 1: deals here in Washington, d C. That's more likely than seeing, 662 00:36:51,160 --> 00:36:54,160 Speaker 1: for instance, you know, Facebook or Twitter broken up or 663 00:36:54,440 --> 00:36:57,520 Speaker 1: shut down or or kept from growing. These are kind 664 00:36:57,520 --> 00:37:00,920 Speaker 1: of two different ideas. But remember they than Republicans and 665 00:37:00,920 --> 00:37:03,800 Speaker 1: Democrats want to get to these companies for different reasons. 666 00:37:04,239 --> 00:37:06,520 Speaker 1: So while while they all want to come after Twitter 667 00:37:06,600 --> 00:37:09,680 Speaker 1: and Facebook, they have different angles on the different motivations 668 00:37:09,680 --> 00:37:12,920 Speaker 1: and that could complicate the path to anything actually happening. 669 00:37:13,040 --> 00:37:14,560 Speaker 1: And the time we have left jar I want to 670 00:37:14,600 --> 00:37:16,840 Speaker 1: get to the latest on Ukraine because You've seen a 671 00:37:16,840 --> 00:37:19,520 Speaker 1: pretty significant ramp up at least in the rhetoric coming 672 00:37:19,680 --> 00:37:23,960 Speaker 1: from President Biden's cabinet secretaries after they met yesterday with 673 00:37:24,680 --> 00:37:28,440 Speaker 1: the President of Ukraine Zelinsky in Kievan. Now we're getting 674 00:37:28,719 --> 00:37:31,919 Speaker 1: a pretty strong response from Russia. Well, I should say so. 675 00:37:32,200 --> 00:37:36,440 Speaker 1: Another reference to to possibly using nuclear weapons from Russia's 676 00:37:36,680 --> 00:37:40,719 Speaker 1: Foreign Minister Sergei laugh Roff. That visit from the Secretaries 677 00:37:40,760 --> 00:37:44,719 Speaker 1: of State and Defense clearly got Russia's attention. And this 678 00:37:44,800 --> 00:37:47,040 Speaker 1: is you know, we hear refrains like this frequently when 679 00:37:47,120 --> 00:37:49,680 Speaker 1: Russia feels like it's on its heels. I'll mention as 680 00:37:49,680 --> 00:37:52,160 Speaker 1: well that the Secretary of Defense, Lloyd Austin, is hosting 681 00:37:52,600 --> 00:37:56,080 Speaker 1: a big gathering today more than forty countries military leaders 682 00:37:56,120 --> 00:37:59,280 Speaker 1: from dozens of countries that Ramstein Air Base in Germany. 683 00:37:59,280 --> 00:38:01,400 Speaker 1: The Chairman of the Joint Chiefs will be there as 684 00:38:01,440 --> 00:38:03,319 Speaker 1: well as they figure out the way forward and try 685 00:38:03,360 --> 00:38:06,520 Speaker 1: to arrive at a number for exactly what Ukraine needs 686 00:38:06,560 --> 00:38:09,960 Speaker 1: for military hardware that will be put into a supplemental 687 00:38:10,000 --> 00:38:11,799 Speaker 1: budget request that could come by the end of this 688 00:38:11,840 --> 00:38:14,120 Speaker 1: week from the White House, not just military but also 689 00:38:14,239 --> 00:38:17,960 Speaker 1: humanitarian assistants Nathan. They say it will be in the billions. Yeah, so, 690 00:38:18,120 --> 00:38:21,719 Speaker 1: lots to watch overseas and on Capitol Hill as the 691 00:38:21,760 --> 00:38:26,600 Speaker 1: President puts that next aid request to Ukraine together. Joe Matthew, 692 00:38:26,960 --> 00:38:30,840 Speaker 1: host of Sound on Bloomberg Washington Correspondent. You can catch 693 00:38:30,840 --> 00:38:34,120 Speaker 1: more from Joe this afternoon five pm. Wall Street time 694 00:38:34,160 --> 00:38:38,000 Speaker 1: on Bloomberg. Sound on right here on Bloomberg Radio. Karen, 695 00:38:38,440 --> 00:38:40,759 Speaker 1: All right, Nathan, thank you, and it's five fifty three 696 00:38:40,880 --> 00:38:43,680 Speaker 1: on Wall Street Time for the Bloomberg The Law Report 697 00:38:43,719 --> 00:38:48,719 Speaker 1: brought to you by American Arbitration Association. Business disputes are inevitable, 698 00:38:48,800 --> 00:38:53,000 Speaker 1: resolve faster with the American Arbitration Association, the global leader 699 00:38:53,040 --> 00:38:56,600 Speaker 1: in alternative dispute resolution for over ninety years. More at 700 00:38:56,680 --> 00:38:59,479 Speaker 1: a dr dot org. Now, let's get to a legal 701 00:38:59,560 --> 00:39:04,520 Speaker 1: story following this morning. Georgia Congresswoman Marjorie Taylor Green is 702 00:39:04,560 --> 00:39:07,160 Speaker 1: set to appear on the Republican ballot for the state's 703 00:39:07,200 --> 00:39:10,920 Speaker 1: May primary, but its challenge may affect her eligibility to 704 00:39:11,040 --> 00:39:14,279 Speaker 1: run for reelection. A group of Georgia voters argue that 705 00:39:14,360 --> 00:39:18,520 Speaker 1: Green health facilitate the January sixth insurrection, and that makes 706 00:39:18,520 --> 00:39:22,200 Speaker 1: her ineligible for re election under a rarely sighted section 707 00:39:22,239 --> 00:39:26,279 Speaker 1: of the Fourteenth Amendment dealing with insurrection or rebellion. An 708 00:39:26,280 --> 00:39:29,520 Speaker 1: administrative law judge who presided over a hearing last week 709 00:39:29,560 --> 00:39:33,760 Speaker 1: will present his findings to Republicans Secretary of State Brad Rafensberger, 710 00:39:34,040 --> 00:39:37,240 Speaker 1: who will then make the ultimate determination about whether Green 711 00:39:37,400 --> 00:39:40,960 Speaker 1: is eligible to run for more Bloomberg's doing. Grosso speaks 712 00:39:40,960 --> 00:39:44,399 Speaker 1: to Richard Brifau, a professor at Columbia Law School. Rich 713 00:39:44,440 --> 00:39:49,080 Speaker 1: tell us about this unusual use of the Fourteenth Amendment. So, 714 00:39:49,320 --> 00:39:52,240 Speaker 1: there's a position in the Constitution, in the fourteenth Amendment, 715 00:39:52,640 --> 00:39:55,680 Speaker 1: which was adopted by Congress and ratified by the people 716 00:39:56,040 --> 00:39:59,400 Speaker 1: right after the Civil War, that was designed to deny 717 00:40:00,040 --> 00:40:01,920 Speaker 1: who had taken the oath of office of the United 718 00:40:01,960 --> 00:40:04,959 Speaker 1: States the senators or congressman, and then who had joined 719 00:40:05,040 --> 00:40:06,840 Speaker 1: up with the South and the Civil War and basically 720 00:40:06,840 --> 00:40:10,120 Speaker 1: went into rebellion. In the language the Constitution uses, anybody 721 00:40:10,120 --> 00:40:12,400 Speaker 1: who actually swore a north of allegiance the United States 722 00:40:12,600 --> 00:40:15,759 Speaker 1: as a member of Congress and then engaged in insurrection 723 00:40:15,880 --> 00:40:19,040 Speaker 1: or rebellion against the United States would be denied the 724 00:40:19,080 --> 00:40:22,520 Speaker 1: ability to serve in Congress again unless Congress by two 725 00:40:22,520 --> 00:40:24,279 Speaker 1: thirds votes that that they could. I mean, there's a 726 00:40:24,320 --> 00:40:25,759 Speaker 1: little bit more to it than that, but that's the 727 00:40:25,920 --> 00:40:28,160 Speaker 1: essence of it. If you took an oath of office 728 00:40:28,239 --> 00:40:31,440 Speaker 1: the member of Congress, but then you engaged in insurrection 729 00:40:31,520 --> 00:40:36,320 Speaker 1: or rebellion, you are not eligible to serve again in Congress. 730 00:40:37,080 --> 00:40:39,520 Speaker 1: And the argument that's been raised perspector a number of 731 00:40:39,520 --> 00:40:41,920 Speaker 1: members of Congress who like Marjorie day La Green and 732 00:40:42,040 --> 00:40:44,440 Speaker 1: brought by by voters in their districts, is that she 733 00:40:45,000 --> 00:40:47,920 Speaker 1: and Madison Corthon from North Carolina and a couple of 734 00:40:48,000 --> 00:40:52,440 Speaker 1: congressmen from Arizona were connected to the attack on Congress 735 00:40:52,560 --> 00:40:55,240 Speaker 1: January six, in connection with the electoral College, that they 736 00:40:55,320 --> 00:40:57,759 Speaker 1: were either involved in the planning of or they knew 737 00:40:57,760 --> 00:41:01,279 Speaker 1: about it, or in some ware form gave aid and 738 00:41:01,360 --> 00:41:05,440 Speaker 1: comforted the insurrection. So that's the argument, is that because 739 00:41:05,560 --> 00:41:07,840 Speaker 1: she gave an aid and comfort to the insurrection of 740 00:41:07,920 --> 00:41:10,600 Speaker 1: January six, she is not eligible to be placed on 741 00:41:10,600 --> 00:41:14,600 Speaker 1: the ballot. The defense attorney objected to a lot of 742 00:41:14,640 --> 00:41:19,040 Speaker 1: the questions of Marjorie Tillagreen by saying it violated her 743 00:41:19,160 --> 00:41:23,719 Speaker 1: right of free speech. So where does free speech and 744 00:41:23,719 --> 00:41:28,200 Speaker 1: and insurrectionists talk begin. That's, of course, one of the 745 00:41:28,400 --> 00:41:30,919 Speaker 1: big underlying question here. Involving not just her, but many 746 00:41:30,920 --> 00:41:33,120 Speaker 1: of the people who are involved in the events of 747 00:41:33,239 --> 00:41:35,840 Speaker 1: January six, who argue that what they were doing with speech, 748 00:41:36,200 --> 00:41:38,520 Speaker 1: obviously a lot of them went well beyond speech in 749 00:41:38,560 --> 00:41:40,200 Speaker 1: her case. You know, we don't know enough about what 750 00:41:40,280 --> 00:41:42,480 Speaker 1: she was doing behind the scenes as to whether or 751 00:41:42,520 --> 00:41:47,040 Speaker 1: not she was actively supporting an attack on Congress or was, 752 00:41:47,120 --> 00:41:50,000 Speaker 1: as she says, only supporting a protest of what she 753 00:41:50,120 --> 00:41:52,960 Speaker 1: claimed she believes was a fraudulent vote. And it's just 754 00:41:53,120 --> 00:41:55,439 Speaker 1: very hard to know. But you know, that is one 755 00:41:55,520 --> 00:41:58,319 Speaker 1: question as to how far, in terms of the kinds 756 00:41:58,320 --> 00:42:01,120 Speaker 1: of statements and actions she took, did she get beyond 757 00:42:01,680 --> 00:42:05,080 Speaker 1: permissible political opposition and enter into insurrection. And you can 758 00:42:05,400 --> 00:42:07,759 Speaker 1: questions come up again with members of the Trump administration 759 00:42:07,800 --> 00:42:10,719 Speaker 1: and maybe President Trump himself and answer. Chard Burfoe, a 760 00:42:10,840 --> 00:42:14,560 Speaker 1: professor at Columbia Law Schools, begin to Bloomberg June Grasso. 761 00:42:14,680 --> 00:42:17,400 Speaker 1: Catch more of that interview, plus analysis of the latest 762 00:42:17,520 --> 00:42:20,879 Speaker 1: legal news by subscribing to the Bloomberg Law Podcast. Are 763 00:42:20,920 --> 00:42:25,080 Speaker 1: downloading this show at Bloomberg dot com slash podcast. Attorneys 764 00:42:25,080 --> 00:42:28,000 Speaker 1: can find exceptional legal research and business development tools at 765 00:42:28,000 --> 00:42:31,319 Speaker 1: Bloomberg law dot com and on the Bloomberg Terminal at 766 00:42:31,440 --> 00:42:35,879 Speaker 1: b law Go SNP Future is lower down nine points down. 767 00:42:35,920 --> 00:42:38,440 Speaker 1: Future is down eighty three and nazdeg Future is down 768 00:42:38,480 --> 00:42:42,120 Speaker 1: about twenties six and still ahead. On Bloomberg Daybreak and 769 00:42:42,239 --> 00:42:44,319 Speaker 1: check on the business headlines and all the news you 770 00:42:44,400 --> 00:42:47,160 Speaker 1: need to start your day. This is Bloomberg.