Speaker 1: Life from the Bloomberg Interacted Berger Studios is Bloomberg Daybreak
Speaker 1: for a Friday, May thirteen two coming up this hour.
Speaker 1: Stocks rise after the SMP five hundred heaters on bear
Speaker 1: Market Territory. J. Powell says the FED will likely raise
Speaker 1: rates by a half point at each of its next
Speaker 1: two meetings. The panic in the crypto market subsides and
Speaker 1: we'll tell you why U s A do you pray?
Speaker 1: Is on hold power bills and New York households face
Speaker 1: a big summer spike because of gas prices. Plus a
Speaker 1: dire warning from the New White Houscope nineteen coordinator Michael
Speaker 1: barn Or a half. I'm John stash Own Sports. The
Speaker 1: Yankees erupted late. They win in Chicago, the Mets one
Speaker 1: in Washington. The Rangers and Penguins play games six tonight
Speaker 1: in Pittsburgh. That's all s train ahead on Bloomberg Daybreak
Speaker 1: on Bloomberg Eliving Free on New York, Bloomberg nine one,
Speaker 1: Washington d C, Bloomberg one oh six one, Boston, Bloomberg
Speaker 1: nine sixties and Francisco Syrius x M one nineteen and
Speaker 1: around the world Old on Bloomberg Radio dot Com and
Speaker 1: the Bloomberg Business app. Good morning. I'm Nathan Hagar and
Speaker 1: I'm Karen Moscow. US stock index futures are higher this
Speaker 1: morning after some wild swings on Wall Street yesterday. We're
Speaker 1: coming up to six one on Wall Street. We check
Speaker 1: the markets every fifteen minutes throughout the trading day. On Bloomberg.
Speaker 1: Guess in Key Future is up thirty eight points this morning.
Speaker 1: Down futures have two D two and noasday futures have
Speaker 1: one eighty nine. Can your treasury down twelve thirty seconds
Speaker 1: yield two point eight to nine percent, and they yield
Speaker 1: on the two year two point five eight percent. Nathan, Karen,
Speaker 1: we begin this morning with breaking news on Twitter. Out
Speaker 1: just moments ago. Elon Musk is casting doubt on his
Speaker 1: deal to buy the social media company. Bloomberg's Rinda Young
Speaker 1: joins US Live with this breaking news. Good morning, Na,
Speaker 1: Good morning, Nathan. Elon Musk says his deal to buy
Speaker 1: Twitter is temporarily on hold. Musk maybe announcement where else
Speaker 1: On Twitter. He says the forty four billion dollar purchases
Speaker 1: on whole pending details on how many fake accounts may
Speaker 1: cup Twitter's total users. He's questioning whether spam and fink
Speaker 1: accounts represent less than five percent of users now. Traders
Speaker 1: had started to question Musk's bid for Twitter in recent
Speaker 1: days as shares traded below his offer price of fifty
Speaker 1: four dollars and twenty cents, and right now they're down
Speaker 1: more than in the pre market, trading around thirty three
Speaker 1: dollars a year. Live in New York, I'm gonna need
Speaker 1: a young Bloomberg day break and we're watching it even extend.
Speaker 1: It's the clients re need and now downe about twenty
Speaker 1: five percent for Twitter. Tesla shares are up about six
Speaker 1: percent right now. Thank you for that report, and we
Speaker 1: continue to keep an eye on Twitter shares throughout the
Speaker 1: morning here on Bloomberg Radio, along with whatever else comes
Speaker 1: out of this developing story. Meantime, SMP futures are on
Speaker 1: the rise. As we said, as we close out of
Speaker 1: volatile trading week. Yesterday, the SNP five hundred came within
Speaker 1: spitting distance of a twenty percent drop before a late
Speaker 1: day rally paired those losses. Chris Zacarelli, the chief investment
Speaker 1: officer for Independent advisor Allion, says this is shaping up
Speaker 1: to be a turbulent year. We think this entire year
Speaker 1: will probably be full of volatility because ultimately the volatility
Speaker 1: is being caused by uncertainty around inflation, uncertainty around that policy,
Speaker 1: and then ultimately uncertainty about growth. And we don't think
Speaker 1: any of those things will resolve in the near term,
Speaker 1: so there's gonna be volatility. And Chris Nacarelli with independent
Speaker 1: advisor Alliance, made the comments on Bloomberg Business Week Catch
Speaker 1: the program weekdays from two to five pm Wall Street
Speaker 1: Time on Bloomberg Radio. Well adding to this morning's stabilization
Speaker 1: for the broader market, Karen J. Powell, pushing back against
Speaker 1: speculation on steeper interest rate hikes, share pal one Senate
Speaker 1: confirmation yesterday for a second term, and reaffirmed the Fed
Speaker 1: is likely to raise rates by a half percentage point
Speaker 1: in each of its next two meetings. We get more
Speaker 1: from Bloombridge Charlie Pellett. Powell says the Central Bank is
Speaker 1: prepared to change course depending on incoming data. Asked in
Speaker 1: an interview with the Marketplace Public Radio program if he
Speaker 1: had taken a larger seventy five basis point increase off
Speaker 1: the table, Powell said that while the FED was not
Speaker 1: actively considering such a move. If the economy performs about
Speaker 1: as expected, that it would be appropriate for there to
Speaker 1: be additional fifty basis point increases at the next two
Speaker 1: meetings in New York. Charlie Pellet Bloomberg Daybreak, All right, Charlie,
Speaker 1: thank you. San Francisco FED president Mary Daney is also
Speaker 1: backing fifty basis point rate hikes at each of the
Speaker 1: next two meetings, and an interview with Bloomberg News Daily
Speaker 1: said rates should rise to neutral by the end of
Speaker 1: the year. She sees that benchmark around two and a
Speaker 1: half percent. Well Stabler Market Karen means the sell off
Speaker 1: in cryptocurrency seems to have subsided. Bitcoins trading back above
Speaker 1: it's key thirty thousand level this morning after falling to
Speaker 1: nearly twenty five thousand Wednesday. Tether, the largest stable coin
Speaker 1: used in crypto markets to facilitate trading, is also recovering
Speaker 1: from an earlier mini crash. Major cryptos were falling with
Speaker 1: regular market sentiment, but the implosion of the terra USD
Speaker 1: stable coin kindled widespread panic. Well Nathan Shares a robin
Speaker 1: Hood also on the move. This stock, which has been battered,
Speaker 1: is up more than or Le trading cryptocurrency billionaire Sam
Speaker 1: Bankman Freed has taken a seven point six percent stake
Speaker 1: in the troubled online brokerage robin Hood shares a plunge
Speaker 1: seventy seven per cent since it's hotly anticipated initial public
Speaker 1: offering last July. In other corporate news, Apples taking aim
Speaker 1: at unionization efforts in its US retail stores. The companies
Speaker 1: holding meetings with employees posting notices that have the benefits
Speaker 1: of working for Apple. So far, no Apple store has unionized,
Speaker 1: but multiple locations are working with labor groups. Well, we
Speaker 1: now turned the latest developments involving the war in Europe.
Speaker 1: USA d Ukraine is on hold after one senator held
Speaker 1: up yesterday's vote on a forty billion dollar aid package,
Speaker 1: and Bloomberg's Amy Morris reports from our newsroom in Washington.
Speaker 1: Republican Senator Ran Paul held up the vote because he
Speaker 1: says the US is spending a lot of money in
Speaker 1: Ukraine and someone should be keeping track of it. Our
Speaker 1: total age in Ukraine will almost equal the entire military
Speaker 1: budget of Russia. And it's not as if we have
Speaker 1: that money lying around. We will have to borrow that
Speaker 1: money from China. So now the bill won't make it
Speaker 1: at the President's desk until next week. Meanwhile, White House
Speaker 1: Cyber Director Chris Ingliss says he expects Russia's use of
Speaker 1: cyber attacks to continue, telling Bloomberg TV he credits the
Speaker 1: Ukrainians for their effective defense. I than the Russians have
Speaker 1: shown that they are not perhaps as competent as they
Speaker 1: might have imagined, both in the physical world and the CyberWorld.
Speaker 1: And the National Security Agency told Bloomberg News it's investigating
Speaker 1: the use in the US business community of cyber security
Speaker 1: software made by Caspersity, a Russian vendor in Washington. I'm
Speaker 1: Amy Morris, Bloomberg Daybreak, Thank you. A House committee investigating
Speaker 1: the January six insurrection attempt has indeed disappoint at House
Speaker 1: GOP leader Kevin McCarthy, and that's along with four other
Speaker 1: Republican lawmakers and Bloomberg's and Baxter has the story. The
Speaker 1: committee has been trying to bring them into talk voluntarily,
Speaker 1: but now Republican House Member Liz Cheney says timing has
Speaker 1: become just too important. It's a reflection of how important
Speaker 1: and serious the investigation is uh and how grave the
Speaker 1: attack on the Capitol. So there are certain to be
Speaker 1: extended court battles, potentially pushing any testimony beyond the mid
Speaker 1: term election, and if the Republicans take control of the House,
Speaker 1: then it may never happen. In San Francisco, I'm at
Speaker 1: Baxter Bloomberg, Gay break all right at thanks SMP futures
Speaker 1: up thirty eight points down down, futures have tuned three,
Speaker 1: NASTAC futures up a hundred eighty nine. Straight ahead, your
Speaker 1: latest local headlines plus the check of sports. This is Bloomberg.
Speaker 1: It sounds six o seven on Wall Street. Word fifty
Speaker 1: eight degrees in Central Park. We've got an accent or
Speaker 1: heavy volume on the southbound Harlem River Drive from A
Speaker 1: D five to the FDR. More coming up in traffic.
Speaker 1: First Michael bar with more on what's going on in
Speaker 1: New York and around the world. Michael, thank you very much. Nathan.
Speaker 1: More than seven a gas stations in New Jersey are
Speaker 1: offering lower prices today as part of an effort to
Speaker 1: educate people about what might happen if self served gas
Speaker 1: pumps are allowed in the state. Bill has been introduced
Speaker 1: in the state legislature calling for self service at stations
Speaker 1: with more than four pumps as gas prices rise because
Speaker 1: of inflation and the war in Ukraine. Advocacy group Fuel
Speaker 1: Your Way in Jay said today Self Served Day of
Speaker 1: a Wilderness aims to let drivers know that self serve
Speaker 1: could help them save between one hundred to four hundred
Speaker 1: dollars per year. What do New Jersey drivers think about
Speaker 1: self serve? Phillips? It's a made you cover because you
Speaker 1: don't have to deal with the elements. The elements are
Speaker 1: the wars. It's better and safer if they come to
Speaker 1: you and us. New Jersey is one of two states
Speaker 1: that does not allow any one other than gas station
Speaker 1: attendance to pump gas. New York households power bills or
Speaker 1: boys to surge twelve percent this summer amid higher electrical
Speaker 1: demand and soaring natural gas prices, according to the State
Speaker 1: Public Service Commission, That would exceed the eleven percent increases
Speaker 1: of the two previous summers. The new White House COVID
Speaker 1: nineteen coordinator is issuing a dire warning the US will
Speaker 1: be increasingly vulnerable to the coronavirus this fall and winter
Speaker 1: if Congress does not swiftly approve new funding for more
Speaker 1: vaccines and treatments. Dr Ashi's Jah says that americans immune
Speaker 1: protection from the virus is waning, the virus is adapting
Speaker 1: to be more contagious, and booster doses for most people
Speaker 1: will be necessary. When I think out to the future
Speaker 1: the rest of the country as his virus spreads, there
Speaker 1: are places in the country that I have far lower
Speaker 1: levels of vaccination and worry about what's going to happen there.
Speaker 1: Dr is she's job. President Biden sent a letter to
Speaker 1: the Federal Trade Commission asking the agency to look into
Speaker 1: cases of price gouging as there's a national shortage of
Speaker 1: baby formula. The supply disruptions are due in large part
Speaker 1: to a February recall of some popular brands. New York
Speaker 1: Republican LC Stefanik is among members of Congress criticizing the
Speaker 1: Biden administration's handling of the crisis. This is not a
Speaker 1: third world country. This should never happen in the United
Speaker 1: States of America. Representative Stefanik as the f d A
Speaker 1: is now considering loosening import restrictions. Global New whos twenty
Speaker 1: four hours a day on air and on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven hundred journalists. Analyst more
Speaker 1: than a hundred, twenty countries. Michael Barr, this is Bloomberg, Nathan. Okay, Michael,
Speaker 1: thank you. Coming up to six ten on Wall Street.
Speaker 1: Time for the Bloomberg Sports Update with John Shot. Thanks Nathan.
Speaker 1: The Yankees keep winning. The pitching nest for the most part,
Speaker 1: carried them. The last night. The pitching wasn't great. The
Speaker 1: hitting was a fifteen to seven win over the White
Speaker 1: Sox in Chicago to home run six RBIs for John
Speaker 1: Carlos Stanton, home run for Aaron Judge, he drove in four,
Speaker 1: Josh Donaldson cappy seven run eight getting with a three
Speaker 1: run shot in the Yanks have won sixteen of their
Speaker 1: last eighteen. The Mets with a four one win at Washington,
Speaker 1: So the Mets win another series. They've played ten of them,
Speaker 1: no sweeps, but they've won nine with one split at
Speaker 1: home tonight for Seattle. Rangers are in Pittsburgh tonight, Game six.
Speaker 1: It's not known if Penguin Stars Sidney Crosby will play.
Speaker 1: An upper body injury suffering game five courtesy of a
Speaker 1: high hit by Rangers defenseman Jacob Trueba. Pens coach Mike
Speaker 1: Sullivan was clearly anchored by the hit. The Ranger coaches Gerard,
Speaker 1: I don't think Bob been one dish. I mean he
Speaker 1: plays his game the way he played his game. And
Speaker 1: you know, again, true Jane hurt Sidney Clausbeer. You know
Speaker 1: that's not the goal. Our goals to play physical hockey.
Speaker 1: And it was an unfortunate play, you know, So, I mean,
Speaker 1: there's no intend to hurt anybody and go, says Sterkin
Speaker 1: back in Pittsburgh, where he struggled in games three and four.
Speaker 1: Sister Can, already a finalist to win the Vest of
Speaker 1: the Trophy for Best Goalie, also now named a finalist
Speaker 1: to win the Heart Trophies. NHL m v P three
Speaker 1: teams won to force a game seven Boston, Edmonton and
Speaker 1: Tampa Bay and won an overtime. NBA Miami want of
Speaker 1: Philadelphia to win that series. Dallas blew out Phoenix, that
Speaker 1: series going seven. NFL schedules out. The Giants will open
Speaker 1: up at Tennessee. The Jets will be home for Baltimore.
Speaker 1: Red strike off that miraculous when at the Kentucky Germany
Speaker 1: will not be in next week's prenkness. John stash Were
Speaker 1: Bloomberg Sports n all right, John, thank you, SMP futures
Speaker 1: now up thirty six point, Staff futures up, Nastact futures
Speaker 1: up a hundred seventy eight. Twitter shares tumbling, with Elon
Speaker 1: Musk saying the deal is on hold. Alex Webb of
Speaker 1: Bloomberg Opinion and Bloomberg Quicktake joins us next. This is
Speaker 1: Bloomberg Bloomberg day Break, brought to you by the Jewish
Speaker 1: Communal Fund j c F. S Downer Advised Fund is
Speaker 1: the smart choice to manager philanthropy, especially in times of crisis.
Speaker 1: Make your giving impactful. Visit j c F. N Y
Speaker 1: dot Org markets headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business at
Speaker 1: and at Bloomberg Quicktake. He's a Bloomberg Business Flash and
Speaker 1: I'm Karen Moscow. Twitter shares down eighteen percent this morning,
Speaker 1: and this update is brought to you by b n
Speaker 1: Y Mellon's Perishing. Learn why the world's most sophisticated wealth
Speaker 1: management and institutional firms rely on Pershing to help them
Speaker 1: improve profitability, create efficiency, attract talent, and manage risk at
Speaker 1: Pershing and dot Com again. Watching Twitter shares fall down
Speaker 1: eighteen percent in early training after Elon musk Twee that
Speaker 1: has take over at the social media company is temporarily
Speaker 1: on hold. Will have more details on this breaking story
Speaker 1: straight ahead with Alex Webb of Bloomberg. Quicktake. Futures are higher,
Speaker 1: SMP futures up about forty points down. Futures have two
Speaker 1: hundred nineteen Nastack futures have one d nine ten year
Speaker 1: treasury down fourteen thirty seconds, yield two point eight nine percent.
Speaker 1: Yield on the two year two point five eight percent.
Speaker 1: Nimex screwed oil of one of a third percent of
Speaker 1: a dollar forty three and a hundred seven dollars fifty
Speaker 1: seven cents a barrel. And we're watching bitcoin this morning.
Speaker 1: It's higher, up more than six percent at thirty thousand,
Speaker 1: three hundred dollars. That's a Bloomberg business flash. Now here's
Speaker 1: Michael bar with more on what's going on around the world.
Speaker 1: Michael Darren, thank you very much. The Kremlin has warned
Speaker 1: it would retaliate after Finland's leaders said they favored joining NATO.
Speaker 1: Sweden could do the same within days. In a historic
Speaker 1: realignment triggered by Russia's invasion of Ukraine. House Minority leader
Speaker 1: Kevin McCarthy and four other congressional Republicans have been subpoenaed
Speaker 1: by the House Januar every six committee. In baseball, the
Speaker 1: Yankees one, the Mets beat the Nationals, the Orioles and
Speaker 1: A's one. NHL Playoffs, there will be a deciding game
Speaker 1: seven after the Bruins beat the Hurricanes. Global News twenty
Speaker 1: four hours a day on air and on Bloomberg quick Take,
Speaker 1: powered by more than twenty seven hundred journalist and analysts
Speaker 1: more than twenty countries. Michael barrt this is Bloomberg, all right, Michael,
Speaker 1: thanks to his six nineteen on Wall Street Life from
Speaker 1: the Bloomberg Interactive Broker Studios. This is a Bloomberg daybreak
Speaker 1: and if you happen to have just joined us. Twitter
Speaker 1: shares are sinking this morning thanks to a tweet from
Speaker 1: its potential buyer Elon Musk. Moments ago. He tweeted that
Speaker 1: the buyout is temporarily on hold as he awaits data
Speaker 1: on Twitter's proportion of fake accounts. Let's get more now
Speaker 1: on this breaking news. Alex Webb is with us this morning.
Speaker 1: Bloomberg quick Take correspondent and tech columnist for Bloomberg Opinion.
Speaker 1: Alex good morning. What is Elon Musk up too? Ok,
Speaker 1: we don't even know that he's serious. The tweet reads
Speaker 1: Twitter day tepper on hold pending detail supporting calculation that
Speaker 1: smams slash fake accounts do indeed represent less than five
Speaker 1: c cent of users, and it links to a story
Speaker 1: with that data. Now, you know, you could read that
Speaker 1: as Elon being sarcastic. Right, Sure, the Twitter deal is
Speaker 1: off because of this new story that just came out,
Speaker 1: Like I would be tempted to interpret it that way. Now,
Speaker 1: of course, the thing that is surely undoubtable about this
Speaker 1: is that the SEC will be looking at it. Right,
Speaker 1: if the deal is off and he's announced the dealers
Speaker 1: off on Twitter, well he probably should be filing that.
Speaker 1: If the deal isn't off and he's announced he's making
Speaker 1: a comment like this flippantly on Twitter, then they should
Speaker 1: be looking at it. It's you know, it's sort of
Speaker 1: unfortunately not a surprise that this is a sort of
Speaker 1: tweets that we're saying, Well, let's just get a little
Speaker 1: bit of background here on the issue with spam but accounts.
Speaker 1: What is Elon Musk's issue here? How does this play
Speaker 1: into the Musque bid for Twitter? Well, if it's if
Speaker 1: it's serious that the dealer is off for on hold
Speaker 1: because of this audit. Um, you know, even as the
Speaker 1: one of the things he's going to do is eliminate
Speaker 1: spambots or reduce spam box at the very least. And um,
Speaker 1: you know, you do see on any number of posts,
Speaker 1: particularly crypto bots, you know, jumping onto trending topics and
Speaker 1: trying to pump up particular coins or influences. If there
Speaker 1: aren't as many spam bots as he had thought, then
Speaker 1: of course the if he thinks that is a business upside,
Speaker 1: the opportunity to get rid of these spambots. If there
Speaker 1: aren't as many as he thought, then maybe the upside
Speaker 1: isn't as great. You can also look at it differently.
Speaker 1: Does maybe there only five per cent of the accounts
Speaker 1: of spam bots, but if they are generating of the
Speaker 1: content I don't know if that's true, but I'm just
Speaker 1: working that number out the air, then it's still something
Speaker 1: worth looking at. So, you know, it's a sort of
Speaker 1: vastly convex thing, and they're also often quite hard to identify.
Speaker 1: So if there is a possibility here that Elon Musk
Speaker 1: is putting this out flippingly that this is just another
Speaker 1: Twitter joke. I mean, what does that say about his
Speaker 1: entire bid for Twitter? Mean, there's still a lot of speculation,
Speaker 1: isn't there about whether he's even serious about doing this deal,
Speaker 1: even with all the financing he's put together for this. Absolutely,
Speaker 1: and that is you know that spread, that that that
Speaker 1: uncertainty is reflected in the spread between the offer price
Speaker 1: and the stock price as it closed yesterday, even before
Speaker 1: you know this pre market drop that was seeing today
Speaker 1: the shares trading. The shares closed yesterday at forty five dollars,
Speaker 1: the offer prices fifty four dollars twenty That is a
Speaker 1: considerable difference. I think the smart money has been sin
Speaker 1: and a going that at any stage Ellen might wake
Speaker 1: up and say, do you know what, I don't want
Speaker 1: to do this deal? Uh? And so that has been
Speaker 1: priced into the share price as it stands. Yea, as
Speaker 1: we watched the Twitter shares just in the pre market
Speaker 1: test a thirty handle you mentioned the SEC here. I mean,
Speaker 1: with the Elon Musk putting this out on Twitter, it
Speaker 1: does raise the possibility of the SEC cracking down even further.
Speaker 1: On Elon Musk, what are you gonna be looking for
Speaker 1: their al It's hard to know what they can do.
Speaker 1: You know, they've already done some things at Tesla where
Speaker 1: they've said, well, you have to have someone investing your
Speaker 1: tweets as it pertains to Tesla, But of course these
Speaker 1: tweets don't pertain to Tesla, not directly. At the very least,
Speaker 1: they've placed a different chairman in for two years. Those
Speaker 1: two years are you know, running out pretty soon, so
Speaker 1: we don't know that Elan is going to take the
Speaker 1: chairmanship again. There's a suspicion that one of the reasons
Speaker 1: that Ellen was trying to buy Twitter is because he
Speaker 1: didn't want to be, in his view, censored on the platform.
Speaker 1: Doesn't want others censored either, and how a private company
Speaker 1: censors is a different question, but you know, that's one
Speaker 1: of the issues at stake here. And so if it
Speaker 1: ends up ironically with him having to reign in his
Speaker 1: tweets even further, it would just be a very strange
Speaker 1: um eventuality in our last thirty seconds here, I guess
Speaker 1: what I'm wondering, Alex is what could this mean for
Speaker 1: some of the you know, major backers that Elon Musk
Speaker 1: has put together to do this deal, like Larry Ellison,
Speaker 1: like Morgan Stanley. I think if you're Larry Ellison, maybe
Speaker 1: it doesn't change your calculation. But if you're Morgan Stanley
Speaker 1: or indeed in Apollo or any of the other sort
Speaker 1: of financial backers, you know, sort of putting your reputation
Speaker 1: and your capital at stake by getting behind this bid
Speaker 1: when it's not entirely clear what the financial upside is
Speaker 1: going to be. Uh, it does I think if you
Speaker 1: pause the thought, and I'm sure there are gonna be
Speaker 1: some some frenzied meetings and zoom calls in the course
Speaker 1: of today amongst some of those backers. All right, Alex
Speaker 1: web As always, thank you so much for coming on
Speaker 1: and giving us more on this breaking news, with Elon
Speaker 1: Musk saying the Twitter deal is temporarily on hold while
Speaker 1: he looks into calculations that Spambot's account for less than
Speaker 1: five percent of users on Twitter, and we are watching
Speaker 1: Twitter shares slide in the pre market now down about
Speaker 1: eighteen cents, trading around thirty seven dollars eighteen percent lower
Speaker 1: now in the pre market. Much more to come on
Speaker 1: Bloomberg Daybreak. Of course, we will continue following this story
Speaker 1: for you throughout the morning. As we watch futures rise.
Speaker 1: We have SMP futures of forty points, Staff futures of
Speaker 1: two twenty three. Nastack futures are higher by a hundred
Speaker 1: ninety two points. This is Bloomberg Bloomberg eleven three oh weather.
Speaker 1: A few showers possible today with a high near seventy degrees.
Speaker 1: More showers possible tomorrow as well. Low seventies might hit
Speaker 1: eighty on Sunday, and can't rule out a few more
Speaker 1: showers then. Right now fifty nine in Central Park, broadcasting
Speaker 1: live from the Bloomberg Interacted Broker Studio in New York.
Speaker 1: Bloomberg E Living Freedom to Washington, d C, Bloomberg one
Speaker 1: to Boston, Bloomberg one O six one to San Francisco,
Speaker 1: Bloomberg nine sixty to the country, Sirius XM H one
Speaker 1: nine team, and around the globe, the Bloomberg Business and
Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak at six
Speaker 1: thirty on Wall Street. Good morning, I'm Nathan Hager and
Speaker 1: I'm Kared Moscow. We're just about three hours away from
Speaker 1: the open of US trading. Time for the five things
Speaker 1: you need to notice start your day. Bronti you buy
Speaker 1: Interactive Brokers. Interactive Brokers charges margin loan rate from zero
Speaker 1: point a three percent to one point three percent rate,
Speaker 1: subject to change. Learn more at I v k R
Speaker 1: dot com. Slash compare up first breaking news on Twitter,
Speaker 1: Elon Musk casting doubt on his deal to buy the
Speaker 1: social media company, and Bloomberry or Needy Young joints us
Speaker 1: live with more. We need a good morning, Good morning, Karen.
Speaker 1: Elon Musk is saying his deal to buy Twitter is
Speaker 1: temporarily on hold. He made the announcement on Twitter. He
Speaker 1: says the forty four billion dollar purchases own hold pending
Speaker 1: details on how many fake accounts make up Twitter's total users.
Speaker 1: Musk is questioning whether spam and fake accounts represent less
Speaker 1: than five percent of users. The traders have started to
Speaker 1: question his bid for Twitter in recent days, as shares
Speaker 1: traded below his offer price of fifty four dollars and
Speaker 1: twenty cents. Live in New York. I'm re need a
Speaker 1: Young Bloomberg day break. It's well down from there right now.
Speaker 1: Twitter shares are lower by twenty percent in the pre market.
Speaker 1: Bloomberg Quick Takes Alex Webb says this could be away
Speaker 1: from US to back out. Part of me thinks that
Speaker 1: actually he's being sarcastic because it shouldn't necessarily make a
Speaker 1: big difference. He could be saying if we take him
Speaker 1: at his word, that actually maybe it's not as big
Speaker 1: a differentiator as he thought. If he's going to come
Speaker 1: in and say I'm going to get rid of SPAN accounts,
Speaker 1: I know that many SPAN accounts to get rid of
Speaker 1: exactly the upside for him as limited. Bloomberg's Alex Wed
Speaker 1: their tune in of Bloomberg Radio for the latest on
Speaker 1: Twitter throughout the morning, Well, Nathan, US futures are higher
Speaker 1: as we near the end of a volatile trading with
Speaker 1: Joyce Chang Global Research chare at JP Morgan expects more
Speaker 1: wild swings in the market. Inflation in the US could
Speaker 1: be close to speaking, but it's been going up in
Speaker 1: the rest of the world, and even if you've seen
Speaker 1: the peak for inflation, the question is where does it settle.
Speaker 1: I think that the volatility is really going to stay
Speaker 1: with us here and there's still the growth concerns as
Speaker 1: well in Europe and China where we're taken down forecast
Speaker 1: and JP Morgan's Joyce Chang says even if inflation as peak,
Speaker 1: FED policy will remain hawkish. I mean, speaking of the
Speaker 1: Fed Karen J. Pale's latest comments, you're help be the
Speaker 1: stabilized markets. The FED chair was confirmed to a second
Speaker 1: term yesterday. He says the Central Bank still plans to
Speaker 1: raise rates by fifty basis points at each of its
Speaker 1: next two meetings. Cryptocurrency is also rebounding this morning. Bitcoin's
Speaker 1: currently trading at thirty two hundred dollars. And this redhead
Speaker 1: blind just across the Bloomberg terminal care in US gasoline
Speaker 1: futures have jumped to an intra day record. And that's
Speaker 1: the five things that you need to notice start your day.
Speaker 1: Brought to you by Interactive Brokers. Again, futures are higher
Speaker 1: this morning, and straight ahead relatest local headlines plus a
Speaker 1: check of sports. And this is Bloomberg six thirty three
Speaker 1: on Wall Street. Now we're fifty eight degrees in Central
Speaker 1: Park and Michael Barr has more on what's going on
Speaker 1: in New York and around the world. Good morning, Michael,
Speaker 1: Good morning Nathan. Today more than seven to gas stations
Speaker 1: throughout New Jersey are lowering their prices. It's part of
Speaker 1: an effort to demonstrate how allowing self serve at the
Speaker 1: pump could help lower gas prices. The bill has been
Speaker 1: introduced in the state legis like you're calling for self
Speaker 1: service at stations with more than four pumps as gas
Speaker 1: prices rise thanks to inflation and the war in Ukraine.
Speaker 1: Assembly Woman Carol Murphy, one of the sponsors of the bill,
Speaker 1: says the measure could solve a worker shortage issue. Do
Speaker 1: you come across is gas stations where there are closed pumps? Why?
Speaker 1: Because they don't have enough work force to man those pumps,
Speaker 1: which creates long lines. Assembly Woman Murphy agrees with advocacy
Speaker 1: groups that self served gas could save drivers between one
Speaker 1: hundred to four hundred dollars a year. New York households
Speaker 1: power bills are poised to surge twelve percent this summer
Speaker 1: over a year earlier, amid higher electrical demand and soaring
Speaker 1: natural gas prices that would exceed the eleven percent increases
Speaker 1: of the two previous summers. White House COOVID nineteen response
Speaker 1: coordinator Dr Rashi's Job renewed his call for Congress to
Speaker 1: authorize more funding to fight the virus. Dr jahns warning
Speaker 1: that many America with waning immunity could find themselves vulnerable
Speaker 1: this fall without more preventative efforts. Obviously, if we don't
Speaker 1: get those resources, we're gonna have to make some very
Speaker 1: very difficult choices, right whatever, make difficult choices about vaccines
Speaker 1: or treatments. What do we do with tests and we
Speaker 1: really go into a fall and winter search with no
Speaker 1: testing capability, I mean, that would be a real problem.
Speaker 1: Dr Johns says the twenty two and a half billion
Speaker 1: dollars in COVID nineteen relief funding requested by the White
Speaker 1: House is the bare minimum that we need to get
Speaker 1: through this fall and winter without large loss of life.
Speaker 1: North Korea says six people have died in three d
Speaker 1: fifty thousand have been treated. The day after it acknowledged
Speaker 1: its first COVID nineteen cases the pandemic, President Biden spoke
Speaker 1: with retailers and manufacturers of baby formulas to have them
Speaker 1: do more to help families purchase infant formula. White House
Speaker 1: Press Secretary Jen Psaki says the administration is ramping up
Speaker 1: its efforts to alleviate the shortage. Obviously, the steps the
Speaker 1: President took today are an acknowledgement and a recognition that
Speaker 1: more needs to be done, that we do not want parents, mothers,
Speaker 1: families out there to be stressed and worried about feeding
Speaker 1: their babies. Zaks as people are hoarding baby formula and
Speaker 1: trying to profit off fearful parents. Global News twenty four
Speaker 1: hours a day on here and on Bloomberg Quickdake, powered
Speaker 1: by more than twenty seven hundred journalists analysts more than
Speaker 1: a d twenty countries. Michael Barr, this is Bloomberg Natani, Michael,
Speaker 1: thank you. Almost sixty six. On Wall Street, John stash
Speaker 1: Our has the Bloomberg Sports Update. Alan Anthrian Yankees in Chicago,
Speaker 1: Blue two leads. The game was seven seven go into
Speaker 1: the eighth inning. Yank scored seven runs in the ain't
Speaker 1: they beat the White Sox fifteen to seven too? On
Speaker 1: run six RBIs for John Carlos Stanton. The Yankee manager,
Speaker 1: Aaron Boom. We don't expect to throw two touchdowns up there.
Speaker 1: One upon a night when Dylan sees his pitching, you know,
Speaker 1: the kind of start he's been off too. But a
Speaker 1: lot of really good at bats off of him, obviously,
Speaker 1: Big g getting two big ones to get us to
Speaker 1: get us roll in and then you know, we lost.
Speaker 1: We lost the lead there and It's really good to
Speaker 1: see guys just continue to push the head boons. Yanks
Speaker 1: have won sixteen to the last eight teen. The Mets
Speaker 1: won four one of Washington, Mark Kenneth three hits, a
Speaker 1: home run three RBI's first win for Taiwan Walker. The
Speaker 1: Miami Heat have advanced to the NBA's East Finals Game
Speaker 1: six win at Philadelphia. Jimmy Butler scored thirty two points. LUKEA.
Speaker 1: Donson scored thirty three in Dallas. The MAVs, coming off
Speaker 1: a thirty point loss in Phoenix, won by twenty seven,
Speaker 1: and that series is going to a seventh game. Will
Speaker 1: the Rangers and Penguin series goes seven. Blue Shirts need
Speaker 1: to win games six tonight in Pittsburgh, where the Pens
Speaker 1: won games three and four, seven to four and seven
Speaker 1: to two. Is not known if the Fens will have
Speaker 1: Sidney Crosby tonight. He got hurt in Game five. Tanda
Speaker 1: Bay Lightning two time defending Stanley kept champs they faced elimination,
Speaker 1: stayed alive, and overtime went over Toronto. There will be
Speaker 1: at least three game sevens. There could be as many
Speaker 1: at six. NFL season will kick off for the defending
Speaker 1: champion l a. Rams hosting Buffalo the Jets Week one
Speaker 1: home for Baltimore the Giants at Tennessee of the Giants
Speaker 1: annual game in Dallas will be on Thanksgiving. Johns Bloomberg
Speaker 1: Sports Nathan, Okay, John, thank you. Six thirty seven on
Speaker 1: Wall Street, Time to take a look at stuck some
Speaker 1: of the names moving in the pre market. Boomberg Radio,
Speaker 1: TV Markets corresponding, pretty good. Don't we know which one's moving?
Speaker 1: It's Twitter? My goodness, it's Twitter. You know, this is
Speaker 1: such a fascinating story. I have to say, Nathan, because
Speaker 1: I think there for so many for so many days,
Speaker 1: for so many months, a lot of people have been saying, well,
Speaker 1: you know, oh, this is just Elon Musk pulling some
Speaker 1: sort of publicity stunt. But look he's doing his due diligence.
Speaker 1: That's really what's moving the stock today if you actually
Speaker 1: look at what Elon Musk twitter. Uh. He did tweet
Speaker 1: for for the record, Uh. He said that the Twitter
Speaker 1: deal is temporarily on hold, pending details supporting the calculation
Speaker 1: that spam slash fake accounts do indeed represent less than
Speaker 1: five percent of users. He also linked a a Reuter
Speaker 1: story talking about just that that, of course the five
Speaker 1: percent number coming to a filing, but that temporary pause
Speaker 1: or on the deal has the stock of Twitter t
Speaker 1: W t R down to as low as thirty six dollars,
Speaker 1: naking down about nineteen percent this morning. This is important
Speaker 1: because remember the deal premium was already pretty wide. There
Speaker 1: were already questions about whether or not this deal would
Speaker 1: actually go through, and that's why you never saw Twitter
Speaker 1: shares actually hit that forty four or sees. It was
Speaker 1: like hovering around forty eight, which is which is interesting.
Speaker 1: Usually when you see an M and a kind of
Speaker 1: deal like that, it goes right to that offer price
Speaker 1: so that they can uh, the investor can buy out
Speaker 1: at that price um but closed out clearly amplified this morning.
Speaker 1: So now you have Twitter shares, like I said, trading
Speaker 1: with about a thirty six handle. And remember it's not
Speaker 1: just Twitter that moves off this news. Is Tesla as
Speaker 1: well t s L as your tigger up five point
Speaker 1: four percent this morning. And remember there is that inverse dynamic.
Speaker 1: Every time Twitter shares fall, Tesla shares rise. And the
Speaker 1: idea here is that if Elon muskts focused on Twitter,
Speaker 1: does Tesla lose some of his attention and therefore lose
Speaker 1: some of its value. So that kind of inverse correlation
Speaker 1: that you see ends up having macro effects because Tesla,
Speaker 1: by the way, he's a heavyweight in the smp FID.
Speaker 1: So could the entire index just based on Elon Musk's
Speaker 1: one tweet on Twitter. Well, in the time we have
Speaker 1: left Crety, let's talk about the other big mover that
Speaker 1: maybe we thought was gonna be the big mover before
Speaker 1: this Twitter news, and that's Robin Hood. It is Robin Hood,
Speaker 1: although I would argue this is actually a bigger move
Speaker 1: than Twitter is because it's up um. But Hood h
Speaker 1: o O D is your taker. This comes after Sam
Speaker 1: Bankman Freed. He's the thirty year old CEO of crypto
Speaker 1: trading platform f t x H thirty years old, by
Speaker 1: the way, in a billionaire man, I've got I've got
Speaker 1: my work cut out of it out for me Robin
Speaker 1: Hood anyway, so it is surgery. He did take a
Speaker 1: a seven point six percent steak in Robin Hood. Remember
Speaker 1: a lot of Robin Hood's revenue comes from crypto volume,
Speaker 1: so this kind of deal makes sense. But regardless that
Speaker 1: steak has robin Hood shares storing about this morning. Nathan
Speaker 1: all Right, Bloomberg Radio on TV. Markets corresponding, Crety good
Speaker 1: even busier than usual this morning, thanks as always creating
Speaker 1: and looking at the market as a whole ahead of
Speaker 1: this Friday open. SMP futures are up forty five point,
Speaker 1: staff futures up tune and fifty one NASC futures up
Speaker 1: two points and the tenure treasury now down twelve thirty seconds,
Speaker 1: the yield two point eight nine per cent, yield on
Speaker 1: the two year two point five seven much more to come.
Speaker 1: Stay with us. You're listening to Bloomberg day Break. Bloomberg
Speaker 1: Gay Break is brought to you by Pepack Private Wealth Management.
Speaker 1: Pepack Private Wealth Management knows that a portfolio is more
Speaker 1: than a collection of assets. It is a path to
Speaker 1: your future. Visit Pepack Private dot com and begin your
Speaker 1: financial legacy. Today, Markets headlines and breaking news twenty four
Speaker 1: hours a day at Bloomberg dot Com, a Bloomberg Business
Speaker 1: at and at Bloomberg Quick Tape. This is a Bloomberg
Speaker 1: Business Flash and I'm Karen Moscow, and we continue to watch.
Speaker 1: Shares of Twitter this morning down almost sixteen percent after
Speaker 1: Elon Musk tweeted that is forty four billion dollar takeover
Speaker 1: of the social media company is temporarily on hold. Futures
Speaker 1: this morning are moving higher after what was a while
Speaker 1: day on Wall Street yesterday. We go to the First
Speaker 1: Word Breaking news desk for today's morning call, and here's
Speaker 1: Bill Maloney. Bill, good morning, Hey, good morning, Karen. That's right.
Speaker 1: US features are firmly in the green right now, with
Speaker 1: down futures of two thirty two points, subs gain forty three,
Speaker 1: and Magic futures are higher by two hundred US ten
Speaker 1: year at two point eight nine percent, Gold is down six,
Speaker 1: Oil is climbing, and Bitcoin is hired by five point
Speaker 1: six percent. Japan rose two point six percent overnight, while
Speaker 1: up markets are in the green this morning, led by
Speaker 1: gains in the UK and France back in the US
Speaker 1: on the economic front. At ten o'clock Michigan Sentiment and
Speaker 1: after the bellast night, it was reported that the f
Speaker 1: t X CEO took a stake in Ramin Hood Shoes
Speaker 1: her up twenty percent pre market, and you mentioned Tesla
Speaker 1: the big news this morning. Elon must have cleared the
Speaker 1: Twitter takeover is on hold pending details. Twitters down eighteen
Speaker 1: per sent premarket. Tesla is trading higher. In other news,
Speaker 1: U s casline futures jumped to an intur day record,
Speaker 1: and wrapping things up, Krispy Kreme raised the by a
Speaker 1: h s BC ups cuntin neutral at JP Morgan and
Speaker 1: first Solo was upgraded over at Piper Live from the
Speaker 1: first to breaking news Bestcombill Maloney, Karen all right, Bill,
Speaker 1: thank you, and to hear live breaking news over her
Speaker 1: Bloomberg Time. Squawk on your terminal. Squ a w K.
Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with
Speaker 1: Moore on what's going on around the world. Muncle, Karen,
Speaker 1: thank you very much. A new forty billion dollar round
Speaker 1: of eight Ukraine has wide bipartisan support in Congress, but
Speaker 1: it's being held up in the Senate by one senator.
Speaker 1: Republican Senator Rand Paul of Kentucky says there should be
Speaker 1: a watchdog keeping eye on how the money is used
Speaker 1: in Ukraine. All eyes on House Minority Leader Kevin McCarthy
Speaker 1: and four other Congressional Republicans subpoena by House investigators. The
Speaker 1: January six committee begins public hearings next month, with a
Speaker 1: final report due out this fall. In baseball, the Yankees
Speaker 1: were winners. The Mets beat the Nationals for one, the
Speaker 1: Orioles in AES one. In the NHL playoffs, there will
Speaker 1: be a deciding Game seven after the Bruins beat the
Speaker 1: Hurricanes five to The Rangers will try to avoid elimination
Speaker 1: in Game six tonight against the Penguins. Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven hundred journalist and analysts
Speaker 1: more than hug twenty countries. Michael bar this is Bloomberg. Karen,
Speaker 1: all right, Michael, thank you. It is sixty nine on
Speaker 1: Wall Street. Returned to news and science and technology now
Speaker 1: with the Bloomberg and j I T. Stammer report brought
Speaker 1: U buy New Jersey Institute of Technology ranked top fifty
Speaker 1: national public university by US News and World Report. N
Speaker 1: j I T is Future in the Making. Learn more
Speaker 1: at n j I T dot E d U and
Speaker 1: now here's It's making News and science, technology, engineering, and math.
Speaker 1: Apple is taking aim at unionization efforts in its US
Speaker 1: retails stores. The company has begun holding meetings restore employees
Speaker 1: and posting notices that extolled the benefits of working for Apple.
Speaker 1: So far, no Apples store has unionized, but multiple locations
Speaker 1: are working with labor groups. For the first time, scientists
Speaker 1: have grown plants and soil from the Moon, collected by
Speaker 1: now says Apollo Astronauts. Researchers had no idea if anything
Speaker 1: was spread in the harsh moon dirt and wanted to
Speaker 1: see if it could be used to grow food by
Speaker 1: the next generation of lunar explorers. Results are published in Communications,
Speaker 1: Biology and The World Gotta look at the first wild
Speaker 1: but fuzzy image of the super massive black hole at
Speaker 1: the center of our own Milky Way galaxy. Astronomers believe
Speaker 1: nearly all galaxies have these giant black holes at their center,
Speaker 1: where light and matter cannot escape, making it extremely hard
Speaker 1: to get images of them. Like gets chaotically bent and
Speaker 1: twisted around by gravity as it gets sucked into the
Speaker 1: abyss along with superheated gas and dust. And that's a
Speaker 1: Bloomberg and j I t Stem report. Nathan Okay, Karen,
Speaker 1: thank you. We are live from the Bloomberg Interactive Broker
Speaker 1: Studios where it's six fifty one on Wall Street Time
Speaker 1: Now to check what's going on in d C. Some
Speaker 1: of the top stories in our nation's capital include a
Speaker 1: to Ukraine delayed over one senator's objection, President Biden under
Speaker 1: fire over nationwide baby formula shortage, and the January six
Speaker 1: Committee sending subpoenas to fellow members of Congress. Also making news,
Speaker 1: J Powell confirmed for a second term as Federal Reserve Chair,
Speaker 1: and Bloomberg Government reporter Emily Wilkins is back with us.
Speaker 1: So Powell did get a bipartisan vote of confidence in
Speaker 1: the Senate, Emily, but just about everybody is acknowledging that
Speaker 1: he and the rest of the Fed have a very
Speaker 1: tough road ahead as they are laser focused on inflation. Absolutely, Nathan.
Speaker 1: I mean, they not only have to address inflation, but
Speaker 1: they also have to make sure that the country does
Speaker 1: not wind up going into a recession, which is a
Speaker 1: very real threat that that we are hearing experts bore
Speaker 1: and us about um. And at this point, I mean,
Speaker 1: he does have that bipartisan support. I mean, he had
Speaker 1: eighties senators of both parties back in, but he also
Speaker 1: had senators from both parties voting against him. Concerns over
Speaker 1: his his regulatory policies can earns one from Senator Bob
Speaker 1: Menendez of New Jersey, about the fact that he hadn't
Speaker 1: promoted um or latinos within the FED, and so these are,
Speaker 1: you know, several different things that the concerns were raised.
Speaker 1: But I think a lot of the question is just
Speaker 1: what sort of happens next, what the Fed is able
Speaker 1: to do. Um, He's got the vote of confidence going forward,
Speaker 1: but but they're certainly um concerns about exactly how he's
Speaker 1: going to make sure to both bring inflation down and
Speaker 1: avoid that recession. All right, let's turn to the other
Speaker 1: major news that came out of the Senate, the vote
Speaker 1: on Ukraine AID. I think we had been expecting that
Speaker 1: this was going to move relatively quickly, but it's on
Speaker 1: hold now. And that's the thing about the Senate, Nathan.
Speaker 1: If you want something to move quickly, you have to
Speaker 1: have all a hundred senators on board, and this time
Speaker 1: you only have ninety nine. Senator Ran Paul of Kentucky.
Speaker 1: He's a libertarian, he's a fiscal hawk, and he's very
Speaker 1: concerned about the amount of funding going over to Ukraine.
Speaker 1: It's not the not the number that he is a
Speaker 1: concern with. He wants language to be in this legislation
Speaker 1: that allows an oversight. Uh, to happen within the federal
Speaker 1: government for how the money is spent um and this
Speaker 1: is something that you know, as far as as a
Speaker 1: political thing, it seems like there could be some potential
Speaker 1: support for that. But the real crux of it is
Speaker 1: that they want this bill to move quickly on May nineteenth,
Speaker 1: So next week President Biden is says that he's going
Speaker 1: to run out of the funding that Congress has already
Speaker 1: allocated for Ukraine. That's funding the White House is used
Speaker 1: to help with military, to help with humanitarian a to
Speaker 1: help Ukraine continue to fight this war with Russia. And
Speaker 1: it runs out on the nineteenth. Biden can't, you know,
Speaker 1: he can't authorize money. That's Congress's job. So that's why
Speaker 1: they really need to rush this bill through. Um. That's
Speaker 1: the sense of urgency. And at this point, and even
Speaker 1: it does look like this bill is going to pass,
Speaker 1: it's just going to have to go through a longer
Speaker 1: process and it won't be abound until next week when
Speaker 1: we finally see it actually clearing and going to Biden's task. Well,
Speaker 1: speaking of things running out, Emily, a lot of parents
Speaker 1: know and have known for months that baby formula has
Speaker 1: been missing for many grocery store shelves, and now this
Speaker 1: is turning into a pretty significant political issue in Washington. Oh. Absolutely.
Speaker 1: I mean the idea that that parents can't feed their
Speaker 1: babies is you know, it's it's a heartbreaking thing to
Speaker 1: think about. Um, it's certainly something that both parties have
Speaker 1: really started stepping up on this past week. Um, you've
Speaker 1: heard Republicans obviously they're not the party in charge, they
Speaker 1: can't move legislation. They have introduced a bill, but really
Speaker 1: from what you're seeing right now, Republicans just very strongly
Speaker 1: criticizing Biden, saying that you know, this is his economy. Uh,
Speaker 1: this is his inflation, it's his supply chain shortages, and
Speaker 1: really just putting the blame squarely on him. But Democrats
Speaker 1: are planning to begin holding some hearings on this. We're
Speaker 1: going to see at least one next week, one the
Speaker 1: week after with the FDA Commissioner as well as some
Speaker 1: of these baby formula companies. I mean, part of the
Speaker 1: issue is the recalls that we've seen. Um, we could
Speaker 1: also potentially see additional legislation from Democrats really addressing this.
Speaker 1: And you did see the White House yesterday meeting with
Speaker 1: formula manufacturers talking about ways to increase supply, calling on
Speaker 1: the FTC and state attorneys to really crack down on
Speaker 1: any sort of price gouging that's going on at this point.
Speaker 1: But this has really become a very hot button issue
Speaker 1: in Washington and certainly something that's impacting many families out
Speaker 1: there that are struggling to find the formula they need
Speaker 1: on grocery store shelves. We had another big hot button
Speaker 1: issue emerge as well from the House January sixth Committee
Speaker 1: now issuing subpoenas against fellow members of Congress. This isn't
Speaker 1: something that we see very often in or on Capitol Hill.
Speaker 1: This is really unprecedented, Nathan. I mean the January six Commission,
Speaker 1: they've asked to hear from a number of lawmakers, including
Speaker 1: those who they've now put the subpoenas against. It is really,
Speaker 1: um quite a serious step and a president breaker to
Speaker 1: have something like this, Um you had. It doesn't seem
Speaker 1: like many of these members are going to be responding
Speaker 1: to these subpoenas. UM. Kevin McCarthy, the Majority leader and
Speaker 1: likely the the Speaker of the House next year, UH,
Speaker 1: told reporters that, you know, the January six Commission really
Speaker 1: sort of downplaying it, continuing to call it um a
Speaker 1: sham and trying to de legitimize it Um. That's a
Speaker 1: very similar stance that many of his colleagues on the
Speaker 1: Republican side share as well. Um. And these Republicans, I mean,
Speaker 1: they know what is going to happen next, even though
Speaker 1: they have been subpoena Um. This is something that's likely
Speaker 1: going to wind up going to the courts, and the
Speaker 1: courts tend to take some time with this. It can
Speaker 1: take years for the courts to decide whether or not
Speaker 1: that someone's needs require to appear, and they don't have
Speaker 1: they don't have a lot of time left at this
Speaker 1: point before the November elections. Paul, Thanks for the update,
Speaker 1: as always from the government reporter, Emily Wilkins. Read more
Speaker 1: at Bloomberg dot com or on the Bloomberg terminal. Listen
Speaker 1: to Bloomberg Radio in Washington and Bloomberg one and one
Speaker 1: oh five point seven FM HD too. As we continue
Speaker 1: to watch developments around Twitter this morning, Karen, what's going
Speaker 1: on there? Yeah, Nathan, and this is pretty much the
Speaker 1: latest with Elon Musk tweeting that is forty four billion
Speaker 1: dollar takeover of Twitter is temporarily on hold until the
Speaker 1: billionaire receives more information about the proportion of fake accounts now.
Speaker 1: Musk is looking for more details on a recent filing
Speaker 1: from Twitter that stated fake accounts on the social media
Speaker 1: platform came to less than five percent of its monthly
Speaker 1: daily active users, and fighting fake accounts has been a
Speaker 1: cornerstone of Musk's bid to reform Twitter. In a statement
Speaker 1: announcing the deal, he revealed that he wanted to defeat
Speaker 1: spam bots and authenticate all humans and make his algorithms
Speaker 1: open source. Twitter shares their down about sixt right now.
Speaker 1: Tesla shares higher, up five and a half percent. Will
Speaker 1: have more on this story on Bloomberg surveillance, which is
Speaker 1: straight ahead for Nathan Hager. I'm parin Moscow. This is
Speaker 1: Bloomberg