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tv   Tech Check  CNBC  August 13, 2021 11:00am-12:01pm EDT

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history for that persistent rally. >> in terms of what's outperforming now, it is consumer staples it's communication services, stocks as well, disney's, obviously, a bright spot today that does it for "squawk on the street." "tech check" starts now. ♪ happy friday welcome to "tech check." big, big hour ahead here on "tech check" on earnings, ceos of doordash and sofi and first on cnbc interviews reddit now has a valuation north of $10 billion and ceo steve huffman is coming up to talk social media and wallstreetbets.
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we are also talking disney and airbnb as a strong quarter is overshadowed by deaths over delta variant at airbnb. the stock down two and a third%. and the family who sold everything to get into bitcoin when it was at $900. >> i love a good trade we will talk about that. we start with three stocks that saw huge pandemic tailwinds. first, of course, is disney. blowing past estimates on all fronts for the quarter as the parks experiences and products segment returns to profitability for the first time since the pandemic began disney plus another bright spot, 116 million subs that's more than 12 million additions for the quarter and when including espn and hulu, revenue up a whping 57%. disney clearly expecting further gains for the streaming service forecasting between 230 and 260 million disney plus subs by 2024 the biggest question remains continues to be the pandemic's
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impact on the parks, a key revenue driver for the company and it's one reason, guys, why goldman went to 218 this morning, morgan stanley at 210, the title of their report on space mountain, and they say while the covid variant is a near-term risk that strong u.s. consumer is expected to last to 2022 >> good old space mountain you think they might update that it is a big question going forward on the disney plus front which is still a huge part of this story as well there is so much excitement around direct to consumer. but i like an analyst's question on the call last night he said that streaming is still an industry, john, earning just one-fifth of the average revenue per user that traditional tv did. a lot of the subs that disney add inside terms of the plus product were in india, which has that lower revenue per user. so that will affect profitability going forward and does raise some questions regardless of all of the
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excitement around the success of ddc. >> it seems the strategic value here is also in the data and the direct relationship with the consumer disney as we mentioned, having so many components to the business, including parks. if you know what customers want in different regions, what they are interested in, how their tastes are shifting, how does that affect the way you market other aspects of the business. carl, in the thread that i see going through so many of these earnings reports today is once you separate out valuations overall, separate out industries and look at companies and whether the mechanics of the companies are working at disney clearly they seem to be, doordash and airbnb as well. making some projections and investments from here because of that >> i saw you tweet about that this morning, john and the theatrical window, disney is coming in line with viacom's early view that 45 days
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is magic along with the overall pricing picture of what consumers are going to want to pay when it comes to streaming shea peck dreaddressed that. >> ignore the consumer at your own peril because we understand that the world is changing and we want to continue to evolve and be on the front end of that wave. >> of course, john, every additional suborbital gives them a little bit more incremental data where that pricing picture needs to go. >> important for so many companies, including airbnb. we mentioned before that it was down about 2%. it's come up a little bit. revenue coming in at $1.3 billion, up nearly 4x you heard that right, year over year that's a big rebound after the travel industries collapsed in the pandemic airbnb's experience business up triple digits, nearly 3x year over year with 83 million nights and experiences booked
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all in all, losses narrowed to $68 million for the quarter. so why is the stock down >> delta variant a big part of that the raw number of nights and experiences booked still not going to eclipse 2019 in the immediate term airbnb warning its bracing for some volatility because of that variant. and to sees travel behavior impacted in the near term. dee, you cover airbnb closely. this is another one where you look at what they have been able to accomplish kind of roaring back after they felt the need to cut back before. it seems like this marketing investment that they are making suggests that they can put their foot on the gas, get good hosts and be ready for the future. >> right both airbnb doordash with that ebidta profitability that has been less attainable for other great companies like uber and lyft it was really a sign of the times. the ceo of airbnb calling in from his airbnb in italy and
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talking about how he is seeing that recovery in europe and sustained recovery in north america, and even though they are cautious on the delta variant and seeing more cancellations in the current quarter, which we're already halfway through, they still expect record revenue. so when we talk about, you know, three times revenue from last year, they are surpassing revenue from 2019. carl, i remember this, this is a company at the start of the pandemic that we talked about was going to be hit really hard, they had to raise money, and i believe a $16 billion valuation where it's trading today is not that far from where it opened on its ipo day, $146, which was, you know, blew away all estimates. of course, it's ipo price. so i think this is sort of -- these companies, airbnb and doordash are valued higher in terms of their ratios to other players in their industry. i think there is a lot of confidence still in terms of markets and investors. >> yeah. it's easy to confuse both of
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them with sort of a pure reopening play, consumers looking for ways to get food or go on vacation in different ways post-covid your point is right. 300% growth in terms of their gross booking value year on year on the two-year stack, up almost 40%. very strong structural growth stories behind that. >> yeah, which i don't think anyone could have predicted a year and a half ago. while we have been talking about doordash, this is another company, as mentioned, that has been seeing pandemic impacts its quarterfinal loss of 30 cents a share wider than expected despite revenue coming in above the tape, gross order volume up 70% compared to last year, although down sequentially from the more than 200% growth we saw in the first quarter. the company saw growth in the dash pass subscribers alongside a record number first-time delivery drivers the company, though, warning investors of possible trouble ahead saying at the end of that
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earnings report, quote, the problems to be solved will get more difficult coordination between stakeholders, more complex and competitive threats will increase tony xu will be joining us to break things down. john, you have looked into and talked a lot about dash pass and that recurring revenue that has been important this quarter continues to set doordash apart from its competition like airbnb. i am pointing to an uber eats and uber which lost, what, nearly half a billion dollars in terms of adjusted ebidta that's the core business a lot of that has to do with eats there are a lot of levers that to tony xu is pushing on, non-restaurant delivery. he is creating this logistics juggernaut here. >> and that's been the vision. my question is whether doordash can create that separationover the next year, the next 18
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months to sort of prove its model works, its model is better, its data is better i was looking back at the ft. knox interview i did with tony in march of 2018 and the vision is consistent. what he has said, recarl, consistently said about the way doordash operates to give small businesses, starting with restaurants, options, and to really push into that model about being smarter about what they need and now we are going to see if this valuation is deserved. >> yes and also interesting to hear them talk about q3 seasonality that's a big part of their guidelines as you painted out, their confidence with that seasonal softness will relate into a bit more investment and that is a big sign of confidence. >> well, let's continue with the earnings parade. another stock with a big sales beat but outlook weighing on it, shares of sofi sinking hard this morning. now down, let's look at the chart, a little over 13% it's got a strong membership
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growth story doubled year over year but it is weaker than expected when it comes to the forecasts and that's troubling some investors. here with us first on cnbc sofi's ceo anthony noto. anthony, thanks for being with us so the numbers overall look good tell us what wyou see into the future and how predictable the business is for you at this stage of the pandemic. >> john, thanks for having me. i appreciate the chance to share with you our results of our strategy and execution are driving record results we delivered $237 million of revenue, which is year-over-year growth of 74%, and our fourth consecutive quarter of positive ebidta at $11 million. that's driven by really strong growth in the member base which grew faster for the eighth consecutive quarter on a year over year basis at 113%, product growth, positive signs of cross buying
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with that growth growing over 100% for the fourth consecutive quarter. importantly, our outlook, we are guide to go another record quarter in q3, up from the $237 million i think investors wanted us to increase the full-year guidance. we have been guiding revenue to the $980 million since january when we went through the public process. we have now beat the first and second quarter by $42 million. but we haven't raised the $980 million not because the outlook is not incredibly positive and we have strong momentum in the business it's because of the fact that the government decided to extend the moratorium on student loan payments until 2022. we originally anticipated that ending on september 30th, which was the prior deadline that takes about $40 million of student loan refinancing out of the back half of the year. and that's the reason we didn't raise estimates. we are seeing great overall trends 74% growth in revenue, over 100%
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in our member base, a leading indicator for future growth. >> there was a - >> yeah, i understand that there was an accounting change there that also affected the numbers somewhat tell me how you feel about overall consumer debt and the health of the consumer, your ability to gauge credit worthiness there is that shifting at all? is that stabilizing, or not? >> yeah, with the -- the team is doing a great job on the credit side we have four different lending businesses two of those businesses benefit really well in the low interest rate environment and two benefit in the high interest rate environment. we saw significant acceleration in the personal loan business, which drove tremendous growth as individuals are looking to refinance at a variable rate debt to fixed rate debt, our term loan debt which is unsecured for personal loans had a great quarter.
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we are still seeing strong underlying trends as it relates to the demand for non-lending products we had an inflection point in the financial services business, sofi money, sofi invest and sofi credit card. the revenue there increased 2.5x sequentially and is driving great monetization we have 2.7 million members in that section our credit performance is really strong really good trends on 90-day delinquencies continue to be very stable. >> good morning. you did mention that user growth, which i know doubled the past quarter to 2.6 million. everyone in fintech is trying to expand their offerings you guys included, become a one-stop shop. and the user numbers are report so you can upsell or cross sell. when i look across the landscape, square 30 million yearsers, venmo, robinhood, 18 million. are you comfortable with where sofi is in terms of the user numbers?
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do you need to be growing then faster >> we are growing them 113%, which is the eighth quarter faste faster year over growth. the lifetime value of the members is meaningful higher because we are a one stop shom if you are just in a checking or savings account orpayment app, the lifetime value is okay but it's $100 to $200 over the lifetime of that member. when we extend someone a loan we are making between $800 in variable profit to $3,000 in variable profit. so each one of our members is worth more for two reasons one we, selling them multiple products and, auto two, each product inhiashtly has a life he lifetime value than just a simple payment app at 2.7 million we are really happy with the growth rate and the trajectory and we continue to see strong underlying trends. the only place you can go to borrow, save, spend, invest on one platform no one else has that value proposition and it's working
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we saw an increase of cross products of 1.7 x versus a year ago which is a tremendous economic benefit and a testament to the value of our products. >> right to that point, i know that you guys are an investment or growth mode it seems like the past quarter investors latched on to your outlook which may not be as profitable as some had hoped i wonder, you guys just went public earlier this year public market is not as forgiving, at least from what we're seeing from sofi in terms of growth versus profitability picture. do you have to change your messaging? do you think that it's easier -- might have been easier to stay private? >> no, being a public company is exactly where we need to be and we want to be a as a company the process of being public goes through a period when investors are learning more about the business in greater detail because there is more disclosure it takes a while to education. our goal is to maximize the
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value for the shareholder. the underlying trends in the business couldn't are more in line with what we thought. quite frankly, exceeding astra space. we wouldn't have been able to maintain the outlook despite the student loan we will drop 30% to the bottom line and reinvest the other 70%. the market opportunity in front of us is so big. we have been profitable for four quarters on an ebidta basis and we will continue to drive that on an annual basis. >> all right anthony noto, ceo of sofi, thank you. >> thank you appreciate it. doordash ceo tony xu is customer plus, reddit is the new message board for stock trading in the last year with wallstreetbets. ceo steve huffman will join us
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street calls citi upgrades blizzard today to buy. views the recent weakness in the stock as a buying opportunity. says concerns around the work environment and regulation in china are pretty much priced in. shares down about 1%, just about did hit a two-week high earlier this morning ever ccore isi says the recent pull back in dram creates an entry point for that stock shares up about 0.3 off of a three-week low, john. >> wow up next, the ceo of doordash, plus an update on the family liquidated all of their assets and put everything into bitcoin way back when it was at $900 we'll be right back. i'm searching for info on options trading, and look, it feels like i'm just wasting time. that's why td ameritrade designed a first-of-its-kind, personalized education center. oh. their award-winning content is tailored to fit your investing goals and interests.
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here's what's going on diddy, his wife and their cat sold everything they own their house, bikes, furniture, cars, clothes, toys, even their shoes. they traded it all in for bitcoin and now they are waiting for the cryptocurrency to really take off it's only been a few months, but they say they don't regret a thing. >> sell it, sell it, what can we lose yeah, we can lose all of our money. year, we don't have three cars anymore. we don't have a motorcycle anymore. but in the end, i think we, as a family, will still be happy and just enjoying life and if we have to start over, we'll start over again. >> well, maybe not that was an exert from cnbc mckenzie's piece on one family's long running bet on bitcoin. that dutch family of five sold everything they own, traded the cash for bitcoin back when it was 900 bucks and mckenzie joins us
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i have been following story for more than four years now it sounds all carefree back at the time let's just travel the world. who cares about the material stuff? it seems like they care now about protecting it. >> right so back in 2017 i met them when they had just sold their 2,500 square not house, their toys, their shoes, and they were making this big bet on bitcoin and there is back when it, you know, didn't have the same kind of gravitas that it does now, not the same level of institutional backing or mainstream adoption. and so, i mean, what happened was this family of jet-setters decided to safeguard their coins because they really believed that bitcoin was going to make it and so they started storing it, they started storing it cold on different continents it's a really wild story >> well, if they just kept the amount that they had back then and didn't trade it, then it's up about 50 x if they bought it
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at 900 and now it's above 45 so why the different methods of storage in different places? i mean, i guess they are going to get material again at some point. they are interested in protecting it. it seems like a sign of the times, like back 4 1/2 years ago crypto was a lark. now it's very serious business . >> right and so part of the reason behind that is they have lived in 40 countries since i met them they say that they want to have easy and fast access to their tokens no matter where they are. so they have got two of these hardware wallets in asia, two in europe, one in australia, and one in south america and the reasoning behind that just comes back to safeguarding their coins. as you said, bitcoin is up something like 50x from their first investment so what they have decided to do is just keep it safe so 74% of their holdings in bitcoin ethereum and litecoin
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are stored cold and the rest they keep hot so they can actively trade and make bets with the remaining crypto balance. >> i wonder how the cat feels about this the cat also sold all of its stuff. probably get a lot of really nice catnip and cat treats at this point thanks you can find the full story on carl all right. shares of dash losing a little bit of ground this morning but well off the intraday lows ten walks off, back to 187 we are going to talk to the ceo of doordash on the other side of this break
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welcome back to tek check. resetting at the bottom of the hour, doordash ceo tony xu is with me. that interview in a moment first, a news update from rahel solomon. good morning. >> good morning. here's what's happening at this hour consumers are feeling a lot less certain about the economy. the university of michigan's consumer sentiment index plummeting to the lowest level
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in a decade. outlook dropped on personal finances, inplaguflation and employment early stock gains pushed the s&p and dow to new record highs. european stocks are continuing to rise. the stock 600 an all-time high, also up for the tenth day in a row, the longest since 2017. cruise ships stocks falling after people tested positive for covid. all were vaccinated. they were on a ship with 4,400 passengers an crew members. and weak q2 results, weak sales as customers work through stockpiled products. you are now up to date back to you. and let's dive into those doordash results joining us to break down the quarter, tony xu great to see you in person. >> likewise. >> let's dig in.
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c tell us about your logistics business i know you signed some big partnerships lately, walmart, albertsons you don't break out this business, but tell us how it's contributing to overall revenue and perhaps some color around that. >> sure. so doordash has always had two aspirations. one to create the largest local commerce marketplace that's what consumers know us for. bring everything inside the neighborhood in hours and minutes, not days. also trying to build the largest local commerce platform offering logistics products to merchants that want to build on demand or same day delivery. whether it be walmart, albertsons, petsmart we recently added, they are using doordash's logistic the software and dashers in our network to offer on demand or same day deliveries through their own digital channels so it's a massive growth driver for them and doordash as well. >> does that offset the softening in restaurant delivery
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you might see as the economy reopens. >> we started the white label, the platform services part of our business really in the second year of our company's life six years ago. because it furthers our mission of helping these businesses overcome this digital transformation so it was less, you know, in response to any sort of business activity something that we started a very, very long time ago, but it adds to the order density of our business when you think about logistics, no density is critical to the -- >> and you guys have really quickly grabbed the number one market share position. can you talk about grocery recently you held talks with instacart for a merger there but hdo you win in grocery if yu don't do a deal, a massive deal like an instacart and gain in number one market share in the industry in that landscape is becoming increasingly competitive. >> grocery is certainly a very exciting opportunity it's one of the biggest markets out there.
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$1 trillion in the u.s. and larger globally. it's at an earlier inflection point in terms of online penetration. i think that's because no one has yet figured out the right model in building a product that gives consumers the convenience that is actually requisite, you know, for shopping online as opposed to going inside stores so doordash's entry has been around starting by solving that middle of the week use case, that top up run where, you know, the items that perish the early gist in the fridge or consume the most often, milk, bread, cereal, that's how we are entering the category. so far it's resonating with partners like albertsons and others. >> even amazon has been afternoon that for some time with mixed results i wonder how you see the landscape and going back to instacart, which has sort of the dominant position right now. do you need to do a deal in this space to get ahead does that look more difficult now given the ftc and increased
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regulatory scrutiny not just on tech but the gig economy >> i think when an industry is so early in its life cycle, that's true even for the core business, restaurants, even as the leading player we are single digits percentage of that industry in grocery no one is more than a percentage and i think it's very, very early in that category and i think what that means is that the customer is not yet satisfied with the products in that space so what we have to do is invent new products and services such that we can change those consumer preferences to try something online so what we're doing, our initial for ray has been offering a product built on speed and solving that use case. perhaps we are used to going on the weekends to doing our errands and picking up groceries. we are not interested in the middle of the week when we are running out of things, trying to figure out how to get the rest of the day over with to actually go and fill up, you know, our grocery baskets. that's the use case we are starting with. and so i think there is just a
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long runway ahead for invention in the space that's required. >> tony, good morning. it's john. i got to ask you about dashpass strategy you said in the quarter that monthly active users in dashpass were up 2 x compared so overall and historically they spend more it seems you have an incentive to drive that membership now, across other tech companies who are doing it in different ways, maybe with content, with partnerships, et cetera, what are the different ways that you are trying to drive dashpass membership and how much are you willing to spend on it >> well, you know, the thesis around doordash has been trying to build the best product. when it comes to anything delivery, it's been around offering the widest selection, highest quality of service and the greatest affordability dashpass certainly is a big play for us in offering that affordability. so it's an area we are very
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excited about some of the trajectory and the traction that we have achieved so far. but the runway ahead for dashpass is really big i mean, if you think about some of the other michael phelps that have been -- memberships built online, they are in the hundreds of millions. dashpass is a fraction of that and we aspire to be theoff line membership program that you care about the most >> i am curious about your approach to drivers. you point odd out in the quarter that doordash drivers as a cohort are different perhaps from uber and lyft drivers a lot of your drivers don't want people in their cars necessarily. but then at the same time it's a challenging time for labor a lot of companies are having to spend to get drivers on to their platform and keep them there i think you are having to spends to do that, too. how are you going to keep drivers happy and make that an advantage that you have versus the challenge that it seems to be for so many gig economy companies?
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>> yeah. i think i agree with a lot of the statements in your premise, which is first and foremost there is a structural advantag that we have at doordash in attracting a lot of these dashers because it's really something that they look for in small quantities of time if you look at the dashers on doordash, over 90% of them drive fewer than ten hours a week. much less than 1% of them drive north of 30 hours a week it's a very, very different population that really represents most of the economy they are coming to us from every sector and industry, whether they are parents, teachers, entrepreneurs, and it's just very, very different from any other part-time job out there. as a result, we haven't really had trouble getting dashers on to the platform. in fact, we had a record of number of new dashers in the second quarter, 3 million dashers have dashed in that quarter alone, and it's structurally very different from others on the flip side, you're right
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there are lots of folks competing and that's why you see advertising rates growing, which reflective in some of our economics in the second quarter. at the same time, in terms of getting dashers on road, it has not been a challenge. >> tony, a bit of a macro question we did get consumer sentiment numbers this morning that have sentiment back to 2011 levels. a lot of that is worry about the delta variant but some is an aversion to higher prices at the consumer level i wonder how you are folding that into your models and whether or not it means you will have to accentuate your value proposition to your consumers. >> well, at doordash we are always trying to offer a greater value in addition to having the widest selection and the highest quality of service so i certainly echo i think any of the sentiments of the consumer even if that were not reflect the which, frankly, hasn't been the case if you tilely look at the economy. restaurants are now near pre-covid levels in terms of
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reservations they had their best quarter industry-wide aggregate in terms of total sales,raunts as an industry i think consumers are voting with their dollars that they want to support the restaurants both dining in as well as ordering take yacht as you have seen the behavior on plarmgs like doordash as well. i think the actions actually reflect optimism, interest in getting back into normalcy but at doordash we will always continue to focus on driving more value for consumers. >> tony, this morning we were talking about disney plus and how the streaming user may be less valuable in terms of revenue per user but they really own that relationship. you buys are doing more with drive. but you don't own that customer relationship so what are you giving up interest also, can you give us an update on dash mart, your owned and operated solution and how is that sort of rolling out and how you plan to expand that.
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>> the first part of the question, the drive business, you are right, we have two businesses, the marketplace, our app, where doordash owns the customer and our platform services business with products like doordash drive, storefront and others coming where the mer dhants own the customer. we believe that merchants must own the customer and build their own am channel in order for them to be successful and in order to sister a productive relationship over the long run with doordash. on the second question with respect to dash mat, it's similar. dash mart to us is a platform service where we are building these warehouses in which we are giving shelf space to merchants in which we can extend their geogra geography or penetration to existing geographies. >> how can we view those expansion plans for dash mart? >> we are excited about what we have seen so far if you look at our entry into the convenience category, it's partnering with third parties like 7-eleven, walgreens, cvs,
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others, as well as offer first party dash marts with products that allow that platform capability, it really allows us to grow the greatest reach. >> okay. looking forward to see what you guys do next tony, thank you for joining us. >> thanks for having me. >> talk to you soon. carl, back to you. >> that was great. another earnings mover this morning ziprecruiter a larger las than expected upbeat guidance has that stock a little bit higher, actually lower now, 2.6% after a brief trip to the upside a lot nor "tech check" is coming straight ahead
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reddit reaching new records. the social media site hitting a $10 billion valuation in its latest funding round led by fidelity that's a threefold boost from 2020 they doubled the valuation to $6 billion in february joining us this morning live on set at the nyc, reddit co-founder and ceo steve huffman. welcome. great to have you on the floor. >> thank you great to see you in person. >> for once. congratulations on the valuation. and specifically on the money raised i guess everybody's wondering what you are spending it on. >> first, thank you. for us it's more of the same first order of business is make reddit awesome, make reddit faster, more relevant, help it work for more team and then the future internationalization a big effort, video. same strategy, just keep moving ahead. >> i want to hit on both of
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those. talk about why video is important. you talk about enhanced video quite a bit. is it people want to make tiktok influence, you know, stories out of it? what do you see as video what role does video play? >> sure. so if you go back in the past, 15 years ago reddit was just links. then we had a text and images and third-party video and our own video, and every time we add a new content tiype our users ar creativity in new ways, usually ways we can't predict. we are looking forward to another big evolution of reddit. i think there is a version of reddit that is even better watched than read. of course, tech isn't going anywhere either. so i it think it will be an exciting new frontier. >> and when was dub smash? >> late last year. >> and this is pointing in that general direction? >> yes so that team we brought in with the acquisition, a team of video experts, a whole new community of users and of course the team
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and the technology behind all of that. >> i think john's got some questions. >> steve, what have you learned from gifs and the meme explosion? i mean, both those things have been around for years and years and years, but with this generation, particularly, they have almost become like a content class unto themselves. i think particularly on reddit what are you learning from that and how do you take better advantage of it? >> advantage of it. >> sure, i mean, i think it's fair to say that reddit pioneered the meme and that's what i was ace saying before, whenever there is a content type, whether we build it or in the case of the meme the users invented it themselves, what they're creating is this canvas of creativity they'll take that in directions we can't predict but i think that's what makes reddit interesting, is that our users do things that we or nobody else would predict.
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and i think that's the fun of it. >> and it seems like the best platforms often are able to take the learning from what a user or group of users are doing and turbo charge it, make easier, more convenient with, or charge for a premium version of it. are you going to do it. >> i think you nailed it the first order of business make reddit easier to use, more accessible, more relevant. then of course trying to build a great business at the same time and do so in a way that hopefully works in harmony with the core product >> good morning, it's deidre when it comes to meme stocks and the wall street bets community it feels like we're entering a knew phase where the likes of robinhood are encouraging more publicly more long-term, less short-term quick returns and moving away from gamification. i wonder if you think reddit has a similar responsibility be that to users or advertisers
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especially as you bring on investors like fidelity? >> i responsibility our reddit is for users to be able to create community, find belonging, to come together around their interests and passions and so whether that's stock trading and wall street bets, or more longer term trading in our investing, gnatsthat is. >> what did misinformation or dismanifestation. >> we care about manipulation at reddit whether talking about users, a clever marketing team or something bigger and more nefarious. people have been trying to game reddit a long time therefore we've been working to protect reddit against that for a long time. before it reaches our scale or rather on our radar at reddit, inc., trying to get the best of reddit has to go through the communities. this is one of the things making reddit special is that our
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communities aren't just forums, not just posts they're people who have been there a while, know the lingo, know the culture people trying to manipulate reddit tend to stand out it's our community first, then our users moderators and then us all working to keep reddit open and honest. >> we know that manipulation and trying to stem it is a high priority for the s.e.c are at the they asking you to comb through data and help them understand the relationship between wall street bets and activity in a certain stock? >> we've had conversations but i wouldn't say with regularity of course over time we hear from different parts of the government, if they're looking into something we do our best to be cooperative. of course, you know, we hold them to the is a same high standards they hold themselves make sure all the i's are dotted. >> we talked about uk and canada, germany, western europe.
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i wonder how reddit feels outside of the united states, i guess specifically because we're here, whether wall street bets will change character overseas if we walk into the office and see lvmh going crazy on a meme basis. >> community is universal. and the fun and value people get out of reddit, the sense of belonging is universal but. but people are different, different in the united states and overseas there is a certain element, this theme in the interview is that we actually don't know how people will use reddit over time is there a wall street bets overseas i'm not sure but i know tvl be different whatever it is. >> it must be interesting to run a business to a large degree is going to surprise even you. >> i think that's the fun of it. >> steve, thanks for coming in great to have you in. >> my pleasure, great to see you. >> dee. >> well if you missed part of the show don't forget to follow and subscribe to our podcast, listen any time anywhere,
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today from my fortt knocks digital show, family ties and how upbringing influenced these founders and ceos. behind every good founder is a great team but what about the family support system that helped shape them as young children in these candid conversations four tech ceos opened up how their upbringing influenced where they are together. >> because my mom and dad worked together in all businesses conversations came to i call that the dinner table mba. >> my father is blind my mother isn't. they ee loepd. i was born into a set of parents said we are going to follow our own path. >> my parents did non-profit work, ended up moving at the age of 11 in the classroom where i think every kid was from a different country. >> my parents struggled both holocaust survivors. i'm a world citizen view and i think it's really helped me as i've gone international. >> love the conversations and
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learning from the leaders. scan this code it will take you to our website where you can watch the full piece and a lot more dee, these digital pieces that we're doing are one of my favorite parts of the job. >> same. and that was such a great one, jon. we rarely have enough time to hear the back stories on live tv to get it all condensed like that was great so definitely recommend checking out the full version meanwhile, guys, happy friday. we're seeing markets muted today but should note the nasdaq, carl, is lower on the week it has been a bit of an underperformer where tech figures out -- while tech figures where to go from here. >> we did get record highs on the dow and s&p this morning earlier. but the university of michigan consumer sentiment study, i got at 10:00 a.m., really showed that consumers are worried about either the delta variant or rising prices. the -- the willingness to spend on high ticket items taking a huge hit we're watching that as inflation is a huge story for the markets. as for next week we're getting a
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ton of stuff, guys china ecodata. then we start with the long list of retail injures, home depot, wal-mart, target, kohls and tech mixed in cisco and nvidia and fomc minutes. let's get to the half. thanks so much welcome to the "halftime report" i'm scott wapner front and center delta disney and dollars. where stocks head in the weeks ahead with some saying everything is about to rally can that really happen with the virus still a major risk we'll debate that with the investment committee joining me for the hour this friday shannon saccocia is here. jason snipe, kevin o'leary and pete najarian, the co-founder of market let's look at stocks as we get going. early jump taking a hit after the much lower than expected read on consumer sentiment dow still good for 40. s&p a few points nasdaq a fractional looser and 10-year at 1.30. pete narnlen, i'm coming to you right away and


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