WEBVTT X-TIMESTAMP-MAP=LOCAL:00:00:00.000,MPEGTS:0 00:01.112 --> 00:03.161 TO CLOSE OUT AT 4:00 EASTERN, 00:03.196 --> 00:03.781 THIS AFTERNOON. 00:03.792 --> 00:04.541 TRADING HAS BEGUN. 00:04.552 --> 00:06.975 HERE WE GO RIGHT FROM THE START 00:06.976 --> 00:08.534 WE’RE ON THE DOWNSIDE, AGAIN, 00:08.545 --> 00:10.946 ABOUT 100 POINTS LOWER IN A VERY 00:10.957 --> 00:12.282 VERY EARLY GOING AND 00:12.284 --> 00:13.961 THERE’S A PREPONDERANCE, SHALL 00:13.972 --> 00:15.652 WE SAY, OF SELLING AMONG THE DOW 00:15.663 --> 00:16.253 30. 00:16.287 --> 00:20.157 I’M LOOKING AT 25 OF THE DOW 30 00:20.168 --> 00:22.305 ON THE DOWNSIDE RIGHT AT THE 00:22.316 --> 00:24.268 OPENING BELL DOW IS DOWN 80 00:24.279 --> 00:26.727 POINTS THE S&P 500 ALSO LOWER 00:26.738 --> 00:28.977 NOT MUCH .21% THE NASDAQ 00:29.011 --> 00:30.657 COMPOSITE ALSO LOWER A QUARTER 00:30.668 --> 00:31.370 PERCENT LOWER. 00:31.403 --> 00:34.075 I WOULD IMAGINE THAT BIG TECH IS 00:34.086 --> 00:35.433 ALL OVER THE PLACE THIS MORNING, 00:35.444 --> 00:36.611 MOSTLY LOWER. 00:36.622 --> 00:39.069 MICROSOFT, APPLE, ALPHABET, 00:39.102 --> 00:41.783 AMAZON DOWN, META AGAIN HIGHER, 00:41.794 --> 00:44.478 235 IS YOUR QUOTE ON ON THE 00:44.479 --> 00:45.901 STOCK FORMERLY KNOWN AS 00:45.902 --> 00:46.588 FACEBOOK. 00:46.589 --> 00:49.046 LET’S GET TO MUSK’S STAKE IN 00:49.057 --> 00:51.607 TWITTER IS APPOINTED TO THE 00:51.618 --> 00:53.539 BOARD, SUSAN LI, IS THE FCC 00:53.550 --> 00:54.554 GOING TO SAY SOMETHING ABOUT 00:54.555 --> 00:55.138 THIS? 00:55.149 --> 00:58.333 >> WELL FIRST OF ALL, I THINK 00:58.367 --> 01:00.510 THE SEC IS ALREADY LOOKING INTO 01:00.512 --> 01:02.194 HOW HE DISCLOSED HIS 9% STAKE IN 01:02.205 --> 01:04.913 TWITTER BECAUSE THE FILING WAS A 01:04.946 --> 01:06.686 FEW DAYS LATE BUT JACK DORSEY 01:06.697 --> 01:07.439 JUST TWEETED HE’S 01:07.450 --> 01:08.914 REALLY HAPPY THAT ELON MUSK IS 01:08.915 --> 01:10.180 JOINING THE TWITTER BOARD 01:10.215 --> 01:11.866 BECAUSE HE CARES DEEPLY ABOUT 01:11.877 --> 01:13.105 OUR WORLD AND HOW TWITTER’S 01:13.106 --> 01:14.119 PLACE IN IT. 01:14.130 --> 01:15.357 ISN’T THAT NICE? 01:15.368 --> 01:17.119 SO WE KNOW THAT JACK DORSEY AND 01:17.153 --> 01:18.816 ELON MUSK THEY ARE FRIENDLY, 01:18.817 --> 01:20.632 AUTO IT WOULD SAY MAYBE EVEN OUT 01:20.634 --> 01:22.163 RIGHT FRIENDS BUT WE KNOW 01:22.174 --> 01:24.260 THAT WE DO HAVE OF COURSE ELON 01:24.271 --> 01:25.694 MUSK BEING APPOINTED TO TWITTER 01:25.705 --> 01:27.227 ’S BOARD, THERE’S THE CEO 01:27.261 --> 01:28.377 OF TWITTER THERE WELCOMING ELON 01:28.378 --> 01:29.038 MUSK. 01:29.049 --> 01:31.268 NOW, IT’S IMPORTANT TO NOTE, 01:31.279 --> 01:32.590 CONVERSATIONS WITH ELON MUSK IN 01:32.601 --> 01:33.968 RECENT WEEKS, I’LL GET TO THAT 01:33.979 --> 01:35.531 IN JUST A BIT, BUT HERE IS ELON 01:35.542 --> 01:36.869 MUSK CONFIRMING THAT HE’S COMING 01:36.870 --> 01:39.902 ON TO THE BOARD WITH THAT TWEET, 01:39.903 --> 01:41.609 SAYING THAT HE LOOKS FORWARD TO 01:41.610 --> 01:42.822 CONVERSATIONS AND IMPROVEMENTS 01:42.824 --> 01:44.981 TO TWITTER, SO THIS HAS BEEN IN 01:44.982 --> 01:46.233 THE WORKS FOR A FEW WEEKS. 01:46.244 --> 01:47.812 REMEMBER THAT ELON MUSK SAID HE 01:47.823 --> 01:49.526 BOUGHT THE STAKE ON MARCH 14 AND 01:49.560 --> 01:52.497 IT LOOKS LIKE THEY HAVE BEEN IN 01:52.499 --> 01:54.278 CONVERSATIONS FOR A WHILE, AND 01:54.289 --> 01:55.772 THIS PASSIVE STAKE WHICH WE 01:55.806 --> 01:56.685 REPORTED YESTERDAY, TURNING 01:56.696 --> 01:58.690 ACTIVE VERY QUICKLY SO HE’S A 01:58.724 --> 02:01.247 CLASS TWO DIRECTOR ON THE BOARD 02:01.258 --> 02:03.022 MEANING THAT HE’S MORE OF A 02:03.033 --> 02:04.094 STRATEGIC LONG TERM, HE’S 02:04.096 --> 02:06.707 PROBABLY MORE INVOLVED IN THE 02:06.718 --> 02:09.428 LONG TERM STRATEGIC PLANNING OF 02:09.439 --> 02:11.814 THE COMPANY, BUT $3 BILLION 02:11.847 --> 02:13.972 THAT’S A $2 BILLION INVESTMENT 02:13.973 --> 02:16.025 TURNED INTO $3.5 BILLION ALMOST. 02:16.036 --> 02:19.183 STUART: HE SAID IN THAT TWEET, 02:19.194 --> 02:21.949 HE WANTS IMPROVEMENTS TO TWITTER 02:21.950 --> 02:24.493 DOES HE HAVE THE CLOUT TO RETURN 02:24.504 --> 02:26.762 >> WELL WHEN YOU’RE THE LARGEST 02:26.773 --> 02:28.535 SINGLE HOLDER AND STAKEHOLDER IN 02:28.570 --> 02:29.965 THE COMPANY YOU USUALLY HAVE 02:29.967 --> 02:30.765 SOME AUTHORITY THERE. 02:30.776 --> 02:33.223 STUART: ISN’T HE GOING TO GET IN 02:33.256 --> 02:34.073 A FIGHT WITH DORSEY? 02:34.074 --> 02:34.981 DORSEY IS A LEFT WING KIND OF 02:34.992 --> 02:35.605 GUY. 02:35.616 --> 02:38.570 >> NO, THEY HAVE A LOT OF FREE- 02:38.605 --> 02:40.077 FLOW CONVERSATIONS THEY ARE 02:40.088 --> 02:41.941 BOTH BELIEVERS IN CRYPTOCURRENCY 02:41.976 --> 02:44.401 AS YOU KNOW, BOTH I WOULD SAY 02:44.412 --> 02:45.569 SILICON VALLEY PIONEERS. 02:45.603 --> 02:46.803 STUART: THEY ARE BOTH CLIMATE 02:46.814 --> 02:47.041 WARRIORS. 02:47.052 --> 02:49.733 >> THERE YOU GO ALL THAT STUFF, 02:49.767 --> 02:53.183 SO I ACTUALLY THINK JACK DORSEY 02:53.184 --> 02:55.306 AND ELON MUSK GET ALONG FINE. 02:55.317 --> 02:57.242 IT’S PARAG AGARWAL PEOPLE ARE 02:57.243 --> 02:58.640 VERY CONCERNED ABOUT BASS 02:58.651 --> 03:00.273 BECAUSE I DON’T KNOW IF YOU SAW 03:00.284 --> 03:02.298 THE MEME THAT ELON MUSK TWEETED 03:02.309 --> 03:04.885 OUT IN DECEMBER, PARAG AGARWAL 03:04.918 --> 03:08.576 AND HIS FACE ON STALLIN, IT WAS 03:08.587 --> 03:11.117 SUPERIMPOSED ON A MEME OF STALLI 03:11.151 --> 03:12.556 N, HE WAS SUGGESTING 03:12.567 --> 03:13.993 THAT PARAG HELPED PUSH OUT JACK 03:14.004 --> 03:14.818 DORSEY AT TWITTER. 03:14.852 --> 03:15.832 STUART: OKAY I’M LOST BUT 03:15.833 --> 03:16.222 NONETHELESS. 03:16.233 --> 03:17.603 >> REALLY? 03:17.614 --> 03:18.687 THERE’S ONLY THREE PERSONALITIES 03:18.698 --> 03:19.523 INVOLVED HERE. 03:19.557 --> 03:21.726 STUART: YES BUT I WOULD LIKE TO 03:21.737 --> 03:23.271 SEE TWITTER RETURN TO A CONCEPT 03:23.272 --> 03:24.434 OF FREE SPEECH IN THE TOWN 03:24.445 --> 03:24.976 PUBLIC SQUARE. 03:24.977 --> 03:27.158 I’D LIKE TO SEE A RETURN TO THAT 03:27.192 --> 03:30.573 >> WELL THERE’S AN OPPORTUNITY. 03:30.584 --> 03:31.794 STUART: I’VE SEEN PEOPLE, 03:31.805 --> 03:32.580 CONSERVATIVES CAST OUT BECAUSE 03:32.591 --> 03:34.712 THEY CAN’T GET ON TWITTER. 03:34.746 --> 03:36.325 HOW CAN YOU POSSIBLY CAST THE 03:36.326 --> 03:37.337 SITTING PRESIDENT OF THE 03:37.348 --> 03:38.497 UNITED STATES, KEEP HIM OFF 03:38.508 --> 03:40.680 TWITTER FOR LIFE? 03:40.714 --> 03:43.555 HOW CAN YOU DO THAT? 03:43.556 --> 03:46.023 >> WELL HE’S INFLUENTIAL, WHAT 03:46.024 --> 03:47.661 DID TRUMP HAVE IN TERMS OF THE 03:47.663 --> 03:48.533 USERS, 80 MILLION FOLLOWERS 03:48.544 --> 03:49.422 I THINK. 03:49.433 --> 03:53.035 THAT WAS COMPARABLE TO ELON MUSK 03:53.036 --> 03:54.770 STUART: I HOPE MUSK MAKES 03:54.771 --> 03:56.000 SUFFICIENT CHANGES AT TWITTER TO 03:56.001 --> 03:57.305 GET TRUMP BACK ON TWITTER IF 03:57.306 --> 03:58.046 THAT’S WHAT TRUMP WANTS. 03:58.057 --> 03:59.885 >> WHAT IS THE STOCK PRICE I 03:59.919 --> 04:01.036 THINK THAT’S MORE MOTIVATING 04:01.047 --> 04:02.039 BECAUSE IT HAS UNDERPERFORMED 04:02.073 --> 04:03.435 SHALL WE SAY. 04:03.446 --> 04:05.210 ITS BEEN DOWN 40% OVER THE PAST 04:05.221 --> 04:05.666 YEAR. 04:05.677 --> 04:07.654 STUART: DAVID STILL HERE, IS 04:07.688 --> 04:08.309 NODDING VIGOROUSLY. 04:08.310 --> 04:10.344 >> WELL THE STOCK PRICE IS A 04:10.345 --> 04:11.889 HUGE CONSIDERATION, AND IT’S 04:11.890 --> 04:14.855 WHAT INVESTORS ARE SUPPOSED TO 04:14.866 --> 04:16.844 BE WORRIED ABOUT. 04:16.845 --> 04:18.809 BUT HERE IS THE THING. 04:18.810 --> 04:20.610 DORSEY, YOU KNOW -- 04:20.621 --> 04:22.497 >> NO LONGER ON THE BOARD BY 04:22.531 --> 04:23.009 THE WAY. 04:23.010 --> 04:24.506 >> NOT ON THE BOARD AND STILL 04:24.507 --> 04:25.463 HAS HIS OTHER COMPANY TO BE 04:25.474 --> 04:26.092 FOCUSED ON. 04:26.103 --> 04:27.984 >> AND A SMALLER STAKE IN 04:27.995 --> 04:29.545 TWITTER THAN ELON MUSK DOES SO 04:29.556 --> 04:30.480 IT’S NOT JACK DORSEY’S HEADACHE 04:30.514 --> 04:31.287 ANYMORE. 04:31.288 --> 04:33.470 IT’S MORE ABOUT ELON MUSK BUYING 04:33.481 --> 04:35.116 INTO TRY TO GET SOME CHANGES 04:35.127 --> 04:36.196 WHICH IS THE INTERESTING PART. 04:36.207 --> 04:37.201 STUART: YES THAT IS THE 04:37.212 --> 04:38.034 INTERESTING PART AND I HOPE 04:38.068 --> 04:39.494 HE DOES IT. 04:39.495 --> 04:40.900 WE’VE GOT TO MOVE ON. 04:40.901 --> 04:42.072 WE HAVE FOUR AND A HALF MINUTES 04:42.083 --> 04:42.596 ON THIS. 04:42.630 --> 04:45.024 >> WE CAN TALK ABOUT IT ALL DAY 04:45.025 --> 04:47.019 LONG BY THE WAY THAT 14% CAP ON 04:47.030 --> 04:48.792 OWNERSHIP EXPIRES AFTER 90 DAYS 04:48.793 --> 04:51.291 SO IT’S NOT LIKE ELON MUSK CAN’T 04:51.325 --> 04:53.128 GO INTO BUY MORE AFTER THAT 04:53.129 --> 04:53.769 THREE-MONTH EXPIRATION. 04:53.770 --> 04:55.156 STUART: HE COULD RESIGN FROM THE 04:55.167 --> 04:56.156 BOARD AND BUY WHAT HE WANTS 04:56.167 --> 04:56.757 TO BUY. 04:56.791 --> 04:57.535 >> CORRECT. 04:57.546 --> 04:58.593 STUART: AND HE’S GOT THE MONEY 04:58.604 --> 04:59.280 TO DO IT. 04:59.314 --> 05:00.813 >> IT SOUNDS LIKE THEY HAVE 05:00.824 --> 05:02.199 BEEN WORKING ON THIS FOR WEEKS 05:02.233 --> 05:03.776 WITH THIS CAP OF 14%. 05:03.787 --> 05:05.706 I THINK THERE’S A TALK, I THINK 05:05.717 --> 05:07.383 CORRECT ME IF I’M WRONG, DAVID, 05:07.417 --> 05:08.436 BUT I FEEL LIKE THERE’S 05:08.437 --> 05:09.100 COOPERATION BETWEEN ELON MUSK 05:09.111 --> 05:09.662 AND TWITTER. 05:09.695 --> 05:10.939 IT SOUNDS LIKE IT. 05:10.950 --> 05:12.830 >> THE ENTIRE STRATEGY IS, I’VE 05:12.841 --> 05:15.121 GOT TO SAY TWITTER IS HANDLING 05:15.132 --> 05:16.666 IT BRILLIANTLY BECAUSE MUSK WAS 05:16.700 --> 05:18.126 GOING TO, YOU TALK ABOUT THE 05:18.137 --> 05:19.571 TWEET A COUPLE OF MONTHS AGO 05:19.582 --> 05:21.006 NOW THEY ARE TRYING TO PLAY NICE 05:21.017 --> 05:22.371 IN THE SANDBOX. 05:22.372 --> 05:26.020 IT’S THE SORT OF ANTI-CARL ICAHN 05:26.031 --> 05:28.666 DEAL WHERE ICAHN CAME IN AND GOT 05:28.677 --> 05:30.327 IN A BRAWL IN THE BOARDROOM AND 05:30.360 --> 05:31.785 THEY USUALLY LOSE AND NOW MUSK 05:31.786 --> 05:33.318 IS GOING TO HAVE HIS WAY WITH US 05:33.329 --> 05:34.922 , LET’S BRING HIM ON THE BOARD 05:34.956 --> 05:36.515 AND TALK NICE ABOUT HIM, CALM 05:36.526 --> 05:38.130 HIM DOWN, AND I STILL THINK HE 05:38.131 --> 05:39.280 CAN AFFECT CHANGES. 05:39.291 --> 05:41.126 WHAT YOU WANT IS GOING TO HAPPEN 05:41.128 --> 05:42.872 IT’S GOING TO TAKE A WHILE AND 05:42.873 --> 05:43.811 NOT HAPPEN INSTANTLY. 05:43.812 --> 05:44.837 THAT’S MY PREDICTION. 05:44.848 --> 05:46.321 >> AND IT’S AN OPPORTUNITY, 05:46.332 --> 05:47.621 DON’T YOU THINK A MARKET 05:47.632 --> 05:48.948 OPPORTUNITY GIVEN HOW TRUTH 05:48.959 --> 05:50.439 SOCIAL REALLY NOT LIVED UP TO 05:50.450 --> 05:51.833 EXPECTATIONS AND HYPE? 05:51.867 --> 05:54.166 SO TWITTER COULD THEORETICALLY 05:54.167 --> 05:56.511 COME OUT AND SAY WE’LL BRING 05:56.513 --> 05:58.111 BACK ON DONALD TRUMP. 05:58.122 --> 05:59.954 STUART: WE SPENT SIX MINUTES ON 05:59.987 --> 06:00.916 ELON MUSK AND TWITTER. 06:00.927 --> 06:02.784 WE’VE NEVER SPENT SO MUCH TIME 06:02.817 --> 06:04.736 AT THE OPENING OF THE MARKET AS 06:04.747 --> 06:07.468 WE HAVE TODAY AND TWITTER 06:07.501 --> 06:09.878 RIGHT NOW, 53.81 UP 7.5% WE GOT 06:09.889 --> 06:11.665 TIME FOR AMAZON, STEPPING UP 06:11.699 --> 06:13.429 THEIR INVESTMENTS IN SPACE. 06:13.430 --> 06:15.763 ARE THEY GOING AFTER SPACEX? 06:15.774 --> 06:18.221 >> THAT’S RIGHT, IT’S ALL ABOUT 06:18.232 --> 06:18.975 MUSK REALLY. 06:18.986 --> 06:20.716 SO EVEN BEZOS AND MUSK WE 06:20.727 --> 06:22.242 HAVEN’T BEEN SO FRIENDLY, THEY 06:22.253 --> 06:23.949 COMPETE IN A LOT OF THINGS LIKE 06:23.983 --> 06:26.144 ELECTRIC VEHICLES AND SPACE AND 06:26.155 --> 06:28.113 NOW, IT LOOKS LIKE AMAZON, WHICH 06:28.147 --> 06:30.392 IS OF COURSE FOUNDED BY JEFF 06:30.393 --> 06:32.082 BEZOS, IS LOOKING TO COMPETE 06:32.083 --> 06:34.394 WITH MUSK’S STAR LINK WHICH IS 06:34.405 --> 06:36.442 PART OF SPACEX AND THAT’S TO 06:36.453 --> 06:37.730 PROVIDE LOW ORBITING BROADBAND 06:37.763 --> 06:40.158 INTERNET THROUGH THE SATELLITES 06:40.169 --> 06:41.984 SO AMAZON’S PROJECT, IT SECURES 06:42.018 --> 06:43.671 83 OF THESE PLANNED LAUNCHES TO 06:43.682 --> 06:45.367 SHOOT UP SATELLITES OVER THE 06:45.401 --> 06:46.473 NEXT FIVE YEARS AND THE 06:46.474 --> 06:48.445 ROCKETS HAVEN’T BEEN BUILT YET, 06:48.456 --> 06:50.180 THEY ARE STILL IN DEVELOPMENT, 06:50.181 --> 06:52.347 AND SPACEX STAR LINK ALREADY WAY 06:52.348 --> 06:53.993 AHEAD SO LOOKING AT 250,000 06:53.994 --> 06:55.427 SUBSCRIBERS ALREADY AND SOME 06:55.438 --> 06:57.709 WOULD SAY THAT STAR LINK COULD 06:57.710 --> 07:00.198 ACTUALLY BE MORE LUCRATIVE AND 07:00.209 --> 07:01.638 PROBABLY THE CROWN JEWEL FOR 07:01.649 --> 07:02.010 SPACEX. 07:02.043 --> 07:03.645 I MEAN THIS COULD BE SOMETHING 07:03.656 --> 07:04.636 THAT’S 100 TIMES WHAT IT’S WORTH 07:04.647 --> 07:05.165 NOW. 07:05.176 --> 07:06.589 STUART: MUSK IS AN EXTRAORDINARY 07:06.623 --> 07:07.125 GUY. 07:07.126 --> 07:08.609 >> HE IS. 07:08.620 --> 07:09.647 STUART: HE’S WORTH SPENDING 07:09.658 --> 07:11.274 SEVEN AND A HALF MINUTES ON. 07:11.285 --> 07:13.359 >> I THINK SO AND YOU SHOULD 07:13.360 --> 07:14.653 ASK DAVID BAHNSEN WHY TESLA IS 07:14.664 --> 07:15.803 ISSUING MORE STOCK TO PAY 07:15.814 --> 07:16.753 DIVIDENDS INSTEAD OF CASH. 07:16.764 --> 07:18.055 STUART: SUSAN BELIEVE ME IF I 07:18.089 --> 07:19.340 THOUGHT WE GOT THE TIME WE HAVE 07:19.351 --> 07:20.155 A HARD BREAK COMING. 07:20.166 --> 07:21.298 >> AND I WOULD ANSWER IT. 07:21.309 --> 07:23.506 STUART: HOLD ON A SECOND LOOK AT 07:23.540 --> 07:25.635 THE DOW WINNERS, CHEVRON IS UP 07:25.637 --> 07:27.553 THERE, BECAUSE OIL IS UP TODAY, 07:27.554 --> 07:29.309 S&P WINNERS WHAT’S THAT THE 07:29.310 --> 07:31.155 CRUISE LINES ARE BACK, ALL 07:31.166 --> 07:32.367 OVER THE PLACE. 07:32.378 --> 07:34.198 >> BEST BOOKINGS EVER LAST WEEK 07:34.232 --> 07:35.145 , YEAH. 07:35.147 --> 07:36.786 STUART: CRUISES ARE UP. 07:36.797 --> 07:38.552 NASDAQ COMPOSITE, THE TOP WINNER 07:38.586 --> 07:39.774 THERE IS CSX I BELIEVE. 07:39.785 --> 07:40.868 >> OH, INTERESTING. 07:40.879 --> 07:42.173 STUART: NO BIG NAMES ON THAT 07:42.184 --> 07:42.600 LIST, AGAIN.