UEFA Votes to Boycott World Cup, Jersey Mike's IPO Debut Slumps, More
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What is the main topic discussed in this episode?
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When you want it with Bloomberg News Now, I'm Amy Morris. UEFA members have agreed to boycott the World Cup if FIFA moves forward with a planned sale. Bloomberg Business of Sports reporter Randall Williams says this is a big deal.
If your superpowers, if England, France, Spain, Portugal, Croatia, and so many of them don't participate in the World Cup, is anybody going to watch? Is that money that you're spending that you could potentially be spending? If they say we don't want it, okay, now what?
Hear more from Randall Williams on the Bloomberg Intelligence podcast. FIFA's plans were to raise as much as $4.2 billion from a new holding company at external investors, including Thrive, which is owned by Joshua Kushner, a venture capitalist with family ties to President Trump. Jersey Mike's subs and some of its shareholders raised a billion dollars in an IPO that just launched today at $21 a share. Bloomberg's Anthony Hughes says it was priced at the midpoint around $23.
And it's indicated to open around that level. There was a lot of valuation debate and there was market of the price range of $21 to $25. So that wide range sort of implies that there was going to be a bit of a debate about how much this company was worth. And it actually was marketed at a premium to some of the comps, including Wingstop. And some people thought that that was a little bit generous.
Bloomberg's Anthony Hughes on Bloomberg Intelligence. Jersey Mike's ticker symbol, JMKE, Jersey Mike shares down about 4%. President Trump says he may withdraw and delay Todd Blanch's nomination as attorney general until Republican senators who are seeking concessions from Blanch leave office. Republican Senators John Cornyn and Tom Tillis want assurances in writing. spelling a final end to an anti-weaponization fund created to resolve Trump's lawsuit against the IRS. But Trump has doubled down. He says he'll keep him in the role of acting AG. Senator Tom Tillis tells CNN that someone is giving the president bad advice.
Why did UEFA vote to boycott the World Cup over FIFA's planned sale?
Whoever that person is, is giving the president bad advice. The only reason why we wouldn't move forward with this language is because that same advisor wants to bring it back to life at some point.
President Trump posted on social media that he has no problem with temporarily withdrawing Blanche's name and then re-nominating him after Cornyn and Tillis leave office next year. Elon Musk reportedly plans a massive push in midterm spending. A year after his falling out with President Trump, even threatening to launch his own third party, Musk is said to be planning to spend at least $100 million in eight states to help the GOP. Sources tell The New York Times Musk has authorized his super PAC to spend up to $120 million in Alaska, Iowa, Maine, Michigan and Ohio, with talks about North Carolina, Georgia and Texas to elect Republicans in November. Wall Street staged a comeback as dip buyers emerged, lifting stocks as chipmakers rebounded.
Microsoft shares are 17% higher after posting its fastest cloud growth in four years, but meta shares are 9% lower after having to defend its AI bets to skeptical investors. David Kirkpatrick is founder of Techonomy Media.
We are in an extremely precarious time for any of these tech giants with the scale of capital investment that they're throwing towards AI these days. And the precariousness of the moment is compounded in the case of Meta because, among other things, they're being sued right and left
Attention will soon shift to results from Apple and Amazon after the closing bell.
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:00–2:25
2
Why did UEFA vote to boycott the World Cup over FIFA's planned sale?
2:25–4:00
3
Which national teams would a UEFA boycott impact most and why would viewers care?
4:00–5:16
4
What financial details are behind FIFA's proposed $4.2 billion holding company plan?
5:16–6:25
5
Why did Jersey Mike’s IPO debut below expectations and how did markets react?
6:25–7:27
Speakers
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