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Liberty Media Chairman John Malone said the sizzling IPO market and soaring equity valuations remind him of the dot-com bubble in the late 1990s.

“There’s no question that the equity markets right now are so interested in growth above all other criteria and this is, like, the bubble in the late ’90s … through 2000,” Malone said in a recorded interview with CNBC’s David Faber that aired Thursday. “It’s all about growth. This is a land rush right now. Profitability to be determined later.”

It’s been a blockbuster year for U.S. public market listings, which just surpassed an unprecedented $1 trillion marker, a record that more than doubles 2020 levels. Amid the IPO boom, many money-losing start-ups are able to score sky-high market capitalizations that some believe are detached from their fundamentals. The fixation on future growth and profitability sparked worries among investors and strategists on Wall Street about the level of froth in the market right now. The S&P 500 is up 25% this year.

“If you have a lot of cheap money creating too much competition particularly in capital-intensive businesses, it can wreck the profitability of any business,” Malone said. “There’s a car company [Rivian] that I guess is just going public that has a $130 billion market cap.”

Rivian notched the second-highest valuation for a listing this year after its offering increased its total by about $67 billion. Shares of the electric vehicle maker at one point doubled in value, trading around $150 billion at their high. Yet, the company is still losing money and barely generating revenue.

Rivian is producing and selling its first product, an electric pickup called the R1T. The company announced it started producing saleable vehicles at its Illinois factory in September, followed shortly after by shipments to employees and early customers who had reserved the truck.

The 80-year-old mogul said he’s spent his career building businesses with long-term horizons and solid fundamentals.

“I’ve always been a long-term investor and so I’m much more interested in building this business brick by brick, making it solid and sticky,” Malone said. ”‘How can you grow it,’ and, ‘how can you grow pricing power,’ and, ‘how can you defend the franchises that you’re building?’”

Malone built cable empire TCI in the 1970s before selling it to AT&T in 1999 for roughly $50 billion. Malone is now chairman and the largest voting shareholder of Liberty Media.

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CEO: Jack Dorsey resigns from Twitter

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Jack Dorsey is expected to step down as Twitter CEO, according to people familiar with the situation. CNBC’s David Faber reports.

https://twitter.com/disclosetv/status/1465346996814983177?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1465346996814983177%7Ctwgr%5E%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fcitizenfreepress.com%2Fbreaking%2Fjack-dorsey-to-resign-from-twitter%2F

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VIDEO: Ireland Imposes Midnight Curfew and life long Boosts

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The Taoiseach has announced fresh restrictions as C.ov.id-1.9 infection rates surge across the country. Micheál Martin said without the success of the vaxnate program, there is “no doubt Ireland would be in full-scale lockdown”.

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READ: Oklahoma Will Lose National Guard status for not Complying

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Defense official says if the Oklahoma National Guard doesn’t comply with CO-VID vasine requirements, they will no longer be “maintaining national recognition,” thus, state will no longer have a National Guard, but rather a state militia – VOA Pentagon correspondent.

n one of his first acts as the head of the Oklahoma National Guard, new Adjutant General Thomas Mancino updated the guard’s COV vaccine policy.

In a memo issued Thursday, Mancino ordered that no members of the Oklahoma National Guard be required to take a COV vaxine.

The memo obtained by The Oklahoman also notes “no negative administrative or legal action will be taken” against guard members who refuse the COV vax.

The memo came just one day after Gov. Kevin Stitt appointed Mancino to replace former Adjutant General Michael Thompson, who had served in that role since 2017.

Thompson was a vocal proponent of Co vax.

Stitt’s sudden replacement of Thompson has raised questions about whether the former adjutant general was ousted because of his views on mandatory vaxs for members of the military. Most military branches require troops to receive numerous vaccinations to be eligible for service.

Stitt’s office has denied that Thompson was replaced due to his opinion on vaxine mandates, and said the change in command was in the works since October.

“The clarified policy on CO vaxinations for Oklahoma Army and Air National Guardsmen reflects the governor’s ability to assert his command authority over the men and women of the Oklahoma National Guard while they are within the state’s borders,” said Lt. Col. Geoff Legler, a spokesman for the guard.

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