Business

When Kevin Kim dropped out of college at 21 to become an entrepreneur, it seemed like a huge gamble. 
“My mum cried a little,” Kim, now 33, said with a laugh. 

But his confidence was not unfounded. Kim had just sold his first company — which he started when he was just 18 — for “six figures.” 
That was no small feat, given that his starting capital was just $2,000, which Kim said he saved up from doing part-time jobs.
His e-commerce company imported streetwear from South Korea and sold it all over North America, he told CNBC Make It. 

Achieving product-market fit is really hard, it takes years. You need to ask yourself … Do I really like this industry? Can I see myself build around this for 10 years?

Kevin Kim
Co-founder and CEO, Stadium Live

“After I sold my first company, it was easy to decide,” said Kim, who emigrated from South Korea to Canada when he was 11. 
“There was no vision or alignment … I was a civil engineering undergrad but I wanted to create services and products for different audiences.”

Kim then spent almost 10 years building digital products for other startups and companies, before venturing out on his own in 2020 with Stadium Live — a metaverse app for sports fans. 
The app allows users to customize their own avatars, buy digital collectibles, hang out with other fans in virtual rooms, take part in interactive sports livestreams or play mini games. 

The startup has raised $13 million so far, including a Series A funding led by NBA star Kevin Durant’s 35 Ventures, World Cup champion Blaise Matuidi’s Origins Fund and Dapper Labs Ventures.
CNBC Make It finds out Kim’s three tips for running a successful company. 

1. Founder-market fit 

It’s common for entrepreneurs to attribute the success of their startups to finding a good product-market fit. 
But for Kim, what he calls “founder-market fit” is even more important. It means a founder is really passionate about what he’s building.
“Achieving product-market fit is really hard, it takes years. You need to ask yourself, do I really like what I’m doing? Do I really like this industry? Can I see myself build around this for 10 years?”

They’re able to go into it and make money, but they burned out faster than other founders who have founder-market fit.

Kevin Kim
Co-founder and CEO, Stadium Live

Kim said he knew he always wanted to build products around the four areas that speak to him — sports, gaming, music and fashion.
“I know founders who, for example, [launched] a SAS startup with accounting, but they were not even into accounting,” Kim said. 
“They’re able to go into it and make money, but they burned out faster than other founders who have founder-market fit.”

2. Closing a gap 

Nevertheless, product-market fit is still crucial to a business’ success, said Kim. 
“Without product-market fit, you wouldn’t be able to survive as a business due to there being no real demand or supply between your product and the audience.” 
Meeting the needs of consumers has enabled the success of his companies. In fact, Kim started his first e-commerce business because he wanted to find clothes that fit his “style and sizing.” 
“I could never do that with brands in the U.S. and Canada at the time,” he said. 
“It really started as a personal hobby and need … I quickly saw that other people had the same need.”

Stadium Live is a metaverse app that allows sports fans to customize their own avatars, buy digital collectibles or play mini games.
Stadium Live

That also applied to Stadium Live — Kim noticed that the sports industry was focused on building products for a limited demographic of “millennial or older fans.”
“I could see they were all focusing on one-dimensional content and building towards betting. This was an interesting opportunity for me to take a look at the next generation of fans and think ‘who’s building for these fans?'” he told CNBC Make It. 
“They didn’t have money yet, they consumed sports in a completely different way, they wanted to interact with others within a community and they wanted something new.”
Kim’s idea seems to have paid off — Stadium Live amassed over 750,000 users who “spend over an hour a day on the platform,” said the company.
Stadium Live is also valued at around $32 million, Kim told CNBC Make It. 

3. Don’t overlook company culture 

According to Kim, setting a strong vision and set of values for your team is “absolutely critical.”
“Why should talented people join your company and grow with you? This question cannot be answered by just the product that you are building, but also the company and culture you’re building,” he added.
The importance of company culture cannot be underestimated, Kim stressed, if one wants to build an “iconic long-term company.” 

I saw this first hand when I was a fifth employee and saw the company grow to 50. The culture morphs itself every time a company doubles in size.

Kevin Kim
Co-founder and CEO, Stadium Live More

CNBC recently toured “The Wormhole,” a more than 1-million-square-foot former Boeing facility, where Relativity Space is building its larger, reusable line of Terran R rockets.
The aerospace startup continues to grow as it pursues a novel approach to manufacturing rockets out of mostly 3D-printed structures and parts, aiming for production in less than 60 days.
Its fourth generation 3D printer is horizontally printing the main structures of the Terran R in a process that CEO Tim Ellis says can operate seven to twelve times faster than its previous technology.

The exterior of “The Wormhole” factory.
Relativity Space

LONG BEACH, California – It was a few days into the new year yet Relativity Space’s factory was anything but quiet, a din of activity with massive 3D printers humming and the clanging of construction ringing out.
Now about eight years on from its founding, Relativity continues to grow as it pursues a novel way of manufacturing rockets out of mostly 3D-printed structures and parts. Relativity believes that its approach will make building orbital-class rockets much faster than traditional methods, requiring thousands less parts and enabling changes to be made via software — aiming to create rockets from raw materials in as little as 60 days.

The company has raised over $1.3 billion in capital to date and continues to expand its footprint, including the addition of more than 150 acres at NASA’s rocket engine testing center in Mississippi. Relativity was named to CNBC’s Disruptor 50 last year.

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The company’s first rocket, known Terran 1, is currently in the final stages of preparation for its inaugural launch from Cape Canaveral in Florida. That rocket was built in “The Portal,” the 120,000-square-foot factory the company built in Long Beach.

The inside of “The Wormhole” factory in Long Beach, California.
Relativity Space

But earlier this month CNBC took a look inside “The Wormhole:” The more than one-million square foot facility where Boeing previously built C-17 aircraft is where Relativity now is filling in with machinery and building its larger, reusable line of Terran R rockets.
“I actually tried to kill this project several times,” Relativity CEO and co-founder Tim Ellis told CNBC, gesturing to one of the company’s newest additive manufacturing machines – this one given an internal codename “Reaper,” in reference to the StarCraft games — which marks the fourth generation of the company’s Stargate printers.

A closeup look at one of the company’s “Reaper” printers at work.
Relativity Space

Unlike Relativity’s prior Stargate generations, which printed vertically, the fourth generation ones building the main structures of Terran R are printing horizontally. Ellis emphasized the change allows its printers to manufacture seven times faster than the third generation, and have been tested at speeds up to 12 times faster.

The scale of one of the Stargate “Reaper” printers.
Relativity Space

“[Printing horizontally] seems very counterintuitive, but it ends up enabling a certain change in the physics of the printhead which is then much, much faster,” Ellis said.

A pair of the company’s “Reaper” 3D-printers.
Relativity Space

So far, the company is utilizing about a third of the cavernous former Boeing facility, where Ellis said Relativity has room for about a dozen printers that can produce Terran R rockets at a pace of “several a year.”
For 2023, Relativity is focused on getting Terran 1 to orbit, to prove its approach works, as well as demonstrate how “fast we can progress the additive technology,” Ellis said.
“Given the overall economy, we’re obviously being very scrappy still, and making sure we’re delivering results,” he added.

The company’s Terran 1 rocket stands on its launchpad at LC-16 in Cape Canaveral, Florida ahead of the inaugural launch attempt.
Trevor Mahlmann / Relativity Space

Correction: A previous of this story misstated the speed the company’s 3D-printers had been tested. More

The U.S. will transition the federal Covid vaccination program to the private market as soon as the fall.
This means Pfizer and Moderna would sell the shots directly to health-care providers at a higher price.
Americans who have health insurance would still get their Covid shots for free once the vaccine program goes commercial.
But the uninsured may have to pay the full price of the shots after the current federal supply runs out.
The federal vaccine program will not be affected by the end of the Covid public health emergency in May, the White House said.

A pharmacist delivers a COVID-19 booster dose at a Chicago CVS store in October.
Antonio Perez | Tribune News Service | Getty Images

The U.S. will stop buying Covid shots at reduced price for the entire country and shift vaccine distribution to the private market as soon as early fall, shifting the cost to U.S. insurers and uninsured Americans who stand to lose access to the free vaccines.
Dr. Ashish Jha, the White House Covid response coordinator, said in an an interview with UCSF Department of Medicine on Thursday that the shift to a private market will happen over the summer or early fall, though no exact date has been set.

A senior official with the Health and Human Services Department told CNBC the fall would be a natural time to transition to a private market, particularly if the Food and Drug Administration selects a new Covid strain for the vaccines and asks the manufacturers to produce updated shots ahead of the respiratory virus season.
For the past two years, the U.S. has bought the vaccines directly from Pfizer and Moderna at an average price of about $21 per dose, according to the Kaiser Family Foundation.
The federal government has required pharmacies, doctor’s offices and hospitals to provide these shots for free to everyone regardless of their insurance status.

If you have health insurance

When the federal Covid vaccination program ends, the shots will remain free for people who have health insurance due to requirements under the Affordable Care Act.
But uninsured adults may have to pay for their immunizations when Pfizer and Moderna start selling the shots on the private market and the current federal stockpile runs out. There is a federal program to provide free vaccines to children whose families or caretakers can’t afford the shots.

Jha said on Tuesday the planned switch is not tied to the end of the Covid public health emergency in May.
“The end of the PHE does NOT mean people will suddenly not be able to get the vaccines and treatments they need,” Jha wrote in a Twitter thread on Tuesday.

When the federal government no longer buys vaccines at a discount for the entire nation, individual health-care providers will purchase the shots from the vaccine makers at a higher price.
Moderna CEO Stephane Bancel told CNBC last month that the company is preparing to sell the vaccines on the private market as early as this fall. Pfizer CEO Albert Bourla told investors during the company’s earnings call this week that he is preparing for the vaccines to go commercial in the second half of the year.
Pfizer and Moderna have said they are considering hiking the price of the vaccines to somewhere around $110 to $130 per dose once the U.S. government pulls out of the vaccine program.

If you’re uninsured

“If you’re uninsured, then you might be faced with the full cost,” said Cynthia Cox, an expert on the Affordable Care Act at the Kaiser Family Foundation.
But the U.S. still has a substantial stockpile of free vaccines left. The Biden administration ordered 171 million omicron boosters last year. About 51 million boosters have been administered so far, according to the Centers for Disease Control and Prevention.
The uninsured will continue to have access to these 120 million doses for free, but it’s unclear how long the supply will last.
“With the supply we have of vaccines and antivirals, we don’t think we’re going to be in a state of precipitous transition to drop this on market partners,” the HHS official said.
Although the vaccine makers are preparing to sell shots on the private market later this year, it’s possible that the federal stockpile of free shots could last longer than that because booster uptake has been low, Cox said.

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“Everyone in the U.S. regardless of their citizenship status or their insurance status is able to get a free vaccine as long as this federal stockpile lasts,” Cox said.
Sen. Bernie Sanders, I-Vt., slammed the vaccine price hike in a letter to Moderna’s CEO last month. Sanders, who chairs the Senate health committee, said the price hike would cost taxpayers billions via its impact on Medicaid and Medicare’s budgets.
“Perhaps most significantly, the quadrupling of prices will make the vaccine unavailable for millions of uninsured and underinsured Americans who will not be able to afford it,” Sanders said. “How many of these Americans will die from Covid-19 as a result of limited access to these lifesaving vaccines?”
Jha said this week that the Biden administration is committed to helping the uninsured access Covid shots and treatments.
“We are creating a whole separate set of efforts for the uninsured because the uninsured, of course, will not be able to get vaccines for free and treatments for free under the regular insurance system by definition,” Jha said Thursday. “We are working on a plan on that.”
The HHS official said one tool the federal government plans to use is a program called Section 317 that provides funding to procure and administer shots to uninsured adults at no cost.

ACA requirements

But for the overwhelming majority of people with private insurance, the Affordable Care Act will cover the cost of the vaccines. Under the ACA, private health insurance is required to cover all immunizations recommended by the CDC at no cost to the consumer.
Medicare would cover the shots for seniors, who are the most vulnerable to the virus, and lower-income people could get the vaccine through Medicaid.
There may be a small number of legacy private health insurance plans from before the ACA that are not required to cover Covid vaccines, Cox said. The HHS official said most of those plans will likely pay for the shots.
In addition, some short-term insurance policies might not pay for the vaccines, Cox said. These plans were expanded during the Trump administration and aren’t required to comply with the ACA.
The ACA also allows private insurance to limit vaccine coverage to in-network providers, Cox said. People who have grown accustomed to getting vaccinated at any pharmacy during the pandemic might have to go to a specific drugstore in the future to get a free shot, she said.
Consumers could also see their health insurance premiums increase if Pfizer and Moderna hike the price of the shots, Cox said.

Paxlovid may not be free

Some patients, depending on their insurance policy, will also probably have to pay for Pfizer’s antiviral pill Paxlovid in the future. Unlike preventive services such as vaccines, the ACA does not require insurance to cover treatments.
Bourla told market analysts this week that Pfizer expects to start selling Paxlovid through the private market at commercial prices in the second half of 2023.
Pfizer has not announced how much the antiviral will cost once it goes commercial. The federal government is paying about $530 for a five-day treatment course. It’s unclear how much patients will have to pay out of pocket and how much of the price insurance will cover.
Dawn O’Connell, who heads the federal office responsible for the U.S. stockpile, said last August that the Health and Human Services Department expected to run out of Paxlovid by mid-2023.
Jha said on Tuesday that there are still millions of doses of Paxlovid and omicron boosters in the U.S. stockpile. “They will continue to be available for free to all Americans who need them,” Jha said of the remaining federal supply.

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Monday – Friday, 6:00 – 7:00 PM ET

It’s that time again! “Mad Money” host Jim Cramer rings the lightning round bell, which means he’s giving his answers to callers’ stock questions at rapid speed.

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Cintas Corp: “It’s one of the greatest small business companies in the world.”

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VF Corp: “I am very worried about VF.”

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AST SpaceMobile Inc: “That’s a very tough one to own.”
Disclaimer: Cramer’s Charitable Trust owns shares of Pioneer Natural Resources.

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Monday – Friday, 6:00 – 7:00 PM ET

CNBC’s Jim Cramer said that the January jobs report shows that the economy will remain resilient, despite the Federal Reserve’s interest rate hikes.
The U.S. economy added 517,000 jobs in January, crushing the Dow Jones estimate of a 187,000 gain.

CNBC’s Jim Cramer on Friday said that the January jobs report shows that the economy will remain resilient, despite the Federal Reserve’s interest rate hikes.
“If the Fed Chief wants to raise interest rates quarter after quarter, this economy can actually handle it. And that’s the real takeaway from this amazing job growth number,” he said.

The U.S. economy added 517,000 jobs in January, crushing the Dow Jones estimate of a 187,000 gain. That marks the biggest increase in nonfarm payrolls since July 2022.
Stocks teetered on the news but ultimately slipped to end the trading session. The S&P 500 fell 1.04%, while the Nasdaq Composite declined 1.59%. The Dow Jones Industrial Average shed 0.38%.
Cramer said that while stocks fell because the market is in “good news is bad news” mode – the stronger the economy is, the more the Fed will likely have to raise interest rates – the market still held up, more or less.
“My take is that the comeback from the initial negative reaction in the stock market today, before a move lower in the afternoon, has to do with faith. Faith in thinking that there won’t be a recession. Faith that if the Fed wants to hit us with one or two more rate hikes, we’ll be fine,” he said.
The strong economic data comes after the Fed on Wednesday raised interest rates by a quarter percentage point. Chairman Jerome Powell signaled that the central bank isn’t done raising rates despite economic indications that inflation is cooling down.

Cramer said that while the Fed still wants to tamp down inflation more, he believes a severe recession is “near impossible” with job growth being so strong.
“Anyone who thinks the Fed will have to swiftly cut rates later this year because the economy’s too weak [is] clearly fooling themselves,” he said.

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Monday – Friday, 6:00 – 7:00 PM ET

CNBC’s Jim Cramer advised investors to ring the register on some of their positions to take advantage of the bull market. 
Cramer also reviewed next week’s slate of earnings, which include Disney, Tyson Foods, PepsiCo and more.

CNBC’s Jim Cramer on Friday advised investors to ring the register on some of their positions to take advantage of the bull market. 
“I don’t know if we can continue this week’s bizarrely bullish behavior, but it’s worth sticking around and … you can trim a bit of some stock that you’re up a lot,” he said

Stocks fell on Friday after a strong January jobs report renewed fears that the Federal Reserve will continue hiking interest rates. The S&P 500 and Nasdaq Composite still managed to end the week on the positive side, with the tech-heavy index notching its fifth consecutive winning week.
Cramer also reviewed next week’s slate of earnings. All estimates for earnings, revenue and economic data are courtesy of FactSet.
Monday: Tyson Foods, Simon Property Group
Tyson Foods

Q1 2023 earnings release at 7:30 a.m. ET; conference call at 9 a.m. ET
Projected EPS: $1.31
Projected revenue: $13.51 billion

Cramer said the conference call should give insight into the state of food inflation at grocery stores.

Simon Property Group

Q4 2022 earnings release at 4:05 p.m. ET; conference call at 5 p.m. ET
Projected EPS: $3.15
Projected revenue: $1.29 billion

“They may pull a rabbit out of a hat” despite it being a tough time for companies in the office property business, he said.
Tuesday: Chipotle Mexican Grill, Enphase Energy
Chipotle Mexican Grill

Q4 2022 earnings release at 4:10 p.m. ET; conference call at 4:30 p.m. ET
Projected EPS: $8.91
Projected revenue: $2.23 billion

Cramer said he expects the quarter to be phenomenal given the company’s plan to hire 15,000 restaurant workers ahead of the busy spring months.
Enphase Energy

Q4 2022 earnings at 4:05 p.m. ET; conference call at 4:30 p.m. ET
Projected EPS: $1.27
Projected revenue: $707 million

“I always say the same thing — if you believe that solar can be even bigger than it is now, then Enphase is the right stock for you,” he said.
Wednesday: CVS Health, Disney
CVS Health

Q4 2022 earnings release at 6:30 a.m. ET; conference call at 8 a.m. ET
Projected EPS: $1.92
Projected revenue: $76.33 billion

Cramer said that he’s curious why the company’s stock has become “a real bow-wow.”
Disney

Q1 2023 earnings release at 4:05 p.m. ET; conference call at 4:30 p.m. ET
Projected EPS: 79 cents
Projected revenue: $23.44 billion

He predicted that Disney’s performance will improve now that CEO Bob Iger is back at the company’s helm.
Thursday: PepsiCo, PayPal
PepsiCo

Q4 2022 earnings release at 6 a.m. ET; conference call at 8:15 a.m. ET
Projected EPS: $1.65
Projected revenue: $26.84 billion

“I actually think they will deliver good numbers on Thursday, but if we have a growth hangover it might not matter to the market,” he said.
PayPal

Q4 2022 earnings release at 4:15 p.m. ET; conference call at 5 p.m. ET
Projected EPS: $1.20
Projected revenue: $7.39 billion

“Who needs PayPal when Apple Pay is built into your phone?” he said.
Friday: Enbridge, Newell Brands
Enbridge

Q4 2022 earnings release before the opening bell; conference call at 9 a.m. ET
Projected EPS: 54 cents
Projected revenue: $10 billion

Cramer said he wants to hear the company talk about where the price of natural gas is headed.
Newell Brands

Q4 2022 earnings release at 6 a.m. ET; conference call at 8:30 a.m. ET
Projected EPS: 11 cents
Projected revenue: $2.23 billion

The company had a “compelling” turnaround, according to Cramer.
Disclaimer: Cramer’s Charitable Trust owns shares of Apple and Disney.

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Ford liquidated most of its ownership stake last year in electric vehicle maker Rivian Automotive, according to the Detroit automaker’s annual report.
Ford sold 91 million shares of the EV startup in 2022.
Ford’s sale was worth about $3 billion in total proceeds, a substantial gain on its $1.2 billion investment

RJ Scaringe, Rivian founder and CEO, and Ford Executive Chairman Bill Ford announce a $500 million Ford investment in Rivian.
Source: Ford Motor Co.

DETROIT – Ford Motor liquidated most of its ownership stake last year in electric vehicle maker Rivian Automotive, according to the Detroit automaker’s annual report submitted to the Securities and Exchange Commission on Friday.
Ford sold 91 million shares of the EV startup in 2022, according to the filing. Ford’s sale of the shares was worth about $3 billion in total proceeds, the company said, a substantial gain on its $1.2 billion investment in Rivian.

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Ford, as of the end of last year, still owned about 11 million of its initial 101.9 million shares of Rivian. The company declined to comment on plans for the remaining shares, which still made the automaker one of the company’s largest shareholders, according to FactSet. Rivian also declined to comment.
Ford first invested in Rivian in 2019, before the EV maker went public. At the time, the two companies said that Ford would build an electric vehicle based on the “skateboard” platform that now underpins Rivian’s R1T pickup and R1S SUV. Despite former Ford CEO Jim Hackett’s enthusiasm for the deal, those plans never came to fruition.
But as a result of that initial investment, Ford was among the largest stakeholders in the company upon Rivian’s blockbuster IPO in 2021, with a 12% stake.

Ford vs. Rivian shares

Ford said that it sold 25.2 million shares of Rivian in the second quarter, for about $700 million in total proceeds. It sold an additional 51.9 million shares during the third quarter for about $1.8 billion, according to earlier filings.
Hackett’s successor, Jim Farley, had made it clear that Ford would likely sell its stake, but it was unclear when the automaker planned to sell the shares and exit Rivian.

Ford unrealized gains/losses were $8.3 billion gain in 2021 and a $968 million loss in 2022, which damaged the automaker’s bottom-line last year.
Shortly after Rivian’s blockbuster IPO in November 2021, shares of the company reached an all-time high of nearly $180 a share during Wall Street’s infatuation with EV startups that led to inflated valuations of early- or pre-revenue companies.
Rivian’s stock is now trading around $20 a share, following several missed targets and a slower-than-expected increase in vehicle production at a plant in Normal, Illinois. The company is valued at about $18 billion.

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World Wrestling Entertainment Chairman Vince McMahon is open to departing the company if he finds the right sale partner, WWE CEO Nick Khan told CNBC.
Khan predicted a sale process for WWE would last about three months.
Khan said McMahon has told the board he is “100% open to transactions” where he has no role in the company moving forward.

World Wrestling Entertainment Executive Chairman Vince McMahon is open to stepping away from the company “if it’s the right deal,” according to WWE CEO Nick Khan.
Shares of the company closed more than 5% higher Friday.

McMahon’s potential future involvement in WWE has become an early sticking point in preliminary talks with various buyers, according to people familiar with the matter, who asked not to be named because the discussions are private.
McMahon is WWE’s controlling shareholder. He developed the creative storylines for the professional wrestling league for decades, often taking part in narratives himself. Earlier this year, he stepped down as head of creative, handing the reigns to his son-in-law, former WWE superstar Paul “Triple H” Levesque. Khan took over as sole CEO in January when Levesque’s wife and McMahon’s daughter, Stephanie, stepped down as co-CEO.
“Vince has declared to the board he’s 100% open to transactions where he’s not included in the company moving forward,” Khan said in a CNBC interview Friday.

Vince McMahon attends a press conference at MetLife Stadium on February 16, 2012 in East Rutherford, New Jersey.
Michael N. Todaro | Getty Images

McMahon stepped away from his CEO role in June amid accusations of sexual misconduct from former female WWE employees. A month later, he announced he announced he would retire from the wrestling company he bought from his father over four decades ago. Last month, however, McMahon returned to the board to be directly involved in sale negotiations with potential buyers.
WWE has hired financial advisors to proceed with a sale process, which Khan predicted would last about three months. Khan emphasized WWE could be appealing to a large media company with a streaming platform that could increase subscribers by exclusively owning WWE’s monthly live events, along with its historical library of past matches.

“We feel the marketplace is robust for our product,” Khan said. “It’s in essence it’s own sports league. Someone can buy it and put it on their platform.”
Potential buyers for WWE include Comcast, Netflix, Liberty Media and Endeavor, which already owns UFC.
Khan acknowledged “it’s tough to take control” from McMahon, who has owned and run WWE (previously WWF) for more than 40 years. Still, he reiterated that McMahon would prioritize shareholder value and step away “if it’s the right deal — and we will take a look at all of the factors that make it the right deal.”
Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC.

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