Podcast Summary: Squawk Pod – "Jennifer Garner & Once Upon A Farm’s IPO"

Date: February 6, 2026
Host(s): Becky Quick, Joe Kernan, Andrew Ross Sorkin (CNBC)
Key Guests: Jennifer Garner (Actor & Co-founder, Once Upon a Farm), John Foraker (CEO & Co-founder, Once Upon a Farm), Senator Chris Coons

Overview:

This episode of Squawk Pod focuses on three primary themes:

• Major market volatility and the continued rollercoaster of Bitcoin.
• Elon Musk’s swelling wealth and the implications of his dual focus on Tesla and SpaceX/XAI.
• The IPO of Once Upon a Farm, the organic children’s nutrition brand co-founded by Jennifer Garner.
• Additional coverage of U.S. political gridlock, particularly over Department of Homeland Security funding, with an interview with Senator Chris Coons.

The episode blends market analysis, business founder stories, investment outlooks, and the current political landscape with engaging and candid exchanges between hosts and guests.

Key Segments & Insights:

1. Market Recap & Volatility

(02:30 – 03:42)

• Becky Quick outlines a tough week for the markets: “It was actually the worst day yesterday for the Dow, the S&P, and the NASDAQ since January 20th.” (02:36)
• Gold and silver prices are more stable compared to the markets, while “Bitcoin as well... has been kind of marching to its own drum of volatility.” (03:36)

Bitcoin Spotlight
(03:42 – 06:07)

• Andrew Ross Sorkin recaps Bitcoin’s bounce after a 13% drop—the worst since mid-2022. “Bitcoin now coming off a 13% drop yesterday. That’s its worst 24 hour period since the middle of 2022.” (03:44)
• Michael Saylor and Bitcoin Treasury discussed: “Strategy has cash reserves to cover dividends and interest for more than two years.” (04:33)
• Joe Kernan reflects on whether crypto volatility is still systemic: “It was really gut wrenching to watch yesterday... if it’s sort of a poster child for leverage and froth, it’s definitely worrisome.” (04:51)
• Becky muses on the status of Bitcoin as an inflation hedge, observing: “That’s been gone for a couple of months.” (06:18)

Memorable Quote:
Joe Kernan (04:52):

"Bitcoin is probably not—and all of crypto probably not—big enough to take down everything... but it’s definitely worrisome."

2. Elon Musk Becomes World’s First Trillionaire

(07:37 – 13:02)

• Robert Frank details Musk’s new wealth milestone: “Elon Musk... becoming the first person ever to top the $800 billion mark. He’s now worth more than the next three richest people combined.” (07:42)
• Most of Musk’s wealth now comes from SpaceX/XAI’s massive new valuation. “That company was valued at $1.25 trillion as part of that deal. So Elon’s stake is now worth about $540 billion.” (08:14)
• Discussion on compensation and his shifting incentive from Tesla to SpaceX.

Memorable Exchange: Becky Quick (09:37):

"You know what they say, the first trillion is always the hardest. And then I think it—just don’t lose it."

Joe Kernan (12:26) about Musk’s taxes:

"He has also created [wealth] and all the other people that have paid taxes on it. That’s right. All the people that are paying capital gains on their Tesla ship."

Key Discussion Points:

• The fair taxation and public perception of billionaire wealth.
• Musk's dual leadership: Will his focus and innovation shift toward SpaceX?
• Brief speculation on the future—possible company mergers, and impacts on Tesla shareholders.

3. Once Upon a Farm's IPO: Jennifer Garner & John Foraker

(16:56 – 26:33)

• The Story Behind the Brand
  • Origin: Jennifer Garner says, “I had made my kids baby food. I did not like the process... nothing available in the grocery store that was fresh and organic and delicious.” (17:22)
  • On meeting co-founders: “Business is really leading social change. Could we have a business that’s pushing social change and democratizing nutrition and making it accessible for more kids?” (17:32)
• Going Public
  • Andrew Sorkin notes Once Upon a Farm priced its IPO at $18/share, valuing the company at ~$720 million. (20:20)
  • John Foraker: “I really don’t think there is anybody like us... so our comp is ourselves.” (20:26)
• Impact & Mission
  • First public benefit corporation focused on kids and babies to go public.
  • Foraker details their mission: “To drive systemic change in childhood nutrition for a happier, healthier, more equitable world.” (19:18)
  • Distribution: The brand is in 25,000 doors, spanning Whole Foods, Target, Costco, Walmart, Kroger. (24:02)
• Challenges and Competitive Moat
  • Foraker on shelf space and competitors: “When we launched, we decided to take our first product… into dairy sets where kid yogurt is. And we are competing against all of the biggest companies.” (22:46)
  • Supply chain resilience: “We follow the seasons around the world... we’ve gotten very adept at building that supply chain so that we can be resilient.” (23:28)
• Accessibility
  • Products are premium, but available in both high- and low-income areas thanks to pricing and partnerships:
    “Middle and bottom third income—we index right to the category. Our products are actually very accessible.” (25:09)
  • Commitment to social good: “We’ve also given away over a million meals through Save the Children.” (25:43)
• Garner’s Hands-On Role
  • Sorkin asks how she manages acting and business: “We’ve been on lots of leadership team meetings on Zoom. And she’s sitting in hair and makeup...” (21:21)
  • Garner: “The main way people find out about our product is word of mouth. It’s parent to parent and kid to kid.” (21:39)

Notable Quotes:

• Jennifer Garner (21:01):

  “We know we’re shaping the future of food. We know we’re parents' ally. We know we're feeding babies to big kids. And we’re doing it all as the first public benefit corporation to go public focused on babies and kids.”

• John Foraker (25:09):

  "Our products are actually very accessible because we use price pack architecture… And that's been very successful in making us accessible to a very broad audience."

4. Senator Chris Coons: DHS Funding Gridlock

(28:44 – 41:34)

• Discussion around the potential government shutdown related to Department of Homeland Security funding disagreements.
• Senator Chris Coons’ Stance:
  • “What I’m asking for, what Democrats are asking for, is that these federal agents follow the same rules that state and local law enforcement follow every day.” (29:20)
  • On the risk of government shutdown: “It is literally the only leverage we have in the minority.” (29:51)
  • Acknowledges the difficulty and negative impact of shutdowns: “I have no enthusiasm for a shutdown.” (30:58)
• Immigration & Border Security Debate:
  • Kernan presses Coons on “20 million illegal immigrants”—Coons disputes the number and clarifies: “A, I disagree that they let in 20 million. And they're double counting quite a few people.” (33:30)
  • Discussion on asylum, enforcement, and bipartisan efforts on new policy.
  • Coons supports transparency, oversight (e.g., body cams), and affirms the balance of law enforcement and humanitarian values.
• Bipartisanship Is Still Alive:
  • “The president signed five of your bills into law in December—These were all bipartisan pieces of legislation.” (36:27)
  • Bills cover national security, adversarial relations (China, Russia, DPRK, Iran), and detained Americans.
• Filibuster/Partisan Tactics:
  • Debates about nuking the filibuster, adding Supreme Court justices.
  • “I would not vote to nuke the filibuster to recognize Puerto Rico and...Washington. I don't think we should expand the Supreme Court.” (40:49, 41:00)

Memorable Quotes:
Sen. Chris Coons (31:05):

“I’ve gotten more calls from Delawareans in the last two weeks about this than anything in years. They want to see action.”

5. Light-Hearted Moments & Banter

• Hosts joke about celebrity endorsements and commercials (e.g., Jennifer Garner’s Capital One and Samuel L. Jackson, 13:25–14:23).
• Spirited discussion on Super Bowl betting, favorite commercials, and the Coca-Cola vs. Pepsi rivalry. (41:38–43:37)

Notable Quotes (with timestamps)

• "It was really gut wrenching to watch yesterday. Got to the point where I was saying bitcoin is probably not and all of crypto probably not big enough to take down everything."
  — Joe Kernan (04:52)

• "Big Tech ramps up investment in artificial intelligence... together they are promising that they're going to spend $650 billion this year."
  — Becky Quick (06:56)

• "Musk is, yes, on track to become the world's first trillionaire probably sometime this year."
  — Robert Frank (09:32)

• "Could we have a business that’s pushing social change and democratizing nutrition and making it accessible for more kids?"
  — Jennifer Garner (17:32)

• "Our comp is ourselves. And we got to continue to deliver great business results and social impact results."
  — John Foraker (20:26)

• "We're doing it all as the first public benefit corporation to go public focused on babies and kids."
  — Jennifer Garner (21:01)

• "What I'm asking for, what Democrats are asking for, is that these federal agents follow the same rules that state and local law enforcement follow every day."
  — Senator Chris Coons (29:20)

Timestamps for Major Segments

• Market Recap & Bitcoin: 02:30 – 06:07
• Elon Musk Trillionaire Segment: 07:37 – 13:02
• Once Upon a Farm IPO:
  • Origins & Mission: 17:11 – 20:48
  • Business Model, Accessibility, Competition: 20:48 – 25:43
  • Social Impact & Garner's Role: 21:01, 25:43
• Senator Chris Coons: DHS Funding & Political Gridlock: 28:44 – 41:34
• Lighter Moments/Super Bowl Ads: 41:38 – 43:37

Tone & Style

The episode is classic Squawk Box—fast-paced, opinionated, and laced with playful banter. The hosts pepper serious business and policy discussions with humor, direct debate, and on-the-fly analysis. There’s mutual ribbing between the anchors but a respectful tone with guests—even during disagreements.

Summary for Non-listeners

This episode delivers a lively, timely blend of financial market coverage, an in-depth founder interview for a high-profile food IPO (Once Upon a Farm), and no-holds-barred dialogue about billionaire wealth and political standoff in Washington. Jennifer Garner and John Foraker’s appearance offers an inspiring look at building a purpose-driven business, while Senator Chris Coons gives a frank account of current congressional gridlock—all boiled down with Squawk Box’s signature edge and wit.