“We support the Biden administration’s focus on making bold investments in American infrastructure,” Bezos said. “We recognize that this investment will require concessions from all sides, both in specifics of what is included and how it is paid for.”
It’s a notable announcement, especially given that Amazon has come under fire for paying little to no income tax in recent years. The company reported a U.S. federal tax liability of $ 1.8 billion in 2020, compared to net income for the year of $ 21.3 billion.
Amazon’s willingness to increase its tax burden comes as the company has been forced to play defensively on several other fronts.
The online retailer has clashed with lawmakers in recent weeks over a union vote at an Amazon warehouse in Bessemer, Alabama. The ballots are still being counted, but the vote could mark a huge victory for unions and change the way the company engages with hundreds of thousands of American workers.
In his letter to shareholders, Dimon wrote that the United States is “clearly under a lot of stress and strain” thanks to the pandemic, racial inequality, the rise of China and “the divisive 2020 presidential elections, culminating in the assault on Capitol Hill. and the attempt to disrupt our democracy. “
The influential Business Roundtable has vowed to fight higher corporate taxes, which it claims will make American businesses less competitive. But it is noteworthy that Amazon has decided to shift its focus elsewhere.
Coinbase Reports Big Growth Before Going On Wall Street
The Latest: The digital currency exchange estimated Tuesday that it generated $ 1.8 billion in revenue during the first three months of the year. That’s more than $ 1.3 billion for all of 2020.
Between January and March, the price of bitcoin, the most popular crypto currency, jumped from less than $ 30,000 to more than $ 58,000, while the price of ethereum more than doubled.
“We have seen high crypto asset prices drive high levels of user activity and trading volume on our platform,” Coinbase CFO Alesia Haas said in a call with investors.
Watch this space: California-based Coinbase is the highest-profile company in the crypto space to go public, and its direct listing on the Nasdaq, which is scheduled for next Wednesday, is getting a lot of attention.
But regulating the crypto space is still a big risk. Last month, Coinbase reached a $ 6.5 million settlement with the Commodity Futures Trading Commission over claims that it provided false or misleading information about transactions and that a former employee conducted manipulative exchanges.
“We are subject to an extensive and highly evolving regulatory landscape and any adverse changes or our failure to comply with any laws and regulations could adversely affect our brand, reputation, business, operating results and financial condition,” the company said. warned in filings with the Securities and Exchange Commission.
Topps goes public with the boom of trading cards
The pandemic has fueled a resurgence in the popularity of trading cards, with the hobby attracting both a new wave of young fans and a stream of profit-seeking professional investors.
The deal would value Topps at $ 1.3 billion.
Topps has been a publicly traded company multiple times throughout its many decades in business. Most recently, it was privatized in 2007 by an investment firm led by former Disney CEO Michael Eisner. That deal was worth $ 385 million.
The industry has also gotten a boost from the craze for non-fungible tokens, or NFTs. Topps recently expanded its business to sell digital editions of its player cards, each with a unique digital token built on blockchain technology. That creates a scarcity that makes them more valuable to collectors.
Until next time
The meeting of G20 finance ministers and central bank governors concludes with a press conference at 10 am ET.
- The latest data on US crude oil inventories is released at 10:30 am ET.
- The minutes of the most recent Federal Reserve meeting come in at 2 pm ET.