“We support the Biden administration’s focus on making bold investments in US infrastructure,” Bezos said. “We recognize that this investment will require concessions from all sides – both in terms of what is included and how it will be paid for.”
That’s a remarkable announcement – especially given that Amazon has been criticized for paying little or no income tax in recent years. The company reported a US federal tax liability of $ 1.8 billion. In 2020 compared to this year’s net income of $ 21.3 billion.
Amazon’s willingness to increase its tax burden comes as the company has been forced to play defense on a number of other fronts.
The online retailer has clashed with lawmakers in recent weeks over a union vote at an Amazon warehouse in Bessemer, Alabama. Voting is still counting, but the vote could mark a huge victory for organized labor and increase how the company engages with hundreds of thousands of American workers.
In his shareholder letter, Dimon wrote that America is “clearly under a lot of stress and strain” thanks to the pandemic, racial inequality, the emergence of China and “the divisive presidential election of 2020 that culminated in the storm of the Capitol and the attempt to disrupt our democracy. “
The influential Business Roundtable has promised to fight higher corporate taxes, which it claims will make U.S. companies less competitive. But it is noteworthy that Amazon has decided to focus its focus elsewhere.
Coinbase reports huge growth ahead of Wall Street listing
The latest: The digital currency exchange on Tuesday estimated that it brought in $ 1.8 billion in revenue during the first three months of the year. That’s an increase from $ 1.3 billion throughout 2020.
Between January and March, the price of bitcoin – the most popular cryptocurrency – jumped from less than $ 30,000 to more than $ 58,000, while the price of ethereum more than doubled.
“We have seen the high crypto-asset prices of the time drive elevated levels of user activity and trading volume on our platform,” Coinbase CFO Alesia Haas said in an investor call.
See this space: California-based Coinbase is the high-profile company in the cryptocurrency space to be announced, and its direct listing on Nasdaq, scheduled for next Wednesday, is getting a lot of attention.
But regulating the crypto space remains a major risk. Last month, Coinbase reached a $ 6.5 million settlement with the Commodity Futures Trading Commission over allegations that it provided false or misleading information about transactions and that a former employee made manipulative trades.
“We are subject to a comprehensive and highly evolving regulatory landscape and any adverse changes in or non-compliance with laws and regulations may adversely affect our brand, reputation, business, operating results and financial condition,” the company warned in filing with Securities and Exchange Commission.
Tops become public as trading cards boom
The pandemic has given a resurgence in the popularity of trading cards, as the hobby attracts both a new wave of young followers and a stream of professional investors chasing returns.
The deal will value Topps at $ 1.3 billion.
Topps has been a listed company several times throughout its many decades in business. Most recently, it was taken privately in 2007 by an investment company run by former Disney CEO Michael Eisner. This deal was worth $ 385 million.
The industry has also received a boost from craze over non-fungal tokens or NFTs. Topps recently expanded its business to sell digital versions of its playing cards, each with a unique digital token built on blockchain technology. It creates a scarcity that makes them more valuable to collectors.
The meeting between the G20 finance ministers and the central bank governors will end with a press conference at 10 ET.
- The latest data on US crude oil stocks is available at 10.30 ET.
- Minutes from the most recent Federal Reserve meeting arrive at 14 ET.