Home / Business / Premarket stocks: CEO Jeff Bezos is grappling with new political realities.

Premarket stocks: CEO Jeff Bezos is grappling with new political realities.



What happened: Amazon (AMZN) CEO Jeff Bezos has announced that the company “supports an increase in corporate tax rates” as President Joe Biden pushes for an ambitious infrastructure package. To help pay off the bill, Biden proposed raising the corporate tax rate to 28% from 21%.

“We support Biden’s management focus on making bold investments in American infrastructure,” Bezos said. With and how to get money “

It’s a remarkable announcement, especially since Amazon has been criticized for paying little or no income tax in recent years.The company reported $ 1

.8 billion of US federal tax liability in 2020 against net income for. Year 21.3 billion

Amazon’s willingness to increase its tax burden comes as the company is forced to play defense in many ways.

Online retailers have clashed with lawmakers in recent weeks as a result of union votes at Amazon’s warehouse in Bessemer, Alabama, ballots are still being counted. But the vote could be a huge win for organizing labor and promoting the ways in which the company engages with hundreds of thousands of U.S. workers.

It also needs goodwill, driven by the bipartisan parties, to gain more control over Big Tech companies. Facebook (FB) and Google (GOOGL)Amazon faces scrutiny for alleged anti-competitive behavior. Its growth during an epidemic may only increase the size of the target on its back.
Back: Businesses are preparing for a booming post-epidemic economy expected to boost revenues and boost growth. JP Morgan (JPM) CEO Jamie Dimon, who released a widely read letter to shareholders on Wednesday, told CNN Business colleague Matt Egan that he was not optimistic about the US economy. It’s been a long time. “
But executives are also looking for a tricky factor that can affect their business – higher taxes are just one subtop on a long list of concerns. Last week, companies included Delta (from) and Coca cola (KO) Condemns Georgia’s Conflicting Voting Law after being pressured by activists.

In his shareholder letter, Dimon wrote that America “It is clearly under stress and pressure” because of the epidemic, racial inequality, the rise of China and “The divisive 2020 presidential election is the culmination of an assault on government bodies and efforts to Destroying our democracy “

The Influential Business Roundtable has pledged to fight higher corporate taxes it claims will make U.S. companies less competitive. But it’s worth noting that Amazon has decided to focus elsewhere.

Coinbase reports massive growth ahead of Wall Street listing.

A significant increase in the price of cryptocurrencies It’s a big win for Coinbase, which will launch in the public market next week.

Latest: The cryptocurrency exchange estimated Tuesday it earned $ 1.8 billion for the first three months of the year, up from $ 1.3 billion for all of 2020.

Between January and March, the price of bitcoin, the most popular crypto coin, jumped from less than $ 30,000 to more than $ 58,000, while ethereum’s price more than doubled.

“We have been seeing high all-time crypto asset prices driving user activity and trading volumes on our platform to a greater extent,” Coinbase Chief Financial Officer Alesia Haas said in a call to investors.

Watch this space: California-based Coinbase is the highest-profile company in the crypto space to go public, and the Nasdaq listing, scheduled for next Wednesday, is gaining ground.

But regulating the crypto space remains a high risk. Last month, Coinbase reached a $ 6.5 million deal with the Commodity Futures Trading Commission on claims that it had sent false or misleading information about the transaction and a former employee of the misrepresentation of the trade.

“We are governed by a broad and evolving line of governance, and any adverse change or failure to comply with any laws and regulations could adversely affect our brand, reputation, business, performance and status.” The company received a warning in filing with the Securities and Exchange Commission.

Topps is going public as trading cards boom.

The outbreak has given a rebound in the card trading craze, with the hobby attracting both a young generation and a wave of professional investors on the hunt for returns.

That’s good news for the 83-year-old tops, which the brand is synonymous with baseball cards and bubble gums. On Tuesday, the company announced plans to merge with a special acquisition company, or SPAC, as reported by my CNN business colleague Paul R. La Monica.

The deal will be worth a maximum of $ 1.3 billion.

Topps has been a publicly traded company over decades of business, most recently, an investment firm run by former Disney CEO Michael Eisner in 2007.The deal was valued at $ 385 million.

THE SCENE: I wrote a deep dive on the card trading craze earlier this year. Last week, a 2000 Tom Brady-signed new face card sold for nearly $ 2.3 million at auction.

The industry is also driven by more popularity than the indestructible token, or NFT, recently.Topps has expanded its business to sell digital versions of player cards, each with a digital token built on the technology. Blockchain That creates a scarcity that makes them more valuable to collectors.

Next

The meeting of G20 finance ministers and central bank governors concluded with a news conference at 10:00 AM ET.

Today too:

  • The latest data on US crude stocks posted at 10:30 AM ET.
  • The latest Federal Reserve Minutes arrives at 2 p.m. ET.
Tomorrow will come: Conagra (CAG), Constellation brand (STZ) and Levi Strauss (Levi) Income report

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