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Home / Business / Pre-IPO stocks: CEOs such as Jeff Bezos are grappling with new political realities

Pre-IPO stocks: CEOs such as Jeff Bezos are grappling with new political realities



what’s happening: Amazon (Amazon) CEO Jeff Bezos announced that with President Joe Biden’s ambitious infrastructure plan, the company “supports higher corporate tax rates.” To help pay the bills, Biden proposed to increase the corporate tax rate from 21% to 28%.

Bezos said: “We support the Biden administration’s attention to bold investment in US infrastructure.” “We recognize that this investment will require concessions from all parties​​–including what is involved and how to obtain payment​​ ​The details.”

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This is a noteworthy announcement, especially considering that Amazon has been criticized in recent years for paying little or no income tax. The company reported that the federal tax payable in the United States in 2020 was US$1.8 billion, while net income for the year was US$21.3 billion.

When Amazon is willing to increase its tax burden, the company is forced to take defensive measures in many other areas.

The online retailer has clashed with lawmakers in recent weeks over a union vote held at its Amazon warehouse in Bessemer, Alabama. The vote is still being counted, but the vote may mark a huge victory for organized labor and disrupt the way the company interacts with thousands of American workers.

Considering the momentum of the two parties to promote the regulation of large technology companies, it also needs goodwill.like Facebook (FB) with Google (Gauge), Amazon is under scrutiny for suspected anti-competitive behavior. Its growth during a pandemic may only increase the size of the back of the target.
Step back: Companies are preparing for a booming post-pandemic economy, which is expected to increase earnings and stimulate growth. JPMorgan (JPMorgan) CEO Jamie Dimon said in a widely read letter to shareholders on Wednesday that he told my CNN business colleague Matt Egan, “For a long time, He is not optimistic about the U.S. economy.
However, executives are also exploring a series of tricky factors that may affect their business-raising the tax rate is just one point in a long list of concerns.Last week, the company included delta (From) with Coca Cola (KO) Under pressure from activists, condemned Georgia’s controversial voting law.

Dimon wrote in the shareholder letter that due to the pandemic, racial inequality, the rise of China, and the “divisive 2020 presidential election, which ultimately led to the storm in the Capitol and the failure of this attempt, the United States is clearly in a “great Pressure and pressure”. Undermine our democracy.”

The influential business roundtable has promised to fight higher corporate taxes, which it claims will make American companies less competitive. But it is worth noting that Amazon has decided to shift its focus to other places.

Coinbase reports huge growth before going public on Wall Street

The sharp increase in the price of cryptocurrency is a huge victory for Coinbase, which will make its debut on the public market next week.

Latest news: The digital currency exchange estimated on Tuesday that its revenue for the first three months of this year was $1.8 billion. This is an increase from the 1.3 billion US dollars for the full year of 2020.

Between January and March, the price of Bitcoin, the most popular cryptocurrency, jumped from less than $30,000 to over $58,000, while the price of Ethereum more than doubled.

Coinbase Chief Financial Officer Alesia Haas said on an investor conference call: “We have seen the highest crypto asset prices in history driving up user activity and transaction volume on the platform.”

Watch this space: California-based Coinbase is the most well-known company in the crypto space, and its stocks scheduled to be listed on the Nasdaq next Wednesday are receiving widespread attention.

But the regulation of the encrypted space is still a big risk. Last month, Coinbase reached a $6.5 million settlement with the US Commodity Futures Trading Commission, accusing it of providing false or misleading information about the transaction and a former employee of rigging the transaction.

The company stated: “We are subject to a broad and highly developed regulatory environment. Any adverse changes in laws and regulations or our failure to comply with these laws and regulations may have an adverse impact on our brand, reputation, business, operating results and financial conditions. .” Was warned in a document filed with the US Securities and Exchange Commission.

With the rise of trading cards, Topps will be publicly listed

This pandemic has regained the popularity of trading cards, and this hobby has attracted a new wave of young followers and a group of professional investors seeking returns.

This is good news for the 83-year-old Topps. The Topps brand is synonymous with baseball cards and bubble gum. According to my CNN business colleague Paul R. La Monica, the company announced on Tuesday a plan to merge with a special purpose acquisition company or SPAC.

This transaction will bring Topps’s valuation to $1.3 billion.

In the past few decades, Topps has repeatedly become a listed company. Most recently, it was privatized in 2007 by an investment company run by former Disney CEO Michael Eisner. That transaction is worth 385 million U.S. dollars.

Scenario: Earlier this year, I discussed the trading card mania in depth-but the publicity has not diminished. Last week, Tom Brady’s autographed 2000 rookie card was sold at auction for nearly $2.3 million.

The industry has also been promoted due to the boom in non-fungible tokens (NFT). Topps recently expanded its business, selling digital versions of its player cards, each with a unique digital token based on blockchain technology. This creates scarcity and makes them more valuable to collectors.

Next

The G20 finance ministers and central bank governors meeting held a press conference at 10 am Eastern Time.

Also today:

  • The latest data on US crude oil inventories was released at 10:30 am Eastern Time.
  • The minutes of the most recent Fed meeting arrived at 2pm Eastern Time.
come tomorrow: Conagra (CAG), Constellation brand (STZ) with Levi Strauss (Levi) Report earnings.

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