Saudi Press

Saudi Arabia and the world
Friday, Aug 22, 2025

CEOs like Jeff Bezos are grappling with new political realities

CEOs like Jeff Bezos are grappling with new political realities

The political forces governing Washington have changed dramatically this year, with Democrats in control of both the White House and Congress. That's forcing some of the country's most powerful corporations to rethink their approach to contentious policy debates.

What's happening: Amazon (AMZN) CEO Jeff Bezos has announced that the company is "supportive of a rise in the corporate tax rate" as President Joe Biden pushes an ambitious infrastructure package. To help pay for the bill, Biden has proposed raising the corporate tax rate to 28% from 21%.

"We support the Biden administration's focus on making bold investments in American infrastructure," Bezos said. "We recognize this investment will require concessions from all sides — both on the specifics of what's included as well as how it gets paid for."

It's a notable 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 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 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. Ballots are still being counted, but the vote could mark a huge win for organized labor and upend how the company engages with hundreds of thousands of US workers.

It also needs goodwill given bipartisan momentum for greater regulation of Big Tech firms. Like Facebook (FB) and Google (GOOGL), Amazon faces scrutiny for alleged anti-competitive conduct. Its growth during the pandemic may only have increased the size of the target on its back.

Step back: Businesses are gearing up for a booming post-pandemic economy that's expected to lift earnings and spur growth. JPMorgan (JPM) CEO Jamie Dimon, who released his widely-read letter to shareholders on Wednesday, told my CNN Business colleague Matt Egan that he hasn't been this optimistic about the US economy "for a long time."

But executives are also navigating a tricky set of factors that could affect their business — making higher taxes just one bullet point on a long list of concerns.

Last week, companies including Delta (DAL) and Coca-Cola (KO) condemned Georgia's controversial voting law after coming under pressure from activists.

In his shareholder letter, Dimon wrote that America is "clearly under a lot of stress and strain" thanks to the pandemic, racial inequality, the rise of China and "the divisive 2020 presidential election, culminating in the storming of the Capitol and the attempt to disrupt our democracy."

The influential Business Roundtable has pledged to fight higher corporate taxes, which it claims will make US companies less competitive. But it's noteworthy that Amazon has decided to direct its focus elsewhere.

Coinbase reports huge growth ahead of Wall Street listing


The massive run-up in the price of cryptocurrencies has been a huge win for Coinbase, which is set to make its public market debut next week.

The latest: The digital currency exchange estimated Tuesday that it brought in $1.8 billion in revenue during the first three months of the year. That's 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 that $30,000 to more than $58,000, while the price of ethereum more than doubled.

"We have seen all-time high crypto asset prices drive elevated levels of user activity and trading volume on our platform," Coinbase chief financial officer
Alesia Haas said in an investor call.

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 lots of attention.

But regulation of the crypto space remains a big risk. Last month, Coinbase reached a $6.5 million settlement with the Commodity Futures Trading Commission over claims it delivered false or misleading information about transactions and that a former employee made manipulative trades.

"We are subject to an extensive and highly-evolving regulatory landscape and any adverse changes to, or our failure to comply with, any laws and regulations could adversely affect our brand, reputation, business, operating results, and financial condition," the company warned in filings with the Securities and Exchange Commission.

Topps is going public as trading cards boom


The pandemic has fed a resurgence in the popularity of trading cards, with the hobby attracting both a new wave of young adherents and a stream of professional investors hunting for returns.

That's been good news for the 83-year-old Topps, whose brand is synonymous with baseballs cards and bubble gum. On Tuesday, the company announced plans to merge with a special purpose acquisition company, or SPAC, my CNN Business colleague Paul R. La Monica reports.

The deal would value Topps at $1.3 billion.

Topps has been a publicly-traded company several times throughout its many decades in business. Most recently, it was taken private in 2007 by an investment firm run by former Disney CEO Michael Eisner. That deal was worth $385 million.

The scene: I wrote a deep dive on trading card mania earlier this year — and the hype hasn't abated. Last week, a 2000 autographed rookie card for Tom Brady sold for nearly $2.3 million at auction.

The industry has also received a boost from the craze over 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.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
High-Stakes Trump-Putin Summit on Ukraine Underway in Alaska
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
×