The head of Amazon's consumer business, Dave Clark, is leaving July 1, Amazon announced in a regulatory filing Friday.
Why it matters: Clark, who reports directly into CEO Andy Jassy, has helped to build Amazon's logistics operations into the powerhouse that it is now.
As of the end of 2021, Amazon had more than 400 fulfillment centers globally, 160 sortation centers, 1,000 delivery stations, 260,000 drivers, and 100 aircraft in its Amazon Air cargo fleet.
What he's saying: "Twenty-three years ago, I took what felt like a big personal bet when I joined Amazon out of grad school. We were a small company with only six fulfillment centers that year, but growing fast," Clark wrote in a note posted on Twitter.
"I've had an incredible time at Amazon but it’s time for me to build again. It's what drives me," he tweeted.
The big picture: This is the second big executive exit in Big Tech this week, following news that Sheryl Sandberg, Meta's chief operating officer, is stepping down from Facebook's parent company after 14 eventful years.
What to watch: As of Friday, Amazon had not named a replacement.
The company is "trying to be thoughtful in our plans for Dave’s succession and any changes we make. I expect to be ready with an update for you over the next few weeks," Jassy wrote.
Trending online this week was “platty joobs” or “platty jubes," a play on Platinum Jubilee — or the 70th anniversary of Queen Elizabeth II's ascension to the throne.
Why it matters: The queen is the first British monarch to celebrate the milestone.
People are divided on the "platty joobs" moniker, but agree it’s addictive.
The big picture: The celebration's economic impact depends on who you ask. It may translate into a brief spurt of localized consumer spending, but Axios' Felix Salmon suggests the four-day festivity is a drag on productivity (Thursday and Friday were public holidays).
By the numbers: The U.K. government said it expects more than 200,000 local events and street parties to be held between Thursday and Sunday, according to Barron’s.
Grocery chain Co-op predicted “a bigger sales period than Christmas,” the same report said.
What to watch: How long the jubilation lasts.
Past royal events have driven foot traffic to stores and bars and propped up alcohol, apparel and decoration sales.
But inflation is cutting into budgets, and pent-up demand for travel may mean not as many people are around, Bloomberg opinion columnist Andrea Felsted notes.
No market is more opaque or riddled with inside information than the art market. Dealers keep vital information to themselves — even such basic things like what's for sale and how much it costs — and there's never any hint that all buyers pay the same price.
Why it matters: After thousands of years of trading in the art market, the first major prosecution for insider dealing has now landed — and it's for inside trading in NFTs, an asset class that barely even existed a few years ago.
President Biden wrote an op-ed this week entitled "My Plan for Fighting Inflation." The word "deficit" appears five times. The word "tariffs" never appears at all.
Why it matters: Biden respects the independence of the Fed, and trusts Fed chair Jay Powell to engineer a soft landing with "stable, steady growth" that doesn't involve any kind of recession. But he seems unwilling to bring down prices by cutting the Trump-era tariffs that U.S. importers have to pay on a wide range of goods.
U.S. consumers reported losing more than $1 billion on cryptocurrency-related scams, according to a new analysis from the Federal Trade Commission.
Why it matters: The commission warned that such scams are rapidly becoming more common and are largely carried out through ads or posts on social media platforms.
Latina activists and entrepreneurs Jess Morales Rocketto and Stephanie Valencia have raised $80 million to launch a new Hispanic media company called the Latino Media Network.
Why it matters: It's one of the largest capital raises for a Latina-owned and operated startup in the U.S.
One crypto trading platform wants to allowits U.S. retail customers to make levered trades on future bitcoin and ether prices, proposing a different way of running an old market that is drawing ire from Wall Street firms with skin in the game.
What's happening: FTX, a global crypto exchange, has been seeking permission from U.S. regulators to execute its model of risk management for the clearing of margined trades in the futures derivatives market.
Your future Walmart online orders could soon arrive faster.
Driving the news: The nation's largest retailer announced Friday that it will open four "next generation" fulfillment centers over the next three years, which will provide 75% of the U.S. with next- and two-day shipping on millions of items.
The Commodities Futures Trading Commission (CFTC) has sued the exchange, Gemini, over selling cash settled bitcoin futures products starting in 2017.
Why it matters: From the very beginning, Gemini has always positioned itself as the most pro-regulation, by the book actor in crypto. The fact that it's getting sued could represent a very aggressive signal from the Biden administration.
Nineteen companies have canceled SPAC mergersin 2022, including this past week's terminations for Forbes and SeatGeek, representing nearly $18 billion of dumped deal value.
Why it matters: CEOs, boards, SPAC sponsors and private market investors all made a fundamental miscalculation in the benefits of going public via SPAC.
EQT agreed to buy Envirotainer, a Swedish medical freight provider, from fellow private equity firm Cinven, as first reported by the WSJ and confirmed by Axios.
Why it matters: Envirotainer has been key to the COVID-19 vaccine supply chain, saying it helped ship over 1 billion doses via its 6,500 temperature-controlled airfreight containers.
Wholesale prices for gasoline keep surging, meaning the angst Americans are feeling at the pump will last.
Why it matters:Gasoline prices are key inflation indicators to the American public, and their persistent climb is a headwind for both consumer spending — as gas bills eat into household budgets — and politicians hoping to stay in power.
The ultra high-pressure U.S. job market may finally be starting to release a little steam.
That's the key takeaway from new job numbers that show an extremely healthy labor market that nonetheless seems to be moving toward a less overheated state.
The New York State Senate passed a two-year crypto mining moratorium bill that now moves to Gov. Kathy Hochul's desk.
Why it matters: New York State is home to some of the more onerous cryptocurrency regulations in the country, which some say will stifle a blossoming industry and send it (read jobs) elsewhere.
More than 750 Tesla drivers have complained about unexpected braking while operating the electric vehicles' partially automated driving systems.
Driving the news: The National Highway Traffic Safety Administration, which investigated the electric vehicle manufacturer's driving features, revealed the figures Friday in an information request letter to Tesla, AP reports.
Tesla CEO Elon Musk said he is prepared to cut staff by about 10%, citing a "super bad feeling" about the economy, according to an internal email seen by Reuters.
Driving the news: Musk's email, titled "pause all hiring worldwide," was sent Thursday to Tesla executives, two days after he said that staff will be required to return to work in person.
If inflation and high gas prices are driving you to eat, Krispy Kreme is bringing back a way to get a sugar fix.
The big picture: Ahead of National Doughnut Day, aka National Donut Day, the chain will treat fans to free doughnuts on Friday, June 3, and said the “Beat the Pump” weekly deal will return next week.
The way Americans shop has changed radically since the mid-twentieth century, from main street to malls to Big Box to online. But the way the government analyzes all that shopping to come up with the consumer price index (CPI) has hardly budged.
Why it matters: In these times of rising prices, the monthly inflation measure is the most highly anticipated data drop coming out of Washington. Like Supreme, but for nerds.
A House committee has launched an investigation into former Trump White House adviser Jared Kushner and a $2 billion investment in his private equity company from a wealth fund controlled by Saudi Arabia's crown prince.
Why it matters: House Committee on Oversight and Reform chair Carolyn Maloney (D-N.Y.) wrote to Kushner on Thursday, saying the panel was investigating "whether your personal financial interests improperly influenced U.S. foreign policy during the administration of your father-in-law, former President Trump." Kushner denies any wrongdoing.
Free doughnuts are on the menu Friday for National Doughnut Day, also known as National Donut Day in some circles.
Driving the news: June 3 is the made-up food holiday for one of America's favorite treats and national chains, including 7-Eleven, Krispy Kreme and Dunkin', are celebrating with a sugar fix.
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