Axios

Amazon CEO Andy Jassy on Wednesday appeared to double down on comments about the pitfalls of unionizing that got him into a clash with the National Labor Relations Board earlier this year.

Why it matters: The labor board under Biden has been remarkably pro-union — compared to both Trump and recent Democratic administrations — but the dust-up with Jassy over these comments tests the limits of the power it can wield over businesses, experts told Axios.

Salesforce co-CEO Bret Taylor will step down from the role on Jan. 31, leaving co-founder Marc Benioff as the sole chief executive of the software giant.

Why it matters: Taylor was promoted to the role just a year ago from his roles as president and chief operating officer. He's also the second co-CEO to depart, after Keith Block held the job from 2018 to early 2020.

Sam Bankman-Fried admits in an interview with Axios that FTX's multitude of licenses were "corporate bullshit," but swears his effective altruism quest was genuine.

Why it matters: Regulators, lawyers, creditors and prosecutors are digging through the rubble of bankrupt FTX trying to determine whether Bankman-Fried was lying or just in over his head.

Amazon just had its "biggest ever" holiday shopping weekend, the company said Wednesday.

Why it matters: Analysts predicted a lackluster year for holiday shopping due to rising concerns from Americans over inflation and the cost of living, per CNBC.

Federal Reserve chair Jerome Powell on Wednesday said there isn't yet "clear progress" that decades-high inflation has turned a corner, despite rapid interest rate increases and slowing economic growth.

Why it matters: The assessment signals that the Fed will continue raising interest rates higher than its leaders expected, and will likely keep them high next year in its effort to tamp down inflation.

Regular households investing in the crypto markets should have different protections than the very wealthy, a member of the Commodity Futures Trading Commission (CFTC) said Wednesday.

Why it matters: Precisely how to regulate cryptocurrencies has been an ongoing discussion in Washington, with many believing a breakthrough would occur in 2022. Then one of the largest exchanges in the world, FTX, went bankrupt.

CNN boss Chris Licht on Wednesday informed employees that layoffs at the network are underway, according to an internal memo sent to staff.

Why it matters: The layoffs cap off what has been a particularly challenging year for the network and the media industry writ large.

Bankrupt crypto lender BlockFi wants to urgently resume platform withdrawals, so customers can have their funds back.

Why it matters: While that move may seem logical (especially to customers), it would be precedent-in-the-making for future crypto cases, touching on the all-important hierarchy of unsecured creditors.

Ben Affleck said Wednesday that the first project by his and Matt Damon's new production company Artists Equity, an upcoming movie about the Air Jordan brand, aligns with his business's mission.

Why it matters: The Hollywood duo is trying to change how the industry pays film crews, providing fair and equitable compensation to everyone involved while also making movies that are of high quality and have commercial appeal.

DoorDash announced Wednesday it has laid off around 1,250 employees as a part of a cost-cutting campaign to offset overhiring during the pandemic.

Why it matters: Layoffs and hiring freezes have become commonplace in the tech industry this year, and it's expected to continue throughout the winter as companies warn of the troubling times ahead, per Axios.

Walt Disney Co. paid $900 million to Major League Baseball for the remaining 15% stake in BAMTech, a streaming video tech company that powers Disney+.

Why it matters: This comes just days before Disney+ is set to launch an ad-supported tier, and ahead of a planned corporate restructuring under reinstated CEO Bob Iger.

Spotify unveiled its Spotify Wrapped recap for 2022 on Wednesday, one day after Apple Music released its own data for the year.

The big picture: Spotify listeners were all about their throwback jams in 2022, showing they're cool running with older songs that might be over the hill.

An inverted yield curve is normally a bearish signal. Right now, however, it might just be bullish.

Why it matters: It's easy to be scared by the current state of the yield curve. But maybe — just maybe — this time is different.

Lawyers are expected to field a wave of sexual abuse complaints in New York over the next year, thanks to a new state law that temporarily lifts the statute of limitations on such cases.

Driving the news: Billionaire and Apollo Management co-founder Leon Black was sued on Monday under the new Adult Survivors Act by a woman who accused him of raping her 20 years ago.

The student loan system is broken in ways that get little attention amid all the controversy over debt forgiveness, a study out Wednesday morning from New America finds.

Why it matters: The paper highlights the ways the system can appear stacked against these borrowers — and how they feel trapped within it.

The emissions offset sector is getting a new player in Rubicon Carbon — flush with $300 million in private equity cash from TPG, and being led into the carbon-credit market by two former top Bank of America executives.

• The chair of the board is Anne Finucane, BofA’s former vice chair, who has long experience with socially responsible investing.
• The CEO is Tom Montag, who retired last year as the bank’s chief operating officer.

Why it matters: As the private sector moves to tackle climate change, major companies are looking to voluntary credits to help offset their carbon footprints.

• Finucane has been an advocate for sustainable finance through her career, including working with the UN and World Bank.

Zoom out: The Wall Street Journal notes that the development of the carbon credit sector — and by extension, efforts to curb climate change — is increasingly reliant on private capital, especially with governments falling short on their climate commitments.

The bottom line: TPG’s Rubicon investment, and the firm being led by someone with Finucane’s financial and environmental cachet, is a sign of how the finance and environmental sectors are becoming increasingly intertwined.

Nissan, whose entry-level Leaf dominated the U.S. electric vehicle (EV) landscape in the early 2010s before Tesla took a commanding lead, is aiming to claw back market share with a bevy of new, relatively affordable models.

• Its planned renaissance starts with the Ariya crossover utility, on sale in December at a starting price of $43,190.

Sam Bankman-Fried tells Axios that he always intended to roll over at least a portion of his former firm's $100 million Twitter stake into the new, privately held entity led by Elon Musk.

• But the former FTX CEO said in an interview on Monday night that he's not sure that ever happened with the Alameda Research-controlled stake.

Why it matters: It's the first time Bankman-Fried has addressed the question around his Twitter stake since Musk said last week that neither Bankman-Fried nor FTX ever held a position in the privatized Twitter, a statement that contradicted a Semafor news report.