In the late 1990s Andy Jassy pitched a wild idea to his boss and mentor, Jeff Bezos: what if Amazon developed another business…this one, in the cloud. Two decades later, it’s Amazon’s most profitable division – one that Jassy continues to head up as the CEO of Amazon Web Services. Jon Fortt sat down with
Wealth
Elon Musk is due to resume testifying in his own defense on Wednesday in a defamation lawsuit filed by a British diver whom the Silicon Valley billionaire called “pedo guy” on Twitter. Musk, the 48-year-old CEO of Tesla, apologized for the tweet during his first day of testimony in U.S. District Court in Los Angeles on
La Reverie, the six-acre estate on Palm Beach stretches over 70,000 square feet. Handout Hedge fund billionaire Steven Schonfeld and his wife bought a sprawling Palm Beach estate for $111 million, making it the most expensive home ever sold in Florida. Schonfeld, the founder of New York-based Schonfeld Strategic Advisors, closed on the six acre-estate
Six of Silicon Valley’s biggest companies had a combined “tax gap” of more than $100 billion this decade, according to a new analysis. Fair Tax Mark, a British organization that certifies businesses for good tax conduct, assessed global tax payments from Facebook, Apple, Amazon, Netflix, Google and Microsoft between 2010 and 2019. The companies are
Rather than a wealth tax, successful businessman and businesswomen should be pushed to donate more, according to e-commerce billionaire Michael Rubin. “There has to be more pressure on entrepreneurs, when they create great value, to give back,” Rubin told CNBC’s “Squawk Box” on Monday. “I always bank on an entrepreneur to give back and get
jeffbergen | E+ | Getty Images The average American is in poor financial health. Those with credit cards carry more than $5,5000 in debt and, according to the American Psychological Association, 81% of Americans say that money is a significant source of stress in their lives. Despite the struggle, the basics of personal finance are
LVMH chair Bernard Arnault speaks at the Viva Technology conference in June 2017 in Paris, France Chesnot | Getty Images Bernard Arnault, chairman and CEO of luxury goods brand LVMH, has overtaken Bill Gates to be named the world’s second-wealthiest person by Forbes. According to Forbes’ Real-Time Billionaires List, the French businessman added an estimated
Armed with Peter Mayle’s 1989 best-seller A Year in Provence, my husband and I spent a romantic week in Provence in 1994. Newly love-smitten, we stayed in a quaint hotel overlooking the Rhône, enjoying breakfasts on our balcony by the river and strolling starry-eyed into the Place du Forum for dinner at the iconic Le
Abigail Disney, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., on Tuesday, April 30, 2019. Patrick T. Fallon | Bloomberg | Getty Images Abigail Disney, the heiress to the world-renowned entertainment firm, has endorsed the proposed wealth tax from Democratic presidential candidate Sen. Elizabeth Warren, slamming the wealthy people that are
Las Vegas isn’t the first place you’d think of to go on vacation alone. But earlier this year after a conference at one of the giant hotels on the Strip, I was curious to see Sin City through fresh eyes and decided to stay five more days — by myself. Being alone in an adults’
Apple CEO Tim Cook and President Donald Trump were in Texas this week, in a high stakes photo-op at the factory in Austin where Apple’s Mac Pro computer is assembled. Cook no doubt wants to make it hard for the president to put tariffs on Mac Pro components. Cook has said unless Apple continues to
Marc Romanelli | Blend Images | Getty Images Procrastination comes at a steep cost for older savers who want to hold off on taking mandated withdrawals from their retirement accounts. If you turned 70½ this year or you’re older, you’re on the hook for a required minimum distribution out of your individual retirement account and
Lloyd Blankfein, former Goldman Sachs CEO, told CNBC on Tuesday the pay disparity between CEOs and rank-and-file employees is really no different from what on-air television personalities get paid compared with behind-the scenes workers. Defending well-paid CEOs, who have become punching bags in the wealth inequity discourse of the Democratic presidential primary race, Blankfein responded
Former U.S. Treasury Secretary Larry Summers bashed presidential candidate Sen. Elizabeth Warren‘s tax proposals on Tuesday, arguing they go too far and could ultimately hurt the American economy. “I don’t think that taxation approaching confiscatory is remotely feasible and, if it was tried, would have catastrophic economic consequences,” the former economic advisor to Barack Obama said
The top 1% of taxpayers would likely avoid about $5 trillion in taxes over the next decade unless the IRS improves its enforcement, according to a new analysis. A research paper by Lawrence Summers, the former Treasury Secretary, and finance professor Natasha Sarin found that lax enforcement by the Internal Revenue Service has led to
The booming market for luxury rentals in Manhattan has led to a new market segment: the $100,000-a-month rental. Demand for ultra-luxury rentals is soaring in Manhattan as more wealthy buyers decide to sit on the sidelines and rent. At the same time, more sellers of trophy penthouses and pricey townhouses are opting to rent to
FatCamera | E+ | Getty Images There’s still time to shave a few bucks off your 2019 tax bill — if you act quickly. The 2018 tax season came with harsh lessons for some taxpayers who didn’t properly adjust their plans for the Tax Cuts and Jobs Act. This overhaul of the tax code roughly
At America’s first Rolliefest, the rules are clear: Don’t reveal the location of the event on social media until it’s over. Last month, 110 watch collectors from 13 countries filed past armed guards at the Lotte New York Palace hotel in midtown Manhattan. There, some of the world’s most prominent watch collectors were gathered in
Serge Krouglikoff | The Image Bank | Getty Images Children are a tremendous responsibility, financially taxing and incredibly rewarding. And there inevitably comes a point where, as a parent, you need to cut the purse strings, confident you have raised an independent adult who can sustain themselves financially. I recently had a meeting with husband
Marc Lasry, a billionaire and major Democratic donor, is the latest major Wall Street investor to warn about the damage the stock market could sustain if Elizabeth Warren were to win the presidency. Lasry, the co-founder of Avenue Capital who made his fortune putting money into distressed assets, told CNBC on Friday that a Warren