Merging company

Hillicon Valley – Biden-Bezos brawl heats up on Twitter

President Biden and billionaire Amazon founder Jeff Bezos traded barbs on Twitter, escalating their feud as the president shows support for Amazon’s organizing efforts and the administration backs proposals to curb the power of Big Tech.

In other tech industry news, former President Trump’s past failures haunt his path forward. The company merging with Trump’s social media company to go public warned investors of Trump’s past business failures.

This is Hillicon Valley, detailing everything you need to know about tech and cyber news, from Capitol Hill to Silicon Valley. Tip Rebecca Klar of The Hill, Chris Mills Rodrigo and Ines Kagubare. Subscribe here.

Biden versus the billionaire

A simmering feud between President Biden and Jeff Bezos has come to light after the Amazon founder went on the offensive to criticize the White House’s approach to inflation and taxing wealthy corporations.

Biden has frequently used Amazon as a foil as he lobbies for higher taxes on the wealthiest Americans and big business to help fund his economic agenda, and he recently vocally supported union organizing efforts at the company. .

But Bezos’ tweets accusing the president of “hijacking” and risking worsening inflation with his economic proposals, and the acerbic response from the White House, marked an escalation in what has become a growing relationship. conflicting.

The online back-and-forth also followed Biden’s recent public support for efforts to unionize Amazon workers, and the administration’s backing of a key antitrust bill that would weaken Amazon’s control over its platform. form of e-commerce.

Learn more about the feud here.

Investors warned of Trump’s past failures

The company merging with Donald Trump’s social media firm to go public in a Monday filing warned of the former president’s previous failed business ventures.

In the filing by Digital World Acquisition Corp (DWAC) – a special purpose acquisition company that has raised over $1 billion – and Trump Media & Technology Group (TMTG), the groups also warned that the Securities and Exchange Commission could still stop the merger. .

The merger document, known as S4, details several risks associated with Trump’s presidency of TMTG.

“A number of businesses associated with President Trump have filed for bankruptcy,” the document warns, listing Trump Shuttle, Trump University, Trump Vodka, Trump Mortgage and Trump Steaks.

The filing says the former president is “generally obligated” to post on Truth Social, where he has around 2.7 million followers, and “not to post the same message on any other social media site for 6 hours. “.

Learn more here.

CHIPMAKERS ARE LOOKING TO GROW IN US

As jolts in global supply chains continue to rock everything from auto manufacturing to infant formula, the particularly complex domestic semiconductor industry is looking to Washington to help channel greater part of its production in the United States and to protect itself from geopolitical hazards.

But it won’t be easy. Cutting-edge chip manufacturing and packaging has long been centered in East Asia and particularly Taiwan, where power maker TSMC has been working for decades to position itself as an indispensable mass producer of chips for enterprises. customers such as AMD, Apple and Texas. Tools.

“Tiny microchips are in everything and right now there’s a global shortage,” Sen. Mark Kelly (D-Arizona) said at a conference on a technology and commerce bill last week that could include significant tax breaks for chipmakers.

Learn more here.

BITS & COINS

A chewable editorial: Cyrpto anxiety: Should you be worried about crypto crime?

Lighter click: cutest couch potato

Notable Web Links:

When Amazon puts a warehouse next door: “We can’t escape it” (Bloomberg / Ilena Peng and Matt Day)

Crypto crash stokes some financial crisis fears (NBC News/David Ingram)

How EMF Radiation Fears Spawned a Snake Oil Industry (The Verge/Jordyn Haime)

One More Thing: Layoffs Hit Netflix

Streaming services platform Netflix has laid off up to 150 staff as it continues to see declining revenue and subscriber growth.

A Netflix spokesperson confirmed to The Hill on Tuesday the latest round of departures, saying the layoffs are part of new changes that focus more on a business approach rather than individual performance.

“As we explained on earnings, our slowing revenue growth means we also have to slow our cost growth as a business. So unfortunately we are laying off about 150 employees today, mostly based in the United States,” the Netflix spokesperson said in its statement.

Learn more here.

That’s all for today, thanks for reading. Check out The Hill’s Technology and Cybersecurity pages for the latest news and coverage. Well see you tomorrow.

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