"Frankly, if Congress doesn't codify it, they'll go into court. My sense [is] it's really difficult to justify tax changes because the president wanted to change them,"
Shares of Snap (NYSE: SNAP) are up just over 15%, or $1.13 a share. All after the company reported strong revenue that was above expectations, it said it would buy back $500 million worth of stock, and noted that Perplexity AI will pay it $400 million to integrate its AI search features into Snap. Revenue of $1.51 billion was above estimates of $1.49 billion. Global daily active users jumped to 477 million, as compared to estimates of 476 million.
Starbucks is the worst offender, but jaw-dropping gaps are the norm among America's leading low-wage corporations. CEOs of the 100 S&P 500 firms with the lowest median wages - a group I call the "Low-Wage 100" - have enjoyed skyrocketing pay over the past six years. As a group, these CEOs now earn 632 times more than their median employees, I found in a new report for the Institute for Policy Studies.
