Amazon CEO Jassy Urges ‘Startup’ Mentality in Shareholder Letter

MARKETS
Trump Offers ‘Buy’ Tip On Social Media Hours Before Tariff Pause That Made Stocks Soar

“THIS IS A GREAT TIME TO BUY!!! DJT.” That was President Trump’s early morning post on Truth Social Wednesday. At the time, markets were wobbling. By 1 p.m.? A 90-day pause on tariffs was announced, and the S&P 500 surged 9.5%, clawing back $4 trillion of value after a brutal week.

Well-Timed or Too Well-Timed?

The timing raised some eyebrows. Former White House ethics lawyer Richard Painter called it “maybe too prescient,” hinting at potential insider influence. After all, securities laws bar market manipulation or tipping off investors with nonpublic info. Democrats are already calling for an investigation. Trump, when asked when he decided to pause the tariffs, gave a fuzzy answer: “Over the last few days... fairly early this morning.”

So... What Did ‘DJT’ Mean?

Trump often signs off posts with “DJT,” but that’s also the ticker for Trump Media & Technology Group—his own company. Whether he meant “buy the market” or “buy DJT” is unclear, but investors weren’t picky. Trump Media stock soared 22.7%—nearly double the S&P’s rally—adding $415 million to Trump’s stake.

It wasn’t just DJT. Shares of Tesla, which Trump recently praised at a White House presser, also spiked, adding $20 billion to Elon Musk’s net worth. His commerce secretary had encouraged Americans to buy the stock just days earlier on Fox.

Market Tip or Market Signal? Ethics experts say that in any other administration, this kind of post would trigger a formal probe. But in Trump’s case, it may just boost Truth Social engagement. “He’s sending the message that he can move markets—and knows it,” said law professor Kathleen Clark. Whether that’s free speech or something closer to a market-moving megaphone remains to be seen.

MARKETS

• Wall Street’s celebration didn’t last long. A day after Trump’s tariff pause sparked historic gains, markets tanked Thursday as the president floated a 145% tariff rate on China. The S&P 500 dropped 3.5%, the Nasdaq slid 4.3%, and the Dow shed 1,000 points.

• Every S&P 500 sector ended in the red, erasing much of yesterday’s rally. Hopes of a trade cooldown were quickly replaced by fears of an all-out economic brawl.

STOCKS
Winners & Losers

What’s up 📈

• Janover surged 64.24% after completing its first purchase of Solana as part of its new crypto treasury strategy. ($JNVR)

• Harmony Gold Mining rose 10.55%, and Gold Fields Limited gained 8.58% as investors sought safety in gold amid rising global uncertainty. ($HMY, $GFI)

• Li Auto and XPeng rose 5.25% and 3.04%, respectively, on hopes that Beijing will protect Chinese EV makers from trade war fallout. ($LI, $XPEV)

• Enact Holdings climbed 4.41% after being added to the S&P SmallCap 600, replacing SolarWinds. ($ACT)

• Dexcom ticked up 0.69% after the FDA approved its 15-day G7 diabetes monitoring device for U.S. launch in late 2025. ($DXCM)

What’s down 📉

• CarMax crumbled 17% after missing Q4 earnings expectations, reporting just 58 cents per share versus 65 cents forecast. ($KMX)

• Warner Bros. Discovery tumbled 12.53% after China said it would restrict Hollywood film imports in retaliation for U.S. tariffs. ($WBD)

• Capri Holdings plunged 10.57% after Prada agreed to acquire Versace from Capri for $1.375 billion including debt. ($CPRI)

• U.S. Steel fell 9.46% after President Trump said he does not want the company sold to Japan, casting doubt on Nippon Steel’s $41 billion deal. ($X)

• Harley-Davidson dropped 9.25% after board member Jared Dourdeville resigned, citing “grave concerns” about the company and its leadership. ($HOG)

• Stellantis slid 11.96%, while Ford fell 3.79% and General Motors lost 4.39% as tariff concerns reemerged and UBS downgraded GM. ($STLA, $F, $GM)

• Tesla dropped 7.27% as Wall Street analysts slashed price targets, making it the day’s worst-performing Mag 7 stock. ($TSLA)

• Nvidia fell 5.91%, and Apple declined 4.24%, reversing some of their big gains from earlier in the week. ($NVDA, $AAPL)

• Banks stumbled amid market volatility: Goldman Sachs fell 5.24%, Citigroup lost 4%, and Bank of America declined 3.50%. ($GS, $C, $BAC)

SHAREHOLDER LETTER
Amazon CEO Jassy Urges ‘Startup’ Mentality in Shareholder Letter

Andy Jassy is trying to make Amazon feel like Day 1 again. In his annual letter to shareholders, the CEO pitched a back-to-basics revival, calling on the tech giant to move faster, think scrappier, and ditch the red tape. He even set up a “bureaucracy mailbox,” where employees sent in nearly 1,000 gripes about internal slowdowns. The result? Over 375 changes and a not-so-subtle reminder: builders hate red tape.

Jassy’s startup pep talk wasn’t just cultural—it’s financial. Amazon has already slashed over 27,000 jobs across the last two years and continues to trim experimental projects that weren’t pulling their weight. Meanwhile, he’s pushing teams to do more with less and simplifying the corporate org chart. The startup energy? It's not just about vibes—it's about margins.

AI Is the New AWS

Amazon isn’t just chasing speed—it’s chasing the next gold rush. Jassy said AI is a “once-in-a-lifetime reinvention of everything we know,” and he’s putting his money where his mouth is. Amazon plans to spend the bulk of its $100B capex this year on AI infrastructure, like Trainium chips, new Alexa models, and its Bedrock platform for third-party models. He’s betting these tools will bring down AI costs over time, just like AWS did for cloud.

Even as competitors like Alphabet promise $75B in AI spend this year, Jassy believes Amazon’s in a strong position—especially as companies look to apply AI across commerce, healthcare, and more. And he made it clear: AI costs might be steep now, but the future is cheaper, smarter, and more scalable.

Tariffs? We’ll Try Not to Pass the Pain

On the elephant in the room—tariffs—Jassy said Amazon will try to hold the line on pricing, but acknowledged that some third-party sellers might pass on costs. While the Trump administration has paused most tariffs, the hike on China (where Amazon sources much of its inventory) still looms large.

But don’t expect Jassy to slow his roll. Between cutting fat and doubling down on AI, he’s still betting big—even as macro pressures mount. His vision? A faster, leaner Amazon that feels less like a corporate cruise ship and more like a 500,000-employee startup chasing its next wave.

NEWS
Market Movements

• 🌏 Meta Whistleblower Claims China Compromise: A Meta whistleblower testified that the company allegedly enabled Chinese censorship and shared user data to maintain its $18 billion ad business in China. Meta has denied the allegations. ($META)

• ⚖️ OpenAI Files to Shield Itself From Elon Musk: OpenAI filed a motion to prevent further actions by Elon Musk in an escalating legal feud, claiming his conduct — including a suspicious $97 billion takeover proposal — was anti-competitive and intended to derail OpenAI’s shift to a public benefit corporation. ($MSFT)

• 📉 Inflation Slows to 2.4%, Lowest Core Rate Since 2021: March’s CPI fell 0.1%, lowering the annual inflation rate to 2.4%. Core inflation also eased to 2.8%, the lowest since March 2021. Despite the drop, Fed policy remains uncertain as upcoming tariffs are expected to drive prices higher again.

• 🚗 Tesla Launches in Saudi Arabia Amid EV Push: Tesla officially launched operations in Saudi Arabia, showcasing the Cybertruck and refreshed Model Y as it eyes growth in a country where EV adoption is still under 1%. The move comes amid improving relations between Musk and Saudi officials. ($TSLA)

• ⚖️ Weight Watchers Prepares for Bankruptcy: WeightWatchers is prepping for Chapter 11 bankruptcy as it grapples with declining revenue, $1.4 billion in debt, and competitive threats from weight loss drugs like Ozempic. The company’s advisors are reportedly in discussions with creditors about restructuring. ($WW)

• 🧾 Newsmax Loses Defamation Ruling Over Dominion Claims: A judge ruled that Newsmax aired false and defamatory statements about Dominion Voting Systems following the 2020 election. The $1.6 billion defamation suit is headed to trial on April 28, posing significant financial risk shortly after Newsmax’s IPO. ($NMAX)

• 🏬 Sam’s Club Plans Aggressive Store Expansion: Walmart’s Sam’s Club announced plans to open 15 new stores each year and renovate 600 existing ones, aiming to double membership. Sales reached $90.2 billion in FY 2025, up 53% from 2020. ($WMT)

• ⚡ Google Deploys AI to Modernize Power Grid: Google has partnered with PJM, the largest electric grid operator in the U.S., to implement AI solutions that reduce delays in connecting new energy projects. The initiative aims to meet surging power demand from AI-fueled data center growth. ($GOOGL)

ACQUISITION
Prada Strikes $1.4 Billion Deal for Versace

In the biggest Italian fashion deal in years, Prada is acquiring Versace for $1.38 billion in cash—bringing the iconic Medusa logo back under Italian ownership. The deal, which includes debt and is expected to close later this year, makes Prada Italy’s largest luxury group and gives it a shot at challenging French giants like LVMH and Kering.

The acquisition marks Prada’s return to the M&A runway after decades of playing it safe. Versace, once a beacon of 80s and 90s glam, had struggled under Capri Holdings, which bought the brand for $2.1 billion in 2018. Capri’s plan to revive Versace never quite clicked, with price hikes and fading relevance dragging on sales. The brand now gets a reboot under Prada’s watch—alongside the rising star of Prada’s Miu Miu label, which has been pulling in younger shoppers and strong revenue.

Different Vibes, Shared Goals

While Versace and Prada have wildly different aesthetics—flashy baroque versus minimalist —the combo could help Prada reach a broader customer base. CEO Andrea Guerra called the deal a “new dimension” for the company. And with Dario Vitale, a Miu Miu alum, recently taking over as creative director at Versace, synergy is already in motion.

The Prada family itself played a key role in sealing the deal. Lorenzo Bertelli, the heir, was reportedly crucial behind the scenes, helping navigate both succession planning and the acquisition. Donatella Versace, who stepped down as creative head in March, gave the green light and praised the return of the house to Italian hands. She’ll stay on in a supportive, non-creative role.

Bargain Buy in a Tough Market

Prada scored Versace at a steep discount. Capri’s 2018 price tag valued the brand at 2.6x sales—Prada’s offer landed closer to 1.7x, a sign of how much market sentiment (and Versace’s performance) has changed. With tariffs, luxury slowdowns, and consumer caution mounting, Prada is betting it can turn things around with patience and disciplined execution.

Despite the turmoil, investors gave a modest thumbs up. Prada shares rose nearly 2.43% Thursday, while Capri shares dipped. The move underscores a broader shift: Italian luxury wants its mojo back, and Prada is leading the charge.

Calendar
On The Horizon

Tomorrow

Friday brings a double shot of economic tea: March’s Producer Price Index and a first look at April consumer sentiment. While wholesale inflation matters, Wall Street might be more focused on how Main Street is feeling—especially with tariffs raising the cost of everything from phones to frozen shrimp. If shoppers start pulling back, it could spell trouble beyond just headline numbers.

Earnings season kicks off tomorrow, and it's the usual suspects at the gate: JPMorgan Chase ($JPM), Morgan Stanley($MS), Wells Fargo ($WFC), and BlackRock ($BLK). These giants are already navigating a shaky year thanks to rate uncertainty and falling deal activity—and now tariffs are set to squeeze everything from consumer credit to capital markets.