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   DealBook: The 700 club
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   A new Democractic tax proposal could hit just a few hundred wealthy taxpayers.
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             October 25, 2021
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              Good morning. Just in:
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              Adam Neumann,
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              the co-founder of WeWork, will join us at our DealBook Online Summit for an eye-opening interview about founding the company, its near-collapse in 2019 when questions were raised about management, and its stock-market debut last week. It will be his first interview since leaving the company. We hope it will be a candid discussion about what went right, what went wrong, what lessons he’s learned and what’s next.
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               Please register
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              to join us. (Was this newsletter forwarded to you?
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                  Senator Ron Wyden is expected to unveil a new way of taxing billionaires.
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             Billionaires on the hook?
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             As Democrats race to find ways to pay for President Biden’s social spending plans — particularly as one of their own, Senator Kyrsten Sinema of Arizona, blocks efforts to raise corporate and individual tax rates — they’re increasingly turning their eyes to a
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              different kind of tax
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             .
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              Billionaires could be taxed on unrealized capital gains
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             on their liquid assets,
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              Democratic officials said yesterday
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             . It would affect people with $1 billion in assets or those who have reported at least $100 million in income for three consecutive years, according to news reports. That would ensnare perhaps 700 taxpayers — or the wealthiest 0.0002 percent — but Democrats hope it would generate at least $200 billion in revenue over a decade. It would cover not only stocks, but also other assets like real estate. (Individuals could claim deductions for annual losses in the value of their assets.)
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               A key selling point of the proposal is that it clamps down on assets that aren’t normally taxed, and which billionaires often borrow against to spend huge sums of money at little relative cost.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The idea has been around for a while.
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             Senator Ron Wyden, the head of the Senate Finance Committee, who is expected to unveil the proposal this week, has been working on various versions of the plan for two years. And Senator Elizabeth Warren pushed a
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              more sweeping version
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             of an unrealized capital gains tax during her presidential run. “Raising the rate is not going to cause Jeff Bezos to pay a penny more,”
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              Warren told MSNBC
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             yesterday. “What we need is a tax that focuses on the wealth of the richest Americans.”
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              But it faces plenty of challenges.
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             Republicans, who have long opposed taxing unrealized gains, argue that it would create enormous bureaucracies and would be hard to implement. It’s also not clear that every Democrat would be on board with such a move — and, with razor-thin majorities in Congress, every Democratic vote would be needed if Biden and his allies hope to pass their spending plans along party lines.
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             HERE’S WHAT’S HAPPENING
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              PayPal gives up on a Pinterest takeover.
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             The digital payments giant said it’s
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              not pursuing a deal
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             , which people briefed on the matter had said could have been worth $45 billion. While Pinterest shareholders appeared supportive of a deal, PayPal investors were decidedly cooler on the idea, based on the companies’ recent stock performances.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Another tough day for Facebook.
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             Frances Haugen, the former product manager who has
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              shared thousands of pages
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             of internal company documents with journalists, is set to
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              testify before Britain’s Parliament
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             today as part of a European tour. Meanwhile, more news is emerging from leaked documents, including that Facebook employees were aware that their platform was being used to
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              spread misinformation and hate speech
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             in the U.S. and India.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Moscow is accused of launching a new cybersurveillance campaign.
             </span>
             The Russian intelligence agency behind the SolarWinds hack has begun
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              a broad new effort
             </a>
             to target thousands of U.S. government, corporate and think-tank computer networks, Microsoft officials and cybersecurity experts warned. Its apparent focus is stealing data stored in the cloud.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Citigroup agrees to a racial equity audit.
             </span>
             It will become the first major bank to ask outsiders to examine whether its business policies
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              contribute to racial discrimination
             </a>
             . While others like BlackRock have agreed to such self-examinations amid
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              pressure from investors
             </a>
             following the 2020 racial justice protests, other Wall Street firms have called these audits unnecessary.
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The fate of the world’s oldest bank grows cloudier.
             </span>
             UniCredit said last night that it was abandoning its effort to acquire Italy’s troubled Monte dei Paschi di Siena after negotiations with the Italian government
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              collapsed
             </a>
             . That has left Rome to come up with complex alternative measures ahead of a Dec. 31 deadline.
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             E-sports joins the SPAC boom
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             FaZe Clan, the e-sports conglomerate,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              announced today
             </a>
             that it will go public by merging with a SPAC, in a deal that values it at about $1 billion. Founded in 2010, FaZe Clan is an influencer marketing agency, e-commerce company and e-sports team all in one. (The company’s C.E.O., Lee Trink, once
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              described it
             </a>
             as “Dallas Cowboys meets Supreme meets MTV”). It will be one of the first prominent e-sports companies to go public — and it‘s likely to draw attention from the retail traders who
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              helped fuel
             </a>
             the SPAC frenzy.
            </p>
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             ADVERTISEMENT
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              FaZe wants to combine sports, media and marketing.
             </span>
             Trink is a former Hollywood entertainment manager who
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              worked with Kid Rock.
             </a>
             The company’s 85 influencers, who live together in its California
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              gamer compound,
             </a>
             produce viral social media clips, compete in professional gaming leagues for money and accolades, and foster a
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              devoted fan base
             </a>
             . FaZe has built on that following by launching an online store and branded merchandise and signing advertising deals
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              with the likes of Burger King.
             </a>
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              “We didn’t spend that much time really ideating on a traditional I.P.O. strategy,”
             </span>
             Trink said in an interview, noting that a SPAC deal allows FaZe Clan to talk about future opportunities as it prepares to go public, while a traditional I.P.O. would not. FaZe, which isn’t profitable, brought in about $38 million in revenue last year and expects to report more than $50 million this year. Trink said FaZe will use the SPAC to “double down” on content.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              “This is the beginning of gaming’s further ascent into the cultural zeitgeist,”
             </span>
             he added. The $176 billion video game industry exploded during the pandemic, although
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              some worry sales may slow
             </a>
             as the pandemic eases. E-sports is expected to become
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              a billion-dollar business this year
             </a>
             ; already, the e-sports team Evil Geniuses received an investment from China’s Fosun Sports Group
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              that valued it at more than $250 million.
             </a>
            </p>
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             The week ahead
            </h2>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              A “make or break” moment for climate change:
             </span>
             COP26, the annual climate summit hosted by the United Nations, begins next Sunday in Glasgow. At what the meeting’s president called a “
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              make or break
             </a>
             ” moment for fighting climate change, world governments will meet to work out
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              new targets for cutting carbon emissions
             </a>
             . But major carbon emitters like China, Australia,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Russia
             </a>
             and India have yet to submit their new pledges for curbing their pollution.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              More vaccines:
             </span>
             On Tuesday, an
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              F.D.A. advisory committee
             </a>
             is expected to discuss emergency authorization of the Pfizer vaccine for children ages 5 to 11. The White House has said it is ready to
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              quickly roll out vaccines for children
             </a>
             if they are authorized by the F.D.A. and the C.D.C.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The state of the economy:
             </span>
             The Commerce Department on Thursday will publish data on gross domestic product in the U.S. Economists expect the report to show that economic growth slowed over the summer, to about 0.9 percent in the third quarter. They’ll look for evidence that supply-chain disruptions and labor shortages are constraining the recovery and pushing up inflation.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Speaking of supply chains:
             </span>
             Corporate financial reports this week may shed new light on the severity of pandemic-driven
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              global supply shortages
             </a>
             , which have affected everything from cars to
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              iPhones
             </a>
             and
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              contributed to inflation
             </a>
             . G.E. and Microsoft report tomorrow; Coke and G.M. on Wednesday; and Amazon, Apple, Anheuser-Busch InBev and Ford Motor on Thursday. Meanwhile, you may want to get started on your
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              holiday shopping
             </a>
             .
            </p>
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           <td align="left">
            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             “I’m behind on bills, all because the pay team messed up. I’m crying as I write this email.”
            </h2>
           </td>
          </tr>
         </tbody>
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       </div>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-style:italic;font-size:inherit">
              — Tara Jones, an Amazon warehouse worker, in an email last year to then-C.E.O. Jeff Bezos. The email set off
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               an internal investigation that found Amazon
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              had been shortchanging new parents, patients dealing with medical crises and other vulnerable workers on leave.
             </span>
            </p>
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       </div>
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Crypto’s climate issue
            </h2>
           </td>
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       </div>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             While corporate America has pledged to go greener, the systems behind the most popular cryptocurrencies, Bitcoin and Ether, are energy-intensive by design. This has created an image problem for crypto, leaving the industry to scramble for a solution.
            </p>
           </td>
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       </div>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              “Urgent progress is needed towards decarbonization”
             </span>
             was the conclusion of
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
             </span>
             a
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              new report
             </a>
             by sustainability researchers and crypto industry players including the Cambridge University Centre for Alternative Finance, the Green Bitcoin Project and Digiconomist. But, the report added, the currently available data “is not widely understood, and can be taken out of context.” Because crypto’s carbon footprint is “a partisan and highly emotive issue,” the information and debate surrounding this topic has not been “open and reasoned.”
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              This is primarily a Bitcoin and Ethereum issue,
             </span>
             according to Alex DeVries, the founder of Digiconomist who studies crypto’s energy consumption. “The impact these two have reflects poorly on the rest of the cryptocurrency landscape,” he said in a statement. Greening crypto is relatively easy, at least on a technology level, the report’s authors say, and other parts of the cryptocurrency community have worked to address the issue.
            </p>
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            <ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
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              <span style="font-size:17px;line-height:25px">
               Players in the Ethereum network plan to convert to more sustainable mining soon. But Bitcoin’s price last week set records, driving up energy consumption — and its environmental cost.
              </span>
             </li>
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