One noteworthy event is Jeff Bezos’ substantial sell-off of Amazon shares, cashing out a staggering $8.5 billion. Bezos, who founded Amazon, had planned to sell up to 50 million shares until January next year, as disclosed in Amazon’s annual report.
California's budget crisis is projected to expand more than previously thought and could hit a record deficit of $73 billion, according to a new report from the state's nonpartisan Legislative Analyst's Office (LAO).
The LAO laid out the grim forecast in a Tuesday report that cautions that a $24 billion "erosion in revenues" corresponds to a $15 billion increase in the state's budget problem. Due to this, the budget deficit, which last month was estimated to hit $58 billion, could now go as high as $73 billion.
"The actual increase in the state's budget problem will depend on a number of factors, including formula-driven spending changes, most notably Proposition 98 spending requirements for schools and community colleges," the report said.