Business
Amazon's new CEO: Bezos has stepped down. Cloud computing chief Andy Jassy is stepping up

Amazon's new CEO: Bezos has stepped down. Cloud computing chief Andy Jassy is stepping up

David Crowther

Jeff Bezos has officially stepped down as the CEO of Amazon, exactly 27 years since he founded the company in July 1994. Bezos is likely to keep himself busy with space exploration, the Washington Post, the Amazon exec chairman role and figuring out how to spend (or maybe give away?) his $200bn fortune**.**

‍The individual succeeding him is Andy Jassy, the trusted lieutenant who has grown Amazon's cloud computing division, Amazon Web Services, into a $45bn+ industry leader.

‍Andy's Amazon CV

‍After bouncing around the marketing department, and serving as Bezos' "shadow", Jassy and the other top executives realized that Amazon had, through its e-commerce endeavours, become quite good at building and managing tech infrastructure services like databases, storage and computing. And — in true Amazon fashion — they had gotten good at doing it cheaply.

The team wondered whether there might be something in offering these services to other developers or companies, and in 2003 AWS was formed, with its first products launching in 2006 under the leadership of Jassy.

Since then Jassy and his team have stacked countless services and products on top of each other into AWS, building it into an industry leader — ahead of rivals such as Google Cloud and Microsoft Azure (the revenues of which Microsoft doesn't explicitly disclose). This week Jassy's tenure got off to a good start as the $10bn Pentagon JEDI contract, which was previously awarded to Microsoft, was cancelled.

More Business

See all Business
Claire Yubin Oh
15h
Music record companies love being “artist-centric” — but how much do they pay out to artists?

On Tuesday, Pershing Square made a $64 billion bid to buy Universal Music Group.

In this photo illustration, the Universal Music Group logo
Mounjaro KwikPen Photo Illustrations

Eli Lilly makes the world’s bestselling drug. Can it keep the party going?

Some are starting to worry that Lilly, which for a short time vaulted into the trillion-dollar market cap club, may have hit a plateau.

J. Edward Moreno15h
Max Knoblauch
4/7/26
Check, please

WE
CAN’T
CARRY
ON
LIKE
THIS

business
Max Knoblauch

Delta to increase bag fees by $10 on domestic flights this week, following JetBlue and United, as jet fuel surges

As the price of jet fuel surges amid the war in Iran, Delta Air Lines on Tuesday announced that it will hike its checked bag fees by $10 beginning this week.

Checking one bag on a domestic Delta flight will now cost $45, up from $35. A second bag will cost $55, up from $45, and a third will cost $200, up from $150. In a statement to Sherwood News, Delta issued the following announcement:

“For tickets purchased on or after April 8, Delta will increase fees for first and second checked bags by $10 and for a third checked bag by $50 on domestic and select short-haul international routes. These updates are part of Delta’s ongoing review of pricing across its business and reflect the impact of evolving global conditions and industry dynamics. Delta SkyMiles Medallion Members; customers traveling in First Class, Delta Premium Select and Delta One; active-duty military customers; and those with eligible co-branded Delta SkyMiles American Express Cards will continue to receive their allotment of complimentary checked bags.”

The move follows similar hikes by JetBlue and United Airlines last week. More are likely to come: when one major airline adjusts its fees, others tend to follow quickly behind. Delta last raised its bag fees in 2024, along with other major airlines.

Jet fuel prices were $4.69 a gallon on Monday, per the Argus US Jet Fuel Index. That’s up from the low $2 range for much of January.

business
Max Knoblauch

Paramount reportedly receives $24 billion from Gulf funds to back its Warner Bros. takeover

Three Middle East sovereign wealth funds have agreed to back Paramount’s takeover of Warner Bros. Discovery to the tune of roughly $24 billion, according to Wall Street Journal reporting.

The company’s triumph over Netflix in the bidding war came thanks in part to financial backing from Oracle cofounder Larry Ellison, billionaire father of Paramount CEO David Ellison.

Saudi Arabia’s PIF, which last year led the $55 billion deal to take Electronic Arts private, will provide about $10 billion in the deal. The Qatar Investment Authority and Abu Dhabi’s L’imad Holding Co. is also involved.

According to the WSJ, the funds will not receive voting rights in the combined Paramount-Warner company. Those working on the deal don’t expect the Gulf funds’ involvement to spark any additional regulatory reviews.

Exclusive | Gulf Funds Agree to Back Paramount’s $81 Billion Takeover of Warner

Exclusive | Gulf Funds Agree to Back Paramount’s $81 Billion Takeover of Warner

The company’s triumph over Netflix in the bidding war came thanks in part to financial backing from Oracle cofounder Larry Ellison, billionaire father of Paramount CEO David Ellison.

Saudi Arabia’s PIF, which last year led the $55 billion deal to take Electronic Arts private, will provide about $10 billion in the deal. The Qatar Investment Authority and Abu Dhabi’s L’imad Holding Co. is also involved.

According to the WSJ, the funds will not receive voting rights in the combined Paramount-Warner company. Those working on the deal don’t expect the Gulf funds’ involvement to spark any additional regulatory reviews.

Latest Stories

Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, Robinhood Derivatives, LLC, or Robinhood Money, LLC. Futures and event contracts are offered through Robinhood Derivatives, LLC.
©2026 Sherwood Media, LLC