Apple chief executive officer Tim Cook took the hot seat on Tuesday morning in Washington to answer questions about a tax planning strategy that has enabled it to avoid billions of dollars of taxes.
Carl Levin, chairman of the Senate investigations committee, set the tone with his opening remarks, noting that just in 2012, Apple had exploited tax loopholes allowing it to avoid $9bn in US taxes. Such practices, he said, did “real harm” to the US economy, disadvantaging domestic companies that don’t make use of “tax gimmicks”.
You can watch the hearing here, read Mr Cook’s written testimony here and read the Senate committee’s report on Apple’s tax structure here.
Yahoo bought Tumblr for its rambunctious community. Despite the coat of paint rapidly applied to its email, homepage and various apps since Marissa Mayer arrived as chief executive less than a year ago, Yahoo was still in need of an injection of youth and energy.
But in solving that problem, Tumblr may have created another for Yahoo. Ad execs and Wall Street analysts alike are voicing concerns about – along with gifs and memes – one of Tumblr’s most popular types of content: pornography. Read more