How billionaires got $637 billion richer during the coronavirus pandemic
- 40 million Americans filed for unemployment during the pandemic, but billionaires saw their net worth increase by half a trillion dollars.
- This isn't the first time billionaires have seen gains while others dealt with loss, and it tends to tie back to two things. First, the government disproportionately gives more aid to larger companies.
- Then, when the stock market bounces back, the unequal bailouts mean that the wealthy still have money on hand to invest and thus profit, while the middle and lower classes do not.
- Wealth-friendly tax laws and loopholesthen keep those billionaires at the top. Knowing all of this, some are advocating for policies to help level the playing field and create change.
- Visit Business Insider's homepage for more stories.
Following is a transcription of the video:
Narrator: This is the unemployment rate during the COVID-19 pandemic. And this is Amazon CEO Jeff Bezos' net worth during that same time span. From March to June 2020, Amazon founder Jeff Bezos saw his wealth rise by an estimated $48 billion. The founder of the video-conferencing platform Zoom grew his nest egg by over $2.5 billion, and former Microsoft CEO Steve Ballmer's net worth increased by $15.7 billion.
These kinds of examples might lead you to think that when billionaires profit during a crisis, it's just a matter of right place, right time. Well, that's not false, but it's not entirely true either. Casino magnate Sheldon Adelson saw his wealth increase by $5 billion, while Elon Musk saw an increase of $17.2 billion. When you add up the numbers, billionaires in the United States have increased their total net worth $637 billion during the COVID-19 pandemic so far.
See the rest of the story at Business Insider
See Also:
- Google to invest $450 million to acquire 6.6% stake in ADT
- Iran has been covering up its coronavirus death toll, according to BBC investigation which says the true figure is almost 3 times higher
- A senior Merkel ally says China is an 'ever more powerful snake' that Germany will take the fight to
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