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The total wealth of American billionaires, including Amazon and Tesla founders Jeff Bezos and Ilon Musk, has increased nearly 10% since the start of the crisis due to the new coronavirus, according to a report released by the Washington Institute for Political Intelligence .
And while people like Musk and Bezos are getting richer, 22 million Americans are out of work, according to Reuters.
Despite the overall economy facing a recession, home tech and goods like Zoom have posted gains in recent weeks as a result of the rise in videoconferencing and teleworking technology, increasing the net worth of billionaires by participating in these companies. .
“This is a story of two pandemics, with many irregular victims,” said Chuck Collins, co-author of the report.
Between January 1 and April 10, 34 of the wealthiest billionaires have increased their wealth by tens of millions of dollars, according to the report.
According to an IPS report, eight of these billionaires, including Bezos, Zoom Video Communications Inc. founder Eric Yuan and Musk, saw a $ 1 billion jump in their total net worth.
Musk owns an 18.5% stake in Tesla stock, which has increased in value by more than 73% since the start of the year, as operators look beyond the short-term impact of a coronavirus pandemic.
Bezos owns roughly 15.1% of Amazon’s shares, which gained nearly 31% this year, as online orders for its platform have skyrocketed as people stay home.
Over the past decade, the wealth of US billionaires. USA It has increased more than 80.6%, taking into account inflation, the report adds.
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