fbpx
Monday, September 28th, 2020
Home » Money » Bezos, Musk among billionaires gaining net worth in pandemic: report

Bezos, Musk among billionaires gaining net worth in pandemic: report

FILE PHOTO: Amazon founder and CEO Jeff Bezos laughs as he talks to the media while touring the new Amazon Spheres during the grand opening at Amazon's Seattle headquarters in Seattle, Washington, U.S., January 29, 2018. REUTERS/Lindsey Wasson

REUTERS, APRIL 23, 2020

(Reuters) – The combined wealth of America’s billionaires, including Amazon.com (AMZN.O) Inc founder Jeff Bezos and Tesla Inc (TSLA.O) chief Elon Musk, increased nearly 10% during the ongoing COVID-19 pandemic, according to a report published by the Institute for Policy Studies (IPS).

The wealth surge of America’s richest men happened during a period that saw as many as 22 million Americans file for unemployment.

Even as the broader economy faced a recession, tech and stay-at-home stocks like Zoom (ZM.O) have rallied in recent weeks, due to a surge in usage of video conferencing and remote work technology, thus boosting the net worth of billionaire founders with holdings in those companies.

Leaked Video of the Day: The perils of working from home. Zoom call while peeing.

“This is the tale of two pandemics, with very unequal sacrifice,” said Chuck Collins, a co-author of the report.

During the period between January 1 to April 10 this year, 34 of the nation’s wealthiest billionaires have seen their net worth increase by tens of millions of dollars, the report said.

READ: Elon Musk earns 1,082 times more than the CEO at the Port of Los Angeles

According to the 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 holds an 18.5% stake in Tesla shares, which has soared over 73% since the beginning of the year as traders looked beyond the short-term impact of the coronavirus pandemic.

READ: Supply Chain: Amazon stops accepting new grocery customers on surging demand

Bezos owns about 15.1% in Amazon stock, which has gained nearly 31% this year as online orders on its platform have surged due to people staying indoors.

In the last decade, wealth of U.S. billionaires jumped over 80.6% adjusted for inflation, the report added.

Reporting by Abhishek Manikandan and Munsif Vengattil in Bengaluru; Editing by Shailesh KuberOur Standards:The Thomson Reuters Trust Principles.

Other articles you may find interesting

Copyright © 2020 PortandTerminal.com. All rights reserved. This material may not be published, broadcast, written or redistributed.

Check Also

Thomas Wilhelmsen, CEO of Wilhelmsen Group.

Shipping heir Thomas Wilhelmsen rejects buyout offers from cousins

PortandTerminal.com, September 20, 2020 OSLO, NORWAY – Last week, Norwegian daily Dagens Næringsliv reported that cousins and …

Flanked by other airline executives, American Airlines CEO Doug Parker speaks to reporters after meeting with White House Chief of Staff Mark Meadows in Washington, U.S., September 17, 2020. REUTERS/Kevin Lamarque

Airline CEOs plead with White House to avert massive looming U.S. job cuts

REUTERS, SEPTEMBER 17, 2020 WASHINGTON (Reuters) – White House Chief of Staff Mark Meadows met …