outbrain
Close  

Facebook, Amazon chiefs see wealth balloon amid pandemic—report

/ 03:03 PM May 23, 2020

(FILES) In this file photo Founder and CEO of US online social media and social networking service Facebook Mark Zuckerberg reacts upon his arrival for a meeting with European Commission vice-president in charge for Values and Transparency, in Brussels, on February 17, 2020. (Photo by Kenzo TRIBOUILLARD / AFP)

The fortunes of US billionaires rose 15 percent in the two months since the coronavirus pandemic hit, a study found, with Amazon boss Jeff Bezos and Facebook chief Mark Zuckerberg seeing massive gains.

The more than 600 billionaires in the United States became even richer as tech stocks rose during virus lockdowns, an analysis of data by two think-tanks published Thursday said.

ADVERTISEMENT

Between March 18 and May 19, their total net worth increased by $434 billion while the coronavirus pandemic caused job losses and economic agony for tens of millions of Americans.

Bezos’ wealth grew over 30 percent to $147.6 billion, while Zuckerberg’s fortune leapt by more than 45 percent to $80 billion, according to the research by Americans for Tax Fairness and the Institute for Policy Studies’ Program for Inequality. The analysis was based on data from Forbes billionaires list.

FEATURED STORIES

Microsoft’s Bill Gates and Berkshire Hathaway’s Warren Buffett saw comparatively paltry gains of 8.2 percent and 0.8 percent, respectively, according to the report.

Amazon and Facebook stocks have surged following new program announcements that pushed their businesses ahead at a time when many consumers are stuck at home.

Job losses in the US have passed 36.8 million since business shutdowns began in mid-March to stop the spread of the deadly new disease.

Other data have shown a collapse in housing sales and a decline in manufacturing, as officials debate what additional steps will be needed to rescue the beleaguered economy.

COVID-19 has killed at least 94,700 people in the US where more than 1.5 million infections have been confirmed, according to an AFP tally.

ADVERTISEMENT
Read Next
EDITORS' PICK
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Amazon, Business, Facebook, Forbes Billionares List, Jeff Bezos, mark Zuckerberg
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.