The increased stock of technology fueled by pandemics has reorganized the list of American billionaires.
MacKenzie Scott, novelist and philanthropist who recently divorced Amazon founder Jeff Bezos, is now the richest woman in the world. Last week, Tesla CEO Elon Musk surpassed Facebook CEO and co-founder Mark Zuckerberg to become the third richest man in the world, after Jeff Bezos and Bill Gates.
Since the pandemic shutdowns began in March, the combined wealth of the U.S. billionaire has grown by nearly $ 800 billion, or more than 25 percent, according to an analysis by American for Tax Fairness, an advocacy group.
As part of her divorce, Scott acquired a 4 percent stake in Amazon, whose stock has been in turmoil as coronavirus-induced lockdowns drove online sales and home delivery. Shares have risen from about $ 2,000 to $ 3,500 since the start of the year.
Tesla’s stock soared after that The stock split, which went into effect on Monday, It is up 500 percent this year as investors expect Tesla to dominate the electric vehicle market in the long term. Retail investors on low-cost and low-income platforms like Robinhood have made the stock a favorite as well, generating self-fulfilling momentum that greatly exceeds the company’s price to earnings ratio, a classic measure of a stock’s value.
Musk’s personal fortune has tripled since March, when the outbreak began to stop. As part of a recently negotiated pay package, his board would give him another $ 50 billion if he met a set of agreed performance goals.
While it was a wild and crazy circuit at the top of the billionaires index, the steep pace of wealth accumulation is in sharp contrast to the economic devastation millions of Americans face at the other end of the spectrum.
The Federal Reserve It is estimated that family net worth has decreased by a record 5.6 percent In the first quarter, the biggest decline in a single quarter since the 1950s.
With The unemployment rate is 10.2 percent, More than a million people a week are still progressing To get unemployment benefits for the first time, and lawmakers are still at a standstill due to the additional emergency funding, some Americans have turned to crowdfunding to keep their stores open and pay for medical procedures – Even funerals.
Additionally, an estimated 40 million Americans can They will likely be evicted from their homes in the coming months. President Donald Trump said Tuesday that the Centers for Disease Control and Prevention will use its authority to The evictions stopped until the end of the year.
“The growth of billionaire wealth – along with the declining health and fortunes of most working-class and low-income families – is hideous and inappropriate,” said Chuck Collins, director of the Inequality Program at the Institute for Policy Studies.
While Musk rejected the restrictions imposed on the Corona virus, describing it as “fascist”, he wrote on Twitter that he wanted to sell “almost all material property”, and complained about it. Tesla stock price ‘too high’ Scott is one of the billionaires who have signed The Giving Pledge to donate most of their fortunes. More than $ 50 billion net worth, Scott It recently gave $ 1.7 billion To a large number of nonprofits and historically black colleges.