Expected, but still shocking. I suspect (other than the three US global Tech giants) one finds a similar trend in other countries.
Billionaire Pandemic Profiteers
"Between January 1, 2020 and April 10, 2020, 34 of the nation’s wealthiest 170 billionaires have seen their wealth increase by tens of millions of dollars.
Eight of these billionaires have seen their net worth surge by over $1 billion.
1. Jeff Bezos, Amazon founder and CEO: up $10 billion ($25 billion as of April 15, 2020)
The stock market crash initially left Bezos’ net worth deeply damaged, down to a meager $105 billion on “Black Thursday” March 12, the stock market’s lowest point. Bezos’ wealth has been trending upward ever since, with no company better positioned to profit from the pandemic than Amazon. The closure of hundreds of thousands of small businesses is giving Amazon the opportunity to increase its market share, strengthen its place in the supply chain, and gain more pricing power over consumers.
3. MacKenzie Bezos, novelist and philanthropist: up $3.5 billion (and up $8.6 billion as of April 15, 2020)
MacKenzie Bezos owns a 4 percent stake in Amazon transferred to her by ex-husband.
2. Elon Musk, Tesla CEO and SpaceX founder and CEO: up $5 billion
helping address the shortages of critical medical equipment.to produce ventilators.
4. Eric Yuan, Zoom founder and CEO: up $2.58 billion
5. Steve Ballmer, Los Angeles Clippers owner and former Microsoft CEO: up $2.2 billion
6. John Albert Sobrato, Silicon Valley real estate mogul: up $2.07 billion
7. Joshua Harris, Apollo Global Management cofounder and owner of multiple professional sports teams: up $1.72 billion
8. Rocco Commisso, Mediacom Communications founder and CEO and owner of two professional soccer teams: up $1.09 billion."
https://inequality.org/wp-content/uploads/2020/04/Billionaire-Bonanza-2020-April-21.pdf
https://peoplesworld.org/article/pa...tra-rich-got-ultra-richer-as-coronavirus-hit/
Banks profitted $10 Billion In Fees from Small Business Rescue
"The banks that were the largest recipients of bailout cash in the last recession have also done well.
Banks handling the government's $349 billion loan program for small businesses made more than $10 billion in fees — even as tens of thousands of small businesses were shut out of the program.
The banks took in the fees while processing loans that required less vetting than regular bank loans and had little risk for the banks, the records show. Taxpayers provided the money for the loans, which were guaranteed by the Small Business Administration."
https://www.npr.org/2020/04/22/840678984/small-business-rescue-earned-banks-10-billion-in-fees
Billionaire Pandemic Profiteers
"Between January 1, 2020 and April 10, 2020, 34 of the nation’s wealthiest 170 billionaires have seen their wealth increase by tens of millions of dollars.
Eight of these billionaires have seen their net worth surge by over $1 billion.
1. Jeff Bezos, Amazon founder and CEO: up $10 billion ($25 billion as of April 15, 2020)
The stock market crash initially left Bezos’ net worth deeply damaged, down to a meager $105 billion on “Black Thursday” March 12, the stock market’s lowest point. Bezos’ wealth has been trending upward ever since, with no company better positioned to profit from the pandemic than Amazon. The closure of hundreds of thousands of small businesses is giving Amazon the opportunity to increase its market share, strengthen its place in the supply chain, and gain more pricing power over consumers.
3. MacKenzie Bezos, novelist and philanthropist: up $3.5 billion (and up $8.6 billion as of April 15, 2020)
MacKenzie Bezos owns a 4 percent stake in Amazon transferred to her by ex-husband.
2. Elon Musk, Tesla CEO and SpaceX founder and CEO: up $5 billion
helping address the shortages of critical medical equipment.to produce ventilators.
4. Eric Yuan, Zoom founder and CEO: up $2.58 billion
5. Steve Ballmer, Los Angeles Clippers owner and former Microsoft CEO: up $2.2 billion
6. John Albert Sobrato, Silicon Valley real estate mogul: up $2.07 billion
7. Joshua Harris, Apollo Global Management cofounder and owner of multiple professional sports teams: up $1.72 billion
8. Rocco Commisso, Mediacom Communications founder and CEO and owner of two professional soccer teams: up $1.09 billion."
https://inequality.org/wp-content/uploads/2020/04/Billionaire-Bonanza-2020-April-21.pdf
https://peoplesworld.org/article/pa...tra-rich-got-ultra-richer-as-coronavirus-hit/
Banks profitted $10 Billion In Fees from Small Business Rescue
"The banks that were the largest recipients of bailout cash in the last recession have also done well.
Banks handling the government's $349 billion loan program for small businesses made more than $10 billion in fees — even as tens of thousands of small businesses were shut out of the program.
The banks took in the fees while processing loans that required less vetting than regular bank loans and had little risk for the banks, the records show. Taxpayers provided the money for the loans, which were guaranteed by the Small Business Administration."
https://www.npr.org/2020/04/22/840678984/small-business-rescue-earned-banks-10-billion-in-fees
