Tech Billionaires Continue to Amass Wealth Amidst Pandemic

Despite the turmoil on U.S. streets and a record 43 million Americans filing for unemployment, the stock market is hitting record highs, and Big Tech is benefiting from that.

The crisis has made Amazon even more essential than ever, and its shares have spiked over 40% from their mid-March lows.

Facebook also swiftly recovered to record highs on Wall Street. The net worth of CEO Mark Zuckerberg has added another 30 billion dollars since March 18.

Other tech power players have also amassed more wealth in the past three months. The net worth of Tesla boss Elon Musk, Google founders Sergey Brin and Larry Page, and former Microsoft CEO Steve Ballmer have all climbed by 13 billion dollars or more each since mid-March 18.

A surging stock market helps rich Americans more than the rest of the country, as the top 10% of households owned 84% of all stocks in 2016, according to New York University professor Edward Wolff.

Source: https://edition.cnn.com/2020/06/04/business/billionaire-wealth-inequality-pandemic-jobs/index.html

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