According to a recent report, Tesla CEO Elon Musk and Amazon CEO Jeff Bezos are actually getting richer as much of the world is in lockdown due to the Wuhan coronavirus pandemic. The combined wealth of the two billionaires has increased by ten percent since January.
Reuters reports that the combined net worth of Amazon CEO Jeff Bezos and Tesla CEO Elon Musk has increased by nearly 10 percent during the Wuhan coronavirus pandemic according to a recent study by the Institute for Policy Studies (IPS).
The CEO’s wealth increased massively as 26 million Americans currently file for unemployment. The net worth of other CEOs has also increased rapidly, stock in the video conferencing service Zoom have rallied in recent weeks as it becomes a key communication app as many are isolated in lockdown, this created a windfall for Zoom CEO Eric Yuan.
Chuck Collins, a co-author of the report from the IPS, commented: “This is the tale of two pandemics, with very unequal sacrifice.” Between January 1st and April 10th of this year, 34 of America’s wealthiest billionaires have seen their net worth increase by tens of millions of dollars, according to the report.
The report from the IPS claims that eight billionaires including Bezos, Yuan, and Musk saw their net worth increase by at least $1 billion since January.
The report states that Musk holds an 18.5 percent stake in Tesla which has increased in value by 73 percent since the beginning of the year. Bezos owns 15.1 percent in Amazon stock which has jumped in value by nearly 31 percent this year. The wealth of U.S. billionaires has jumped over 80.6 percent in the last decade when adjusted for inflation.
Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan or contact via secure email at the address lucasnolan@protonmail.com
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