Jeff Bezos is obscenely profiting from the pandemic

Though not just him. It’s lots of billionaires and corporations. He’s just the (however obliquely now) books-related one I’ll focus on. Imagine being this obscenely wealthy and taking bailouts from the government (who frankly shouldn’t be bailing out billionaires). Bloomberg estimates Bezos is $24 Billion dollars richer because of government stimulus money. Fucking disgusting.

Yet Bezos and many of his wealthy peers have seen their fortunes recover in recent weeks, helped by the boost given to markets by unprecedented stimulus efforts by governments and central bankers. While the combined net worth of the world’s 500 richest people has dropped $553 billion this year, it has surged 20% from its low on March 23, according to the Bloomberg Billionaires Index

“The wealth gap, it’s only going to get wider with what’s going on now,” said Matt Maley, chief market strategist at Miller Tabak + Co. “The really wealthy people haven’t had to worry. Yes, they’re less wealthy, but you haven’t had to worry about putting food on the table or keeping a roof over your head.”

It’s not just the billionaires. Corporate insiders have been significant buyers of their companies’ shares, a show of confidence that the crisis will pass, even as the nation’s leaders debate exactly when Americans can safely return to work.

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