Silicon Valley’s richest are getting richer just as
the pandemic is getting worse
“Market-oriented thinkers argue that these
billionaires are becoming rich because they are creating value for their
shareholders — which is a basic imperative of capitalism — and the billionaires
happen to be some of these companies’ largest shareholders.
That argument, though, is why it is worth assessing
the figures in the uppermost echelon of America’s elite. Over the last few
weeks in particular, tech fortunes have climbed to new heights.
That’s true for no one more than Bezos, whose assets
in 2020 have climbed by $75 billion; his net worth is now nearing almost $200
billion.
That historic wealth gain is due to the rise of
Amazon, which has proved indispensable as people around the world stay at home
in response to the pandemic. Its stock has skyrocketed 70 percent since the
start of the year”.