The United States might be on the cusp of an economic recession, but you’d never know it from looking at Mark Zuckerberg and Jeff Bezos’s bank accounts, after they just made $14 billion in a single day.
On Friday, July 31, a number of the richest people in the world added masses to their wealth, with Facebook, Amazon and Apple rapidly overtaking expected earnings for this quarter.
According to Bloomberg’s Billionaire Index, Facebook stocks climbed 8.2% to a record-breaking $253.67, earning CEO Mark Zuckerberg an eye-watering $7 billion in the process. Meanwhile, Amazon shares climbed 3.7% to a whopping $3,164.68, again, earning CEO Jeff Bezos by a further $7 billion.
Apple’s stock saw similar increases, however company chief executive Tim Cook didn’t make the Bloomberg rankings. But, like many other CEOs, Cook’s wealth is mostly tied to stock ownership in Apple, which means his net worth can change hugely from day-to-day depending on fluctuations within the stock market.
Fortunately for the above, though, tech shares have continuously soared since January 1, despite equities struggling to see growth this year.
Just last month, Bezos added a huge $13 billion to his net worth in a single day, breaking the record of the highest anyone has ever earned in a single day since the Bloomberg Billionaires Index began.
Amazon, which has been described as ‘one of the most valuable, powerful companies on the planet’, was founded by Bezos in 1995, and has gone from strength to strength ever since, sitting far ahead of anyone else on Bloomberg’s index.
Bezos is expected to become the world’s first trillionaire by 2026, Business Insider reports.
New statistics from Americans for Tax Fairness and the Institute for Policy Studies found that more than 600 American billionaires have had their wealth increase by an average of $42 billion during each week of the pandemic, between March 18 and July 16, totalling more than $700 billion.
While the rich continue to get richer, many businesses in the US have revealed they’ll soon be forced to cut more staff as the Payroll Protection Funds run out this month.
ING chief economist James Knightley said, as per Business Insider:
COVID-19 is far from beaten and while there is optimism about a vaccine, the timing and its efficacy are still unknown.
With virus fears on the rise, jobs being lost and incomes squeezed, we feel the recovery could be much bumpier than markets seemingly do, and think we are in for some data disappointment over the next couple of months.
Here’s to hoping for a brighter future for small businesses.
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