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<\/div>Ass-Backwards<\/h2>
A number of American billionaires have used the coronavirus pandemic to grow even wealthier than they were before.<\/p>
In fact, billionaires in the U.S. have increased their wealth by a combined $282 billion, Fast Company <\/a><\/em>reports<\/a>. That’s a ten percent increase over where the billionaire class stood at the beginning of March — illustrating how the global crisis has furthered global inequality<\/a>.<\/p> Some of that newfound wealth came from how consumer behavior has changed since people found themselves stuck at home during the quarantine.<\/p> For instance, the video conferencing software Zoom saw a surge in new users as isolated friends and family sought a way to connect online. As a result, Fast Company <\/em>reports that Zoom CEO Eric Yuan has personally made $2.58 billion over the past two months.<\/p> But market changes alone don’t explain how people like SpaceX CEO Elon Musk or all of how Amazon CEO Jeff Bezos <\/strong>have walked away with significant increases to their net worth. The rest comes from numerous tax breaks and loopholes, not unlike how Microsoft founder Bill Gates actually grew wealthier<\/a> after pivoting to largescale philanthropy.<\/p> “We’re reading about benevolent billionaires sharing .0001% of their wealth with their fellow humans in this crisis,” inequality researcher Chuck Collins told Fast Company,<\/em> “but in fact they’ve been rigging the tax rules to reduce their taxes for decades — money that could have been spent building a better public health infrastructure.”<\/p> READ MORE: <\/strong>American billionaires have gotten $280 billion richer since the start of the COVID-19 pandemic<\/a> [Fast Company<\/em>]<\/p> More on the mega-rich: <\/strong>The Wealthy Are Hiding From the Pandemic in Underground Bunkers<\/a><\/em><\/p> The post These Billionaires Are Making a Killing Off the Pandemic<\/a> appeared first on Futurism<\/a>.<\/p> Read the rest here: Ass-Backwards A number of American billionaires have used the coronavirus pandemic to grow even wealthier than they were before. Continue reading No Options<\/h2>
Unfair Advantage<\/h2>
These Billionaires Are Making a Killing Off the Pandemic<\/a><\/p>","protected":false},"excerpt":{"rendered":"