How Musk, Bezos, Zuckerberg, Ambani Got Richer Amid The Pandemic
Of them all, Amazon CEO Jeff Bezos is the richest man in the world with a net worth of $204 billion.
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The coronavirus pandemic has paralysed most economies around the world leaving millions without a job and many without enough money to pay rent. What has been a calamitous phase for billions of individuals has been worth billions for a few.
Tesla and SpaceX CEO, Elon Musk profited most during the COVID-19 pandemic and the story is similar for other billionaires like Facebook’s Mark Zuckerberg, Amazon CEO Jeff Bezos and even Reliance Jio’s Mukesh Ambani.
But how much richer have they become and what exactly is the reason behind the billions of dollars that have come their way? Let’s find out.
Richer By the Dozen
Elon Musk, Tesla/SpaceX/Neuralink CEO
- Musk’s net worth rose by 246 percent between 18 March and 13 August as per an Institute for Policy Studies analysis.
- He added nearly $8 billion in a single day on 17 August.
- Musk is now the fourth-richest person on the planet.
- As per the latest Bloomberg Billionaire Index reports, his estimated net worth as of 21 August is $95.2 billion.
Jeff Bezos, Amazon CEO
- Bezos’s net worth rose by 68 percent between March and August 2020.
- The richest man in the world added another $76 billion to his fortune.
- As of 27 August, Jeff Bezos was worth $204 billion after shares of Amazon rose by 2 percent.
- Bezos owns 11.1 percent stake in the $1.68 trillion company.
Mark Zuckerbrg, Facebook CEO
- Mark Zuckerberg’s net worth rose by 75 percent between 18 March and 13 August 2020.
- Facebook CEO net worth as of 21 August was $102 billion.
- His net worth on 18 March was $54 billion.
- Facebook’s shares rose by 2.4 percent on 20 August.
Mukesh Ambani, Reliance Industries Chairman & MD
- Mukesh Ambani net worth between 18 March and 18 August rose by 53 percent.
- Reliance Industries MD’s net worth as on 18 March was $36.8 billion.
- It is estimated that his current net worth is $78.6 billion.
- Mukesh Ambani is currently the sixth-richest person in the world after slipping two spots.
The shares of Reliance Industries dropped recently which is why Mukesh Ambani’s net worth also came down.
What’s Bringing in the Big Bucks?
The biggest reason that billionaires have been able to make more billions is the immense investing and purchasing power they have had during these times.
Most American companies have had help from the government including their own resources to make profits during their pandemic. The wealth-friendly tax laws and loopholes have kept billionaires at the top.
Perhaps one of the biggest reasons that these people have been able to make billions during tough times is: Being at the right place at the ‘wrong’ time.
Amazon
As per a Business Insider report, the IRS (Internal Revenue Service) rules allowed Amazon to pay $0 in taxes two years in a row and finally when the time came to pay the amount, it had to pay a bill of $162 million which is just 1.2 percent of its income in 2019!
Not to mention that people have been shopping more online due to physical stores shutting down which means more transactions for Amazon! You see where this is going right?
The case is the same for Facebook with more money coming in from advertising as more people are online these days. Ads are the primary source of revenue for Facebook and Instagram.
In its latest earnings report for the second quarter of 2020, it showed an $18.69 billion year-on-year revenue growth, up by 11 percent.
Tesla/SpaceX
Both Tesla and SpaceX have yielded good results on the stock market during the pandemic which is the primary reason for the success of the company.
The surge in Musk’s personal wealth has also helped the share prices of Tesla to gravitate parallelly. Tesla and SpaceX’ net worth during the pandemic rose by 197 percent.
While SpaceX has managed to grab a multi-billion dollar project with the US government for its space research project, Tesla share prices have nearly quadrupled since the start of 2020, from $430 to more than $1,550.
Reliance Industries
Reliance Jio has been able to raise over Rs 1.5 lakh crore from strategic investors like Facebook, Silver Lake and Google by selling 33 percent stake in Jio Platforms.
In August, RIL shares closed at Rs 2,091.35 apiece and much of the success can be attributed to the sale of Jio Platforms to tech biggies.
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