admin Amazon CEO Jeff Bezos is getting richer amid coronavirus pandemic. During lockdown, consumers relying on Jeff Bezos’s Amazon.com more than ever. This results into increase in the retailer’s stock by 5.3 percent to a noted Tuesday, growing the founder’s net worth to $138.5 billion.
JPMorgan Chase and Wells Fargo indicated Tuesday that loan losses fueled by the unprecedented job cuts — many of them in the retail industry that Amazon so efficiently disrupted — could compete those incurred after the 2008 financial crisis.
Bezos and many of his competitors have seen their wealth recover in recent weeks, helped by the increase 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 fallen $553 billion in 2020, it has surged 20 pecent 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,” informed 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.”
According to Sundial Capital Research, The volume of transactions in beaten-down industries, from travel to health care to gaming, suggests executives and directors are more bullish than they’ve been at most other points in the past decade.
Carnival board member Randall Weisenburger gained $10 million of stock in the beleaguered cruise-line operator last week. The shares have increased 56 percent since the purchase.
UBS Group AG is seeing ultra-wealthy clients ramp up borrowing to place more wagers in what they see as a cheap market. Mortgage brokers to the rich have said more clients are seeking loans backed by real estate to help them repay other debt, invest in businesses and snap up other assets.
There have been massive losers among the moneyed set. Many in the oil and gas industry have been hammered by the collapse in crude prices including wildcatter Harold Hamm, whose fortune is down 64 percent to $3.7 billion. Emerging-market billionaires aren’t reaping the same rewards as those in the US and there have been margin calls and forced sales.
But there also have been remarkable gains. Bezos, who made almost $24 billion to his fortune in 2020, as well as MacKenzie Bezos, who was left with a 4 percent stake in Amazon as part of the couple’s recent divorce settlement. Her net worth has grew $8.2 billion to $45.3 billion, and she’s on No. 18 now on the Bloomberg wealth ranking, ahead of Mukesh Ambani, India’s richest person, and Mexico’s Carlos Slim.
Rival retailer Walmart shares have also grew, buoying the fortunes of the world’s richest family. Alice, Jim and Rob Walton have a joint net worth of $169 billion, grew almost 5 percent since the start of the year.
Tesla Chief Executive Officer Elon Musk has gained $10.4 billion to his wealth this year.
The wealth of Zoom Video Communications founder Eric Yuan has more than doubled to $7.4 bn, as increase in demand for its teleconferencing service exploded in the wake of the pandemic-driven lockdown.
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