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Sunday, April 28th, 2019

Who Got Rich This Week: Zuckerberg, Bezos And Three Other Billionaires Gain $13 Billion Combined

Author:     Hayley C. Cuccinello
Source:     Forbes
Publication Date:     Apr 27, 2019, 08:00am
 Link: Who Got Rich This Week: Zuckerberg, Bezos And Three Other Billionaires Gain $13 Billion Combined
Stephan:   This is what wealth inequity means. When you are this rich how can you possibly identify with the other 99.9% of the people in the world? You have enormous power as the result of your wealth. You don’t live in the same world. You make more money in an hour than most of humanity makes in their entire lives. We have created a class of these people, the lords and ladies of Neo-feudalism, only wealth this time is not land, it is corporate ownership. But the same social implications obtain, and this time climate change will be much worse. What this tells me is that the Senate and White House must change hands, and our tax structure and priorities need to be drastically changed by the new Congress and Executive branches.

Mark Zuckerberg

Mark Zuckerberg has had plenty of difficult days in the past year, but this past week was a good one for him. The Facebook CEO’s net worth jumped $5.5 billion in the week through Thursday April 25, mostly due to investor glee about the $2.4 billion in first quarter profit that the social media firm reported on Wednesday.

The 34-year-old is worth $71.3 billion, $20 billion more than at the beginning of 2019. He is now the 5th richest person in the world, up from No. 8 in March when Forbes published the annual world’s billionaires list. The positive quarterly earnings report overshadowed news that Facebook is setting aside as much as $5 billion to pay a fine to the Federal Trade Commission over privacy issues.

Zuckerberg’s gain was by far the biggest of the week, but he is in good company. The fortunes of Zuckerberg and four other tech billionaires, including Amazon’s Jeff Bezos, rose by a collective $13 billion in seven days.

A day after Facebook released its first-quarter earnings report, […]

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