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‘Billionaires leveraging pandemic for profit’



TIM Kendall says Facebook borrowed a page from Big Tobacco’s playbook. / W. Commons

Tech Crunch (TC) has reported that the nearly 640 United States-based billionaires have increased their net worth by 29 percent collectively, their fortunes soaring by $845 billion since the start of the coronavirus pandemic.

“Many of those billions were made by tech founders, including Mark Zuckerberg, Jeff Bezos and Elon Musk, whose companies have soared in value and, in tandem, their net worth,” wrote Connie Loizos for TC.

“In fact, so much has been made so fast and by so few relatively, that it’s easy to wonder if greater equality is now forever out of reach,” she said.

Loizos interviewed ex-New York Times correspondent Anand Giridharadas for his updated view on his 2018 bestselling book “Winners Take All: The Elite Charade of Changing the World.”

In the book, Giridharadas made fun of the supposed generosity of the richest people in the world, saying that in fact they create the gravest problems. He cited Jeff Bezos who, he claimed, has a company who paid zero federal tax in 2017-2018 while opening a tuition-free preschool.

In the TC interview, the author said that wealthy people do not just survive crises, but that they leverage them for profit.