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Jeff Bezos, Elon Musk among billionaires gaining net worth in pandemic: Report

The wealth surge of America's richest men happened during a period that saw as many as 22 million Americans file for unemployment.

April 24, 2020 / 01:29 PM IST

The combined wealth of America's billionaires, including Amazon.com Inc founder Jeff Bezos and Tesla Inc chief Elon Musk, increased nearly 10 percent during the ongoing COVID-19 pandemic, according to a report published by the Institute for Policy Studies (IPS).

The wealth surge of America's richest men happened during a period that saw as many as 22 million Americans file for unemployment.

Even as the broader economy faced a recession, tech and stay-at-home stocks like Zoom have rallied in recent weeks, due to a surge in usage of video conferencing and remote work technology, thus boosting the net worth of billionaire founders with holdings in those companies.

"This is the tale of two pandemics, with very unequal sacrifice," said Chuck Collins, a co-author of the report.