Big Tech Profiting From The Coronavirus Shutdown

The policy mandated economic shutdowns around the coronavirus have been a massive Darwinian event.  And as a result of the chaos, it looks like big tech has come out on top.

Here is the latest from The New York Post. If you’re bored and you need an outrage hit, consider checking it out.

Fortunes of US billionaires grew by $434B since coronavirus crisis

By Noah Manskar

May 22, 2020 | 1:22pm |

The combined fortunes of America’s billionaires ballooned by $434 billion during the coronavirus pandemic, even as millions of Americans lost their jobs, a new report says.

That marked a 15-percent increase in the total net worth of the nation’s more than 600 billionaires between March 18 and May 19 as much of the country was locked down to stop the virus from spreading, according to the report from Americans for Tax Fairness and the Institute for Policy Studies, two left-leaning think tanks.

“While millions risk their lives and livelihoods as first responders and front line workers, these billionaires benefit from an economy and tax system that is wired to funnel wealth to the top,” the Institute for Policy Studies’ Chuck Collins said in a statement.

The full text of the article is here.  Check it out if you get a chance.

Here is more on our recent coverage of coronavirus related events.

What Companies Are Doing Well In the Era of Covid-19?

Consider Investing Your Stimulus Check In The Stock Market

What To Do In A Market Crash With Your Retirement Savings

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