Amazon boss Jeff Bezos and Facebook chief Mark Zuckerberg have clocked huge gains in their fortunes as technology stocks gained during two months of coronavirus pandemic. While Bezos' wealth rose over 30 per cent to $147.6 billion, Zuckerberg's fortune climbed by over 45 per cent to $80 billion.
Over 600 billionaires in the US became even richer on the back of rally in tech stocks during the period, an analysis of data by two think-tanks shows.
The total net worth of these billionaires rose $434 billion (roughly Rs. 32.97 lakh crore) between March 18 and May 19 as coronavirus pandemic claimed jobs and caused economic agony to millions of Americans, according to research by Americans for Tax Fairness and the Institute for Policy Studies' Program for Inequality.
The analysis was based on data from the Forbes billionaires list.
However, Microsoft's Bill Gates and Berkshire Hathaway's Warren Buffett managed to log small gains of 8.2 per cent and 0.8 per cent, respectively in their wealth.
Shares of Amazon and Facebook have logged gains after new programme announcements that helped their businesses at a time when consumers are stuck at home.
In the US, job losses have crossed 36.8 million since businesses shut down from mid-March to contain the spread of coronavirus.
Housing sales and manufacturing have declined, as the US government ponders what additional steps will be needed to rescue the economy. At least 94,700 people in the US have lost their lives to coronavirus pandemic where more than 1.5 million infections have been confirmed.