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

The combined wealth of America’s billionaires, including Amazon.com Inc founder Jeff Bezos and Tesla Inc chief Elon Musk, increased nearly 10% 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.