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Rich People are Getting Wealthier During the COVID-19

Many of America’s wealthiest people have overcome the stock market’s crash that happened in March 2020. Thirty-four billionaires of America watched their wealth grow by a considerable amount of dollars, as indicated by the report issued by the Institute for Policy Studies, referring to the Bloomberg Billionaire Index. Furthermore, eight have encountered their net worth surpassing a hefty $1 billion within four months, according to the report. Here are the six wealthiest people who managed to make billions this year.

Rocco Commisso

Initially, Commisso saw his assets decline by $800 million when the stock market crashed. However, after Media Com struck a financial deal on March 23, his total wealth increased again. The Billionaire Bonanza report indicated that Commisso saw the decline and rise in just four months. He additionally owns ACF Fiorentina, which is an Italian Football club.

Joshua Harris

Apollo is a sizeable private value company that encompasses resources and assets worth more than $300 billion, as indicated by Forbes. Harris claims a stake in a few game groups including New Jersey Devils, Crystal Palace football club along with Philadelphia 76ers. The last team’s incentive had increased by five folds since 2011 when Harris bought it along with other companies for $290 million.

John Albert Sobrato

It is worth mentioning that the Sobrato Organization incorporates the silicon valley office spaces of Facebook, Amazon, Apple and Google. The progress of his organization has been market satisfactory by the report as the company performed well under pressure even after the closure of office spaces of these tech mammoths.

Steve Ballmer

Steve Ballmer is to date a noteworthy investor of Microsoft. According to the report, the company’s primary online networking platforms Skype and Teams saw an increment in the daily activity in March. Amidst the coronavirus outbreak, Ballmer vowed $25 million towards the organizations who are fighting against the virus, as indicated by The Los Angeles Times.

Eric Yuan

Zoom was first made public in 2019.  According to Forbes, in the beginning, Zoom was esteemed at a lump sum of $9 billion, of which Yuan had 22% of the total shares.  However, due to the ongoing pandemic, Zoom has become more famous as individuals all over the world are utilizing this video conferencing tool to cope up with their work, education, and therapy sessions.

Elon Musk

The report also indicates that Musk’s total value saw a decline of $3.1 billion in the mid of March. However, his net worth has been continually increasing since then and has recovered at a much faster pace than any other Billionaire’s wealth. His net worth has expanded by $8.1 billion since March.

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