The World Is Not Happy That Jeff Bezos Is Set To Become The First Trillionaire
COVID-19 restrictions may be easing, but the impact of life under lockdown is only just beginning as job losses, slashed hours and the forced closure of business have devastated the economy. A worldwide pandemic doesn’t exactly make for prosperity, but few could have anticipated just how serious the impact would be. Which is why news that Amazon’s CEO, Jeff Bezos, is on his way to becoming the world’s first trillionaire isn’t exactly cause for celebration. Rather, it’s only served to highlight the vast inequality that exists not only in the United States, but around the world, and led many to wonder why Bezos hasn’t done more for the current situation and those in need.
Back in April, we reported on the escalating rise of the CEO’s fortune. While most were grappling with a crashing stock market and falling share prices, Bezos saw his net worth soar. At the time, Bloomberg reported that his net worth surged by $24 billion USD, increasing roughly 20 per cent over the last four months to a total of $138 billion. Now, a new study by Comparisun, it’s believed Bezos will see his fortune continue to increase with a projection that he will become a trillionaire by 2026.
This surge is largely due to the increased demand for Amazon products and delivery services, as people around the world continue to self-isolate. In recent months, the demand for Amazon has been so significant that the company is reported to have earned $75.5 billion USD in revenue for the first quarter of 2020. But such demand also comes with a risk, and it’s one people have been quick to voice, particularly now in light of Bezos’ increasing fortune. While the CEO might be riding the wave of Amazon’s popularity, the company’s employees have been made to feel exceptionally vulnerable. Employees have reported significant risk and exposure to the virus, with one worker even passing away from COVID-19.
With this in mind, it’s hardly surprising that news of Bezos becoming a trillionaire by 2026 isn’t exactly cause for celebration. To peruse the Twitter feed is to find numerous comments expressing disgust at the news, with others growing ever more frustrated at the blatant abuse of the company’s workers (recently, Amazon just announced they would end wage increases and double overtime pay in June).
Capitalism has brought about levels of income inequality that are unjust and unsustainable.
Three men in America own more wealth than the bottom HALF of the country. This is disturbing. Unfettered capitalism is not the path forward.#RIPCapitalism
https://t.co/12D5IYlNqa— McAuley (@McauleyHolmes) May 13, 2020
I don’t know how anyone can defend an economic system where a plutocrat like Jeff Bezos makes $24 billion during a pandemic while 33 million Americans lose their jobs. The disease plaguing our nation is capitalism and the vaccine is democratic socialism. #RIPCapitalism— Ryan Knight (@ProudSocialist) May 13, 2020
Jeff Bezos is expected to become the 1st trillionaire as he consolidates the retail market during coronavirus.
Now Amazon is telling its workers (who have faced significant risk) that it'll be ending their hazard pay at the end of MAY!
Atrocious greed.https://t.co/JOcsZBwSGo— Rep. Bonnie Watson Coleman (@RepBonnie) May 13, 2020
It seems even a pandemic can’t stop Bezos from growing ever richer and while the rest of the world braces for an economic depression, the news highlights the economic disparity that continues to widen.