While the world is currently in lockdown and isolation – and while millions of people around the globe are losing their jobs – an increase in Amazon profit has Jeff Bezos smiling all the way to the bank.
In addition, Amazon will be ending employees’ hazard pay at the end of May, according to CNBC. Amazon said in March 2020 that it would raise hourly wages, but those policies won’t be in place from June.
Furthermore, confirmed cases of COVID-19 and related deaths have been growing at Amazon warehouses. Employees asked for greater safety protecting, including sick leave.
Jeff Bezos: First trillionaire
Bezos, who is estimated to be worth more than $140 billion, is becoming even richer during the COVID-19 pandemic. Amazon hit an all-time high in April and topped $1.1 trillion. Amazon workers don’t get bathroom breaks.
Amazon sales boosted Bezos’ net worth with $6.4 billion. According to the Forbes Rich List, his annual growth rate will make him a trillionaire within in the next six years, despite losing an estimated $38 billion as part of his recent divorce.
To wrap your head around what this means: A trillion has 12 zeros. So Bezos will be worth $1 000 000 000 000 in just six years, according to the Comparisun findings:
“Bezos is still “by the far the richest person and his network has grown by 34% on average over the last five years, which could potentially see him become the world’s first trillionaire as early as 2026, at which point he’ll be aged 62”.
Watch: Jeff Bezos’ wealth in rice:
If one grain of rice is worth $100 000, Jeff Bezos would have 26,3 kilogram of rice
The Trillion Dollar Club
The companies in the so-called Trillion Dollar Club – companies with a net worth exceeding $1 trillion – are Apple, Microsoft and Amazon, with Google set to join the ranks soon.
Facebook is currently worth $665 billion; with an average growth of 24% over the past five years, the tech giant could join the trillion-dollar club within the next two years.
The top ten wealthiest companies in the world are Apple, Microsoft, Amazon, Google, Facebook, Berkshire Hathaway, Visa, Alibaba, Mastercard, and JP Morgan Chase.
The second person to join the club would be Xu Jiayin in 2027 when he turns 68, followed by Jack Ma in 2030 when he turns 65. Jiayin is the chairman of the real estate firm Evergrande; Ma is the former chairman of Alibaba Group,
Comparisun predicts that Mark Zuckerberg will be the youngest person to join the Trillion Dollar Club. If his growth rate remains as is, he’d be trillionaire by his 51st birthday in 2036. Zuckerberg turned 36 today, 14 May 2020.
Twitter reacted with disgust
Netizens took to Twitter and expressed their disgust, with Ryan Knight pointing out that Bezos makes R24 billion during a pandemic while 33 million Americans lose their jobs. Knight adds:
“I don’t know how anyone can defend an economic system where a plutocrat like Jeff Bezos”.
Another user said that capitalism “has brought about levels of income inequality that are unjust and unsustainable”, adding:
“Three men in America own more wealth than the bottom HALF of the country. This is disturbing. Unfettered capitalism is not the path forward”.