Amid the Crisis, 8 of America’s Richest Still Raked In Billion-Dollar Gains to their Net Worth
Businesses across various industries have been trying to stay afloat amid the coronavirus pandemic and its economic effects. There has been a global stock market crash since February 20, and stocks have declined by at least 25% and 30% in most G20 nations.
However, some have overcome the crash and have even grown their fortunes. Out of the 170 richest people in America, 34 of them saw an increase in their net worth by tens of millions in 2020, according to a report called Billionaire Bonanza. Based on the summary, 8 of these 34 billionaires have gained more than $1 billion to their net worth between January 1 to April 2020.
They have experienced dips in their fortune during the crash but have successfully recovered due to a surge in their products’ popularity or participating in efforts related to the pandemic. Billionaires who are involved in video conferencing companies, for example, are faring better because people are using their tools more during this time due to social distancing orders.
Let’s get to know more about these 8 billionaires who are raking in the big bucks even with the pandemic.
Rocco Commisso – $1.09 Billion
Mediacom Communications founder and CEO Rocco Commisso suffered a net loss of $800 million when the stock market crashed in March. However, he was able to overcome that bump when his company was able to get a financing deal on March 23.
His net worth increased by $1.09 billion and is now at $8.3 billion. Aside from Mediacom, he also owns a professional soccer club, ACF Florentina. Commisso also helped the badly-hit Italy in its coronavirus effort.
Joshua Harris – $1.72 Billion
Joshua Harris serves as a co-founder and senior managing director of private equity firm Apollo Global Management, a company with $300 billion assets. It’s no surprise that he is now worth $5.2 billion, with $1.72 billion of that amount added in 2020.
He is also a stakeholder in sports teams such as the Crystal Palace Football Club of the English Premier League, NHL’s New Jersey Devils, and NBA’s Philadelphia 76ers. Ever since he purchased the 76ers in 2011, the team’s value has grown more than 5 times.
John Albert Sobrato – $2.07 Billion
Sobrato Organization maintains office spaces in Silicon Valley that are occupied by tech giants Amazon, Facebook, Google, Apple, and Netflix. These companies are performing well during the coronavirus outbreak, with most people staying indoors and relying on their gadgets.
With tenants doing great, Sobrato Organization is not missing out on things. The company’s chairman emeritus, John Albert Sobrato, has seen an increase of $2.07 billion to his net worth, which is now at $9.6 billion.
Steve Ballmer – $2.2 Billion
Even though Steve Ballmer is no longer the CEO of Microsoft, he still has significant shares of the company. So, he is also benefitting in the upsurge of daily activity of Microsoft’s online video conferencing platforms, Skype and Teams.
Ballmer, who also owns the Los Angeles Clippers of the NBA, has donated $25 million for COVID-19 relief. Knowing that his net worth is now at $62.4 billion following an increase of $2.2 billion in 2020, that amount he donated is not a big deal for him.
Eric Yuan – $2.58 Billion
People are now turning to Zoom for their communication needs. From online classes to virtual meetings, it has become essential while trying to navigate through the new norm. It’s natural that its founder and CEO, Eric Yuan, is also enjoying gains to his fortune. During the first half of 2020, he was able to gain $2.58 billion to bump his net worth to $8.7 billion.
MacKenzie Bezos – $3.5 Billion
MacKenzie Bezos used to be the wife of the world’s richest man, Amazon head honcho Jeff Bezos. When they divorced in July 2019, Mackenzie was given 25% of Jeff’s shares in their company.
Elon Musk – $5 Billion
Tesla CEO and SpaceX founder Elon Musk has been keeping busy amid the public health crisis. His company, SpaceX, teamed up with Medtronic, a medical device company producing ventilators, to increase the latter’s production capacity. His engineers over at Tesla are using used car parts to create the prototypes.
His fortune has also been busy climbing up by the billions. Although his fortune fell by $3.1 billion in mid-March, it has since recovered and has grown to $37.8 billion.
Jeff Bezos – $10 Billion
And who else would be posting the most gains than the richest man himself, Amazon chief Jeff Bezos? People are now turning to Amazon to get their goods from businesses that have closed brick-and-mortar stores. That’s probably what kept the effect of the market crash from hitting Amazon too hard.
During the stock market’s lowest point on March 12, Bezos’ net worth dropped to $105 billion. However, he was able to recover and is now enjoying a net worth of $145 billion. To give back, he donated $100 million to food banks.
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