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The message from Jeff Bezos: Big Tech’s not so powerful.

The message from his personal fortune: Oh yes it is.

Bloomberg

• The mind-boggling accumulation of money underway in technology is unrivaled in speed and scale
• The Amazon.com Inc. founder has seen his net worth soar by $63.6 billion this year.

Jeff Bezos, founder and chief executive officer of Amazon.com Inc., speaks via videoconference during a House Judiciary Subcommittee hearing in Washington.

Jeff Bezos, Mark Zuckerberg are taking tech wealth to a whole new level

7 min read . 06:01 AM ISTBloomberg

• The mind-boggling accumulation of money underway in technology is unrivaled in speed and scale
• The Amazon.com Inc. founder has seen his net worth soar by $63.6 billion this year

The message from Jeff Bezos: Big Tech’s not so powerful.

The message from his personal fortune:

Home >Companies >People >Jeff Bezos, Mark Zuckerberg are taking tech wealth to a whole new level

Jeff Bezos, founder and chief executive officer of Amazon.com Inc., speaks via videoconference during a House Judiciary Subcommittee hearing in Washington.

Jeff Bezos, founder and chief executive officer of Amazon.com Inc., speaks via videoconference during a House Judiciary Subcommittee hearing in Washington.

Jeff Bezos, Mark Zuckerberg are taking tech wealth to a whole new level

7 min read . 06:01 AM IST

Bloomberg

The mind-boggling accumulation of money underway in technology is unrivaled in speed and scale

The Amazon.com Inc. founder has seen his net worth soar by $63.6 billion this year

The message from Jeff Bezos: Big Tech’s not so powerful.

The message from his personal fortune: Oh yes it is.

As Bezos and three other technology magnates defend their businesses at a Congressional hearing on antitrust worries Wednesday, their fast-growing wealth provides a breathtaking measure of their companies’ economic might. The Amazon.com Inc. founder has seen his net worth soar by $63.6 billion this year. On one day this month, it leaped an unprecedented $13 billion. The world’s richest man is now on the cusp of another record: a fortune exceeding $200 billion, according to the Bloomberg Billionaires Index.

Another chief executive officer testifying, Mark Zuckerberg of Facebook Inc., has grown $9.1 billion richer this year, placing his fortune within reach of the centibillionaire status already held by Bezos and Bill Gates.

The mind-boggling accumulation of money underway in technology is unrivaled in speed and scale. No other group of executives has prospered to such a degree. Indeed, the world’s richest people are growing even richer, even faster, as the coronavirus pandemic upends the global economy and drives ever more activity online.

Online Economy

“We moved the brick-and-mortar economy to an online economy dramatically," said Luigi Zingales, a finance professor at the University of Chicago Booth School of Business. “Probably the same thing would have happened in a longer period of time. Now it’s happening in weeks instead of years.

As Bezos and three other technology magnates defend their businesses at a Congressional hearing on antitrust worries Wednesday, their fast-growing wealth provides a breathtaking measure of their companies’ economic might. The Amazon.com Inc. founder has seen his net worth soar by $63.6 billion this year. On one day this month, it leaped an unprecedented $13 billion. The world’s richest man is now on the cusp of another record: a fortune exceeding $200 billion, according to the Bloomberg Billionaires Index.

Another chief executive officer testifying, Mark Zuckerberg of Facebook Inc., has grown $9.1 billion richer this year, placing his fortune within reach of the centibillionaire status already held by Bezos and Billgates.

Themind-boggling accumulation of money underway in technology is unrivaled in speed and scale. No other group of executives has prospered to such a degree. Indeed, the world’s richest people are growing even richer, even faster, as the coronavirus pandemic upends the global economy and drives ever more activity online.

Online Economy

“We moved the brick-and-mortar economy to an online economy dramatically," said Luigi Zingales, a finance professor at the University of Chicago Booth School of Business. “Probably the same thing would have happened in a longer period of time. Now it’s happening in weeks instead of years."