The spectacular gains for Bezos and other titans in his industry have put Big Tech under increased scrutiny. Bezos testified before Congress last month along with the chief executives of Facebook Inc., Apple Inc. and Alphabet Inc. to defend their power and influence. It’s also highlighting widening income inequality with the U.S. economy entering its worst economic downturn since the Great Depression.
“In the 19th century, we had the Robber Barons. In the 21st century, we’ve got the ‘Cyber Barons,’” Representative Jamie Raskin, a Maryland Democrat, told the CEOs at the July 29 hearing. “And we want to make sure that the extraordinary power and wealth that you’ve been able to amass is not used against the interests of democracy and human rights around the world and not against the free market at home.”
In his opening statement before Congress, Bezos, who was born to a single mother and adopted by his Cuban-immigrant father when he was four, referenced his humble upbringing: ”I was born into great wealth, not monetary wealth, but as said the wealth of a loving family, a family that fostered my curiosity and encouraged me to dream big.”
The biggest hit to Bezos’s wealth was his divorce last year. His ex-wife MacKenzie Scott received a 4% stake in Amazon as part of the split. Scott, now worth $61.6 billion, is the 13th-richest person in the world.
Scott, 50, recently donated about $1.7 billion to several causes including racial equity, climate change and public health. The novelist has pledged to give away a majority of her wealth.
Many of the world’s wealthiest people have become richer in 2020, but Bezos is pulling far ahead of the pack. He is $70 billion wealthier than Microsoft Corp. co-founder Bill Gates, the second richest man in the world.
Bezos is now on the cusp of another record: a fortune exceeding $200 billion.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.