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(CNN) Billionaires are minting money during the pandemic, even as millions of Americans join the ranks of the poor. US billionaires have collectively become $1.1 trillion nearly 40% richer since mid-March, according to a report published Tuesday by progressive groups Institute for Policy Studies and Americans for Tax Fairness. In other words, not only have the uber-wealthy recovered their losses from the spring, many are faring much better than before. That s in large part because of the sizzling stock market. Elon Musk alone is about $155 billion richer, boosted by Tesla s skyrocketing market valuation. Forty-six people joined the ranks of billionaires since March 18, 2020, the week after the World Health Organization declared a global pandemic, according to the report. ....
America’s billionaires have grown $1.1 trillion richer during the pandemic Billionaires are minting money during the pandemic, even as millions of Americans join the ranks of the poor. US billionaires have collectively become $1.1 trillion nearly 40% richer since mid-March, according to a report published Tuesday by progressive groups Institute for Policy Studies and Americans for Tax Fairness. In other words, not only have the uber-wealthy recovered their losses from the spring, many are faring much better than before. That’s in large part because of the sizzling stock market. Elon Musk alone is about $155 billion richer, boosted by Tesla’s skyrocketing market valuation. ....