“Covid was the perfect positive storm for these guys”

New York Times:

The stocks of Apple, Amazon, Alphabet, Microsoft and Facebook, the five largest publicly traded companies in America, rose 37 percent in the first seven months this year, while all the other stocks in the S&P 500 fell a combined 6 percent.

And:

Those five companies now constitute 20 percent of the stock market’s total worth, a level not seen from a single industry in at least 70 years. Apple’s stock market value, the highest of the bunch, is nearly $2 trillion — double what it was just 21 weeks ago.

And:

“Covid was the perfect positive storm for these guys,” said Thomas Philippon, a professor of finance at New York University.

And let’s not forget about the billionaires. Jump to this Statista post and scroll down to the chart showing the massive growth in billionaire wealth since March 18th.