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Despite a decline in the total number of U.S. billionaires, the total wealth of the exclusive nine-figure-club grew by $500 billion over the last five months.
There are now 801 billionaires based in the United States with a combined wealth totaling $6.22 trillion, according to an Institute for Policy Studies analysis of the Forbes Real Time Billionaire List.
The total number of billionaires is down 11 people as of September 13, 2024 from April when Forbes published their 38th annual World’s Billionaire List. Despite that decline in the number of billionaires, the total wealth of the exclusive nine-figure-club grew by $500 billion over the last five months.
The top five billionaires and by individual wealth are:
There are now a total of 12 billionaires with more than $100 billion each. For context, the first person to cross the $100 billion personal wealth threshold—Jeff Bezos—only did so in 2018.
When Forbes started tracking wealth in 1982 there were only 13 billionaires on the Forbes 400 list and it took $75 million to join the list. Today, a person needs have a minimum of $3.2 billion to make the cut.
Among the wealthiest families on the Forbes list:
Many top billionaires have seen their wealth surge since the onset of the Covid-19 pandemic.
On March 18, 2020, Elon Musk had wealth valued just under $25 billion. By the start of the next year he became the richest person in the world with a net worth of $185 billion.
After a decline of his assets from the acquisition of Twitter (now X) and falling Tesla valuations, Musk’s wealth has almost reached its 2022 peak with $252 billion.
Jeff Bezos saw his wealth rise from $113 billion on March 18, 2020 to $204 billion in the September 13, 2024 survey.
Three Walton family members—Jim, Alice, and Rob—saw their combined assets increase from $161.1 billion on March 18, 2020 to $286 billion this September.
It's now the only option that makes any sense.
In the fall of 2021, Facebook whistleblower Frances Haugen shocked the world by exposing just how much harm the company has inflicted on young users—and the fact that the company knew every last detail about it. After years of calls across the aisle to rein in Big Tech, the revelations in the “Facebook Files” felt like the perfect catalyst to get the ball rolling on tech reform in Congress. Haugen’s bravery came just a year after the FTC launched its 2020 antitrust suit against Facebook, and coincided with a historic push in Congress to pass tech antitrust legislation. In an environment like this, it’s easy to see why Sen. Richard Blumenthal (D-CT) declared that ‘this time feels distinctly different’: that the time for Congress to clamp down on Big Tech had finally come.
Unfortunately, two years later, it’s self-evident that the company now known as Meta is as harmful and unaccountable as ever. Facebook’s status as a modern-day monopoly allowed the company to withstand public outcry, and the tech giants’ all-out war against antitrust legislation in 2022 killed the bills in the 117th Congress. Fantastical notions that markets would force Facebook to change, popular during Meta’s stock slump in 2022, look even more absurd amid Meta’s stock turnaround this year. Critical reporting on Meta’s harmful influence, such as The Wall Street Journal’s horrifying exposé this summer on Instagram’s role in enabling pedophiles, has received scant attention compared to Haugen’s revelations.
Make no mistake: Without action in Congress, Meta and the other tech giants’ ongoing war on accountability will continue.
As Haugen acknowledged in a recent op-ed, Meta and the other tech giants are still wielding their lobbying might to crush accountability measures across the country. In other words, even as Meta feigns support for accountability measures, ‘self-regulation’ won’t and cannot stop the company’s corrosive impact. To stop Facebook from exploiting children, stealing users’ data, and destroying global democracy, Congress needs to cut to the central issue at hand: Facebook’s monopolistic dominance, which enables the company to commit harm with impunity.
Over the past year, lawmakers looking to rein in Big Tech have largely set their sights on specific policy areas, be it child online safety or artificial intelligence (AI). To be sure, there’s no doubt that these issues and other specific tech policy matters deserve proper attention in their own right. But it’s crucial that the heart of the problem—the fact that Meta and other Big Tech companies’ monopoly power give them free reign to continue their destructive behavior—is not lost on Congress.
And make no mistake: Without action in Congress, Meta and the other tech giants’ ongoing war on accountability will continue. Two years ago, Meta demanded that FTC chair Lina Khan, a noted Big Tech critic, recuse herself from scrutiny of the company over frivolous conflict of interest accusations. Armed with virtually unlimited financial resources at their disposal, Meta and its team of lawyers have only intensified their war against the administrative state.
Amid a separate legal battle with the FTC over child privacy, Meta has gone as far as to target the FTC’s very constitutional authority. At a time when right-wing activists are working to weaponize the justice system in favor of corporate interests, this development should be welcomed with grave concern. As Sen. Elizabeth Warren (D-MA) noted, these ludicrous demands from Meta are akin to “Big Tobacco trying to gut the FDA because they didn't want to be held accountable for hooking kids onto nicotine.”
Contrary to naysayers, the movement to break up Big Tech monopolies is anything but dead. Rapid developments in AI over the past year have raised widespread concerns that Big Tech giants will leverage control of the technologies to entrench their monopolies. As Sen. Amy Klobuchar (D-MN), a top proponent of the tech antitrust bills last session recently acknowledged, the rise of AI makes the cause of reining in Big Tech perhaps more relevant than ever. Recent polling has affirmed that Americans are still eager to rein in tech giants’ monopoly power, with a historic September survey finding strong support for AI anti-monopoly measures.
Between the Meta’s aggressive push into AI to its apparent hands-off approach to dangerous deepfake content ahead of the 2024 election, it’s more important than ever to rein in Facebook. Lawmakers should stand with the FTC as it pursues its historic antitrust case against Meta, and vigorously fight any efforts by tech-friendly members of Congress to gut the agency’s funding. Moreover, Congress should finish the work it started last session by passing the reintroduced American Innovation and Choice Act (AICO) to clamp down on Meta and other tech giants’ monopolistic abuses."It is more important than ever that social media platforms do not censor truthful and legitimate content, particularly as people around the world turn to online communities to share and find information."
Progressive U.S. Sen. Elizabeth Warren on Thursday sent a letter to Meta CEO Mark Zuckerberg demanding answers to questions about the Facebook and Instagram parent company's alleged suppression of pro-Palestinian content during the ongoing Israeli obliteration of Gaza.
"Over 90 human rights and civil society organizations have raised alarm about Meta's reported suppression, filtering, and mistranslation of Palestine-related content over the past two months, calling on the company to provide additional transparency as to content moderation and to address discriminatory algorithmic design," Warren (D-Mass.) wrote.
The senator is seeking clarification regarding documented occurrences on Facebook and Instagram of censorship of pro-Palestinian content, labeling the Palestinian flag as "potentially offensive," and translating the words "Palestinian" and "Alhamdulilah"—Arabic for "praise be to God"—as "Palestinian terrorist."
"Even more concerning, Meta reportedly manipulated its content filters to apply stricter standards to content generated in Palestine compared to the standards in place in the rest of the region and the world," Warren noted.
The senator wrote:
Meta generally hides comments designated as hateful only when its content moderation systems are 80% certain that they violate the platform's policies. The Wall Street Journal reported that after Hamas' October 7 attacks, Meta tightened those filters, "as part of 'temporary risk response measures'—emergency calming efforts of the sort that Meta has previously deployed in wars, potential genocides, and the Jan. 6, 2021 U.S. Capitol riot—Meta cut that threshold in half over a swath of the Middle East, hiding any comment deemed 40% likely to be inflammatory." Meta also changed the default settings on Facebook to limit who could comment on content created "in the region." Soon thereafter, however, Meta lowered the bar further for Palestine only, hiding comments from users in the occupied Palestinian territories if its automated system judged there was at least a 25% chance they violated Meta's rules.
"Unsurprisingly given these changes, Instagram users have reported numerous instances of account suspensions and content suppression linked to communications regarding Palestine," Warren said. "The social media nonprofit 7amleh, also known as the Arab Center for Social Media Advancement, documented more than 200 cases of alleged censorship by Meta in the three weeks following Hamas' October 7 attack. Instagram users reported they were restricted from posting or livestreaming and had their content marked as 'sensitive.'"
"Other users posted screenshots showing their Stories about Palestine received significantly fewer views than other Stories posted on the same day, suggesting that Instagram may be shadowbanning material—that is, limiting the visibility of users posts without notifying them," she added. "Multiple journalists have also reported issues with their accounts, including reports of flagging Arabic posts but not identical English or Hebrew versions."
As Warren noted in her letter, "these problems are not new for Meta." Past probes by Human Rights Watch, The New York Times, and others have exposed Meta's suppression of pro-Palestinian posts and revelations of Israeli human rights abuses, as well as the company's over-enforcement of Arabic language content.
Meanwhile, "Meta's content moderation systems and practices have also exacerbated violence and failed to combat hate speech," Warren asserted. "Facebook... recently approved paid advertisements by a right-wing Israeli group calling for the assassination of a pro-Palestine activist, and subsequent test ads submitted by 7amleh calling for the murder of Palestinian civilians."
"Amidst the horrific Hamas terrorist attacks in Israel, a humanitarian catastrophe including the deaths of thousands of civilians in Gaza, and the killing of dozens of journalists, it is more important than ever that social media platforms do not censor truthful and legitimate content," she added, "particularly as people around the world turn to online communities to share and find information about developments in the region."