The wealth of 643 of US' richest billionaires rose from $2.95 trillion to $3.8 trillion between March 18 and September 15. This marks a 29% increase over those six months. That's according to a report by the Institute for Policy Studies and Americans for Tax Fairness said. Tesla founder Elon Musk's wealth increased by 273% in the period to $92 billion. Jeff Bezos wealth increased 64.8%, from $113 billion to $182. Mark Zuckerberg's wealth increased from $54 billion to $100.
[NFA] In response to criticism that it is not doing enough to safeguard its platform from manipulation and misinformation tied to the U.S. election in November, Facebook on Thursday it would stop taking political ads a week before the vote, fact-check any claims of victory ahead of an official tally, and target posts which try to suppress the vote. Conway G. Gittens has more.
The Trump administration will ban WeChat and video-sharing app TikTok from U.S. app stores starting Sunday night, a move that will block Americans from downloading the Chinese-owned platforms over concerns they pose a national security threat. Fred Katayama reports.
On Wednesday, US stocks closed mixed. Business Insider reports that sliding tech giants overshadowed the Federal Reserve's pledge to keep monetary support intact for the foreseeable future. Central bank policymakers signaled near-zero interest rates would last through 2023 to help the US economic recovery. The tech industry dragged major indexes into intraday losses, with mega-caps including Apple and Facebook leading the slump. Retail sales grew by just 0.6% in August, lower than expected.