When billionaire Jeff Bezos cut health benefits on September 13 for part-time workers at his grocery store Whole Foods the richest man in the world saved the equivalent of what he makes from his vast fortune in just a few hours.
That’s according to an analysis from Decision Data’s “Data in the News” series, which found that Bezos could cover the entirety of annual benefits for part-time employees who work less than 30 hours a week with what he makes from stocks and investments in just a fraction of a day.
“Doing a quick calculation with existing publicly available numbers shows that Bezos makes more money than the cost of an entire year of benefits for these 1,900 employees in somewhere between 2-6 hours,” the study says.
The analysis used an estimate that Whole Foods would contribute between $5,000 and $15,000 annually per employee for benefits. At the middle of that range, $10,000, that comes to $19 million a year.
Bezos makes just under $9 million an hour, according to a 2019 Business Insider analysis, which would mean he makes enough money in a little over two hours to cover the benefits he cut. Decision Data used an earlier study which found Bezos makes $4.5 million an hour to conclude he would need approximately four and a half hours to cover the cost.
“CEO worth more than $110 billion cuts health care for 2,000 workers after raking in $9 million an hour,” tweeted economist Robert Reich, citing the 2019 Business Insider figure.
The disconnect between Bezos’ wealth and the cost of the benefits was remarked on by a number of observers.
“Jeff Bezos makes $3,182 a second,” said Jacobin writer Luke Savage.
Presidential candidate and former Secretary of Housing and Urban Development Julián Castro called the move “shameful” and noted that Bezos’ crown jewel, online retailer Amazon, pays nothing in taxes.
“Amazon pays zero dollars in federal income taxes,” Castro tweeted. “Jeff Bezos is the richest man in modern history, and yet they continue to degrade the rights of their workers.”
John Oliver unleashes on news sites that sent out stupid push notifications
"Last Week Tonight" host John Oliver doesn't come back until Feb. 16, but he dropped a new web-exclusive video Sunday complaining to news agencies that they should stop sending out stupid push notifications on their apps.
Oliver told his audience that there are two major criteria when considering a push notification: 1. Is there something I should be doing differently?; and 2. Is this something I need to know now?
Things like declarations of war, earthquakes or acts of terrorism are all perfect examples of things news agencies should inform readers about quickly. But when CNN sent out a push notification about a 115,000 Neanderthal child that was only found "half-eaten" by a bird, Oliver was understandably frustrated.
Billionaires are now richer than 60 percent of the world’s population: report
The world's billionaires have doubled in the past decade and are richer than 60 percent of the global population, the charity Oxfam said Monday.
It said poor women and girls were at the bottom of the scale, putting in "12.5 billion hours of unpaid care work each and every day," estimated to be worth at least $10.8 trillion a year.
"Our broken economies are lining the pockets of billionaires and big business at the expense of ordinary men and women. No wonder people are starting to question whether billionaires should even exist," Oxfam's India head Amitabh Behar said.
"The gap between rich and poor can't be resolved without deliberate inequality-busting policies," Behar said ahead of the annual World Economic Forum in Davos, where he will represent Oxfam.
Alcohol-infused gummy bears infuriating candy giant Haribo
Ander Mendez and his friends were hoping they'd struck it rich when they came up with the idea of selling alcohol-infused gummy bears -- until they found themselves in the sights of sweet giant Haribo.
Now, these three Spaniards say they're afraid of being shut down by the German confectionery king, which is famed for its vast array of jelly sweets and was founded 100 years ago in the western city of Bonn.
In a not-so-sweetly worded legal letter, Haribo has accused their startup of infringing its trademarked little bear.
But these graduates from the northern Spanish port city of Bilbao insist they will carry on producing their "drunken gummy bears" -- "because people like them."