The rich keep getting richer: Billionaires made enough to pay for everyone’s vaccine during the pandemic, while workers lost $3.7 trillion.

How did we get here? 🧵
As stocks plummeted 37% in March 2020, 70% of small business aid went to large, publicly traded corporations. By June, a stock-market rebound made seven of the world's richest people even richer.
Women and younger workers were the hardest hit by employment losses. One million married women lost their jobs in September 2020 and Gen Z has become the most unemployed generation. businessinsider.com/workers-lost-3…
There's hope for recovery, but it'll likely be uneven. Lower-paying industries are currently below their level of pre-pandemic employment, while high-paying industries have regained employment.

businessinsider.com/3-charts-show-…
In December, @thisisinsider reported the 10 richest American billionaires were worth over $1 trillion — a little more than half the value of President Biden's proposed stimulus package. businessinsider.com/billionaires-m…
Nearly 8 million Americans have fallen into poverty in recent months. Many Americans were left without a lifeline as government benefits expired. businessinsider.com/8-million-amer…
Throughout the pandemic, support for wealth taxes has grown in efforts to provide relief. Sen. @ewarren said the wealth tax is an investment in the future of the country.

businessinsider.com/elizabeth-warr…
NYU’s Scott Galloway argues a one-time wealth tax would raise up to $1 trillion to support low-income families during the pandemic.
businessinsider.com/scott-galloway…
The International Monetary Fund encouraged countries to consider implementing wealth taxes to raise revenue during the pandemic. businessinsider.com/governments-we…
Do you support a wealth tax?

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More from @businessinsider

29 Jan
A brief history of r/WallStreetBets, the Reddit group that upended the stock market with a campaign to boost GameStop.

Thread. 👇 insider.com/wallstreetbets…
🔴 The WallStreetBets subreddit was created in 2012 by Jaime Rogozinski (@wallstreetbets).

According to subreddit stats, the sub didn't break 100,000 subscribers until 2017.

Rogozinski spoke to TMZ Live about the community on Wednesday:

bit.ly/39vTDj8
🔴 Martin Shkreli, the "pharma bro" who is serving a seven-year prison sentence for securities fraud, was a common voice on the sub and a moderator.

In 2016, he proposed a ban on the word "YOLO."

businessinsider.com/martin-shkreli…
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28 Jan
Despite the company’s progressive content, current and former employees for @ComedyCentral's creative team told Insider that the company is rife with discriminatory behavior.

Subscribe to Insider, and read more on this story below.👇businessinsider.com/black-comedy-c… Image
Out of the 17 employees that Insider spoke to, 15 said they either witnessed or experienced racial discrimination.

All asked to remain anonymous for a fear of long-term professional repercussions. businessinsider.com/black-comedy-c…
Insiders say the fact that the creative staff was mainly white resulted in an atmosphere where employees of color felt marginalized.

Many say they were conspicuously called upon when executives needed a non-white face in the room. businessinsider.com/black-comedy-c… Image
Read 6 tweets
28 Jan
Video-game retailer @GameStop has had a chaotic week.

Its stock value was below $5 per share in mid-August, but share prices have recently skyrocketed – mainly thanks to @reddit.

Here’s what’s going on. businessinsider.com/explainer-what…
In the second half of 2020, big financial names like Michael Burry and Ryan Cohen began buying up shares in GameStop, increasing its share value until it surpassed its pre-collapse value in late 2020. businessinsider.com/explainer-what…
That's right around when Reddit picked up the scent.

WallStreetBets subreddit members rushed into the stock on January 13, praising the move and calling on each other to squeeze short-sellers out of their bearish positions.

GameStop closed 57% higher. markets.businessinsider.com/news/stocks/re…
Read 13 tweets
28 Jan
An Insider investigation has revealed new allegations of fashion influencer Danielle Bernstein copying designs.

Fashion-industry professionals suggest it’s a pattern of behavior that disregards industry norms and tests the limits of copyright law.👇 bit.ly/36l7lTP
Current and former @onia__ employees, WeWoreWhat’s production partner, say Bernstein (@WeWoreWhat) receives samples from brands and designers with the expectation she will promote them, but instead pushes workers to mimic designs under her own name.
insider.com/danielle-berns… Image
At least five independent designers have accused Bernstein of stealing sample designs they sent her – one of which being @khalawhitney from @fromgrayscale who accused Bernstein of copying her skirt. businessinsider.com/danielle-berns…
Read 8 tweets
17 Jan
Joe Biden said his Cabinet would be "the most diverse in history," so we analyzed data on seven dimensions of diversity.

The results suggest Biden and his team have mostly succeeded, but in some areas more than others.

Thread. 👇 businessinsider.com/joe-biden-cabi…
👉 While Biden's Cabinet and White House staff have diversity in gender and racial makeup, our analysis showed, there is an overrepresentation of people from the East Coast, those with Ivy League degrees, and lawyers. businessinsider.com/joe-biden-cabi…
👉 Researchers suggest this is typical in government but not necessarily the most effective for optimal decision-making. businessinsider.com/joe-biden-cabi…
Read 13 tweets
10 Jan
The Senate could bar Donald Trump from ever serving again as president.

Here’s how. 👇

businessinsider.com/senate-congres…
The Constitution allows the Senate to ban an official convicted in an impeachment trial from ever holding federal office again. If this rare procedure is invoked, it could be the end of Trump’s political career.

businessinsider.com/senate-congres…
Two key Constitutional clauses come into play here: Article II, Section 4 and Article I, Section 3.

Through two separate Senate votes, Congress can prevent any civil officer who has been impeached and convicted of ever holding federal office again.

businessinsider.com/senate-congres…
Read 9 tweets

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