'They don't get to summer in the Hamptons? Who cares?': CEO says US should let companies owned by billionaires get 'wiped out' during the coronavirus crisis
Brendan McDermid/Reuters
- Chamath Palihapitiya, the CEO of the investment company Social Capital, told CNBC the US should refuse to bail out companies owned by billionaires during the coronavirus pandemic.
- More than 10 million Americans filed for unemployment in a span of two weeks, and Palihapitiya said they would be the ones hurt most by the economic effects of the coronavirus pandemic, not business executives.
- Palihapitiya said employees wouldn't be fired if massive companies filed for bankruptcy; speculators would take the hit instead.
- Visit Business Insider's homepage for more stories.
Social Capital CEO Chamath Palihapitiya told CNBC that poor-performing billionaires, hedge funds, and massive companies — including airlines — deserved to be "wiped out" during the coronavirus pandemic.
During the interview, Palihapitiya said "zombie" companies run by billionaires that aren't performing well shouldn't be propped up during the public-health crisis. They should be exposed to the market forces at play, he added.See the rest of the story at Business Insider
NOW WATCH: Inside the US government's top-secret bioweapons lab
See Also:
- Melinda Gates on our new normal after the coronavirus: 'Our psyches are going to be permanently changed'
- Unlocking your iPhone while wearing a face mask is difficult, but here's the 1 trick that made Apple's Face ID work for me
- A Bay Area county official said sporting events like San Francisco 49ers home games are unlikely to resume until late November due to the coronavirus