Billionaires from Bill Gates to Jack Ma are donating millions to help alleviate the coronavirus crisis — but it may not go where it’s needed most
Billionaires are spending millions to fight the novel coronavirus that has infected more than 110,000 people and killed nearly 3,900 globally, including 22 reported deaths in the United States.
However the gifts, which total $129.65 million thus far according to Business Insider’s calculations, may not be doing much to help those already suffering from the growing global health crisis. Of the portion of the donations that are designated to help those on the front lines of the coronavirus outbreak, some are going to organizations designated by the Chinese government to handle the crisis, Fortune’s Eamon Barrett reported. However, medical workers throughout Wuhan are complaining on social media of not receiving any aid from these groups, according to Fortune.
The donations came amid a stock market correction that cost the world’s 500 wealthiest people more than $100 billion on February 28 alone. The turbulence has continued in the time since. The S&P 500 plummeted 7% immediately after trading began Monday, prompting the first market-wide trading halt since the financial crisis.
Source: Business Insider