No group has gotten richer—or more powerful—over the past decade than tech tycoons. No wonder both the left and right are now gunning for them.
No group has gotten richer—or more powerful—over the past decade than tech tycoons. No wonder both the left and right are now gunning for them.hat a ride it’s been for America’s tech billionaires over the past decade-plus. When Mark Zuckerberg appeared on his firstwealth list in 2008, he was one of only 46 U.S. billionaires who made their money in technology. A dozen years of unbridled growth, and social unrest later, the number of tech billionaires in America has more than tripled.
“These tech companies have been setting themselves up for the last decade or more,” says Chris Ballard, managing director of investment management firm Check Capital Management. “They’re creating the world they want to operate in.”One-fifth of the richest people in America made their fortune in the technology industry, a massive increase from only 9% in 2008.
While many tech entrepreneurs have gotten richer lately thanks to everything from soaring private company valuations and rising public markets to traditional IPOs and SPACs, a handful of billionaires accounted for a massive portion of the group’s meteoric gains. Regardless of how these tycoons got their fortunes, the newfound money and power of the tech industry has raised alarm bells. Tech billionaires have become a regular target for lawmakers from across the political spectrum, who argue they have too much power over nearly every facet of American life, from what we see on the internet to how we get our groceries.
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