The 33-year-old founder and CEO of Instacart, Apoorva Mehta, is now a billionaire after his grocery delivery startup saw massive patronage during the pandemic. This recent report shows the stark contrast between people and company CEOs.
According to an Institute for Policy Studies and Americans for Tax Fairness report, the billionaires in the US saw a 20% increment in their wealth during the pandemic. That is, from 18th March to 17th June 2020. Also, there were 29 new billionaires during this period.
A Forbes analysis says that these billionaires (643 in number) increased their wealth from $3.5 trillion to $2.9 trillion. However, in contrast, 45.5 million citizens filed for unemployment within this duration.
Now, Apoorva Mehta has become one of the richest Americans after Instacart, which was founded in 2012, pushed delivery boundaries to new heights in the first half of 2020. The company is now valued at $13.7 billion after it secured a $225 million funding on 11th June 2020.
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Mehta owns about 10% of the company and its new value means that he is worth about $1.2 billion. Forbes reached this conclusion in a recent post. Instacart has been hitting headlines with its major moves during the periods of the COVID-19 pandemic.
The company reported that orders had increased by over 500%. Customers were also spending more when they ordered with the company. Instacart had to hire 550,000 new shoppers between March and April 2020.
Amazon CEO Jeff Bezos was one of the billionaires that enjoyed a rise in his fortune. Bezos added $43.7 billion to his net worth. Mark Zuckerberg also got an additional $32 billion during the pandemic as well.
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