On Tuesday, Senator Bernie Sanders (I-Vt.) called out billionaire and Amazon.com, Inc. (NASDAQ:AMZN) founder Jeff Bezos for extravagant spending amid widespread economic inequality in the U.S.
What Happened: Sanders took to X, formerly Twitter, and condemned Bezos' lavish wedding in Venice, a $500 million yacht and a $5 million engagement ring, citing his more than $230 billion net worth and an effective tax rate of just 1.1%.
"This is oligarchy. This is obscene," Sanders posted on X. "While 60% live paycheck to paycheck & kids go hungry, Jeff Bezos… spends $5 million on a ring."
Bezos currently has a net worth of $234 million, making him fourth on the list of Bloomberg Billionaire Index.
Earlier this year, when Bezos announced a major editorial shift at The Washington Post, stating its opinion section will now focus on promoting free markets and personal liberties, Sanders called it an example of “oligarch ownership of the media” and accused the Amazon founder of pushing the paper toward a right-wing agenda.
Why It's Important: Having already thrown extravagant yacht parties and a lavish engagement celebration, Bezos and Lauren Sánchez are now reportedly preparing to host wedding guests—ranging from politicians and billionaires to actors and celebrities—for three days of festivities in Venice starting June 26.
The wedding and its associated events are estimated to cost between 40 and 48 million euros ($46.5 to $55.6 million), according to Luca Zaia, president of the Veneto regional government, which includes Venice, reported Reuters.
Previously, it was reported that the wedding festivities in Venice had drawn controversy and protests, prompting a last-minute venue change from Scuola Grande della Misericordia to a more secure location.
Local reports cite security concerns, planned protests and rising U.S.-Iran tensions—given a nearby U.S. airbase—as reasons for the shift. Events are also scheduled to take place on San Giorgio Island and Bezos' $500 million yacht, Koru.
Protesters, including Greenpeace, criticized Bezos for “taking over the city” and called for higher taxes on the ultra-wealthy. Security has been heightened, with Bezos reportedly hiring ex-U.S. Marines.
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Photo Courtesy: Jana Shea on Shutterstock.com
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