“Extreme” accumulation of wealth in tech sector as billionaires take control of social media and AI: Oxfam Report

Billionaires are using their resources to expand into AI, media organisations, and social media, with “extreme” wealth accumulation taking place in the tech sector, according to Oxfam International in its report published on January 19.

‘Resisting the Rule of the Rich’ by the Oxfam International group of charities explored extreme wealth and power disparity in 2025.

It highlighted the increasing role of tech billionaires in U.S. and world politics, even as they used their wealth to control news organisations, social media platforms, and Generative AI technologies.

For example, Nvidia CEO Jensen Huang was listed among the 10 richest people in the world as of November, while Tesla CEO Elon Musk was the first person to have over half a trillion dollars in wealth.

The number of billionaires also crossed 3,000 for the first time, reported Oxfam.

“As billionaire media owners expand into Al – and lobby their powerful friends for minimal regulation of the technology – trust in the press may continue to deteriorate,” predicted the organisation.

The Oxfam report is generally published around the time world leaders and international power players gather in Davos, Switzerland for the World Economic Forum (WEF) meeting.

Oxfam’s report further noted a removal of guardrails meant to prevent hate and disinformation on social media platforms.

“Following the election of President Trump in the US, tech companies have weakened measures to prevent the spread of hate speech. Meta (which owns Facebook, WhatsApp and Instagram), run by billionaire Mark Zuckerberg, and the social media platform X (formally Twitter), which was purchased by Elon Musk in 2022, have both rolled back on measures to prevent the spread of hate and disinformation, under the guise of free speech,” stated the report.

“Now, more than ever before, billionaires can shape what people think and believe,” it added.