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Photo: Ed Freeman/Getty Images

American billionaires are buying large ranches across Wyoming, Montana and Texas, creating a new class of luxury assets, writes Bloomberg.

Why it matters: The wealthy are often buying the land from "asset-rich, cash poor" small farmers whose families have owned the land for decades. The purchases put money in the farmers' pockets as many struggle with tough times, but are shifting the structure of land ownership in the American West.

The big picture: Compared to other luxury assets, land can be enjoyed without losing its value.

  • 100 families own about 42 million acres across the country. The amount of land owned by these families has jumped 50% since 2007, reports the New York Times.

The buyers: Amazon's Jeff Bezos owns 420,000 acres in Texas. He uses it for his space exploration ventures, per Bloomberg. He spent his childhood summers at his grandparents' Texas ranch.

  • Businessman John Malone owns the most land in the U.S. with 2.20 million acres —  most of it is ranch land.
  • Media giant Ted Turner owns 2 million acres spread across Montana, Nebraska and other states.

Yes, but: Some locals view the wealthy buyers as a "threat to a way of life beloved for its easy access to the outdoors," per the Times. However, some rich land owners have made a point to invest in conservation efforts in their communities.

Go deeper: The upward march of the billionaires

Go deeper

Washington Post names AP's Sally Buzbee as executive editor

Photo: Andrew Harrer/Bloomberg via Getty Images

The Washington Post has named Associated Press executive editor Sally Buzbee as its new executive editor, effective June 1.

Why it matters: Buzbee replaces legendary editor Marty Baron, who retired at the end of February. She will be the first woman to lead the newsroom in The Post's 144-year history.

Pipeline hack spotlights cyber risks to energy systems

Illustration: Aïda Amer/Axios

The ransomware attack against the Colonial Pipeline — the massive East Coast gasoline artery — is a stunning real-world example of the increasing risks that the energy sector faces from a cyberattack.

Why it matters: Different parts of the vast American energy system are vulnerable — from pipelines to power grids to individual power plants and plenty in between.

2 hours ago - Technology

Scoop: TikTok launching jobs service for Gen Z

Illustration: Aïda Amer/Axios

TikTok is testing a tool for brands to recruit employees, sources tell Axios.

Details: The pilot program is designed to help people find jobs on TikTok and connect with companies looking to find candidates. It's also meant to help brands use TikTok as a recruitment channel.