Bill Gates and Jack Ma, Nov. 5, 2018. Photo: Lintao Zhang/Getty Images

As confirmed cases of coronavirus increase around the globe, billionaires and multinational corporations around the world are deploying their dollars to help health authorities combat the disease.

Why it matters: Investors and businesses fear that the virus if not contained could wreak havoc on the global economy by cutting into China's 2020 growth, Axios' Dion Rabouin and Joann Muller report.

  • Economists have estimated that the outbreak could drag China's growth rate down 2% this quarter, which would result in $62 billion lost in growth, CNN reports.
Billionaires
  • The Bill and Melinda Gates Foundation pledged to give $100 million to help "strengthen detection, isolation and treatment efforts; protect at-risk populations; and develop vaccines, treatments and diagnostics."
  • Jack Ma, the founder of Alibaba and China's richest man, will commit $14.4 million through his foundation, designating $5.8 million for two Chinese government research organizations working on a vaccine.
Multinationals
  • Alibaba created a $144 million fund to buy medical supplies for Wuhan and Hubei province, the epicenter of the virus outbreak, and it's offering AI computing power to research organizations searching for a vaccine or treatments.
  • Tencent, another Chinese giant, founded a $42.7 million fund for medical supplies for Wuhan.
  • Microsoft will contribute $142,400 to support relief efforts in Wuhan and Hubei province, according to the Financial Times.
  • Boeing will give 250,000 face masks to aid workers and medical personnel in Wuhan and Zhoushan.

The big picture: Though vaccine research started just hours after Chinese officials identified the new strain of coronavirus, it may be months or even a year before the public can access a vaccine, according to the New York Times.

  • The teams racing for a vaccine have to thoroughly test their products in multiple medical trials before they can start marketing them.

Go deeper: China's stocks plunge to 1-year low as coronavirus cases soar

Editor's note: This piece was updated to include the Bill and Melinda Gates Foundation's newly expanded donation (from $10 million to $100 million).

Go deeper

Dion Rabouin, author of Markets
40 mins ago - Economy & Business

CEO confidence skyrockets on expectations of layoffs and wage cuts

U.S. consumers remain uncertain about the economic environment but CEOs are feeling incredibly confident, the latest survey from the Conference Board shows.

Why it matters: Confidence among chief executives jumped 19 points from its last reading in July, rising above the 50-point threshold that reflects more positive than negative responses for the first time since 2018.

Louisville officer: "Breonna Taylor would be alive" if we had served no-knock warrant

Breonna Taylor memorial in Louisville. Photo: Brandon Bell/Getty Images

Sgt. Jonathan Mattingly, the Louisville officer who led the botched police raid that caused the death of Breonna Taylor, said the No. 1 thing he wishes he had done differently is either served a "no-knock" warrant or given five to 10 seconds before entering the apartment: "Breonna Taylor would be alive, 100 percent."

Driving the news: Mattingly, who spoke to ABC News and Louisville's Courier Journal for his public interview, was shot in the leg in the initial moments of the March 13 raid. Mattingly did not face any charges after Kentucky Attorney General Daniel Cameron said he and another officer were "justified" in returning fire to protect themselves against Taylor's boyfriend.

U.S. vs. Google — the siege begins

Illustration: Sarah Grillo/Axios

The Justice Department fired the starter pistol on what's likely to be a years-long legal siege of Big Tech by the U.S. government when it filed a major antitrust suit Tuesday against Google.

The big picture: Once a generation, it seems, federal regulators decide to take on a dominant tech company. Two decades ago, Microsoft was the target; two decades before that, IBM.

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