What's happened
Billionaires like Jeff Bezos, Eric Schmidt, and Patrick Gruhn make extravagant purchases, from luxury yachts to historic artifacts like a gold-plated pocket watch owned by a Titanic passenger.
Why it matters
The extravagant purchases of luxury yachts and historic artifacts by billionaires highlight the opulence and spending power of the ultra-wealthy, showcasing a world of excess and luxury that is out of reach for most people.
What the papers say
According to Business Insider UK, billionaires like Jeff Bezos and Eric Schmidt have made significant purchases in the luxury yacht market. The New York Times features Tony Probst's extensive collection of Titanic artifacts, shedding light on his passion for preserving history.
How we got here
The purchases of luxury yachts and historic artifacts by billionaires are not uncommon, reflecting their immense wealth and extravagant lifestyles. The allure of owning unique and exclusive items drives these individuals to make such high-value acquisitions.
Common question
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RMS Titanic was a British passenger liner operated by the White Star Line that sank in the North Atlantic Ocean on 15 April 1912, after striking an iceberg during her maiden voyage from Southampton to New York City.
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John Jacob Astor IV was an American business magnate, real estate developer, investor, writer, lieutenant colonel in the Spanish–American War, and a prominent member of the Astor family.