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Coronavirus makes Zoom CEO one of the richest people in the world

Almost a year after the coronavirus began to spread around the world, many of us are still forced to work from home or engage in distance learning, and leisure time in public places has been minimized.

Kena Betancur / Getty Images

Kena Betancur / Getty Images

In most cases, users use conferencing applications such as Zoom to discuss business issues and hold meetings.

A relatively small company Zoom Video Communications, which was not supported by any of the market leaders – neither Cisco, nor Facebook, nor Google or Microsoft, began to unexpectedly and rapidly gain popularity. As the use of telecommuting and distance learning continues to grow, the number of Zoom users has grown, resulting in a 355% increase in revenues and a 90-fold increase in revenues in the second quarter of fiscal 2020, well above analysts’ forecasts. Zoom is on par with vaccine maker Moderna and Tesla’s Chinese rival Nio in terms of share price growth. Zoom’s market value exceeded $ 129 billion as of September 1, more than the value of tech giants such as IBM and AMD.

Zoom founder and CEO Eric Yuan was a billionaire before the pandemic. He previously worked on Webex video calling software that Cisco acquired in 2007. But now, according to FactSet, his shares in Zoom are worth nearly $ 17 billion and he is one of the 100 richest people on the planet.

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