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Zoom Founder Eric Yuan's Wealth Jumps $6.6 Billion In A Day

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Rising valuations of tech companies amid the pandemic has been making founders/CEOs of these companies richer by the day. One such brand that gained immense popularity amid the work-from-home culture has been Zoom.

Eric Yuan, the founder and CEO of Zoom Video Communications, saw his fortune jump by $6.4 billion in a day, as per Bloomberg Billionaires Index, to $23 billion as on Tuesday, after US markets closed.

Zoom Founder Eric Yuan's Wealth Jumps $6.6 Billion In A Day
 

This week, the video conferencing company reported its earnings for the April-June quarter, the peak of COVID-19 panic, wherein its revenue grew 355 percent than the same period last year. Shares of the company listed on NASDAQ soared as much as 41 percent on Tuesday after it reported a revenue of $663.5 million.

Increasing reliance on videoconferencing technology allowed Zoom a boost in market value as schools, companies and social functions transitioned online to promote social distancing. Its market cap rose to $129 billion on Tuesday from $25 billion a year ago.

Yuan, Amazon's Jeff Bezos and Tesla's Elon Musk have seen a tremendous surge in their net worth as shares of the companies they founded/co-founded and hold a significant stake in, soared as investors, especially amateur investors, placed their bets on tech companies amid the possibility of a weakening American economy.

Bloomberg's estimate of $23 billion as Yuan's worth is nearly 400 percent more than his net worth at the start of 2020. Elon Musk is standing strong in the centi-billionaires club along with Facebook's Mark Zuckerberg, Microsoft's Bill Gates and Bezos. Musk even took over Zuckerberg on Monday to become the third richest person in the world, even if only for a day.

As of Tuesday's closing price, Bezos net worth stood at $205 billion as the richest person in the world, followed by Gates at $126 billion, Zuckerberg at $112 billion and Musk at $110 billion. These valuations are as per the Bloomberg Billionaires Index that tracks the wealth of billionaires in real-time.

    Read more about: zoom
    Story first published: Wednesday, September 2, 2020, 10:25 [IST]
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