In just a few hours, Zoom Video Communications CEO Eric Yuan got US$4.2-billion richer. Shares of his virtual-meeting company surged as much as 26% to $410 in late US trading as it reported a jump in quarterly revenue and suggested the explosive growth will continue. Should the stock maintain such a gain on Tuesday, Yuan’s fortune would surpass $20-billion.
It’s been a year filled with eye-popping rallies for the richest names in the tech world Amazon.com’s Jeff Bezos saw his net worth grow by $13-billion in one day in July, and Tesla’s Elon Musk added $8-billion in 24 hours last month. Both men have reached record levels of wealth, with Bezos crossing $200-billion and Musk surpassing $100-billion last week.
Zoom has been one of the clearest beneficiaries of the coronavirus pandemic, with businesses and educational institutions turning to the service to work and teach remotely.
The software maker reported on Monday that sales jumped 355% to $663.5-million in the three months to 31 July — the second-largest surge among Nasdaq 100 Index members last quarter, only behind biotech firm Moderna. Zoom said sales will be as much as $2.39-billion in the fiscal year ending in January, meaning revenue would almost quadruple in just one year.