While the stock market is suffering from historic lows due to the coronavirus outbreak, some companies are cashing in big time and Zoom Video Communications Inc. is one of them.
According to Fortune, Eric Yuan, founder of Zoom, increased his net worth by $20 million on Monday as Zoom stock increased by 0.4 percent leading to a year-to-date gain of 58 percent.
On Tuesday, Needham & Co. analyst, Richard Valera advised the stock market community to buy Zoom shares which led to an additional 3.5 percent increase.
Zoom’s online video platform is in high demand as most of the nation quarantines and companies turn to a work from home model to host business conference calls and meetings. With the closure of many universities and colleges, students are also forced to continue their studies virtually.
Fortune reports Yuan, born in China, was denied a U.S. visa eight times before finally moving to Silicon Valley and creating Zoom. The idea sparked when Yuan grew tired of having to travel ten hours to visit his girlfriend while in college.
The tech founder has boosted his 2020 net worth by $2 billion, landing him the 274th position on Bloomberg’s Billionaire Index, a ranking of the world’s 500 richest people. Yuan’s overall net worth is said to be $5.6 billion.
Unlike Facebook’s CEO, Mark Zuckerberg, who’s net worth took a $9 billion blow, Yuan’s Zoom is flourishing despite the pandemic.