Before trading opened today on the NASDAQ, a single share of Zoom Video Communications INC cost $304. At that level, the company had a market cap of $83 billion. At this market cap, company founder and CEO Eric Yuan had a net worth of $15.8 billion thanks to his 19% stake. By the end of trading Monday, a single share of Zoom cost $325, marking an 8.63% increase during normal market hours. This remarkable growth reflects the growing reliance on remote communication platforms amid global changes.
After the markets closed, Zoom reported its quarterly results, revealing that revenue more than quadrupled compared to the same period last year. In fact, Zoom made more money in three months of 2020 than it did in all of 2019, with profits also doubling. Such impressive financial performance sent Zoom stock soaring in after-hours trading.
As markets closed at 4 PM EST, the stock had closed at $325. Just thirty minutes later, the stock zoomed to $355, and two hours later it reached $407 before settling at $400. This astonishing performance highlights the market's optimism regarding Zoom's future and its integral role in modern communication.
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Biography of Eric Yuan
Eric Yuan, the visionary founder and CEO of Zoom, was born in China in 1970. He earned a Master's Degree in Engineering from the China University of Mining and Technology. Eric's journey to success is marked by determination and resilience, especially considering the challenges he faced in obtaining a visa to the United States.
| Detail | Information |
|---|---|
| Name | Eric Yuan |
| Birth Year | 1970 |
| Nationality | Chinese-American |
| Education | Master's in Engineering |
| Company Founded | Zoom Video Communications |
| Net Worth (2021) | $25 billion |
The History of Zoom
Eric's career began in 1997 when he joined WebEx, a California-based company. He quickly rose through the ranks to become Vice President of Engineering. In 2007, Cisco acquired WebEx for $3.2 billion, and Eric subsequently became Corporate Vice President of Engineering at Cisco Systems. His experiences at WebEx laid the foundation for his next venture—Zoom.
Founded in 2011, Zoom gained traction rapidly. By 2014, it boasted 10 million users, primarily among corporations. In June 2017, Zoom's private market valuation crossed $1 billion, a significant milestone for the company. The IPO on April 18, 2019, saw the company's market cap top $15 billion, further solidifying its status in the tech industry.
Eric's vision was clear: to create a platform that revolutionized communication. The pandemic-driven shift to remote work and online meetings only accelerated Zoom's popularity, making it a household name.
Eric Yuan's Financial Success
When Eric Yuan went to bed Sunday night, his net worth stood at $15.8 billion. By the end of Monday's trading, it had jumped to $17.3 billion. The surge in Zoom's stock price to $400 per share pushed the company's market cap to $113 billion, which raised Eric's net worth to an astonishing $21.5 billion. As of Tuesday morning, with shares trading at $466, his net worth reached $25 billion.
This remarkable journey from a $3 billion net worth at the beginning of the year to $25 billion illustrates not only Eric's success but also the profound impact that Zoom has had on the global market. The company has become synonymous with remote communication, reshaping how businesses operate.
Eric Yuan's story is a testament to perseverance and innovation. His ability to adapt to market demands and pivot Zoom's offerings during challenging times has solidified his place as a leader in the tech industry. Congratulations to Eric on this incredible achievement—his dedication to enhancing communication continues to benefit countless individuals and businesses worldwide.
