The video conferencing service, Zoom, has become a household name over the past year, thanks to the COVID-19 global pandemic. The company has seen exponential growth and passed ExxonMobile in worth. The founder of Zoom, Eric Yuan, became a billionaire after immigrating to the United States. He relocated to Silicon Valley, took a job at WebEx, which was sold to Cisco.
He pitched a smartphone video conferencing system to the leadership but was rejected. Instead of it halting his vision, he quit the company and started his own. Zoom Video Communications has skyrocketed during the pandemic, posting a market valuation of $139 billion, in comparison to Exxon’s valuation of $138.9 billion.
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Yuan’s personal wealth has almost doubled over the past three months. His net worth has risen from $11 billion to $21.3 billion on October 29, 2020. His personal fortune has escalated in conjunction with Zoom, whose business has skyrocketed. Millions of users working from home rely on video conferencing. Zoom has one of the best-performing stocks in 2020 due to the pandemic-affected selloff and increasing by over 600 percent over the past twelve months.
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