Right after the World Health Organization (WHO) declared COVID-19 as a pandemic, the entire world went under mass lockdowns and curfews. For more than 8 months the majority of the countries around the world were under lockdowns and people were working from home.
Due to the lockdowns caused by the COVID-19, all the sectors from around the world started connecting with each other from home. That is when Zoom became the hottest pick when it came to choosing a platform to carry out business meetings or classes for educational institutions.
Even when the threat of pandemics is lowered at a significant rate, the majority of the people are still preferring to stay and work from home. People from all around the world are still at home and connecting with each other via video calls.
The online meeting platform ‘Zoom’ just came in out of the blue and took over the social interaction sector through video calls. One of the most astonishing things about Zoom is that it is not backed by any major social media platform such as Microsoft, Facebook, Google, or Cisco.
However, it was confirmed that all of the major companies mentioned above tried their best to provide the same type or standards of services. Although the platform ‘Zoom’ had not expected such a high user volume in the beginning, yet it found itself overwhelmed with the number of users. These users were all using the Zoom platform and were not paying any charges for the service.
Over the course of time, Zoom has not been limited to users that utilize Zoom’s services for free but has also gained a following from thousands of users that are willing to pay to acquire Zoom services.
The data analyzing team at Zoom confirmed that the platform’s revenue has increased ninety fold. As a result of its outstanding performance and recognition, the particular stock became one of the largest and top prize-winning ticket.
At present, Zoom’s stock value is higher than ever and it is standing alongside Nio and Moderna. Nio is a Tesla Challenger developed by China and Moderna is the vaccine maker for the COVID-19. It has been revealed that in the running year, Zoom’s stock prices have surged by 450%.
The entire situation seems to have worked wonders for the CEO of Zoom ‘Eric Yuan’. Eric Yuan had previously worked for a video calling software known as Webex that was later bought by Cisco back in 2007.
Eric Yuan had already become a billionaire when he put Zoom on the public platform for stocks/shares. However, during the COVID-19 pandemic, the platform experienced an extremely high surge in adoption and profitability. As a result of this, Eric Yuan has now made it to the list of the top billionaires in the entire world. At present, Eric Yuan’s total net worth is around $17 Billion.