Video conferencing app Zoom Video Communications’ founder and chief executive officer (CEO) Eric Yuan saw $4.2 billion added to his wealth in just a few hours as the company’s shares soared after another blowout quarter, according to a report by Bloomberg.
The company’s shares surged by as much as 26 per cent on the back of a massive jump in its second-quarter earnings.
Its revenue in the quarter gone by more than quadrupled against the same period last year, the company said as it announced its earnings on August 31.
The Bloomberg report said Yuan could see his wealth swell beyond $20 billion if Zoom Video’s stock maintains its gains on September 1.
With about 50 million Zoom shares, Yuan owns nearly 29 per cent of the company, up from the 22 per cent ownership he had when the company went public in April 2019. The Forbes Real Time Billionaires List pegs his net worth at $14.4 billion.
The video calling app rose to fame amid the coronavirus pandemic and the unprecedented shift to virtual life. It saw a sudden surge in the number of users as more and more people started resorting to the app for work and socialise.