At a time when economies are collapsing, and businesses are, ironically, going out of business amidst the COVID-19 outbreak, one person who not only retained his wealth but saw his revenues proliferate is the Chinese-American entrepreneurial giant, Eric Yuan.
The founder of the online conferencing app, Zoom Video Communications, his net worth increased by a whopping $4 billion since the coronavirus crisis began. As it stands currently, Eric Yuan's net worth is $7 billion.
How COVID-19 Caused Steven Yuen's Net Worth To Double?
COVID-19 is the name given to the global outbreak of the coronavirus disease. Officially recognized as a pandemic by the World Health Organization (WHO), there are a lot of terminologies related to COVID-19, the most crucial of which is perhaps "social distancing" and "flattening the curve."
To flatten the curve of the contagion, the best thing you can do is distance yourself from people. The highly-contagious disease spreads via respiratory droplets produced when coughing or sneezing, and the most effective deterrent is to simply stay at home.
Lockdowns are being imposed in more and more countries all over the world, and businesses are being faced with a very difficult decision: to either adapt to the status quo or perish altogether.
All this relates to Eric Yuan because not only has he adapted, but he has thrived in the face of the crisis. One of the few beneficiaries of the lockdown seemingly being imposed all over the world, Yuan was either clairvoyant or highly intuitive, or just plain lucky in that he foresaw that the future of business lay in the online realms.
Developed by Yuan and his team of 40-or-so engineers in 2012, the app saw a meteoric surge in users when lockdowns forced people to work from home.
When asked to describe what Zoom was, Yuan said:
"Zoom is an enterprise-grade, affordable, all-in-one platform for video conferencing, audio conferencing, web conferencing, and IM/presence. "
The remote-conferencing app supports all major PC and mobile platforms and provides an easily-set-up, affordable, and highly-scalable cloud-conferencing tool that can support up to 500 people.
Zoom provides a broad spectrum of services from video-calling to audio-only to text-based chatting system with bandwidth limitations in mind.
Zoom Communications provides the full office experience at the comfort of one's home, which is perhaps why the app has seen so much influx of users: there is simply no other app that is as robust, as flexible, as scalable, and as cost-efficient as Zoom.
But what Zoom offers is more than just driving business: the software can be used in academia to drive online classes and hold virtual classrooms; it can also be used in casual gatherings of family, friends, and colleagues; the opportunities are simply limitless.
It is precise because a third of the world is in lockdown that Zoom's stock has skyrocketed since the outbreak of coronavirus. At the beginning of 2020, Zoom's market share value was trading at a measly $64 apiece, but as recently as March 29, the stock value was trading at a high of $150, pushing the company's market cap to over $42 billion.
Yuan, himself has seen a whopping increase in his net worth, courtesy of the 20-percent stake he holds in his company. At the end of 2019, he was slated to be worth $3 billion, not even making the cut in the Bloomberg Billionaires Index, he is now #192, with no signs of stopping anytime soon.
Who Is Eric Yuan?
Eric Yuan was born in Tai'an, Shandong, China, in 1950, and moved to the USA in 1997 after having his visa rejected eight times.
A master's degrees in applied mathematics and computer science in hand, and a head full of dreams, he moved to Silicon Valley and landed his first job writing code for the online conferencing service, WebEx.
When WebEx was assimilated by Cisco Systems, Inc., in 2007, Yuan became the vice-president of corporate engineering.
However, the idea for Zoom had sprouted in Yuan's mind long before: while still a freshman in a college in China, in fact. He was peeved to have to travel a ten-hour train route to meet his then-girlfriend.
Now, he is married to his girlfriend, and he found a way for people to not have to travel any length, a godsend in the present world as it is.
He had a sixth sense of sorts about where the future of business lay, and he left Cisco to start his own remote-conferencing app. With over 40 engineers in tow, Zoom was born in 2012.
By 2015, Zoom had hosted over 40 million meetings, and some of its clientele included one-thirds of the Fortune 500 richest people in the world. When the company went public In 2019, its market value was $16 billion.