Zoom CEO surges into Forbes’ billionaire list as isolated Americans connect virtually
The chief executive of Zoom made his debut on Forbes’ list of billionaires as Americans stuck at home during the coronavirus pandemic look for ways to stay connected.
Forbes released its 2020 billionaires list on Tuesday. It includes 2,095 billionaires, 278 of them “newcomers.”
Among them is Eric Yuan, the founder and CEO of Zoom Video Communications, who has a net worth of $5.7 billion, according to Forbes.
His video chatting service went public in April 2019 but has surged in popularity during the coronavirus pandemic as more people work from home and look for ways to communicate virtually with family and friends.
About 90% percent of Americans have been ordered to stay at home as governors across the country put restrictions on movement in hopes of slowing the spread of the virus, CBS News reports.
As of Tuesday, Zoom was valued at $31 billion, Business Insider reports.
The company’s share prices rose substantially even before Americans were forced to stay at home, but it has seen “explosive growth” over the last few weeks, becoming the top free app for iPhone and Android users, according to Business Insider.
People across the country have used the service for virtual birthday parties, movie nights and business meetings.
It’s unclear why Zoom has become the top choice of video chatting services, according to Business Insider.
But Zoom’s free version allows unlimited one-on-one calls and groups of up to 100 to chat for up to 40 minutes, McClatchy News reports.
It also has virtual backgrounds and allows participants to record meetings.
But its surge in popularity hasn’t come without hiccups.
The FBI recently got involved with stopping a trend called “Zoombombing,” in which hackers take over a call and display unwanted and sometimes inappropriate material, McClatchy News reports.
Yuan came in at No. 293 on Forbes’ billionaires list.
Jeff Bezos kept his No. 1 spot for the third year in a row.
Overall, Forbes’ list included 58 fewer billionaires than last year. More than half of those on the list are worth less than they were last year, and the total worth among them was down by $700 billion.
This story was originally published April 7, 2020 at 1:55 PM with the headline "Zoom CEO surges into Forbes’ billionaire list as isolated Americans connect virtually."
