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Covid-19 Made Supper Billionaire Eric Yuan, CEO Zoom, adds $5billion to his Wealth

Yuáu Zhēng, Eric S. Yuan
Yuáu Zhēng, Eric S. Yuan

Zoom

Zoom is an American information technology firm based in San Jose, California. It offers video-telephony and online communication services via a peer-to-peer cloud-based software network and is used for teleconferencing, telecommuting, distance education and social relationships. It operates on both mobile and desktop devices and can accommodate as little as 2 people and as many as 500 people on a video call.

History

Born 1979 in Yuáu Zhēng, Eric S. Yuan is a Chinese-American billionaire businessman and Zoom Video Communications CEO and founder who owns 22% of the venture. Yuan first had the concept of developing a means of video conferencing when he was at College in China in his freshman year, because he had to travel long distances to meet his girlfriend (now his wife) and He despised going on those long trips and imagined alternative ways to connect with  her without having to drive long distances. Having this vision in mind, Yuan moved to US in mid ‘90’s because the internet present there was more advanced than it was in China. But before this, Yuan was unable to speak fluent English and was denied US visa nine times in two years.

In 1997, he joined Web Ex which was later bought by Cisco in 2007, while in Cisco, he was appointed the company’s corporate Vice President of Engineering in charge of collaboration software. In June, 2011, Yuan decided it was time to make his college train trips a reality and presented a smart phone friendly video conferencing idea to Cisco management, an idea that was rejected. After the rejection, he decided to leave the company to establish Zoom and was backed up by more than 40 fellow engineers. Zoom was later launched in 2012.

His wealth has increased massively during the course of this Covid-19 pandemic as majority of people around the World needed it to communicate virtually while being indoors.

Earlier on monday Yuan made $US5.2 billion after his videoconferencing business posted quarterly record earnings, says Bloomberg.

On Sept 1st, Yuan net worth was estimated to be $US16.4 billion.

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Written by Lilian Iyade

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