- Cloud stocks have performed well this year as workers and students were forced to rely on digital tools as coronavirus took hold, and Zoom has done better than any other cloud stock.
- As a result, Zoom CEO Eric Yuan’s net worth skyrocketed.
Zoom seemed to come from nowhere. It wasn’t backed by Cisco, Facebook, Google or Microsoft, although those companies all sought to catch up with Zoom.
2020 and COVID-19 have been helpful for the founder and CEO of Zoom, Eric Yuan, who previously worked on the Webex video calling software that Cisco bought in 2007. Yuan was already a billionaire before Covid-19, having taken Zoom public in April 2019 and impressed investors with the combination of fast growth and profitability. Now he’s one of the world’s 100 richest people. His Zoom shares are worth almost $17 billion, according to FactSet.
“I’m very happy for him. Really, I really am,” said Rob Bernshteyn, CEO of Coupa, whose cloud software helps companies keep track of purchases. Bernshteyn has known Yuan for four or five years, and Coupa has long been a Zoom customer.
“I use the word happy. It’s one of the things he’s said from day one, wanting to make sure this platform creates happiness. He sure as heck created a great platform and foundation to move in that direction for a lot of people who otherwise wouldn’t have been able to be connected.”Bernshteyn