During the Korana virus epidemic, the demand for video conferencing app zoom (Zoom App) has been seen rapidly. Because of which the market value of Zoom has exceeded that of Exxon Mobil among the world’s largest oil companies. On the other hand, zoom app founder Eric Yuan has seen an increase in net worth of nearly three in three. Let us also tell you what is the main reason behind this.
Zoom app left ExOn behind
According to the information, the market valuation has increased to $ 139 billion due to the increasing demand for zoom. While the market value of Exxon has come down to $ 138.9 billion. Beginning this year, Zoom had a market value of $ 19 billion. The company’s market value has increased by $ 120 billion in these 10 months. In the last 12 months, Zoom’s revenue has been seen at $ 1.35 billion. While Exxon’s revenue during the same period was $ 213.8 billion.
Exxon will exclude 1900 US employees
It has recently been announced by Exxon that it will lay off 1900 US employees to increase its capacity and reduce its costs. According to foreign media reports, like other oil companies, Exxon is seeing operational hurdles. Due to which the company has taken tough steps like improving its balance sheet, reducing staff and cutting dividends. Let me tell you that WTI crude oil is currently trading at $ 36 per barrel. Whereas in January it was priced at $ 62 a barrel.
Yuan Eric’s wealth doubles
Meanwhile, Zoom founder Eric Yuan has seen assets grow more than double in the past three months. On July 24, Eric Yuan appeared on the Forbes 400 list of America’s wealthiest, based on stock prices. Since then, his wealth has increased by $ 11 billion. As a result, its total assets have reached $ 21.3 billion.
Zoom shares rise 600%
With the zoom business, yuan assets are increasing rapidly. Because millions of crores of people in the world who work from home rely on video-conferencing. Zoom is one of the best-performing stocks in 2020, having grown by over 600 per cent since March.
Along with the yuan, their wealth also increased
Yuan has not only become rich by his company’s success but since 2017, Zoom’s chief financial officer Kyle Steckberg has also seen a significant increase in assets. On October 13, she was named in the list of Forbes Richest Self Made Women, earning $ 255 million. She has now become a mistress of over $ 340 million.