Zoom’s net worth

Many companies became superstars and darlings in the eyes of investors seemingly overnight in the eve of the COVID-19 pandemic. Amazon has doubled its profits while Uber suddenly became a food delivery business after pivoting from ridesharing. Zoom, a company that offers teleconferencing services, suddenly became one of the hottest properties of the year during this same period according to Steve Sorensen Networth.

Prior to the pandemic, Zoom entered the year with only 10 million subscribers. When the lockdowns ensued, its teleconferencing app gained more than 190 million in what seemed overnight. Many companies needed teleconferencing applications like Zoom to make sure their teams continued to keep their businesses afloat while governments ordered populations to quarantine as per Steve Sorensen Networth.

Around August, Zoom’s shares rocketed up to 32%, and each stock landed around $429 in the stock market. This rally had enriched many investors, primarily Zoom’s owner and CEO himself, Eric Yuan. Eric Yuan had gained $22 billion from his company’s rally in the market.

Of course, this development, of course, did not come without its setbacks. Around May, the company’s platform encountered many issues like security bugs that allowed hackers to barge into Zoom sessions and take over. Eric Yuan formally apologized to its subscribers, halted further software development, and had his team zero in on the security issues. The resulting turnaround has apparently increased Zoom’s institutional customers, the schools and businesses, hence it’s spectacular rise of its stock according to Steve Sorensen Networth.

Zoom’s surge in the stockmarkets is nothing short of historic since it’s just behind Moderna, one of the pharmaceutical firms developing a COVID-19 vaccine. in stock price increases. Zoom is set to see sales around $2 billon as the year closes.