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Zoom Owner Eric Yuan Became One Of The World’s Richest People In 2020

Zoom Owner Eric Yuan Became One Of The World’s Richest People In 2020

The ongoing Coronavirus pandemic has badly affected the whole world. We are living in a completely new world now. Schools, colleges, universities, offices, everything is closed and we can’t step out. We have to study, work and do many other tasks remotely. Social distancing and wearing masks are the new norms now. As we can’t socialize or attend classes and meetings, Zoom is the platform that helped us so much in this tough time.

Zoom is a videoconferencing app, not much recognized before a while, now very important for us. Zoom was founded by a Chinese businessman, Eric Yuan. Surprisingly, the zoom is not authorized by any brand or a big company like Google or Microsoft. It is relatively a small company. Eric Yuan, the CEO of zoom, formerly worked for Cisco, a multi-industry company. He gave the idea of a smart-phone friendly video calling app but Cisco rejected the idea and he left the company. He later said, “Cisco was more focused on social networking, trying to make an enterprise Facebook.” 

Then he established his own company, Zoom in 2011. Zoom was officially launched in 2013. In April 2019, it was made public. It was doing well in the early years but 2020 has been a game-changer for zoom and its founder. The usage of zoom increased massively during this year as people learned and work remotely being quarantined. Thousands of people across the globe used zoom for online education and work from home.

Yuan has become one of the world’s richest people during this pandemic. His fortune nearly doubles over the past few months. The net worth of Eric Yuan is $18.2 billion according to the Bloomberg Billionaire Index. Zoom company is now worth $35 billion, as per The Financial Times. This is a huge corporate success story of modern times.

Despite all the privacy and security issues zoom had faced in the past, the zoom has grown extraordinarily. This is just because of the hard work and dedication of its owner, Yuan. He trusted in his idea and worked on it when the whole world rejected it. There is a great lesson for the youth in his story. Failures and rejections are part of professional life. They should be taken as challenges so that we can grow. Eric Yuan is a great source of inspiration for us.

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Written by Startup Packs Staff

Account for publishing GPs at Startup Packs

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