World News

Zoom founder loses $5 billion as Pfizer vaccine hits the market

By Gitanjali Mangal -- November 10th 2020 02:09 PM

Eric Yuan, the CEO of Zoom has lost $5 billion after the vaccine Pfizer was introduced.

His Zoom Video Communications Inc. has hosted school lessons, family gatherings and business meetings for more than 300 million participants a day during the coronavirus pandemic.

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The stock of the video conferencing site has soared more than 500% this year and Yuan, a Chinese-born immigrant to the U.S., was at one point worth $28.6 billion which made him the 40th wealthiest person on the planet.

Meet Zoom CEO Eric Yuan, who's made $12 billion in the pandemic - Business  Insider

However, the remarkable surge took a hit Monday after Pfizer Inc. said the Covid-19 vaccine it’s developing with BioNTech SE prevented more than 90% of infections in a study, the most encouraging scientific advance so far in the battle against the virus.

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Airlines, oil giants and hotel operators surged, but stocks that benefited from lockdowns and work from home arrangements, such as Peloton Interactive Inc., Netflix Inc. and online supermarket Ocado Group Plc, all got slumped.

Zoom shares fell 17% in New York, erasing $5.1 billion from Yuan’s net worth. He’s sold more than $275 million of Zoom stock this year and is still worth $20 billion.

-PTC News

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