Coronavirus pandemic | Billionaire Li Ka-Shing’s early investment in Zoom pays off: Fable

Hong Kong’s richest man Li Ka-Shing has made a fortune by being an early investor in video-conferencing app Zoom, per a Bloomberg document.

The app’s usage has increased as folks across the enviornment compose cash working from home one day of the COVID-19 pandemic to take a look at social distancing.

Amid the app’s rising recognition, the worth of the billionaire’s conserving in Zoom Video Communications has jumped 80 p.c this Twelve months to $3 billion, the document said citing the Bloomberg Billionaires Index.

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Regulatory filings quoted within the document bid that Li for the time being owns 8.6 p.c of Zoom Video Communications.

Moneycontrol would possibly maybe maybe no longer independently look at the chronicle.

Li first invested within the San Jose-primarily based fully company in 2013, by map of his agency Horizons Ventures, leading a $6.5 million Series B financing spherical, as per the document. He turn out to be also a allotment of a $30 million Series C fundraising in 2015.

By the time Zoom made its stock market debut in April 2019, Li’s stake turn out to be worth $850 million, the document added.

Over the past Twelve months, Li’s total wealth had declined by about $4.6 billion to $25.7 billion amid the anti-authorities protests in Hong Kong.

Li is no longer potentially the most tantalizing one to bear benefited from the surge in usage of Zoom. The company’s founder Eric Yuan web worth has risen to $6.5 billion, per the Bloomberg rating.

Zoom turn out to be one among potentially the most downloaded apps in February and March 2020, seeing a form of downloads within the US, UK and a quantity of capabilities of Europe. per a document by TechCrunch.

The video conferencing company turn out to be no longer too lengthy ago hit by privateness and security concerns after a BARC meeting turn out to be hacked by miscreants.

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