After listening to the co-founder Microsoft. Bill Gates, you speak on the internet three decades ago, Eric Yuan he decided he wanted to be part of dot com bum Silicon Valley.
Then he was an entrepreneur China He hurled into the obstacle. The US government has rejected its visa application – eight times.
After two years of rejection, Yuan finally entered the country and is now a major shareholder of the videoconferencing company. Increase video communicationwhich on Wednesday raised $ 751 million in its first public offering.
The 49-year-old man and his family sold shares worth $ 57 million, according to ZOOM’s unit price of $ 36. Stocks jumped to $ 62.71 at 11:39 pm after they were listed on the Nasdaq Global Select Market in New York, shows Yuan’s and his family’s share of $ 3.2 billion, according to the billionaire index Bloomberg.
Priscilla Barolo, a spokeswoman for a company based in San Jose, California, refused to comment.
Yuan, executive director of Zoom, joins Sergey’s worry from the alphabet, Jensen Huang from Nvidia, and Elon Musku from Tesla, who like him immigrants who became billionaires after they started helping the Silicon Valley companies. The US is the country chosen by more than three quarters of wealthy Chinese who want to move out, claiming the Hurun Research Institute and the Immigration Consultant Company Visas Consulting Group.
The global videoconference market is expected to grow by almost 8% per annum by 2026, according to Transparency Market Research, as more and more workers are doing business from home. Zoom was reported on net profit of $ 7.6 million and revenue of $ 331 million in the year that ended in January and now has a value of nine times more than $ 1,000 millionreceived after the funding circle two years ago.
Prior to launching Zoom in 2011, Yuan worked at WebEx Communications, an Internet conference company, and then worked at Cisco Systems after it bought the company for $ 3.2 billion in early 2007.
Yuan came up with the idea of Zoom, which has clients like Uber and Wells Farg, after he has traveled several times 10 hours to see his girlfriend when they were students.
“To be able to have a smart device one day and talk to you with one click, to see you, that was my dream, did not you?” Yuan commented in a July interview with US company GGV Capital. “And every day I was thinking about it.”