Zoom shares fell 15% after the release of the quarterly report and forecast. This led to a reduction in the fortune of the creator of the service, Eric Yuan, by $3 billion to $17.9 billion. He owns 15% of Zoom.
Before the crisis, Eric Yuan's fortune was estimated at $5.5 billion. However, after the introduction of restrictions in the fight against coronavirus and the transition of employees of many companies to remote work, the demand for service services has grown sharply. The state of the head of the company also began to grow rapidly.
On the eve of the Zoom, the company published a report for the third financial quarter. Its data indicate an increase in revenue by 329% to $777.2 million. However, the company said that in the fourth fiscal quarter, revenue will decline. Investors didn't like this, and they started selling Zoom. In addition, the market believes that the shares of the service are overvalued. Currently, the price of one security exceeds $406.