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Last Updated : Apr 10, 2020 09:56 AM IST | Source: Moneycontrol.com

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

Regulatory filings indicate that Li currently owns 8.6 percent of Zoom Video Communications.

Rank 8 | Li Ka-shing - China | Net worth (2018): $34.9 billion | Amount donated: $1.8 billion | Percentage of new wealth: 5.33% (Image: Reuters)
Rank 8 | Li Ka-shing - China | Net worth (2018): $34.9 billion | Amount donated: $1.8 billion | Percentage of new wealth: 5.33% (Image: Reuters)

Hong Kong's richest man Li Ka-Shing has made a fortune by being an early investor in video-conferencing app Zoom, according to a Bloomberg report.

The app's usage has increased as people across the world work from home during the COVID-19 pandemic to practice social distancing.

Amid the app's rising popularity, the value of the billionaire's holding in Zoom Video Communications has jumped 80 percent this year to $3 billion, the report said citing the Bloomberg Billionaires Index.

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Regulatory filings quoted in the report say that Li currently owns 8.6 percent of Zoom Video Communications.

Moneycontrol could not independently verify the story.

Li first invested in the San Jose-based company in 2013, through his firm Horizons Ventures, leading a $6.5 million Series B financing round, as per the report. He was also a part of a $30 million Series C fundraising in 2015.

By the time Zoom made its stock market debut in April 2019, Li's stake was worth $850 million, the report added.

Over the past year, Li's overall wealth had declined by about $4.6 billion to $25.7 billion amid the anti-government protests in Hong Kong.

Li is not the only one to have benefited from the surge in usage of Zoom. The company's founder Eric Yuan net worth has risen to $6.5 billion, according to the Bloomberg ranking.

Zoom was one of the most downloaded apps in February and March 2020, seeing a large number of downloads in the US, UK and other parts of Europe. according to a report by TechCrunch.

The video conferencing company was recently hit by privacy and security concerns after a BARC meeting was hacked by miscreants.

Follow our full coverage here.

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First Published on Apr 10, 2020 09:56 am
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