Zoom's IPO values it at $9 billion—and mints new cloud billionaire Eric Yuan
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Zoom founder Eric Yuan is a billionaire with a net worth of $1.9 billion after Zoom's IPO valued the company at more than $9 billion in April.One of tech's more surprising entrants in the 2019 unicorn IPO blitz, Zoom, has minted cloud computing's newest billionaire in CEO Eric Yuan.Wednesday night it had priced its initial public offering at $36 per share, above its expected range of $33 to $35.
That makes Yuan, who founded the company in 2011, cloud computing's newest billionaire. Between his outstanding shares and options, Yuan still owns 22% of Zoom, the company revealed in ain March. Excluding unvested options, Yuan still holds more than 53 million shares of Zoom — giving him a net worth of $1.9 billion ahead of the stock's debut later on Thursday.
"It's a dream coming true to be a public company," Yuan says."This moment, looking back over the past several years, I appreciate every employee’s hard work. I’m very proud of our employees. It's a moment to celebrate." With revenue of $330.5 million last year, up 118% year-to-year, Zoom stands out from other high profile tech IPOs of 2019 for its combination of high-growth and profitability. Zoom reported net profits of $7.6 million in its S-1 filing. Ride-hailing app Lyft
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