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Friday, Aug 07, 2020

Li Ka-shing is an early investor at Zoom and owns about 8.6% of the company

Li Ka-shing is an early investor at Zoom and owns about 8.6% of the company

Li Ka-shing has forged Hong Kong’s largest fortune in traditional real estate and infrastructure. What is paying off in the current crisis is a bet on technology. Hong Kong’s richest man made early Zoom bet that’s now worth $3 bn
According to statutory documents, Lee is called “Superman” by fans, is an early investor at Zoom Video Communications Inc., and owns about 8.6% of the San Jose-based company. The value of Lee’s shares soared 80% this year to $ 2.9 billion. This is the only public stock tracked and profited by the Bloomberg Billionaire Index. His overall fate has dropped about $ 5 billion to $ 26 billion this year after Hong Kong was hit by a protest and a coronavirus pandemic.

According to filings, he is 91 and owns three investment vehicles that zoom through. According to the company’s website, Horizon Ventures, which manages Li’s venture investment, led a $ 6.5 million Series B round of financing at a video conferencing company in 2013, and a $ 30 million series two years later. Participated in C round. When Zoom opened its stock market in the United States in April 2019, his stock was worth about $ 850 million.

The company’s video conferencing software has become an essential tool for millions of people at a time when many parts of the world are socially separated to dampen the COVID-19 virus. Zoom’s share price has skyrocketed and is now being used at home, from work meetings to Passover meals and happy hours, but recently some of the benefits to privacy concerns have returned .

Zoom is not the only person benefiting from the boom. According to Bloomberg rankings, founder Eric Yuan is currently worth $ 6.1 billion. Jerry Yang, a former co-founder of Yahoo, was one of the earliest investors. Wildcat Capital Management, David Bonderman’s family office, rushed in late last year.

Several other Li companies are backing Zoom’s user base. In a statement on March 18, Hong Kong, a mobile division of Hutchison Telecommunications, announced that it had donated backpacks, including a free “zoom classroom,” to hundreds of Hong Kong schools.
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