If the latest lockdown restrictions being imposed all around the globe have made one person happy, then it had to be Zoom’s CEO Eric Yuan.
The video chat company announced on Tuesday it is planning to sell USD 1.5b worth of shares, which represents a value ten times higher than that of its IPO back in 2019. Zoom (ZM) debuted on the stock markets at USD 36 per share, and it is now targeting a price of USD 338 per share in its secondary share issuance. In the last year alone, Zoom’s stock quintupled in value due to a spike in the platform’s use during the pandemic.
The company’s shares were trading just over 2% higher on Wednesday.