BEIJING, April 10 (Upi) — Li Ka-shing has built Hong Kong’s biggest wealth empire by investing in real estate and infrastructure, according tomedia reports. His investment in Zoom Video is a big bet on technology. Now, that bet has paid off in the current viral pandemic.
Li Ka-shing, known by his admirers as “Superman”, was an early investor in Zoom Video. The company is based in San Jose, California, and Li Ka-shing owns about 8.6 percent of the company. This year, the company’s share price has soared 80 per cent, with Mr Li’s stake worth $3bn. Li Ka-shing’s total wealth fell by about $4.6 billion to $25.7 billion after the new corona virus pandemic.
Li Ka-shing, 91, took a $6.5 million Round B financing from Zoom Video through Horizons Ventures Ventures in 2013 and a further $30 million in C-round financing two years later, the documents show. When Zoom Video began public trading in the United States in April 2019, Li Ka-shing’s stake was worth about $850 million.
At a time when social isolation is taking place in many parts of the world to reduce the risk of new coronaviruses, the company’s video web conferencing software has become an essential tool for millions of people every day. Despite the recent loss of some revenue from software privacy issues, the company’s share price has soared because people who work from home use Zoom not only for work, but also on everything from Passover dinners to recreational activities.
Mr Li is not the only one to benefit from Zoom Video. According to Bloomberg, Zoom Video founder Eric Yuan is currently worth $6.5 billion. Jerry Yang, a former Yahoo co-founder, is another early investor. David Bonderman’s family-owned wealth management firm, Wildcat Capital Management, joined the company late last year before Zoom Video’s share price soared, according to regulatory documents.
Other companies in Li Ka-shing are helping to boost Zoom’s user base. A statement on March 18 said his Hutchison Whampoa mobile unit, 3 Hong Kong, donated backpacks containing free “Zoom Classrooms” information to hundreds of schools in Hong Kong. (Wind)