"For now we see only a reflection as in a mirror; then we shall see face to face. Now I know in part; then I shall know fully, even as I am fully known."
– Corinthians 13:4-13
"Love is patient, love is kind. It does not envy, it does not boast, it is not proud. It is not rude, it is not self-seeking, it is not easily angered, it keeps no record of wrongs. Love does not delight in evil but rejoices with the truth. It always protects, always trusts, always hopes, always perseveres. Love never fails."
– 1 Cor 13:4-13
Hong Kong’s Richest Man Made Early Zoom Bet That’s Now Worth $3 Billion
[Bloomberg]
Venus Feng ,Bloomberg•April 10, 2020
(Bloomberg) – Li Ka-shing built Hong Kong’s biggest fortune on old-fashioned real estate and infrastructure. It’s a bet on technology that’s paying off in the current crisis.
Li, called “Superman” by his admirers, was an early investor in Zoom Video Communications Inc. and owns about 8.6% of the San Jose-based company, according to regulatory filings. The value of Li’s stake has surged 80% this year to $3 billion – the only public holding of his tracked by the Bloomberg Billionaires Index to record a gain. His overall fortune is down about $4.6 billion to $25.7 billion this year after Hong Kong was hit by protests and the coronavirus pandemic.
The 91-year-old owns Zoom through three investment vehicles, according to the filings. Horizons Ventures, which manages Li’s venture investments, led a $6.5 million series B round funding in the video conferencing company in 2013 and participated in a $30 million series C round two years later, according to the company’s website. His stake was worth about $850 million when Zoom started publicly trading in the U.S. in April 2019.
The company’s market value has more than tripled since the initial public offering, while the shares climbed 5.7% on Thursday.
The company’s teleconferencing software has become an essential tool for millions at a time when much of the world is socially distancing to blunt the toll of the Covid-19 virus. Zoom’s share price has soared as the homebound use it for everything from work conferences to Passover meals to happy hours, though it has recently given back some of those gains over privacy concerns.
Li isn’t the only person benefiting from the Zoom boom. Founder Eric Yuan is now worth $6.5 billion, according to the Bloomberg ranking. Former Yahoo co-founder Jerry Yang was another early investor. David Bonderman’s family office, Wildcat Capital Management, jumped in at the end of last year, regulatory filings show, before Zoom stock skyrocketed.
Some of Li’s other companies are helping boost Zoom’s user base. 3 Hong Kong, the mobile arm of his Hutchison Telecommunications, donated backpacks that included free “Zoom Classrooms” to hundreds of Hong Kong schools, the company said in a March 18 statement.
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– Singapore Teachers Told to Stop Using Zoom Video Tools
Singapore has suspended teachers from using video-conferencing tools from Zoom Video Communications (ZM) - Get Report, its education ministry said on Friday, Reuters reported.
The suspension was ordered following “very serious incidents” that occurred in the first week of home-based learning after the coronavirus forced Singapore to lock down schools.
It's the latest setback for Zoom, which has seen usage surge amid the coronavirus pandemic. Incidences of so-called zoombombing, in which meetings are hijacked by pranksters or others with more nefarious intent, have been widely reported.
Alphabet's (GOOGL) - Get Report recently banned the use of Zoom on its corporate computers, while U.S. senators were being advised not to use the platform.
https://www.thestreet.com/markets/5-things-you-must-know-friday-041020?puc=yahoo&cm_ven=YAHOO&yptr=yahoo
https://zoom.us/
Zoom’s founder is the former head of engineering for Webex. He left and was followed by 40 of their top engineers because he had a vision for building the best possible video conferencing system from the ground up and making a product so good that it delivers happiness. Webex would not let him do it, so that’s why he started Zoom. I encourage you to put it to the test.