Anyone call this one? Anyone?
High-flying video conferencing service Zoom, which has seen skyrocketing demand during the coronavirus pandemic, is now worth more than ExxonMobil, one of the world's largest oil and gas companies.
As of 2:30 p.m. ET, Zoom sported a market valuation of $139 billion, compared to Exxon's $138.9 billion. Zoom began the year with a market cap of $19 billion. While Zoom posted $1.35 billion in revenue over the past 12 months, Exxon, by comparison, posted $213.8 billion in revenue during that time period.
Zoom founder Eric Yuan, meanwhile, has seen his own fortune nearly double over the past three months. Since appearing on The Forbes 400 list of America's wealthiest people, which used stock prices from July 24, his net worth has nearly doubled, rising from $11 billion to $21.3 billion as of 2:30 p.m. ET on October 29.
Yuan's fortune has soared in tandem with Zoom's business, which has grown at a fast clip as millions of people working from home continue to rely on video-conferencing. Zoom is one of the best performing stocks so far in 2020, largely weathering the pandemic-induced sell-off in March and rising by more than 600% over the year.
Unbelievable.
2020 just continues to deliver.
Say it with me now...
