- Tram Ho
Nearly a year after the WHO discovered corona virus, so far many people around the world still have to stay at home to limit the spread of the disease. A series of social activities have been and will be happening through video calls over the past year. When it comes to that, we can’t help but mention Zoom – the very popular video conferencing app in 2020.
Zoom is considered a shining star in the sky of technology although it is not backed by any “big” like Facebook, Google or Microsoft. By providing a service that hundreds of millions of users needed (free and paid) in the wake of a pandemic, Zoom had a great year when revenue quadrupled and profits increased 90x. Company stock is considered one of the best performing codes this year, with an increase of more than 450%.
Before the pandemic, Zoom founder and CEO Eric Yuan became a billionaire when Zoom IPO in April 2019. However, after the outbreak of Covid-19 worldwide, the demand for the Zoom service skyrocketed, Yuan achieved a new achievement: Joining the ranks of the 100 richest people on the planet. According to FactSet, his shares in Zoom are worth nearly $ 17 billion.
Zoom becomes the most popular video calling application in 2020.
Zoom’s sublimation certainly faces many challenges. In April 2020, many security problems occurred that affected the reputation of the company, the most serious of which was that hackers could eavesdrop or appear in a stranger’s conversation. As a result, some large companies and government agencies stop using Zoom to ensure user safety.
The company struggled at this time due to adverse news, but Yuan came up with a simple action plan: Do not hide and react quickly. Not long after, the security flaws were fixed. “Users are very smart,” Yuan said. As long as you are transparent about everything, they will realize that this is a company they can trust.
During the April-July period, Yuan asked its employees to focus entirely on security and privacy features. Besides, he also appointed an information security director, many new security engineers as well as third-party experts to check for vulnerabilities.
As a result, by May, many schools and agencies in the US reused Zoom, helping to drive user growth. Thus, through his drastic action, Yuan saved the company from falling into a crisis related to user privacy.
There are also doubts about the connection between Zoom and China as Yuan is an immigrant from China. Nancy Pelosi, speaker of the US House of Representatives, once called Zoom a “Chinese entity” on live television. In response, Yuan posted an article on the company’s blog: “I have lived happily in the US since 1997 and became a US citizen in July 2007. Zoom is an American company, okay?” established and headquartered in California, recognized in Delaware and publicly traded on the Nasdaq “.
Source : Genk