Li Ka-shing is profiting from early bet on Zoom with stake now worth US$3 billion
- Hong Kong’s richest man took part in two rounds of Zoom fundraising in 2013 and 2015
- Zoom has risen 83 per cent on Nasdaq this year as the company’s app becomes ‘social gathering’ place amid lockdowns
Li, called “Superman” by his admirers, was an early investor in Zoom Video Communications and owns about 8.6 per cent of the San Jose-based company, according to regulatory filings.
The 91-year-old tycoon owns Zoom through three investment vehicles, according to the filings. Horizons Ventures, which manages Li’s venture investments, led a US$6.5 million series B round funding in the video conferencing company in 2013. It took part in a US$30 million series C round two years later, according to the company’s website.
His stake was worth about US$850 million when Zoom started publicly trading in the US in April 2019. The stock has rallied 83 per cent this year to US$124.51 through April 9, giving the company a market value of US$34.7 billion.
Zoom’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 disease.