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The coronavirus crisis has eliminated millions of Americans' sources of income , but not Eric Yuan's. Yuan is the founder of video conferencing app Zoom.
Even before the outbreak of the coronavirus forced people to work and socialize primarily online , Zoom's share price grew exponentially. He also now officially ranks on the Forbes , making him one of the richest people in the US. Yuan declined to comment on his net worth , career, or personal life when reached by Business Insider in April, saying through a representative that he was busy working hour days at Zoom.
Yuan's parents were mining engineers, according to Forbes. Yuan has an undergraduate degree in applied mathematics and a master's degree in engineering, Bloomberg reported. Yuan spent four years working in Japan after graduation but was inspired to move to California's Silicon Valley to work for an internet startup after listening to Bill Gates give a speech about the dot-com bubble, according to Bloomberg.
The United States denied Yuan's visa application eight times before allowing the future billionaire to move to California in , Fortune reported. Yuan was 27 at the time, according to CNBC. Yuan told The Financial Times that he had a disagreement with the immigration official who processed his application. Playing pick-up soccer was one of Yuan's only hobbies during that time, according to Forbes.
Before founding Zoom , Yuan was a vice president at telecommunications equipment company Cisco Systems. Yuan worked for another videoconferencing company called WebEx that was acquired by Cisco in Back when he still lived in China, Yuan and his girlfriend were enrolled in two different colleges that were separated by a hour train ride, according to Fortune.
The two later got married. The experience gave Yuan the idea to incorporate video into telephone-based conferencing systems like Cisco's, Bloomberg reported. Yuan also wanted to make a more user-friendly conferencing system that was fun to use, according to CNBC.
Zoom is known for its virtual backgrounds , which allows users to make it appear as if they are on the beach or in front of the Golden Gate Bridge.
Yuan pitched Cisco a new, smartphone-friendly video conferencing system in , The Financial Times reported. When his bosses shot him down, Yuan left Cisco to found Zoom. Three years after I left, they realized what I said was right. Yuan also couldn't convince any investors to back his new venture, so he borrowed money from friends and family to launch Zoom, according to The Financial Times. Yuan's own wife initially questioned his decision to leave Cisco, Forbes reported. I wrote back that the email was indeed from me, and that it wasn't generated by one of our marketing tools.
He still didn't believe me, so I wrote back again and offered to meet him on a Zoom call right that minute to prove it was me writing the emails.
That call never did take place, but he stopped accusing Zoom of being dishonest! Yuan lives by the motto "Hard work and stay humble," according to The Financial Times. Yuan is now ranked No. Before , he wasn't even on the list. Yuan's skyrocketing net worth also earned him a spot on the Forbes , the magazine's annual ranking of the wealthiest people in America, for the first time in Yuan is No.
Zoom 's rising public profile led to increased scrutiny from the New York Attorney General's office over its data privacy practices.
Public Zoom calls have dealt with trolls joining and sharing graphic images, and online classes have faced people hijacking a meeting, in a phenomenon called "Zoom bombing. We appreciate the New York Attorney General's engagement on these issues and are happy to provide her with the requested information. Yuan apologized for the problems in a blog post in April, writing "We did not design the product with the foresight that, in a matter of weeks, every person in the world would suddenly be working, studying, and socializing from home.
He added : "We recognize that we have fallen short of the community's — and our own — privacy and security expectations. For that, I am deeply sorry, and I want to share what we are doing about it. Yuan announced a series of measures to help make Zoom more secure, including bringing in outside experts, expanding the company's "bug-bounty program" in which tech companies offer cash rewards to ethical hackers who find issues with the company's security system , and holding weekly conferences to update people on the company's progress.
Source: Business Insider. Yuan was highly involved in his oldest son's basketball career, the younger Yuan's former coach told CNBC in This guy didn't only go to the games, but he was at the practices.
Yuan did occasionally take meetings on Zoom while attending his son's games, however. The couple has two sons and a daughter, according to Bloomberg. The family lives in Saratoga, California, The Telegraph reported. Yuan now uses Zoom for almost all his meetings and tries to limit business trips to two a year in order to spend more time with his family, according to The Financial Times.
He is also conscious of airplane travel's impact on climate change, The Telegraph reported. Yuan shares an office in Zoom's headquarters with chief product office Oded Gal, Forbes reported.
Yuan does drive a Tesla, however, according to Forbes. And Tesla is one of Zoom's customers. Money is not going to bring me happiness. Yuan told The Telegraph that he is more excited by the possibility of convincing more people to embrace remote work.
Coronavirus is just a catalyst. Sooner or later this is going to be normal because the world does not belong to us anymore, it belongs to the younger generation.
Keep reading. US Markets Loading H M S In the news. Executive Lifestyle. Taylor Nicole Rogers. Share icon An curved arrow pointing right. Twitter icon A stylized bird with an open mouth, tweeting. Twitter LinkedIn icon The word "in".
LinkedIn Fliboard icon A stylized letter F. Flipboard Link icon An image of a chain link. It symobilizes a website link url. Copy Link. Yuan got the idea for Zoom while trying to find a way to connect with his long-distance girlfriend. The year-old billionaire's net worth jumped Even before the pandemic brought international travel to a halt, Yuan almost never took work trips. He insisted on taking Zoom calls with clients so he could spend more time with his kids.
Visit Business Insider's homepage for more stories. Yuan has worked in teleconferencing since he arrived in the United States. Yuan initially struggled to find support for his video conferencing startup. During Zoom's early days, the former engineer was involved in every part of the business — including customer service. Yuan became a billionaire after Zoom's initial public offering in April Yuan is popular with Zoom's employees.
The pandemic-inspired work from home boom hasn't been all smooth sailing for Zoom, however. Reports have also surfaced that Zoom didn't use end-to-end encryption for its video meetings and had leaked thousands of users' email addresses to strangers.
Despite his busy schedule, Yuan is a committed father. Yuan lives in a wealthy Silicon Valley suburb with his wife and their three kids. Yuan almost never travels. Unlike many other members of the three-comma club, Yuan doesn't live a flashy lifestyle. While Yuan says his newfound wealth doesn't particularly excite him, he is eager to see what he hopes will be a permanent change in the way we work.
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