Not everyone lost money in the stock market wipeout in February. News of the fast-spreading pandemic erased $6 trillion in value from global equity markets in six days, according to S&P Dow Jones Indices amid fears of the damage it could inflict on the world’s economy. But, a select few emerged as winners.
For example, Eric Yuan, the founder of Zoom, saw his net worth rise $200 million in the week, to touch $5.5 billion. K12 Inc., a US-based firm, which offers online educational services, jumped 19 per cent in the same week, adding about $5 million to the net worth of CEO Nathaniel Davis, according to Bloomberg.
Even as the broader economy faced a recession, tech stocks like Zoom and K12 rallied due to an increase in usage of video conferencing and remote work technology.
<<insert video featuring Jonathan Curtis on How COVID-19 is Changing the Digital Landscape>>
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