The vaccine reduces the fortunes of pandemic billionaires

After the Corona epidemic hit the global economy, the shares of technology companies, which offer alternative solutions during times of embargo, became active. Zoom hosted video conferences, lessons in schools, family gatherings and business meetings for more than 300 million subscribers daily during the epidemic.

Demand for “Zoom” has risen more than 500 percent this year. The site was founded by the American, Eric Yuan, and the Chinese by birth, raising his fortune to $ 28.6 billion, becoming the wealthiest forty on the planet.

Continuous updating of Huawei applications

And with the announcement of “Pfizer” and “BioNTech”, an effective vaccine against “Covid-19”, shares of airlines, oil giants and hotel operators soared.

However, stocks that benefited from the closings and work-from-home arrangements, such as Peloton Interactive, Netflix and Sea Corporation, the largest internet company in Southeast Asia, all fell.

But the most urgent question is, will people stop using the services of companies like Zoom after the epidemic ends and return to the workplace?

“I don’t think the trend around e-commerce, video collaboration, or the shift to electronic clouds will change after the vaccine is found,” said an artificial intelligence analyst at Bloomberg, Mandip Singh.

He added, “Ratings appear to be high for some of these names, but the success of these companies is not spontaneous and most of them have been achieving rapid growth for years, and the current decline is a natural fluctuation, in light of investors looking to switch roles between sectors that have been subject to shrinkage due to the epidemic, such as travel, casinos and hospitality.”

Shares of Zoom fell 17 percent in New York, wiping $ 5.1 billion from Yuan’s net worth.

According to the Bloomberg Billionaires Index, Yuan sold more than $ 275 million in shares of Zoom during 2020, while his remaining shares are worth about $ 20 billion on the platform.

The founder of “Peloton” home fitness, John Foley, has become a billionaire after the stunning rise in shares of his company during the epidemic, while his wealth fell by about $ 300 million after the stock fell 20 percent last Monday.

Red Hastings, chief executive of the film and television broadcasting service, saw his fortune drop $ 416 million.

The founder of “Sea” company Forest Lee, which is based in Singapore, lost nearly a billion dollars, with a decrease in US certificates of deposit on Wall Street by 9.5 percent.

Glove-makers, which produced at least 5 billionaires, sank as their shares rose during the epidemic, as shares of Top Glove Corp., the world’s largest maker of rubber gloves, fell 11 percent in early trading in Malaysia, and Riverston declined. Holdings Limited by 13 percent, while shares of “Hartalliga”, “Cosan”, and “Supermax Corp” fell by more than 8 percent.

The net worth of FedEx President Fred Smith decreased by $ 250 million, as the express freight company’s shares fell by 5.7 per cent, after Smith’s fortune had risen more than 70 per cent this year until Friday, when business was boosted. Dimension and booming e-commerce demand for delivery services.

Jay Choudhury, chief executive of cybersecurity company Zukler Inc., and Tim Steiner, co-founder of UK online supermarkets Okado Group, have also lost their fortunes in the fallout from the Pfizer vaccine study.

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