He has been denied visa eight times in the United States and is now a billionaire



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After hearing the co-founder of Microsoft Bill Gates To give a speech on the Internet three decades ago, Eric Yuan decided he wanted to be part of the dot-com boom in Silicon Valley.

So the Chinese-born entrepreneur came across an obstacle. The US government has denied its visa application eight times.

After two years of rejection, Yuan has finally entered the country and is now the major shareholder of video conferencing services company Zoom Video Communications, which raised $ 751 million on Wednesday in an initial public offering.

The 49-year-old man and his family sold shares worth $ 57 million, according to the unit price of the Zoom IPO of $ 36. The company's stock jumped to $ 62.71 at 11:39 am. after they began trading at the Nasdaq Global Select Market in New York, which estimates the stake of Yuan and his family of $ 3.2 billion, according to Bloomberg billionaire index.

Priscilla Barolo, a company spokeswoman based in San Jose, Calif., Declined to comment.

Yuan, CEO of Zoom, joins Alphabet's Sergey Brin, Nvidia's Jensen Huang, and Tesla's Elon Musk, who, like him, are immigrants who have become billionaires after helping to found companies in Silicon Valley. The United States is the country chosen by more than three-quarters of the wealthy Chinese who seek to emigrate, according to the Hurun Research Institute and the immigration consulting Visas Consulting Group.

The global videoconferencing market is expected to grow by almost 8 percent a year by 2026, according to Transparency Market Research, as more and more workers are doing their homework. Zoom reported net income of $ 7.6 million and revenue of $ 331 million for the year ended January and is now nine times higher than the $ 1 billion obtained after a round of financing two years ago.

Prior to launching Zoom in 2011, Yuan worked for WebEx Communications, an online conferencing company, and then worked for Cisco Systems after the company acquired the company in exchange for $ 3.2 billion in early 2007.

Yuan had the idea of ​​Zoom, which has clients like Uber and Wells Fargo, after traveling 10 hours on several occasions to see his girlfriend when they were college students.

"Being able to have a smart device one day and with a single click, talk to you, to see it, that was my dream, right?" Commented Yuan in a July interview with US venture capital firm GGV Capital. "And every day I thought about it."

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