summer edition
Zoom Video Jumps to a Record Market Cap As the coronavirus pandemic has forced many global companies, schools, non-profit organizations, and consumers to start working from home and switch to video conferencing, Zoom Video Communications recorded a jump in shares. The maker of video conferencing software rose 9,7 percent to $179,48 per share, giving it a record high market value of $50,6 billion. The company’s management has also reported that the number of daily meeting participants had exceeded 300 million at the end of April, up from 10 million in December. Eric Yuan, Zoom’s founder, and CEO saw his net worth rise by more than $800 million on the last days of May to $9,3 billion, according to the Bloomberg Billionaires Index. Volkswagen Closes a $2,6 Billion Interestingly, even before the coronavirus outbreak, Investment in Argo AI Zoom’s revenue growth rate was already impressive: German automaker Volkswagen AG has closed a $2,6 during its fiscal year 2020 ending on January 31, revenue billion investment in Argo AI, the Pittsburgh-based jumped to $622,7 million, up to 88 percent year over year. self-driving startup. Argo, founded in 2016 by Bryan Salesky and Peter Rander, is now jointly controlled by VW and Ford Motor Co, which made an initial investment in Argo shortly after it was founded. Details of the Volkswagen investment, which does not include an agreement to purchase $500 million worth of Argo stock from Ford, was announced last July. Argo AI noted that Volkswagen committed $1 billion in funding as well as the transfer of its Munich-based autonomous intelligent driving business, valued at $1,6 billion. “The news not only solidifies our well-capitalized position but differentiates us as the only self-driving technology platform company with partnerships and commercial agreements for deployment across the US and Europe,“ said Argo AI Chief Executive Bryan Salesky and Argo Munich Vice President Reinhard Stolle. Gaming Giant Zynga Acquires Turkey’s Peak Games Amazon’s Jeff Bezos invests in British Logistics Startup US mobile game maker Zynga will acquire Istanbul-based Amazon CEO Jezz Bezos has invested $15 million in the gaming company Peak for $1,8 billion. The purchase British digital logistics startup Beacon Technologies Ltd. includes $900 million in cash and $900 million in stock The startup was founded in 2018 by two former Uber and is expected to boost Zynga’s daily active users by Technologies Inc executives, and it is also a supply chain more than 60 percent. The deal comes as Zynga experifinance firm that provides real-time data of cargo deliv- ences a financial boost due to the coronavirus pandemic. ery and a marketplace view of global shipping costs “We are honored to welcome Peak to Zynga. Peak is and prices. one of the world’s best puzzle game makers and we Sky News noted that the backing of Bezos is a major could not be more excited to add such creative and boost for a company that aims to become a global passionate talent to our company,” Frank Gibeau, CEO leader in logistics and trade finance. Beacon, which pro- of Zynga, noted in a statement. “With the addition of vides logistics services for the global air, ocean, and Toon Blast and Toy Blast, we are expanding our live sertruck freight industries, said it will use the funds raised vices portfolio to eight forever franchises, meaningfully in the Series A round to invest in new hires, technology, increasing our global audience base and adding to our and market expansion.“With digitalization accelerating exciting new game pipeline.As a combined team, we are globally as a result of COVID-19, we believe the future of well-positioned to grow faster together.” the traditional freight forwarder is more precarious than The acquisition is expected to close in the third quarever,” Beacon CEO Fraser Robinson said in a statement. ter of 2020.
www.theglobalinvestor.com
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