Zoom shares fell to their lowest price since the early days of the pandemic Tuesday, causing Zoom founder and CEO Eric Yuan’s net worth to drop $2 billion, as Wall Street fears the video conferencing company will continue on its worrisome revenue trajectory as Americans return to the office.
Zoom shares dropped 17.8% to $199 in Tuesday trading and are now down 66.2% from the stock’s October 2020 peak price of $588.88.
Yuan’s fortune fell to $9.9 billion Tuesday according to Forbes’ estimates, down $4.6 billion since the Forbes 400 list was published last month.
His net worth hit as high as $24 billion in October 2020 when Zoom stock was trading at its all-time high.
Zoom is the latest business that thrived amid stay-at-home orders to see a major drop in its stock price this month following disappointing earnings reports. Shares of at-home fitness company Peloton fell 30% in the day following its earnings call and currently trade at 75% less than its peak price achieved in December 2020. Shares of TV maker Roku, a fellow pandemic darling, are down about 30% over the last month as the market continues to correct as the U.S. approaches a return to pre-pandemic life.
Yuan told Forbes in September when Zoom’s stock began to lose its pandemic-fueled momentum: “I really don’t care about these short term moves of the stock price. This will not change anything about our company.”