Zoom Founder’s Net Worth Has Plunged $7 Billion Since October As Explosive Pandemic Growth Slows

Topline

Despite booming earnings that beat Wall Street’s expectations, shares of Zoom are tanking on Tuesday after a quarterly report revealed that the firm’s explosive pandemic growth could be reaching its upper limit, and the fortune of the firm’s billionaire founder and CEO, Eric Yuan, has plunged in tandem.

Key Facts

As of 1:00 p.m. EST, shares of Zoom have plummeted 14% on Tuesday, tanking Eric Yuan’s fortune by $2.8 billion as a result. 

Yuan, who owns a roughly 22% stake in the work-from-home staple, is now worth $18.2 billion, Forbes estimates, down from $25.1 billion in late October.

After the market close on Monday, Zoom

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Twitter slows the rollout of its disappearing message feature, Fleets, amid tech issues and privacy concerns



Twitter CEO Jack Dorsey REUTERS/Anushree Fadnav


© Provided by Business Insider
Twitter CEO Jack Dorsey REUTERS/Anushree Fadnav

  • Twitter on Wednesday said its launch of Fleets, a disappearing-message feature, was having performance and stability problems.
  • Many users won’t get Fleets “for a few more days,” the company said.
  • Users have raised privacy concerns, saying the feature encouraged harassment. Some Twitter users were able to send Fleets to people whose direct messages were closed.
  • A Twitter spokeswoman told Bloomberg on Thursday that the company was working to fix privacy issues. 
  • Visit Business Insider’s homepage for more stories.

Twitter on Wednesday said it was slowing down its rollout of Fleets, a 24-hours-and-its-gone messaging feature announced Tuesday, because of tech issues. 

Disappearing posts like Fleets, named for “fleeting thoughts,” aren’t a new concept. Snapchat pioneered them when it launched in 2011. In the years since, Instagram, Facebook, and LinkedIn have all introduced similar

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Twitter slows Fleets rollout amid tech issues, privacy concerns

  • Twitter on Wednesday said its launch of Fleets, a disappearing-message feature, was having performance and stability problems.
  • Many users won’t get Fleets “for a few more days,” the company said.
  • Users have raised privacy concerns, saying the feature encouraged harassment. Some Twitter users were able to send Fleets to people whose direct messages were closed.
  • A Twitter spokeswoman told Bloomberg on Thursday that the company was working to fix privacy issues. 
  • Visit Business Insider’s homepage for more stories.

Twitter on Wednesday said it was slowing down its rollout of Fleets, a 24-hours-and-its-gone messaging feature announced Tuesday, because of tech issues. 

Disappearing posts like Fleets, named for “fleeting thoughts,” aren’t a new concept. Snapchat pioneered them when it launched in 2011. In the years since, Instagram, Facebook, and LinkedIn have all introduced similar features called “stories.”

Twitter has been testing its feature in some

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Crypto crime slows in 2020, but ‘DeFi’ hacks rise – CipherTrace report

NEW YORK (Reuters) – Losses from cryptocurrency thefts, hacks, and fraud declined to $1.8 billion for the first 10 months of the year compared with last year, but crime in the hot “decentralized finance” sector rose, according to a report from crypto intelligence company CipherTrace.

FILE PHOTO: The exchange rates and logos of Bitcoin (BTH), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) are seen on the display of a cryptocurrency ATM of blockchain payment service provider Vaerdex at the headquarters of Swiss Falcon Private Bank in Zurich, Switzerland May 29, 2019. REUTERS/Arnd Wiegmann

Crypto crime hit $4.5 billion globally in 2019.

“What we have seen is that exchanges and other cryptocurrency players have implemented more security procedures,” Dave Jevans, CipherTrace’s chief executive officer, told Reuters.

“They have taken the guidance and implemented the procedures to secure their funds better. So you’re going to see less mass-scale

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Huawei sales up, but growth slows under virus, US pressure

BEIJING (AP) — Chinese tech giant Huawei, one of the biggest makers of smartphones and switching equipment, said Friday its revenue rose 9.9% in the first nine months of this year, but growth decelerated in the face of U.S. sanctions and the coronavirus pandemic.

Huawei Technologies Ltd., gave no sales figure for the most recent quarter ending in September, but growth for the first three quarters was down from the 13.1% reported for the first half of the year.

Huawei is struggling with U.S. sanctions that cut off its access to most American technology and components in a feud with Beijing over technology and security. The White House says Huawei is a threat and might facilitate Chinese spying, which the company denies.


Washington also is tightening curbs on access to U.S. markets or technology for other Chinese tech companies including telecom equipment maker ZTE Corp., video service TikTok and messaging

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Netflix Acknowledges TikTok As A Competitor As Subscriber Growth Slows; Free Promo Coming To India

Netflix has released its earnings report for the latest quarter, and despite the pandemic still keep people at home, user growth slowed down compared to previous financial periods. To help improve matters, Netflix has also confirmed a new promotion where anyone can watch Netflix’s content for free, but it appears this promotion may only be available in India.

Netflix added 2.2 million paid subscribers during the quarter, which is down sharply from 10.09 million subscribers added in the previous quarter and below Q3 2019, when Netflix got 6.8 million people to sign up for the streaming service. Netflix said it expected this downturn, and it pointed out that, for the first nine months of 2020, the company added 28.1 million paid memberships. For comparison, that number is greater than the total number of new subscribers for all of 2019 (27.8 million).

“In these challenging times, we’re dedicated to serving our

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