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Zoom founder drops USD 5 billion as vaccine hits Covid-19 winners

Eric Yuan is, in many ways, the poster child for the coronavirus economy.His Zoom Video Communications Inc. has hosted school lessons, family gatherings and business meetings for more than 300 million participants a day during the pandemic. The stock of the video conferencing site has soared more than 500% this year and Yuan, a Chinese-born immigrant to the US, was at one point worth $28.6 billion -- the 40th wealthiest person on the planet.

That remarkable surge took a hit Monday after Pfizer Inc. said the Covid-19 vaccine it’s developing with BioNTech SE prevented more than 90% of infections in a study, the most encouraging scientific advance so far in the battle against the virus. Airlines, oil giants and hotel operators surged, but stocks that benefited from lockdowns and work-from-home arrangements -- such as Peloton Interactive Inc., Netflix Inc. and Sea Ltd., Southeast Asia’s largest internet company -- all slumped. On Tuesday, the rout continued in Asia for glovemakers that saw demand surge this year.

News source ~ HT