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Eric Yuan: The Man US Denied Visa 8 Times but Now an American Billionaire

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Eric Yuan
  • Eric Yuan: The Man US Denied Visa 8 Times but Now an American Billionaire

Eric Yuan was one of the few people profiting big from the ongoing global health crisis despite the global lockdown eroding profits of many organisations.

Eric Yuan was a Chinese American who founded a video conferencing app called Zoom, the main app through which businesses, schools and governments across the world are connecting as nations enforce social distancing to curtail COVID-19 pandemic.

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Yuan, 49, was born in Shandong Province in China and had his undergraduate in applied mathematics before proceeding to obtain a masters degree in engineering, according to a Bloomberg report.

Upon graduation, he moved to Japan where he worked for four years and was only inspired to move to Silicon Valley, California to work for an internet startup after listening to Bill Gates’ speech on the dot-com bubble.

However, it took the future billionaire eight different applications to secure a US visa in 1997 at the age of 27. Yuan moved to America and immediately buried himself in loads of programming with almost zero social interaction since he speaks very little English.

“For the first several years, I was just writing code and I was extremely busy,” Yuan said, according to CNBC.

Before founding Zoom, Yuan worked for a video conferencing company called WebEx that was later acquired by Cisco in 2007. He later became the vice president at telecommunications equipment company, Cisco Systems.

Cisco

According to a Fortune story, Yuan was inspired to build a video conferencing app because of his experience with his girlfriend (now wife) during his college days. Yuan had to travel 10 hours by train each time he wants to see his girlfriend and because of this, they only see twice a year. Therefore, he was forced to think of how to create something that would make them see more often.

“I was only able to see her twice a year and it took more than 10 hours to get there by train,” Yuan told Forbes in 2017. “I was young then — 18 or 19 years old — and I thought it would be fantastic if in the future there was a device where I could just click a button and see her and talk to her.”

That experience gave birth to Zoom, an idea that he pitched to Cisco management in 2011. He called a new smartphone-friendly video conferencing. However, his bosses shot him down as they did not see how a new application would compete or displace Skype and other established video conferencing brands.

“Cisco was more focused on social networking, trying to make an enterprise Facebook,” Yuan told Forbes. “Cisco made a mistake. Three years after I left, they realized what I said was right.”

Yuan left Cisco to pitch his idea to other investors, just like in Cisco, he could not convince any of the investors to support his new startup, so he borrowed money from friends and family to kick-start zoom.

“They thought the market is so crowded, the game is over,” Yuan told The Financial Times.

At first, according to a Forbes report, his wife questioned his decision to leave Cisco for an unknown future. “I told her, ‘I know it’s a long journey and very hard, but if I don’t try it, I’ll regret it,'” Yuan told Forbes.

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Yuan later changed his screensaver to ‘It can’t be done and kept working’ after countless rejections, according to Santi Subotovsky, a partner at Zoom investor Emergence Capital.

His courageous move started paying off two years later when Zoom growth kicked off even before its Initial Public Offers that saw the company’s share price rose by 72 percent on its very first day of trading.

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Zoom now worth more than $35.5 billion with over 30,000 corporate clients from Samsung to Uber, Walmart, and Capital One and many more.

“During the early stages of Zoom, I personally emailed every customer who canceled our service,” Yuan said in an interview with Thrive Global in 2017. “One customer replied to my note and accused me of sending auto-generated emails “impersonating” the CEO — he said Zoom was a dishonest company! I wrote back that the email was indeed from me, and that it wasn’t generated by one of our marketing tools. He still didn’t believe me, so I wrote back again and offered to meet him on a Zoom call right that minute to prove it was me writing the emails. That call never did take place, but he stopped accusing Zoom of being dishonest!”

Since December 2019, Zoom’s global usage has surged by more than 1,900 percent as schools, businesses and governments shifted online to comply with social distancing. Active users rose to 26.9 million in March, up from below 5 million in January and February.Zoom data

The company’s value more than doubled in the last three months to send Yuan’s total net worth to $7.57 billion from is 19 percent stake in the company. The billionaire is now ranked 192 on Bloomberg Billionaire’s list.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Travel

Emirates Halts Check-Ins Amid Severe Weather Disruption

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Emirates Airline

Emirates, the largest international airline, has taken the unprecedented step of halting all passenger check-ins for the day.

The move comes as the emirate grapples with severe weather disturbances, including heavy rainfall and storms, leading to widespread travel chaos in one of the world’s busiest aviation hubs.

The airline announced that check-ins for all passengers would be suspended from 8 am local time until midnight, as the adverse weather conditions continue to wreak havoc on travel plans.

Despite the disruption, Emirates assured that transit passengers would still be allowed to proceed to their connecting flights.

Dubai, known for its modern infrastructure and bustling aviation industry, has been brought to a standstill by the relentless rainfall and storms.

The inclement weather has resulted in delayed or diverted flights, leaving travelers stranded and adding to the existing challenges posed by the ongoing global pandemic.

Emirates has pledged to exert all efforts to restore its scheduled operations and provide support to affected customers amidst the chaos.

However, the extent of the disruption caused by the adverse weather conditions underscores the resilience and adaptability required to navigate unforeseen challenges in the aviation sector.

As the situation unfolds, authorities and airline personnel are working tirelessly to mitigate the impact of the severe weather on travel operations and ensure the safety and well-being of passengers.

Despite the temporary setback, Emirates remains committed to maintaining the highest standards of service excellence and operational efficiency, even in the face of unprecedented challenges posed by Mother Nature.

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EFCC Recovers N32 Billion from Humanitarian Ministry Probe

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EFCC

The Economic and Financial Crimes Commission (EFCC) has announced the recovery of a sum of N32 billion from its probe into the Ministry of Humanitarian Affairs and Poverty Alleviation.

This development comes amidst allegations of financial misappropriation and fraud involving high-ranking officials within the ministry.

The EFCC’s investigation, which initially focused on the suspended Minister of Humanitarian Affairs, Betta Edu, has expanded to encompass a broader examination of financial transactions and practices within the ministry.

The probe was initiated following allegations of the unauthorized approval of N650 million payment into a private account linked to Edu.

President Bola Tinubu’s directive to investigate the allegations and the subsequent suspension of Edu from office underscore the seriousness of the matter. While Edu has denied any wrongdoing, the EFCC proceeded with its inquiry, leading to her detention and subsequent release on bail.

The agency’s investigation also extends to Edu’s predecessor, Sadiya Umar-Farouk, and the National Coordinator of the National Social Investment Programme (NSIPA), Halima Shehu.

Allegations of financial impropriety totaling N37.1 billion and the movement of N44 billion from NSIPA accounts to suspicious private and corporate accounts have prompted scrutiny of their roles in the ministry.

In a statement released over the weekend, the EFCC disclosed that its investigations into the alleged fraud have yielded significant results, with the recovery of N32 billion and $445,000 thus far.

This substantial sum reflects the scale of financial irregularities uncovered during the course of the probe.

The EFCC emphasized that its investigation is not limited to individual officials but extends to a systemic examination of fraudulent practices within the ministry.

The agency highlighted the involvement of banks in facilitating the alleged fraud, with managing directors providing valuable information to investigators.

Dele Oyewale, the spokesperson for the EFCC, reiterated the agency’s commitment to thorough investigations and prosecution of individuals found culpable.

He emphasized that no one implicated in the fraud has been cleared, and investigations are ongoing to uncover the full extent of the wrongdoing.

Beyond its efforts to combat corruption within government institutions, the EFCC is also intensifying its campaign against the abuse of the national currency and the dollarization of the economy.

The agency acknowledged the public’s support and involvement in reporting instances of currency abuse, signaling a growing awareness of the importance of preserving the integrity of Nigeria’s financial system.

As the EFCC continues its probe into the Ministry of Humanitarian Affairs and Poverty Alleviation, the recovery of N32 billion underscores the magnitude of financial misconduct within the government.

With investigations ongoing and prosecutions imminent, the EFCC remains steadfast in its mission to uphold transparency and accountability in Nigeria’s public sector.

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Sport Business

Eni Aluko Breaks Barriers: First Black Female Football Club Owner in Italy

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Eni Aluko

Eni Aluko, former sports director for Aston Villa and Angel City, has shattered the glass ceiling by becoming the first black female football club owner in Italy.

Aluko’s journey from the pitch to the boardroom marks a monumental shift in the traditionally male-dominated realm of football ownership.

Aluko’s foray into ownership comes through her involvement with the Mercury 13 group, a consortium dedicated to revolutionizing women’s football.

This $100 million investment group, named after the 13 female pilots who passed the same rigorous testing as NASA’s original Mercury 7 astronauts, aims to elevate the status of women’s football teams across Latin America and Europe.

Their recent acquisition of a majority stake in FC Como Women, situated in northern Italy, underscores their commitment to this vision.

For Aluko, this milestone isn’t just about personal achievement; it’s about paving the way for future generations of black sports investors and female football enthusiasts.

“Representation matters,” Aluko emphasized in a recent interview. “As the first, I understand the significance of this moment. But more importantly, I see it as an opportunity to inspire others and to promote diversity and inclusivity in the beautiful game.”

Aluko’s transition from player to owner is a testament to her unwavering dedication to football.

Having retired from professional play, she has seamlessly transitioned into roles in sports broadcasting and now ownership, leveraging her extensive experience and expertise to drive meaningful change within the industry.

The significance of Aluko’s ownership stake extends far beyond the confines of FC Como Women. It serves as a beacon of hope and inspiration for marginalized communities within football, signaling that barriers can be broken and dreams can be realized regardless of race or gender.

The Mercury 13 group’s investment in FC Como Women is poised to catalyze a new era for the club and women’s football in Italy as a whole.

With Aluko at the helm, there is an undeniable sense of optimism and momentum surrounding the future of the team and the broader movement for equality within the sport.

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