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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.

Zoom 1

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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Air Peace Flight Makes Emergency Landing Due to False Fire Warning

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Passengers aboard Air Peace Flight APK7193 experienced a tense moment as the aircraft made an emergency landing at Murtala Muhammed Airport in Lagos following a false fire warning in the cockpit.

The incident, which occurred on Thursday during the flight from Port Harcourt, highlighted the swift response and safety protocols implemented by the flight crew amidst the alarming situation.

With 243 passengers and 12 crew members on board, the flight’s pilots noticed a fire warning indicator in the cockpit, prompting immediate action.

Acting swiftly, the pilots executed all necessary safety measures and initiated an emergency landing procedure.

At 4:45 pm, the aircraft safely touched down on Runway 18L at the Lagos airport, averting a potential crisis.

Upon landing, fire fighting personnel stationed at the airport observed smoke emanating from the engines, prompting the pilots to shut down the engines as a precautionary measure.

However, it was later confirmed that the observed smoke was unrelated to any fire event, reassuring passengers and crew of their safety.

Air Peace promptly issued a statement addressing the incident, titled “Notification of false fire alarm on Port Harcourt-Lagos flight.”

The airline clarified that the fire warning indicator noticed in the cockpit was indeed a false alarm.

The statement emphasized the airline’s commitment to safety and reassured the flying public that all necessary precautions were taken to ensure the well-being of passengers and crew.

“We want to reassure the flying public that safety remains our utmost priority, and we are unwavering in our commitment to it,” the statement read.

Despite the momentary panic caused by the false fire warning, the swift and coordinated response of the flight crew, coupled with adherence to safety protocols, ensured a safe and uneventful landing for all passengers and crew members.

The incident serves as a testament to the importance of rigorous safety procedures and the critical role played by well-trained aviation professionals in ensuring passenger safety.

As investigations into the cause of the false fire warning are likely underway, Air Peace’s response underscores the airline’s dedication to transparency and accountability in addressing safety-related incidents.

Passengers and industry stakeholders alike can take solace in the airline’s commitment to maintaining the highest standards of safety and operational excellence.

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Saudi Arabia Breaks 70-Year Alcohol Ban, Opening Shop for Diplomats

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Alcohol

Saudi Arabia has announced the opening of an alcohol shop in Riyadh, breaking a 70-year-long prohibition on the sale of alcoholic beverages in the kingdom.

This decision marks a significant shift in the conservative nation’s stance on alcohol consumption.

The alcohol shop, set to be located in Riyadh’s Diplomatic Quarter, will exclusively serve non-Muslim expatriates, particularly diplomatic staff.

This is the first time since 1952 that alcohol will be legally available for purchase in the kingdom.

The initiative aims to provide a legal avenue for diplomats who have previously relied on importing alcohol in sealed diplomatic pouches.

The decision comes as part of the Saudi government’s efforts to address the issue of illicit alcohol trade within the country.

By offering a legal means to access alcohol, authorities hope to mitigate the risks associated with underground alcohol markets.

However, the shop’s operations will be subject to strict regulations. Only diplomatic staff with prior registration and government clearance will be allowed to purchase alcohol.

Also, patrons must be over 21 years old and adhere to a prescribed code of conduct while inside the shop.

The introduction of the alcohol shop is a part of broader societal reforms under Saudi Arabia’s Vision 2030 initiative, aimed at modernizing and diversifying the kingdom’s economy.

While the move represents a significant departure from traditional norms, it aligns with the government’s broader agenda of liberalizing certain aspects of Saudi society.

While the alcohol shop signifies a progressive step forward, it’s important to note that the sale and consumption of alcohol remain strictly prohibited for Saudi citizens under Islamic law.

Violators of these laws are subject to severe penalties, including fines, and imprisonment.

Overall, the opening of the alcohol shop marks a historic moment in Saudi Arabia’s social and economic landscape, signaling a willingness to adapt to changing global norms while navigating the complexities of religious and cultural traditions.

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NCAA Suspends Dana Air’s Operations Amid Safety Concerns

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Dana Air

The Nigerian Civil Aviation Authority (NCAA) has taken decisive action following a recent incident involving Dana Air by suspending the airline’s operations amid escalating safety concerns.

This move comes in the wake of an unsettling event where a Dana Air plane veered off the runway upon landing at Lagos airport.

The incident, which occurred shortly after a flight from Abuja, prompted emergency responders and regulatory agencies to swiftly respond and ensure the safety of all 83 passengers and crew onboard.

While initial reports indicate no injuries, the occurrence raised red flags regarding Dana Air’s operational safety protocols.

In response, NCAA wasted no time in initiating a thorough investigation with the Nigerian Safety Investigation Bureau leading the probe.

However, pending the investigation’s outcome, the regulatory body opted for a precautionary measure by suspending Dana Air’s Air Operator Certificate (AOC) effective April 24, 2024, at 23:59.

The suspension, outlined in a letter signed by Acting Director Chris Najomo, aligns with Section 31(7) of the Civil Aviation Act 2022.

The Minister of Aviation and Aerospace Development, Festus Keyamo, expressed dismay over the incident.

In a letter addressed to NCAA, the Ministry directed the immediate suspension of Dana Air’s fleet until a comprehensive audit could be conducted, covering safety protocols, maintenance procedures, and financial health.

The suspension serves as a stern reminder of the aviation industry’s uncompromising commitment to safety and underscores the need for thorough oversight to safeguard passengers and maintain industry standards.

As stakeholders await further developments, the focus remains on ensuring the highest level of safety and regulatory compliance within Nigeria’s aviation sector.

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