Zoom Video Communications, Inc (ZM) shares information
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Zoom acquires a security company to assist with encryption
Wednesday, 3 June 2020 22:14
The COVID-19 pandemic forced many people to turn to Zoom as the main video meeting platform. This move resulted in the daily meeting participants on the platform increasing from 10 million, as it was reported in December 2019, to 200 million in March. The company announced that by the end of April, the platform was hosting more than 300 million meeting participants daily. This resulted in some issues with privacy within the platform. Such issues include built-in attention-tracking features to Zoombombing issues. Zoombombing is where uninvited attendee break in and disrupt meetings conducted via Zoom. The security issues have drawn so much attention in the past month or two. Zoom's blog writes about the newly acquired business called Keybase.
Zoom (ZM) shares closed the day 7.59% up. This year, Zoom Video shares gone up 325% and many find the valuation to be way too high. Currently, 28% of the shares in Zoom is in the hands of short sellers that expect the price to fall a lot more.
The issue has become so severe that the company is facing at least three lawsuits from users. In attempts to remedy the situation, zoom acquired secure messaging and file sharing service key base. The Zoom Keybase will help to enhance the security and privacy capabilities on the platform within the next 90 days. The founder of Keybase has also been hired to lead the new security engineering team at Zoom. The company intends to solve the security issues before they result in the loss of clients.
Biggest short selling stock discussions of the day
Thursday, 28 May 2020 20:50
It's been revealed that the big investor Michael Burry that was featured as Christian Bale in "The Big Short" has spent over $30 million on a couple of major short positions. He selected a few targets Facebook , Jack in the Box , Boeing Co and Michaels Companies . The latter one ended 9% down today.
At the same time, Zoom Video ended the day up 1% to a valuation of 1942.4 in P/E. What about that valuation? How long will it last?