9 year-old video communications software company, Zoom, is now worth more than a 130 year-old oil giant, ExxonMobil, previously known as Standard Oil, founded in 1870.
Zoom is now worth $140 billion on Thursday at trading close, surpassing ExxonMobil's market capitalization of $137 billion.
Since the emergence of the pandemic, fortunes of both companies have flipped, with oil prices plummeting due to decreasing travel demand.
Schools and businesses relied heavily on Zoom's video conferencing tools as nationwide shutdowns took place around the world, skyrocketing the company's users and revenues.
On the flip-side, ExxonMobil announced on Thursday that the company would lay off 1,900 staff in US. The company has lost 55% in market value year-to-date, partly due to depressed oil prices.
However, giant conglomerate, JP Morgan is positive that the introduction of vaccines could change the market value of both companies in the long term.
JP Morgan also listed Zoom as a stock to short if the vaccine is developed.
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Journalist at BEAMSTART. I write about breaking business news in the region.
Based in Malaysia
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