Some Wall Street investors are getting rich off Zoom — just the wrong one
Much has been made of the buzzy public debut of Zoom Video Communications Inc. ZM, +75.69% the enterprise videoconference software company with a $1 billion valuation, that made its debut on the Nasdaq Inc. NDAQ, -0.12% exchange Thursday midday, but the shares of another unrelated company have been more aptly zooming over the past 30 days.
Its recent gains mean that $100 invested in the entity on March 21, when shares were around $0.005, would have netted an investor about $84,000 as of Thursday morning. Zoom Tech., for one, hasn’t reported revenue since 2011 and apparently filed with the Securities and Exchange Commission to end its tenure as a publicly listed company to no avail.To be sure, this sort of confusion between a tiny company with a similar-sounding name, or ticker symbol, and a buzzier privately listed entity set to make a debut on a public market, isn’t unprecedented.
On a year-to-date basis, Zoom Tech’s shares have climbed 44,900%, compared with the S&P 500 index’s SPX, +0.09% meager-by-comparison 15.5% gain, the Dow Jones Industrial Average’s DJIA, +0.37% 13.4% return and the Nasdaq Composite Index’s COMP, -0.11% nearly 20% return so far in 2019.
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