Zoom Video Jumps to Record With Market Cap Now Above $50 Billion

The maker of video conferencing software rose 9.7% to $179.48, giving it a market value of $50.6 billion, bigger than tractor maker Deere & Co. and pharmaceutical company Biogen Inc. While there was no clear reason for the steep rise, technology stocks were the best performing group in the S&P 500 Index, and investors may be positioning ahead of Zoom’s earnings report expected on Tuesday.

Eric Yuan, Zoom’s founder and chief executive officer, saw his net worth rise by more than $800 million on Friday to $9.3 billion, according to the Bloomberg Billionaires Index.

— With assistance by Nico Grant