Flotation earns Zoom boss £20m

A BRITON is set to make £20 million after his £7 billion company joined the rush of technology firms floating on the US stock market.

Video conferencing firm Zoom listed on Nasdaq on Thursday, becoming the latest major technology firm to offer shares.

They were priced at $36 (£28), valuing the company at around £7billion, but they leapt 80 per cent on the first day of trading to $65, giving it a £13billion price tag.

Accountant Jonathan Chadwick, who is a director of Zoom, is sitting on 400,000 shares now worth £20 million thanks to the flotation.

He can immediately cash in around a third, but will have to wait for the rest as they pay out in monthly instalments.

Chadwick, who studied at Bath University, has previously served as chief financial officer of software giant VMware, video chat firm Skype, and cyber security company McAfee.