“Investors are looking for growth and there is no more growth to be had in work-from-home.” “They were filling a niche that desperately needed to be solved, but it wasn’t a long-run kind of thing,” said Forrest.
To Kim Forrest, founder of investment firm Bokeh Capital Partners in Pittsburgh, the exuberance around companies benefiting from stay-at-home orders felt like a replay of what she calls the foolishness of the tech bubble two decades ago, when money flowed to almost anything with dot-com in its name. Together, they’re a monument to these strange financial times that both spawned extraordinary fortunes and plunged legions into extreme poverty.
Their rise and subsequent slump were sharper than the other 131 members of the Bloomberg Billionaires Index whose net worth more than doubled, but wasn’t as reliant on how Covid altered lives across the globe. The men belong to an exclusive club of 58 billionaires whose wealth multiplied at an eye-popping pace thanks to changes brought about by Covid and cheap money, only to plummet even quicker. And the father-son duo behind online used-car seller Carvana amassed a $32 billion fortune at the peak. Eric Yuan, denied a US visa eight times before moving from China, watched his fortune hit $29 billion as Zoom Video Communications became the world’s go-to video-conferencing tool. The roll-out of Moderna’s vaccine propelled scientist Stephane Bancel’s net worth to $15 billion as the shares soared almost 2,400 per cent. And, it turns out, how vast wealth can be made - and lost - faster than anyone might’ve thought possible. In a little less than three years, Covid-19 has changed everything: how we live, work and play, educate our kids. Or had to remember which shot - Pfizer, the first time? Moderna, the second? - they got. Or even dreamed about buying a used BMW on. Think back: There really was a time when no one wore sweatpants on Zoom calls with clients.
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