Washington, November 10: Zoom, the video conferencing app witnessed a massive drop in share prices on Monday as Pfizer made its announcement about coronavirus vaccine. Pfizer Inc on Monday said that its experimental coronavirus vaccine, in collaboration with German biotech firm BioNTech, is more than 90 per cent effective in preventing the Covid-19 infection.

Zoom shares fell by 15 percent in pre-market trading on Monday and this fall could be attributed to concerns that a safe vaccine will lead to the relaxation of lockdowns resulting in more physical office meetings taking place.

Founder Eric Yuan who became the poster boy for coronavirus economy, his wealth also dropped 5 billion dollars on Monday. Pfizer Says COVID-19 Vaccine 90% Effective in Phase 3 Trial, Likely to File for Emergency Use by November-End.

Due to the coronavirus induced lockdown across the world, the stock of the video conferencing site soared more than 500 percent this year. In April this year, Zoom witnessed a massive surge in daily users. From roughly 10 million daily users in December 2019, the app recorded 200 million daily users in March.

(The above story first appeared on LatestLY on Nov 10, 2020 11:16 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).