A Message From E-Ric S. Yuan-tless, CEO of Zoom

E-Ric sent the following email to Zoom employees earlier today. Greetings Zoomers, It is with a heavy heart that I write to you today. As you know, Zoom has had to make the difficult decision to lay off 10% of our staff due to extenuating circumstances. As your CEO, I take full accountability for this difficult decision. While the difficult economic climate and the pandemic have had an undeniable impact on our operations, the real cause has been the rise of one of Zoom's most formidable rivals: TikTok. The rise of TikTok has caused an industry-wide disruption - forcing us to go above and beyond to maintain our competitive edge. This meant that we had to take some difficult decisions, such as reducing our workforce to ensure our financial stability and continuing success. I understand that this is a difficult time for everyone affected by these decisions, and for the entire Zoom family. I want to thank you for your continued hard work and dedication, and I am confident that together we will come out of this stronger than ever. Sincerely, E-Ric S. Yuan-tless CEO of Zoom