Why did zoom stock drop5/11/2023 Those problems highlight an education gap, as tens of thousands of users adopt online meeting software for the first time. It was also recently discovered that some users are unwittingly saving recorded files to the open web. These incidents appear to be partly a matter of poor security practices by users, including publicly sharing meeting IDs and failing to password-protect meetings. The most dramatic incidents causing concern have been so-called “Zoom bombings,” in which unwelcome attendees access Zoom meetings and troll or harass participants. The company has created a security best-practices guide tailored to education applications, and has changed some default settings for education users to correct security weaknesses. In a statement, Zoom said that it “takes user privacy, security, and trust extremely seriously” and that the company is “working around-the-clock” to improve security. Credit Suisse this morning advised customers that the run-up had left the company overvalued. This follows the March 28 move by SpaceX to ban the use of Zoom.īefore this morning’s selloff, a huge influx of new users pushed Zoom’s market cap as high as $42 billion. The Clark County School District in Nevada has also announced it will “disable access to Zoom out of an abundance of caution,” while the Washington Post reports that several other districts are reassessing their use of the tool. The department says schools “should move away from using Zoom as soon as possible” and will transition to different platforms, including Microsoft Teams. Most notably, the New York City Department of Education, which oversees the country’s largest public school system, banned the software outright.
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