Japan’s state of emergency over the novel coronavirus that requested people to remain at home has turned out to be a boon for GMO Internet and turned its founder into a billionaire
... [+]Tomohiro Ohsumi/Bloomberg
Japan’s state of emergency over the novel coronavirus that requested people to remain at home has turned out to be a boon for GMO Internet and turned its founder,Kumagai saw his net worth hit $1 billion as shares of his Tokyo-based company soared on the back of increased internet usage in Japan. GMO Internet provides internet infrastructure, such as cloud storage and web hosting; online advertisements and media; online banking and cryptoassets.
“New forms of business and lifestyle based on the internet, such as teleworking, online medical examination, online class and internet shopping, have recently begun to spread due to Covid-19, leading to more demand for what we have continued to do for the past 25 years,” says Kumagai in an emailed statement.
Its Tokyo-listed shares are up about 50% so far this year, compared with Japan’s benchmark Nikkei 225, which is down roughly 5%
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