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Facebook Inc. On Friday said it is launching a new video chat feature that appears to be a rival to Zoom Video Communications Inc.

And Microsoft Corp.' S Teams service. Called Messenger Rooms, it looks and functions like Zoom, but it lets more people - up to 50 - join at once for free. The new Facebook service comes days after company Chief Executive Mark Zuckerberg said Facebook would not hold meetings of more than 50 people until June 2021. Facebook also announced that WhatsApp video calls can now host up to eight people instead of four. Shares of Zoom Video Communications Inc.

Surged 3.9% toward a record high in premarket trading Friday, after the Nasdaq Inc. Said it was adding the virtual-meeting platform company to its Nasdaq 100 index. Nasdaq said late Thursday that Zoom will replace Willis Towers Watson in the index on April 30, before the market opens. Zoom's stock has rocketed 132% over the past three months through Thursday, to lift its market capitalization to $47.18 billion, as the company has benefited from stay-at-home initiatives resulting from the coronavirus pandemic. Late Wednesday, Zoom said it has surpassed 300 million daily meeting participants.

In comparison, the S&P 500 has lost 15.1% over the past three months.