Skip to main content

Advertisement

Advertisement

Business

Zoom founder Eric Yuan transfers stock worth more than US$6 billion

Zoom founder Eric Yuan transfers stock worth more than US$6 billion

FILE PHOTO: Eric Yuan, CEO of Zoom Video Communications takes part in a bell ringing ceremony at the NASDAQ MarketSite in New York, New York, U.S., April 18, 2019. REUTERS/Carlo Allegri

Video-conferencing platform Zoom Video Communications founder Eric Yuan transferred about 18 million shares worth more than US$6 billion last week, according to a regulatory filing.

The transfers were related to Yuan's estate planning practices, a Zoom spokesperson said. "The distributions were made in accordance with the terms of Eric Yuan and his wife's trusts."

Yuan, who is also the chief executive officer of the company, transferred roughly 40 per cent of his stake in the company to unspecified beneficiaries, Zoom disclosed in a filing late on Friday (Mar 5).

READ: Commentary: Despite stiffer competition, Zoom is ahead of the pack

READ: Commentary: How Zoom-working will change companies forever

The transfers come as Zoom's shares have nearly tripled in the past 12 months, as the COVID-19 pandemic drove an increasing number of students and professionals to connect online.

The transfers were done in two tranches of about 9 million shares each and were shown as gifts, according to the filing.

READ: Zoom to open new research and development centre in Singapore

Source: Reuters/ta

Advertisement

Also worth reading

Advertisement