Eric Yuan of Zoom Transferred Shares Worth More than $6bn
CEO Zoom moved roughly 40% of his shares in the company last week. The transfer was shown as gifts to undefined receivers last week.
According to a regulatory filing, Zoom founder, Eric Yuan, has transferred around 18 million of his shares, valuing more than $6 billion (£4.4 billion).
CEO Zoom moved roughly 40% of his shares in the company last week. The transfer was shown as gifts to undefined receivers last week.
Eric Yuan’s personal wealth skyrocketed as Zoom became one of the most used and popular video-conferencing platforms during pandemic lockdowns.
Zoom started back in 2011 and was listed on the US stock market in 2019, making the founder a billionaire. According to Forbes, Yuan is currently worth $13.7 billion.
According to a Zoom spokesperson, the transfers were related to Yuan’s estate planning practices.
The distributions were made in accordance with the terms of Eric Yuan and his wife’s trusts.
Edward Moya, at trading firm Oanda, told the BBC:
Zoom founder Eric Yuan’s decision to transfer more than a third of his stake will raise some eyebrows,
While a Zoom spokesperson noted that the transfer is consistent with the Yuans’ typical estate planning practices, investors will be nervous until we find out who is the recipient of the stock,
Yuan is only 51, married and has three children, so the distribution of his wealth could be viewed as rushed.
“While a Zoom spokesperson noted that the transfer is consistent with the Yuans’ typical estate planning practices, investors will be nervous until we find out who is the recipient of the stock,” he added.
“Yuan is only 51, married and has three children, so the distribution of his wealth could be viewed as rushed.”
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