Zoom Founder Eric Yuan Transfers $6 Billion Worth of Shares

Zoom Founder Eric Yuan Transfers $6 Billion Worth of Shares

Eric Yuan, chief executive officer of Zoom Video Communications Inc., donated more than a third of his stake in the company, filings show.

Yuan gifted almost 18 million shares of the conferencing-technology firm last week. The filings didn’t specify the recipient of the stock, which was owned by a Grantor Retained Annuity Trust, or GRAT, for which Yuan is a trustee.

The shares were valued at about $6 billion, based on Friday’s closing price.

The distributions are consistent with the Yuans’ “typical estate planning practices,” a Zoom spokesman said in a statement.

Yuan, 51, joins other members of the world’s mega-rich who’ve been transferring stock recently – including Hong Kong billionaire Li Ka-shing, who last month gave some of his Zoom holding to his businessman son Richard. Jeff Bezos, the world’s richest person, has been donating shares of Amazon.com Inc. in support of a $10 billion pledge made last year to combat climate change.

Bloomberg

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