[ad_1]
Published photo, Getty Images
Yuan’s personal fortune increased after Zoom platform became household name during lockdown measures due to coronavirus outbreak
Eric Yuan, founder of the Zoom video conferencing platform, transferred around 18 million shares of his stock, worth more than $ 6 billion, according to the company’s regulatory records.
With the move, Yuan, who is also the platform’s CEO, transferred around 40% of his stake in the company last week.
The shares were passed as a gift to unspecified beneficiaries last week.
Yuan’s personal fortune increased after the Zoom app became a household name during lockdown measures imposed due to the Corona outbreak.
The increased communication of students and professionals through this online application has increased the value of the company and multiplied the fortune of its founder.
Yuan launched the Zoom platform in 2011 and listed it on the US Stock Exchange in 2019, a move that made him a billionaire, as his fortune is currently, according to Forbes magazine, at $ 13.7 billion. .
A Zoom spokesperson said the transfers were linked to Liwan’s property planning activities.
“The distributions were made under the terms of Eric Yuan and his wife’s fund,” added the spokesperson.
Zoom’s shares have nearly tripled in the past 12 months and the company’s market value is estimated at $ 100 billion.
“Zoom founder Eric Yuan’s decision to transfer more than a third of his stake will raise some eyebrows,” Edward Moya of the Oanda Trading Company told the BBC.
“Although a Zoom spokesperson said the transfer is in line with typical real estate planning activities for the yuan, investors will be in a state of concern until we know who benefits from the shares,” he said. he added.
“Yuan is only 51 years old and he is married with three children, so distributing his wealth can be seen as a hasty decision,” he said.
Published photo, ZOOM
The increased communication of students and professionals through the Zoom online application has increased the value of the company and multiplied the fortune of its founder.
Yuan’s opinion
Yuan said the work from home will continue even after the lockdown eases and vaccines are launched around the world.
Zoom executives said when announcing the platform’s annual results last week that they expected the company to continue its strong growth this year.
“We see the future by increasing the frequency of remote working and working from anywhere. We are aware of this new reality,” Yuan said.
The Zoom video conferencing platform expects to record sales growth of more than 40% this year, to more than $ 3.7 billion.
Despite this, Zoom said he doesn’t expect growth to continue at the same pace it saw last year.
Yuan, an American of Chinese descent, was named a businessman in 2020 and was included in the annual list of the 100 most influential people.
Source link
