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(Bloomberg) – Eric Yuan, CEO of Zoom Video Communications Inc., has donated more than a third of his stake in the company, according to the documents.
Yuan last week offered nearly 18 million shares of the conference technology company. The deposits did not specify the recipient of the share, which was owned by a Grantor Retained Annuity Trust, or FREE, of which Yuan is a trustee.
The shares were valued at around $ 6 billion, based on Friday’s closing price.
The distributions are in accordance with “typical Yuan estate planning practices,” a Zoom spokesperson said in a statement.
Yuan, 51, joins other members of the world’s mega-rich who have recently transferred shares – including Hong Kong billionaire Li Ka-shing, who last month sold part of his stake in Zoom to his company. business son Richard. Jeff Bezos, the richest person in the world, donated shares of Amazon.com Inc. in support of a $ 10 billion pledge made last year to fight climate change.
Pandemic surge
Yuan has become one of the richest people in the world as demand for Zoom’s main product skyrocketed during the pandemic. The stock jumped nearly 400% last year, but fell 7.8% in 2021.
He is the 130th richest person in the world with a pre-transfer net worth of $ 15.1 billion, according to the Bloomberg Billionaires Index, an increase of $ 9.2 billion since last March. The company has also brought huge gains to other shareholders, including Chase Coleman of Tiger Global Management and Taiwanese investor Samuel Chen. Li’s stake in Zoom now represents nearly a fifth of his net worth.
Born in China, Yuan was denied an American visa eight times before finally winning and moving to Silicon Valley. An early employee of rival video conferencing group WebEx Communications, he founded Zoom in 2011, inspired in part by the challenges of maintaining a long-distance relationship while in college.
The Wall Street Journal reported the stock transfer earlier on Monday.
(Adds Li Ka-shing cut her Zoom outfit in the fifth paragraph, details on the issue in the seventh)
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