According to a regulatory submission, Zoom Video Communications Inc.’s founding company, Eric Yuan, has transferred approximately 18 million shares worth more than $6 billion last week.
The transfers related to the estate planning practises of Yuan, a Zoom speaker said. “The distributions have been made according to Eric Yuan’s terms and the trusts of his wife.”
Yuan, who is also the company’s chief executive officer, transferred approximately 40% of its stakes to unspecified beneficiaries by late Friday, Zoom announced in its submission.
In the last 12 months, transfer payments have nearly tripled as Zoom’s shares, with an increasing number of students and professionals connected online as a result of the COVID-19 pandemic.
Transfers were made in two tranches of approximately 9 million shares, each shown in the filing as gifts.