Zoom founder Eric Yuan transfers more than $6-billion shares as 'gifts'

Eric Yuan, founder of video collaboration and chat platform Zoom, has transferred his shares worth more than $6 billion, according to a regulatory filing.

 

Eighteen million of his shares that were transferred were shown as gifts to unspecified beneficiaries last week, the BBC reported on Tuesday.

 

The transaction resulted in the transfer of 40 per cent of his stake in the popular video conferencing platform.

 

The move comes even as Zoom last week reported reported a staggering 369 per cent rise in its quarterly revenue at $882.5 million for the fourth quarter.

 

Net Income was $260.4 million, or $0.87 per share.

 

It now has nearly 467,100 customers with more than 10 employees, up approximately 470 per cent from the same quarter last fiscal year and 1,644 customers are contributing more than $100,000 in trailing 12 months (TTM) revenue, up approximately 156 per cent from the same quarter last fiscal year.

 

Yuan, who is also the CEO of Zoom, is currently worth $13.7 billion, according to Forbes.

 

His fortune increased significantly amid the pandemic as popularity of the platform soared due to Covid-19 restrictions.

 

The latest stock transfers were linked to Yuan's estate planning practices, a Zoom spokesperson said as per the BBC report.

 

"The distributions were made in accordance with the terms of Eric Yuan and his wife's trusts," the spokesperson was quoted as saying.