Where did the founder of Zoom move $ 6 billion as a gift? Global

Eric Yuan, the CEO of Zoom, transferred more than a third of his holdings (40%) in the company to people whose identities were not disclosed. dollar.

According to the company’s report to the Securities Authority, the transfer was made by two trustees who held shares for the couple. The funds held Class B shares which give each of the voting votes on the Zoom board, but may be converted to Class A shares each giving a single vote.

“The transfer of the shares was made in accordance with the terms set forth in the trusts they held for Eric Yuan and his wife. The transfer is a routine move in terms of the nature of Yuan’s asset management,” a Zoom spokeswoman said. Both from the company and on behalf of the Yuan couple it was not disclosed who currently holds the donated shares.

Yuan and his wife transferred 40% of their holdings in Zoom after the jump in the value of the company’s share in the past year, in which more than 3 times the value of the share doubled from $ 100 at the beginning of 2020 to over $ 500 towards the end. The share price as of Friday closed around $ 337 and the market value of the company from California is estimated at about $ 100 billion. Until last week’s deal, Yuan had the largest stake in the company, with a 15% holding in the capital and about 40% of the voting rights.

Since the outbreak of the corona plague in our lives, zoom video calling software has experienced a surge in its use. Zoom, was established in 2011 and issued in 2019. The company’s great success added founder Yuan, a 51-year-old Chinese-born entrepreneur to Forbes magazine’s list of billionaires. He has previously noted that he set up Zoom as part of the difficulty in maintaining a trans-Atlantic relationship with his family.

In the transfer of shares, Yuan joins a global mega-rich group that has recently transferred shares, including Hong Kong billionaire Li Ka-shing who last month transferred some of his holdings in Zoom to his son, businessman Richard and Jeff Bezos, who donated 10 billion shares to Amazon In an initiative to fight climate change.