July 29, 2021

Zoom CEO transfers $ 6 billion of his shares

Zoom founder and CEO Eric Yuan has transferred part of the shares he owns in his company. The value of this share is estimated at $ 6 billion, reports the Wall Street Journal.

Two trusts in the name of Yuan and his wife thus gave 18 million shares to an unspecified beneficiary: this represents 6% of the outstanding shares of the company and 40% of their stake in the company. They are described as freebies on the deposit file. Until this maneuver which occurred last week, Eric Yuan was Zoom’s largest shareholder with a stake of 15% of the value of the company and about 40% of the voting power in the firm, the media said. American.

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In a press release, a Zoom spokesperson assures us that “ the distributions were made in accordance with the terms of the Eric Yuan and his wife’s trusts, and are in accordance with customary Yuan estate planning practices “. He said, however, that the company did not know who now held the shares. Asked by the BBC, a specialist from the Oanda trading firm asserts that this decision risks ” frown some “, Before adding that” investors will be nervous until we know who is the recipient of the shares ».

Founded in 2011, Zoom completed its IPO in 2019. The Covid-19 pandemic literally blew up the video conferencing service, which has been adopted by many people to conduct virtual meetings, as well as remote school. or simply to keep in touch with those close to them. While the firm’s shares were valued at less than $ 100 at the start of 2020, they topped $ 500 by the end of that same year. During its quarterly review covering the last three months of 2020, Zoom revealed that its profits had increased by 326% in 2020 compared to 2019.

As a result, its 51-year-old CEO has grown into one of the richest men in the world, with a fortune currently estimated at $ 13.7 billion per Forbes. He was even elected ” businessman of the year »By the prestigious Time Magazine.