Zoom Founder Eric Yuan Transfers $6 Bln Of Shares

(RTTNews) - Zoom Video Communications Inc. (ZM) founder and chief executive officer Eric Yuan transferred about 18 million or 40% of his stake in the company to two unspecified recipients. The stake is valued at about $6 billion, according to several media reports citing the company's regulatory filing.

The shares were shown as gifts to unspecified beneficiaries last week.

A Zoom spokesperson reportedly said the distributions were made in accordance with the terms of Eric Yuan and his wife's trusts, and are consistent with the Yuans's typical estate planning practices.

Yuan started Zoom in 2011 and listed it on the US stock market in 2019.

Beginning in early 2020, Zoom's software usage saw a significant global increase following the introduction of quarantine measures adopted in response to the COVID-19 pandemic.