In a statement, a spokesperson for the platform commented that this decision was part of Yuan and his wife’s estate plan.
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March 10, 2021 2 min read
Right now we wish we were one of these strangers. Eric Yuan , the CEO and founder of Zoom , a video calling platform, transferred approximately 40% of his shares to previously anonymous people.
The shares assigned by the executive had a combined value of 6 billion dollars (approximately 126,190,800 Mexican pesos, at the exchange rate of March 10, 2021) at the close of the stock exchanges on Friday, March 5.
This information was released through a government document, which did not specify the name of the recipients.
According to The Wall Street Journal , the transaction was recorded as two gifts of nearly 9 million shares each, to unspecified recipients and from two trusts of which Yuan and his wife are co-trustees.
Following this CEO action, the video conferencing firm’s shares rose 10.03% to $ 342.11 each on the NASDAQ on Tuesday, March 9.
The Chinese-born businessman founded the company in 2011. In a statement, a spokesperson for the platform commented that this decision was part of Yuan and his wife’s estate plan.
The video communications company reported $ 882.5 million in its fourth quarter of 2020, compared to an estimate of $ 811.8 million by some analysts.
Image: Grace Rivera
Prior to this stock transaction, Yuan was Zoom’s largest shareholder with a 15% stake in the value of the company and around 40% in the firm’s voting power.