Zoom CEO Eric Yuan donates $6 billion of shares
09 March, 2021
Eric Yuan, leader of Zoom Video Communications, donated greater than a third of his stake on the business, filings show.
Mr Yuan gifted nearly 18 million shares of the conferencing-technology firm the other day. The filings didn’t specify the recipient of the stock, which were possessed by a Grantor Retained Annuity Trust, or GRAT, that Yuan is definitely a trustee.
The shares were valued at about $6 billion, predicated on Friday’s closing price.
The distributions are regular with the Yuans’ “typical estate planning practices,” a Zoom spokesman said in a statement.
Mr Yuan, 51, joins other customers of the world’s mega-rich who’ve been transferring inventory recently. Jeff Bezos, the world’s richest person, features been donating shares of Amazon in support of a $10bn pledge made this past year to combat climate switch.
Mr Yuan became among the world’s wealthiest people just as demand for Zoom’s main product skyrocketed through the pandemic. The inventory surged almost 400 % this past year, but has dipped 7.8 % in 2021.
He’s the world’s 130th-richest person with a pre-transfer net worth of $15.1bn, based on the Bloomberg Billionaires Index, a good $9.2bn boost since last March.
The company in addition has brought enormous gains to other shareholders including Hong Kong billionaire Li Ka-shing, Tiger Global Management’s Chase Coleman and Taiwanese investor Samuel Chen.
Born found in China, Mr Yuan was refused a good US visa eight situations ahead of finally prevailing and moving to Silicon Valley. An early on worker of rival video-conferencing group WebEx Communications, he founded Zoom in 2011, influenced in part by the challenges of preserving a long-distance marriage when he was in university.
The Wall Road Journal reported the share transfer earlier Monday.
Source: www.thenationalnews.com
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