Zoom Founder Transfers $6Bln Worth Shares to Undisclosed Recipients, Reports Suggest
MOSCOW (Sputnik) - Eric Yuan, the founder of US-based Zoom Video Communications that runs conferencing program Zoom, has transferred roughly $6 billion (40 percent) of his stake in the company to undisclosed recipients after Zoom's shares skyrocketed last year, The Wall Street Journal reported on Tuesday, citing the company's documents.
According to the news outlet, the transaction was registered as two gifts to undisclosed recipients from the two trusts, controlled by Yuan and his wife.
Zoom's spokeswoman said that the shares were transferred in compliance with the trusts' terms and such distributions were not unique for Yuan.
"The distributions were made in accordance with the terms of Eric Yuan and his wife's trusts, and are consistent with the Yuan's typical estate planning practices," the spokeswoman said as quoted by the newspaper.
According to InsiderScore analytical firm, Yuan was Zoom's largest shareholder and possessed a 15 percent stake in the company before the transaction that amounted to roughly six percent of Zoom's shares.
