Zoom Video Communications Inc. founder Eric Yuan transferred roughly 40% of his ownership in the company he runs, a stake valued at about $6 billion, after Zoom’s shares more than tripled last year.
The transaction was recorded as two gifts of nearly 9 million shares apiece, to unspecified recipients and from two trusts for which Mr. Yuan and his wife are co-trustees, according to a securities filing made late on Friday.
In a statement, a Zoom spokeswoman 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.” The company didn’t say who now controls the shares. Mr. Yuan and his wife didn’t immediately respond to requests for comment.
Yuan, who is also the chief executive officer of the company, transferred roughly 40% of his stake in the company to unspecified beneficiaries, Zoom disclosed in a filing late on Friday.
The transfers come as Zoom’s shares have nearly tripled in the past 12 months, as the COVID-19 pandemic drove an increasing number of students and professionals to connect online.
The transfers were done in two tranches of about 9 million shares each and were shown as gifts, according to the filing.
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