Zoom Video Communications Inc. chief executive officer Eric Yuan donated over a third of his stake in the company last week, according to filings.
- Yuan gave out almost 18 million shares to unnamed recipients. The stocks were owned by a Grantor Retained Annuity Trust for which Yuan is a trustee.
- The shares were estimated at $6 billion based on Friday’s closing price. Zoom shares surged almost 400% last year but dipped 7.8% in 2021.
- Shares are attempting a rebound up 4% premarket, after falling close to 8% on Monday.
- A Zoom spokesman said the transfers are “typical estate planning practices.”
- Yuan joined the world’s wealthiest after a surge in stock amid the COVID-19 pandemic. He ranks 130th with a pre-transfer net worth of $15.1 billion.
- Other significant Zoom shareholders include Tiger Global Management’s Chase Coleman and Taiwanese investor Samuel Chen.