According Bloomberg – Eric Yuan, chief executive officer of Zoom Video Communications Inc., contributed more than a third of his stake in the company.
Last week at conferencing-technology firm Eric Yuan invested almost 18 million shares. The filings didn’t specify the recipient of the stock, which was owned by a Grantor Retained Annuity Trust, or GRAT, for which Yuan is a trustee. The shares were valued at about $6 billion, based on Friday’s closing price.
In a statement by a Zoom spokesman, the distributions are consistent with the Yuans’ “typical estate planning practices”. Yuan, joins other members of the world’s mega-rich who’ve been transferring stock recently — including Hong Kong billionaire Li Ka-shing, who last month gave some of his Zoom holding to his businessman son Richard. Jeff Bezos, the world’s richest person, has been donating shares of Amazon.com Inc. in support of a $10 billion pledge made last year to combat climate change.
With the burst of the covid-19 pandemic, Zoom has become one such platform that gathered the world’s wealthiest people. The demand for Zoom’s main product skyrocketed during the pandemic where its stock rose almost 40 % last year, however, has dipped 7.8 % in 2021.
According to the Bloomberg Billionaires Index, he’s the world’s 130th-richest person with a pre-transfer net worth of $15.1 billion, a $9.2 billion growth since last March. Other shareholders has also gains huge from the company, including Tiger Global Management’s Chase Coleman and Taiwanese investor Samuel Chen. Li’s Zoom stake now represents almost one-fifth of his net worth.
Born in China, Yuan was refused a U.S. visa eight times before finally prevailing and moving to Silicon Valley. An early employee of rival video-conferencing group WebEx Communications, he founded Zoom in 2011, inspired in part by the challenges of maintaining a long-distance relationship when he was in college.