(Reuters) – Video-conferencing platform Zoom Video Communications Inc founder Eric Yuan transferred about 18 million shares worth over $6 billion last week, according to a regulatory filing.
The transfers were related to Yuan’s estate planning practices, a Zoom spokesperson said. “The distributions were made in accordance with the terms of Eric Yuan and his wife’s trusts.”
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.
(Reporting by Ankit Ajmera and Chavi Mehta in Bengaluru; Editing by Shounak Dasgupta)