(Reuters) – The foundation of the video conferencing platform, Zoom Video Communications Inc. founder Eric Yuan, transferred nearly 18 million shares worth more than $ 6 billion last week, according to a regulatory record.
The transfers were related to Yuan’s real estate planning practices, a Zoom spokesman said. “The distributions were made in accordance with the terms of the trusts of Eric Yuan and his wife.”
Yuan, who is also the company’s CEO, transferred about 40 percent of his stake to unspecified beneficiaries, Zoom revealed Friday afternoon.
Transfers are happening as Zoom’s shares have tripled in almost the last twelve months as the COVID-19 pandemic prompted a growing number of students and professionals to connect online.
The transfers were made in two tranches of about 9 million shares each and were shown as gifts, according to the presentation.
Reports of Ankit Ajmera and Chavi Mehta in Bengaluru; Edited by Shounak Dasgupta