Zoom Founder Eric Yuan Transfers 40% of his Shares Worth $6bn to Unknown Beneficiaries

Eric Yuan, the founder of Zoom, a video-conferencing platform, has reportedly transferred 18 million of his shares in the company worth $6 billion to unknown beneficiaries.

According to BBC, Yuan, 51, made the move last week and the transfer was said to be a gift but the beneficiaries were not specified.

The report cited an inside source at Zoom who said the transfers were connected to Yuan’s family trusts.

“The distributions were made in accordance with the terms of Eric Yuan and his wife’s trusts,” the source was quoted as saying.

Yuan’s fortune soared after Zoom, which he started in 2011, became a household name during the coronavirus pandemic lockdowns as millions of people all over the world relied on the platform for official and personal communications.

In 2019, he listed Zoom on the US stock market, a move that elevated him to billionaire status. Yuan’s worth, according to Forbes, is currently put at $13.7 billion.

The company’s shares have almost tripled in the last 12 months with a market valuation of about $100 billion.

Yuan, who is Chinese-America was named the 2020 Time Businessperson of the Year and was included in its annual list of the 100 most influential people.