Eric Yuan, chief executive officer of Zoom Video Communications Inc., donated more than a third of his stake in the company, filings show.
Yuan gifted almost 18 million shares of the conferencing-technology firm last week. 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.
The distributions are consistent with the Yuans’ “typical estate planning practices,” a Zoom spokesman said in a statement.
Yuan, 51, 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.
