Yuan Zheng, founder and chief executive officer of Zoom.
Yuan Zheng, the founder and CEO of online meeting platform Zoom, has transferred more than one-third of his stake in Zoom, worth about $6 billion at the company’s closing price on Friday, according to the filing.
Yuan Zheng gave away 18 million shares last week through the Grantor Retained Annuity Trust (GRAT), of which he is a trustee, according to the company’s filing. The filing did not specify who the recipient was.
A Zoom spokesman said in a statement that the stock allocation exercise was part of Yuan Zheng’s typical tax-efficient financial planning.
Zoom shares, which soared nearly threefold last year on the back of the New Guinea virus outbreak, are down 7.8% so far this year.
The rise of Zoom has not only contributed to Yuan’s wealth, but also to the fortunes of its early investors, including Taiwan‘s Song Han Technology Chairman Chen Xianzhe.
After being denied a U.S. visa eight times, Yuan Zheng, 51, persevered before finally moving to Silicon Valley, thus fulfilling his American dream.
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