On March 9, Capital State learned that video conferencing application developer Zoom Video Communications Inc. (ZM. US) CEO Yuan Zheng donated nearly 40 percent of his stake in the company, worth about $6 billion.
A securities regulatory announcement on Friday night showed the deal was recorded as two gifts, each with nearly 9 million shares, and the documents did not mention the recipients of the shares, and the gifts were two trusts jointly served by Yuan Zheng and his wife as trustees.
Prior to the deal, Yuan owned 15 percent of Zoom and about 40 percent of the voting rights.
A Zoom spokesperson said in a statement that the above distribution was consistent with Yuan Zheng's "estate planning."
In the fourth quarter of fiscal 2021, Zoom's total revenue was $882 million, up 369% year-on-year from $188 million in the same period of the previous year, and revenue growth exceeded 300% year-on-year for three consecutive quarters.
As of the close of trading on March 8, the company's stock price was $310.93, down 7.85%.
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This article originated from Capital State
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