Zoom - Eric Yuan transfers 40% (General)

by dulan drift ⌂, Tuesday, March 09, 2021, 10:58 (1137 days ago) @ dulan drift

BBC: Zoom founder Eric Yuan... moved roughly 40% of his stake in the company last week.

The shares were shown as gifts to unspecified beneficiaries last week.

Is that legal? Wouldn't you have to say who this/these "unspecified beneficiaries are?" It's not just the money (6bil)but 40% board control.

Zoom spokesperson: The distributions were made in accordance with the terms of Eric Yuan and his wife's trusts.

So it's a family thing? What's the big secret?

BBC: Zoom's shares have nearly tripled in the past 12 months and the company has a market valuation of around $100bn.

Chinese-American Mr Yuan was named the 2020 Time Businessperson of the Year and was included in its annual list of the 100 most influential people.

Yuan: The future is here with the rise of remote and work from anywhere change. We recognise this new reality.

Edward Moya, trading firm: Zoom founder Eric Yuan's decision to transfer more than a third of his stake will raise some eyebrows. Yuan is only 51, married and has three children, so the distribution of his wealth could be viewed as rushed."

Yes, so where is it being rushed to?

We know Zoom is one of the few big-tech operations allowed in China - due to their obsequious compliance with the CCP's surveillance regime. Zoom's crackdown on Tienanmen Square Massacre commemorations being one example.

Zoom Blog: The Chinese government demanded that we take action (so) we made the decision to end three of the four meetings and suspended or terminated the host accounts associated with the three meetings.

Zoom is developing technology over the next several days that will enable us to remove or block at the participant level based on geography. This will enable us to comply with requests from local authorities when they determine activity on our platform is illegal.

Great - so you're a vassal surveillance tool for totalitarianism. But don't worry:

Zoom: We have made significant progress defining the framework and approach for a transparency report that details information related to requests Zoom receives for data, records, or content.

Making "significant progress defining the framework and approach for transparency..?" - that's the kind of Yes Minister language you use when you don't want transparency

Zoom: We did not provide ... any meeting content to the Chinese government in connection with these meetings, other than ...user data concerning China-based attendees and potentially the meeting information for one of the meetings.

At least one of the Zoom callers, Lee Cheuk Yan, was later arrested.


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