#Zoom execs dumped $580M of stock as its share price rose 622%
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“#Zoom execs dumped $580M of stock as its share price rose 622%”
Last week, Yuan sold $69.3 million worth of company shares to bring the total sum of cash raised by Zoom insiders this year to a tendon-twisting $581.33 million — more than half a billion dollars split between just 10 execs (and one fund).
Yuan leads the video conferencing company’s 2020 leaderboard for stock dumps with $251 million, representing nearly half of all Zoom insider sales this year.
Next is company director Carl Eschenbach, a partner at influential VC fund Sequoia Capital who’s made $96.36 million by selling Zoom shares, followed by the company’s chief marketing officer Janine Pelosi with $59.45 million.
Compared to Bezos, Zoom’s insider dumps are rookie numbers
While SEC docs show that each Zoom insider sold shares according to pre-set trading plans, Yuan’s latest trades were even more profitable due to company’s raging share price.
Overall, Zoom stock has returned 622.5% year-to-date, having skyrocketed from $68.72 to $496.50 to propel its CEO to #43 on Forbes’ billionaires list. Zoom stock has also more than doubled since Yuan last sold stock in August.
[Read: Has Jeff Bezos ended world hunger? Twitter account skewers Amazon chief’s absurd $178B fortune]
To most people, Yuan’s $251 million is a fortune, but to Amazon’s baldking Jeff Bezos, it’s chump change.
Indeed, Bezos has dumped $7.2 billion worth of Amazon stock so far in 2020 — more than 12 times the money Zoom execs have collectively cashed in over the same period.
Published September 28, 2020 — 11:19 UTC
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