EXCLUSIVE: Billionaire founder of Zoom has offloaded more than $38MILLION in company stock as the video conferencing service faces FBI investigations over alleged privacy breachesBy Laura Collins
Published: 08:48 EDT, 3 April 2020 | Updated: 13:47 EDT, 3 April 2020
The CEO and founder of Zoom Video Communications has offloaded more than $38million worth of stock in the company now facing intense scrutiny over alleged privacy breaches, DailyMail.com can reveal.
Zoom's profile and stock skyrocketed as millions of users turned to it to keep in touch with colleagues, friends and family during the COVID-19 crisis lockdowns. But it has been hit by a string of privacy concerns and allegations that the company failed to live up to its claim that communications were 'end to end encrypted.'
Instead, code in the original App allowed users' personal data to be disclosed to third parties, including Facebook.
Zoom launched an updated app on March 27 which, they claim has fixed the problem but two lawsuits have already been filed by users alleging breaches in privacy and the company is currently being investigated by the New York Attorney General and the FBI.
Now, Security Exchange Commission insider trading records seen by DailyMail.com show that, while the company was struggling to address these privacy issues, CEO Eric Yuan, 50, along with several senior executives sold millions of dollars' worth of their shares. All have declared their sales to the SEC as legally required. ...
Full story at Daily Mail
