Zoom Founder Yuan's Class A Now at 36,796 — AQR Holds 0.55%

Eric Yuan, the founder and chairman of Zoom Communications, filed a Form 4 on April 14 covering granular Class A sales across the April 13 and April 14 trading sessions. Prices printed in the $79.95 to $84.30 range. After the activity, the Form 4 cover summary reports 36,796 direct Class A shares remaining. Read that figure cold and you would conclude the founder has effectively exited Zoom. Read it inside the dual-class capital structure and the conclusion changes — Class B common stock, which is not subject to the standard Form 4 Table I disclosure, carries the bulk of Yuan's economic interest and all of the voting power that comes with founder shares.

This is the same trap that surfaces on every founder-controlled dual-class US company. The cumulative Form 4 ledger now totals $1.30 billion sold across 1,528 transactions since the 2019 IPO, but the Class B economics remain — Yuan's voting power and the share class that captures most of the founder's continuing economic exposure are reported separately, and many of those holdings are not visible in the Form 4 Table I summary that financial wire services often pull from.

Reading the April 13-14 sales correctly

The Form 4 reports a sequence of S-coded transactions at exact price tiers — $79.95, $80.78, $81.80, $81.92, $82.47, $82.60, $83.81, $84.30. The lot sizes range from 155 shares to 26,243 shares. This pattern is the algorithmic-execution fingerprint of a Rule 10b5-1 plan running through a broker. The exact price tiers and small-lot execution rule out discretionary block trading.

Total Class A sold across the two sessions was approximately 85,196 shares for total proceeds near $7.0 million. After the sale, the remaining direct Class A position was reported as 36,796 shares — worth roughly $3 million at the April 14 close.

The dual-class context

Zoom has a two-class capital structure. Class A common (the tradable shares) carry one vote per share. Class B common (held primarily by founder-era stakeholders) carry 10 votes per share and convert one-for-one into Class A on transfer outside the founder/affiliate group. Yuan's beneficial ownership has historically combined direct Class A holdings with a much larger Class B position held via family trusts and other indirect vehicles.

The Schedule 13G/A history is instructive. Yuan filed a 13G/A on February 14, 2024 reporting 0.0% direct beneficial ownership — that filing references a specific reporting threshold being crossed in a particular share class, not a total exit. The 2023-02-14 Zoom Communications-as-filer 13G/A at 0.0% similarly reflects a company filing rather than personal economic exposure.

The right framing for the April 13-14 activity: Yuan continues to sell down direct Class A common stock through what is almost certainly a long-standing 10b5-1 plan adopted in a prior period. His Class B economic exposure and voting power are not visible on the Form 4 Table I summary because Class B sales would be reported separately and Class B conversion to Class A would carry a C transaction code, which is not what these April filings show.

The institutional book on Zoom

Zoom's 13F holder picture shows two distinct stories. The passive index sleeve sits at the top, and the meaningful active conviction comes from one quant name and one large fundamental shop:

• BlackRock: $1.43 billion, 0.02% portfolio — index sleeve.
• Vanguard Portfolio Management: $1.08 billion, 0.06% portfolio.
• AQR Capital Management LLC: $1.05 billion at 0.55% portfolio. AQR runs a $190.6 billion 13F book across systematic factor strategies. A 0.55% portfolio weight on ZM is a meaningful active overweight versus the S&P 500 index weight of well under 0.05% for Zoom. AQR's factor model — value-plus-quality-plus-momentum — has been long Zoom through the 2024-2026 cycle, treating the post-pandemic price collapse as a value opportunity that pairs with the remaining quality of the cash-flow profile.
• Fidelity (FMR LLC): $1.02 billion, 0.05% portfolio — slight active overweight but not significant.
• FIL Ltd (Fidelity International, separate from FMR): $0.28 billion, 0.21% portfolio — meaningful overweight.

AQR's 0.55% portfolio weight is the cleanest active signal. AQR has held this position through the post-pandemic Zoom drawdown and has not reduced through Yuan's monthly Form 4 cadence. That is the most important read in the book.

The 13G/A trail

Vanguard Capital Management filed Schedule 13G on April 30, 2026 at 5.19% beneficial ownership. Vanguard Portfolio Management filed at 5.05% on April 29. These two consolidate to the historical Vanguard Group filings that previously showed 10.06% to 12.96% — Vanguard reorganized its entity structure in 2025, which mechanically split the consolidated 13G into the two new entity disclosures we now see. There is no underlying change in Vanguard's economic exposure; the filings are mechanical.

BlackRock Finance Inc. filed at 5.6% in early 2024 and has not re-filed at the threshold level since. The institutional 13G register at Zoom is structurally calm.

What the Class A floor of 36,796 actually signals

Three readings to keep in mind:

1. The Class A floor is not the founder economic exposure floor. Class B common holds the bulk of Yuan's continuing economic interest. The Form 4 Table I summary captures only direct Class A common.
2. Voting power remains intact. Class B carries 10 votes per share. Even modest Class B retention gives Yuan continued control of board nominations and major corporate actions.
3. Selling cadence is plan-driven. The granular price tiers and small-lot structure of the April Form 4 are mechanical signatures of broker algorithmic execution against a pre-adopted Rule 10b5-1 plan.

What to watch

1. Zoom Q1 fiscal 2027 earnings (May 21, 2026). The company has been narrating a transition from the pandemic-era subscriber growth thesis to an AI-feature-led platform expansion. Watch the AI Companion deal-pipeline color in the earnings call.
2. AQR's Q2 2026 13F (due August 14, 2026). Whether AQR's 0.55% portfolio weight on ZM holds, expands, or trims is the cleanest active-conviction signal. Track via the institutional signals feed.
3. Any 10b5-1 plan refresh. Future Form 4 footnotes indicating a new plan adoption date will refresh the selling schedule. Watch Eric Yuan's filing cadence for changes.
4. Class B reporting events. Conversion of Class B to Class A (C transaction code) or a Class B sale would trigger a separate Form 4 line item visible only in the full filing PDF, not the Table I summary.

Yuan's direct Class A holdings now sit at 36,796 shares. The cumulative sell ledger reads $1.30 billion. Neither figure captures the founder's actual continuing economic exposure or voting power, both of which sit primarily in Class B common stock. AQR's 0.55% portfolio overweight remains the cleanest active signal on the holder book. For a primer on reading dual-class founder Form 4 filings, our explainer hub covers the topic.

Source: SEC Form 4 filings dated 2026-04-13 and 2026-04-14, accession listings at EDGAR — Yuan Eric S. filer index; Zoom CIK 0001585521 Schedule 13G filings.