Google co-founders loosen grip
Monday 25 January 2010
Google co-founders Larry Page and Sergey Brin are relinquishing some of their control over the internet search leader with the sale of 10 million shares worth $5.5 billion (£3.4 billion).
Each will sell five million shares over five years to lessen the chances of hurting Google's stock price.
Page and Brin, both 36, will remain Google's most influential shareholders, although they will lose some of their clout. The two iconoclasts own a special class of Google stock that gives them combined voting power of about 59 per cent - enough to override the wishes of all other shareholders.
The duo secured the veto power to ensure Google remained true to their values, which are summed up in the company motto, "Don't Be Evil".
After the sales, the founders' holdings will be whittled to a combined 47.7 million shares with 48 per cent voting power. They run Google as a triumvirate with the company's chief executive, Eric Schmidt, whose shares hold 10 per cent voting power.
Life & Style blogs
What marriage would look like if we actually followed the Bible
Overly-controlling parents cause their children lifelong psychological damage, says study
What do the emojis on Snapchat mean?
Star Wars BB-8 droid toy is real, should be impossible
Orthorexia nervosa: How becoming obsessed with healthy eating can lead to malnutrition
Britain to take more refugees as Cameron bows to pressure after more than 250,000 back our campaign
Senior British politicians tell David Cameron: When dead children are being washed up on beaches – it's time to act
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
If these extraordinarily powerful images of a dead Syrian child washed up on a beach don't change Europe's attitude to refugees, what will?
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
Refugees welcome: More than 250,000 sign Independent petition calling for Britain to 'take its fair share'
- 1 What marriage would look like if we actually followed the Bible
- 2 President Obama leaves touching comment on Humans of New York photo from Iran
- 4 The Chinese city where men have 'three girlfriends because there are so many women'
- 5 'Heartbreaking' Syria orphan photo wasn't taken in Syria and not of orphan
iJobs Gadgets & Tech
£25000 per annum: Recruitment Genius: The IT Support Engineer is needed to ass...
£22000 - £30000 per annum: Recruitment Genius: This is an exciting opportunity...
£35000 - £40000 per annum: Recruitment Genius: A great opportunity to join a p...
Negotiable: Recruitment Genius: Do you get a buzz from thinking up new ideas a...