Google founders to lose majority control with sell-off
By Barry Collins
Posted on 25 Jan 2010 at 07:36
Google co-founders Sergey Brin and Larry Page are to cede majority control of the company with a forthcoming share sell-off.
The duo's stake in the company will fall from 59% to 48% after the sale is completed over a period of five years.
It will mean the pair lose majority voting rights, although given that CEO Eric Schmidt has 10% voting power, the company's senior management will still remain firmly at the wheel.
The sell-off will earn the pair $5.5 billion at today's share price, which stands at $550. The pair have certainly cashed in their chips at the right time: Google's shares have dipped as low as $289 over the past year, but have been on an upward trajectory since last spring.
Last week Google announced its revenue had surged 17% year-on-year, despite the ongoing problems with the US economy. However, the growth wasn't as steep as some analysts predicted, sparking a minor dip in the company's share price on Friday.
- Switching from iPhone to Android: what I miss, what I don't
- Tech City: Easy to score when you move the goalposts
- How to remove SkyDrive from the Windows 8.1 Explorer
- Switching from iPhone to Android? Switch off iMessage
- Why is Google pumping more money into Firefox?
- Sky Broadband Shield review
- Samsung Galaxy S4: how to double your battery life
- Motorola Moto G review: first look
- IBM Watson meets Willy Wonka
- Google’s support policies shove users towards Chrome
- The importance of load balancing
- Windows Phone App Studio: an easy way to create your first Windows Phone 8 app
- The end of Windows XP support: what it really means for businesses
- Don't rely on Chrome's password vault
- Using Buffer to manage your social media
- Microsoft needs its own Steve Jobs
- Forget credit cards: hackers want your Facebook account
- Can't get fast enough broadband? Here's what to do
- Leap Motion and the battle against UI stagnation
- How to build a really bad network