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.
- Huawei Ascend P6 review: first look
- Adobe Illustrator CC review: first look
- Let MPs tell us what they really want ISPs to block
- Adobe Photoshop CC review: first look
- WWDC 2013 and iOS 7 launch: live blog
- Sony VAIO Pro review: first look
- Want child porn blocked? Meet the IWF
- Is it worth upgrading a media centre to Windows 8?
- Flickr redesign: is it enough to tempt photographers back?
- Hands on with the new Google Maps
- Facebook "click on the photo" scams: how they work
- Three alternatives to Word's spelling and grammar checker
- Google two-step verification: a must for business email
- Microsoft Office and the death of upgrades
- The ICO's shame-faced u-turn on cookies
- Start8 and ModernMix: making Windows 8 work on a desktop
- How to boost your mobile reception
- How to fix Facebook: Social Fixer
- Taking the stress out of WordPress updates
- Where to download free web fonts