What does it take to be an Internet billionaire? Well, Google co-founders Larry Page and Sergey Brin started Google while in college and all they needed was a brilliant idea for a search engine. Now, their company practically controls the known Internet.
But what’s this news about them selling their stock? BBC reports that both Page and Brin will be selling 10 million of their shares at today’s prices. The figure amounts to $5.5 billion.
The sale would mean that the co-founders will no longer have majority control of the company as their voting rights will drop from 59% majority to just 48%.
While some people would probably be raising eyebrows because of this move, Google claims that the two are still very much committed with Google.
Still, factoring in CEO Eric Schmidt’s 10% voting power, the three still has things pretty much under control.
Related posts:
Tags: Google, Internet, Stocks, Wall Street