By 2014, Google founders Larry Page and Sergey Brin will have sold enough of their stock to give up majority control of the company, Google announced Friday evening.
"Today, we disclosed that Larry and Sergey have entered into plans to sell 5 million Google shares, each over the next five years--these shares represent about 17 of their overall Google holdings," Google said in an e-mailed statement. "They are both as committed as ever to Google and are integrally involved in our day-to-day management and product strategy. The majority of their net worth remains with Google. These pre-arranged stock-trading plans were adopted in order to allow Larry and Sergey to sell a portion of their Google stock over time as part of their respective long-term strategies for individual asset diversification and liquidity."
2:31 am on Jan 24, 2010 (gmt 0)
Those who believed in Google's motto and thought Google was their friend and a perfect business partner still have enough time to seriously re-think their business strategies.
2:33 am on Jan 24, 2010 (gmt 0)
One day those two and other who helped start Google will be gone. Even if Google is a non-evil company now who is to say it won't be evil in the future.
4:40 am on Jan 24, 2010 (gmt 0)
Do I here someone saying L&S will take GOOG's moral compass with them?
8:14 am on Jan 24, 2010 (gmt 0)
Noooooo! Now they will they are susceptible to being as corrupt as any other media company.
1:58 pm on Jan 24, 2010 (gmt 0)
Look at Bill: evil business practice, but donating billions into the fight against AIDS... I think being extremely good on one side makes being evil on another easier - maybe excusable. The question is: will they do good with that incredible wealth or will they spend it on short "space travels", women, oil stock and porsches... Having billions in stock or having billions in cash might be a total different game for a person. Google as a company will IMHO not change. They already did when they went public!
3:12 am on Jan 25, 2010 (gmt 0)
I don't think this will make much of a difference. Google is a for-profit company and must make decisions based upon that.
The morality of the founders goes out the window early on if the business is expanded (except at Wendy's).