Google founders to lose majority control with sell-off
$5.5 billion share sell-off will see Page and Brin lose majority voting rights for the first time
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.