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By WebProNews
Staff Writer
Article Date: 2004-04-29
Search engine Google, in light of their recently announced IPO, have installed a safety net to ensure the founders keep a degree of control. Co-founders Sergey Brin and Larry Page own 33% of Google's Class B stock and have developed a voting structure that would let them keep the control of their creation.
According to CNN Money, Brin owns 38.5 million Class B stocks while Page owns 38.6 million. The voting system that the two have put in place allows holders of B-level stock to have 10 votes for each share.
Owners of Google's Class A stock, which is what Google will be offering to the public, will have only one vote per stock.
CEO of Google, Eric Schmidt, owns 14.8 million Class B shares. Venture capital firms Kleiner Perkins and Sequoia Capital each hold 23.9 million Class B shares. After that, the next largest Class B stock holder "is investor K. Ram Shriram, Amazon.com's former vice president of business development, with 5.3 million shares, or 2.3 percent."
This breakdown goes a long way in ensuring that the founders and their hierarchy keep control of the Web's number 1 search engine.
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