Larry Page, Google’s cofounder, threatened to leave the company in 2011, Bloomberg reported Wednesday.
Together with fellow cofounder Sergey Brin and top executive Eric Schmidt, Page held shares with super-voting powers that gave the threesome control over Google.
Page was worried he’d lose that control if Brin or Schmidt sold their shares, according to recently unsealed court records viewed by Bloomberg.
At the time he made the threat, Page was pressing Google’s board of directors to create a new class of stock that would allow him to retain control even if Brin and Schmidt sold their stock.
Google’s board of directors created a third class of stock in 2012 in part to placate cofounder Larry Page, who was worried about losing control of the company, Bloomberg reported Wednesday, citing recently unsealed court records.
Page fretted that fellow cofounder Sergey Brin and top executive Eric Schmidt, who along with himself held shares that collectively gave the threesome control over the company, would sell their super-powered stock, Bloomberg reported. Starting in late 2010, Google’s founders and board started negotiating over a plan to create a third class of stock that would help ensure that he would retain control over Google even if they did so.
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Source:: Businessinsider – Finance