Twenty-one years after founding Google in a messy garage in Menlo Park, California, Larry Page and Sergey Brin have stepped down from day-to-day management of the company to assume the role of “proud parents – offering advice and love, but not daily nagging!”
Their exit from the executive suite is the biggest change at the top of a US technology powerhouse since Steve Jobs resigned as chief executive of Apple shortly before he died from cancer in 2011, or when Bill Gates, the billionaire founder of Microsoft, stood down as chief executive in 2000.
Together, Brin and Page control 51% of a special class of Alphabet’s voting shares, giving them ultimate control of the company’s future direction. They own 11.4% of the company, worth $101bn (£77bn). Alphabet’s total stock market value is $912bn and has increased by almost 25% so far this year. Page and Brin are ranked the 7th- and tenth-richest people in the world, according to Bloomberg Billionaires Index with estimated fortunes of $62.7bn and $60.9bn respectively.
Article submitted by, Great Gazoo.