Google co-founder Sergey Brin to now sell his Tesla stock
Sergey Brin, the co-founder of Alphabet Inc.’s Google, is expected to get more than $100 million when he sells his Tesla Inc. stock. The former Alphabet Inc. president has given clear instructions to his financial advisors about his plan. He reportedly wants to eliminate all personal positions in all of Elon Musk’s businesses. This action obviously follows the billionaire CEO’s alleged liaison with Brin’s wife, which prompted the latter to file for divorce a few months ago. These specifics were mentioned in several reports from Sunday, July 24, citing persons who had firsthand knowledge of the events. It is not yet known how much stock exactly Brin owns in the EV startup or if he has already sold it.
The Google co-founder reportedly gave Tesla $500,000 as it struggled to increase production during the 2008 financial crisis. Although many people are unsure of the exact sum in 2006, this helped the still-growing EV company raise a total of $40 million. His gift from 2008 was made in an effort to raise an additional $40 million in funding to sustain it for some time. Surprisingly, the co-founder of Google receives zero comments in any of the EV giant’s SEC filings. This demonstrates that Brin never owned more than 5% of the company, proving beyond a doubt that he didn’t sell any of his shares when it went public in the summer of 2010. As a result, it is still unclear how exactly his interest in the company is valued and what its present state is.
According to analysts, if one assumed his investment to be $500,000 at the time of Tesla’s IPO, his current holding would be worth considerably more than $100 million today. The EV giant’s stock has unmistakably increased by over 200 times since its IPO in 2010. It increased from a $4 split adjustment to roughly $800 as of last week. Evidently, other stockholders have also enjoyed significant profits as a result of the Tesla stock’s rising value. Larry Ellison, the co-founder of Oracle, has announced his resignation from the Tesla board of directors. He owned roughly 15 million shares, investing $1 billion in a position that is now worth more than $12 billion. As of last week, CEO Musk owned around 265 million of the company’s shares, which are presently worth about $217 billion as of last week.