The cofounder of Alphabet Inc’s Google, Sergey Brin is reported set to claim more than $100 million to his name after he cashes out his share at Tesla Inc. The former president of Alphabet Inc has provided specific instructions to his financial advisers regarding his plan. Reportedly, he is determined to get rid of all personal standings in any of the companies owned by Elon Musk.
This step clearly comes following the billionaire CEO having an alleged affair with the wife of Brin, which in turn led to him filing for divorce a few months ago. Various reports from Sunday, July 24 specified these details, mentioning sources with direct knowledge of the developments. However, it is still unclear as to how much stock Brin exactly holds at the EV company, or if he has already let go of them.
Apparently, the Google co-founder had given Tesla $500,000 at the time of a financial crisis in the year 2008, as it fought to ramp up productions. Though many are not sure of the initial amount in 2006, this aided in the still rising EV firm to raise an aggregate of $40 million. His contribution from 2008 was in efforts of raising $40 million more in funds to keep it going for a while.
Brin’s stock in Tesla Inc:
Surprisingly, none of the SEC filings of the EV giant mentions the Google co-founder’s name even once. This shows that Brin never held more than 5% of the firm, clearly indicating that he did not sell any of his shares at the of it going public in the summer of 2010. Resultantly, the clarity regarding the exactly valuation of his stake in the company, along with its current status is still pending.
Typically, analysts stated how if one assumes his stake to be of $500,000 as the juncture of Tesla’s IPO, his current hold would be much more than $100 million in the present day. The shares of the EV giant have clearly seen an approximate jump of 200-fold since the IPO in 2010. From just a mere split adjustment of $4, it went to about $800 as of last week.
Evidently, the thriving value of the Tesla stock has resulted in other shareholders facing great profits too. Recently, cofounder of Oracle, Larry Ellison made the announcement of him resigning from the board of Tesla. He held about 15 million shares, spending around $1 billion on the position, currently valued at over $12 billion.
As of last week, CEO Musk held about 265 million shares of the company’s shares, valued at around $217 billion currently.