Alphabet Inc’s Google co-founder Sergey Brin is reportedly set to claim more than $100 million in his name after cashing in his share at Tesla Inc. The former Alphabet Inc chairman has provided specific instructions to his financial advisors regarding his plan. Apparently, he is determined to get rid of any personal rankings in any of the companies owned by Elon Musk.
This step clearly comes after the billionaire CEO had an alleged affair with Brin’s wife, which led to him filing for divorce a few months ago. Various reports Sunday, July 24 clarified those details, citing sources with direct knowledge of the developments. However, it’s still unclear exactly how many shares Brin owns in the EV company, or if he’s given them up yet.
Apparently, the Google co-founder gave Tesla $500,000 at the time of the 2008 financial crisis as it struggled to ramp up productions. Although many are unsure of the initial amount in 2006, it helped the ever-growing electric vehicle company raise a total of $40 million. His contribution from 2008 was to raise an additional $40 million to keep it going for a while.
Brin’s shares in Tesla Inc:
Surprisingly, none of the SEC filings by the electric vehicle giant ever mentions the name of Google’s co-founder. This shows that Brin never owned more than 5% of the company, which clearly indicates that he did not sell any of its shares when it went public in the summer of 2010. As a result, clarity regarding the exact valuation of his stake in the company, as well as his current status is still pending.
Typically, analysts have said that if one assumes his stake was $500,000 at the time of Tesla’s IPO, his current holding would be well over $100 million right now. Shares of the electric vehicle giant have clearly seen a roughly 200-fold jump since going public in 2010. From a mere $4 split adjustment, it rose to around $800 last week.
Obviously, the booming value of Tesla stock has also allowed other shareholders to face big profits. Recently, Oracle co-founder Larry Ellison announced his resignation from Tesla’s board of directors. He owned about 15 million shares, spending about $1 billion on the position, currently valued at more than $12 billion.
As of last week, CEO Musk held around 265 million shares of the company, currently valued at around $217 billion.