Thursday, 05 Apr, 2007 Offbeat

One dollar salary for Google's founders


The founders of number one search engine Google, Larry Page and Sergey Brin, in 2006 earned their salaries of just one dollar. The information was provided after the examination of specific documents.

The two partners who were able to create the Internet giant starting with a small room in Stanford University, in 1990's, received last year only nominal wages from their company. According to the statements that were filed with the United States securities and exchange commission, the CEO of Google, Eric Schmidt, also received a salary of $1.

Thus the fathers of Google received their basic salaries for the third time in a row. However, the bank managers of the trio can still feel happy due to the fact that the shares of Google have increased five times since the time when the company floated on the stock market, which was two and a half years ago.

Google, acting strong on the market, has increased the price per share up to $470. All in all the shares of Mr. Brin and Mr. Page are estimated at $14 billion each. Both were placed at 26th place by Forbes in the rankings of the most rich people in the United States. Their third partner, Mr. Schmidt, is valued at $5 billion, which is the 116th place in Forbes' list.

According to the financial documents, each of the three owners of the giant company drew their 2006 holiday bonuses of $1,723. There is more to this since in order to cover his personal security and travel costs, Mr. Schmidt drew bonuses of not less than $555,742.

This data was provided after a very turbulent year for Google. First the company was strongly criticized after it entered the Chinese market and later the number one search engine ended up as the owner of YouTube, bought by the giant for $1,65 billion.

It is worth mentioning that in March of 2007 the owner of MTV, Viacom, announced a lawsuit against Google asking the company to pay $1 billion for "massive intentional copyright infringement."

By receiving their nominal salaries, Google's major trio complemented the list of those executives that linked their income to their companies' performances. Among other executives in this list there are Steve Jobs and Terry Semel, Yahoo's boss.

Powered by

Add your comment:

antispam code