Google co-founder Sergey Brin has given 4.1 million Alphabet shares worth $700 million as a gift
Tech billionaire and among the richest people in the world, Sergey Brin has gifted away nearly 4.1 million Alphabet shares worth $700 million, regulatory filings showed, Bloomberg reported. The recipient of the gift was not yet clear, it added.
Sergey Brin, who is a co-founder of tech giant Google, is worth more than $140 billion, according to the Bloomberg Billionaire Index (BBI). He is among the top 10 richest people in the world.
A spokesperson for Sergey Brin's family office did not reply to queries till time of publication, as per the report.
The report said that the regulatory filing did not show who got the close to 4.1 million share gift, but were evenly split between newly converted Class A and Class C stocks. It speculated that the reciepient may be a charity, trust, or financial vehicle.
Notably, Sergey Brin is known to give away shares for causes close to his heart. In 2023, after Google debuted its artificial intelligence (AI) search, he gave away $600 million worth of shares. Further, as per disclosures, he also gifted shares worth over $100 million in May 2024 and November 2024, the report added.
Besides these, Sergey Brin is a known supporter of Parkinson's disease research, and runs a climate and health-focused nonprofit that has funded startups working on a range of areas, including psychedelics and a $155 billion energy project in Copenhagen, Denmark.
Notably, shares of Alphabet shares rose 5.6 per cent on May 21 following the announcement that Google is implementing new AI updates to Search. The product announcement was made at the company's annual developer conference on May 20.
Google said it would roll out a new tab called 'AI mode' in search to all users in the United States. The tab will also include options for direct interactions with AI models, similar to OpenAI's ChatGPT.
Class A shares are usually given to founders and management and come with more voting rights, according to Investopedia. These may also not be available to the general public. Class B shares are 'common" or 'ordinary" shares listed on stock exchanges with no preferential treatment on dividing profits or dividends, according to SoFi Learn.
And Class C shares, may be those given to employees as part of their compensation package. These may have specific restrictions, on trading and voting rights. Notably, Alphabet's Class A and Class C shares tend to trade at similar prices, it added.
According to the BBI, Sergey Brin and co-founder Larry Page, saw their fortunes rise by a combined $7 billion on May 21, and are now the 10th (worth $144.3 billion) and ninth richest ($153.2 billion) people in the world.
Sergey Brin's fortune is largely made up of a combination of Class B and Class C shares of Alphabet, which became Google's parent company nearly 10 years back. He has over $11 billion stock from Google's initial public offering in 2004, according to data compiled by Bloomberg.
(With inputs from Bloomberg)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
3 hours ago
- Economic Times
China says willing to improve communication with countries on rare earth controls
TIL Creatives China says willing to improve communication with countries on rare earth controls China's commerce ministry said on Saturday that it has approved a certain number of compliant rare earth export applications and will continue to refine its examination and approval process. The ministry also expressed willingness to enhance communication with other countries over export controls, according to a statement on its website, Reuters reported. The announcement comes at a time when Indian automakers are facing worsening shortages of rare earth magnets, critical components for electric vehicles (EVs) and other high-tech industries. According to Bloomberg, Beijing has turned down at least two recent applications for India-bound shipments of rare earth magnets, raising fears of an imminent disruption in Indian automobile production. Industry and government officials told Bloomberg that while shipments to the German and U.S. units of a global firm were cleared, the same request to its Indian arm was rejected. Since April 4—when China began enforcing tighter curbs on exports of seven rare earth elements—supplies to Indian auto parts manufacturers have been stuck at Chinese new controls require importers to certify that the magnets will not be used for defense purposes or re-exported to the U.S. The new end-user certification process can take at least 45 days and is now facing a global per the Bloomberg report, at least 30 Indian applications endorsed by the Indian government are still awaiting Chinese approval, while over 10 applications from other countries have reportedly been cleared. According to a May 28 presentation by the Society of Indian Automobile Manufacturers (SIAM), no Indian applications have received final approval from China's commerce ministry despite many having secured embassy endorsements. 'Even if one magnetised part is missing, the vehicle cannot be built,' SIAM warned in the presentation, adding that some Indian firms may consider shifting operations to China if the supply crunch continues. The squeeze has heightened concern among Indian automakers. 'The rare earth situation is a very difficult one,' Bajaj Auto's Executive Director Rakesh Sharma told analysts. 'Supplies and stocks are getting depleted as we speak, and if there's no relief in shipments, production will be seriously impaired in July.'To address the growing crisis, a delegation of Indian businesses is planning to visit Chinese counterparts this month with help from the Indian Embassy in Beijing. The embassy has reached out to China's commerce ministry, seeking expedited clearance of pending applications.A meeting was recently held at the Indian Prime Minister's Office to discuss options for resolving the impasse. Indian officials have advised manufacturers to explore alternative supply chains and consider local refining capacities—though such solutions are long-term in the Indian government is also encouraging firms to explore ferrite magnets or magnet-free designs, though these come with compromises in cost and performance. As a result, some companies are considering stop-gap measures such as importing motors or shifting production to fossil-fuel-powered vehicles. With inputs from agencies
Time of India
3 hours ago
- Time of India
Sundar Pichai answers who would be next Google CEO
Google chief executive Sundar Pichai expects artificial intelligence to play a critical role in the tech giant's future leadership during the Bloomberg Tech Conference earlier this week. On the question of whether a human or AI will run Google in future, Pichai stated, 'I do think whoever is running it will have an extraordinary AI companion .' 'The products we built tremendously impact society. The journey of technologies, doing the hard work to make sure you're harnessing it in a way that benefits people. I think that'll be an important quality to have,' the Google CEO said. Before Pichai took the stage, Meta Platforms Chief Technology Officer (CTO) Andrew Bosworth said there has been a cultural shift in Silicon Valley , where it is now more palatable for the tech industry to develop resources for the US military. The company announced a partnership with defence contractor Anduril Industries Inc. last week to develop products for the US military, including an artificial intelligence-powered helmet with virtual and augmented reality features. Pichai said Google's parent Alphabet will keep hiring engineers at least into 2026, emphasising that human talent remains key even as the company ramps up AI investments. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories 'I expect we will grow from our current engineering base even into next year, because it allows us to do more with the opportunity space,' Pichai said. 'I just view this as making engineers dramatically more productive, getting a lot of the mundane aspects out of what they do.' Tech majors, like Microsoft, have fired more staff this year, reflecting in part the enormous investments needed to ensure leadership in AI. The firings have stoked fears about the technology replacing certain job functions. Google itself has conducted rounds of layoffs in recent years to free up resources. Pichai pointed out that while AI excels in areas like coding, the models continue to make basic mistakes, requiring human intervention.
Time of India
4 hours ago
- Time of India
Apple WWDC 2025: 'Big' updates coming to iPhones, iPads, MacBooks; what may be the 'hardware announcement'
Apple's annual Worldwide Developers Conference (WWDC) kicks off on June 9, 2025, promising a week of groundbreaking software announcements that will shape the future of its ecosystem. Tired of too many ads? go ad free now Running through June 13, the event will feature a keynote from Apple CEO Tim Cook at 10 a.m. PT (10.30 pm IST), streamed on Apple's website, Developer app, and YouTube channel, alongside an in-person experience for select developers at Apple Park. Like every year, the event will be big on software. New naming and lot of new feaures likely coming to iOS, iPadOS, MacOS and more With the tagline 'Sleek Peek,' WWDC 2025 will see updates to iOS, iPadOS, macOS, watchOS, tvOS, and visionOS, with a focus on design and AI integration. The headline announcement is expected to be a redesign of Apple's operating systems, potentially rebranded with a year-based naming scheme: iOS 26, iPadOS 26, macOS 26, watchOS 26, tvOS 26, and visionOS 26. Reports suggest iOS 26 will undergo its most significant overhaul since iOS 7, introducing a unified design language with floating tab views, updated iconography, and glass-like UI effects inspired by the Vision Pro's aesthetic. This cohesive look aims to rival Google's Android 16 revamp, prioritizing fluidity and personalization across devices. Updates on Apple Intelligence Apple Intelligence, introduced in 2024, will see further enhancements, though not as the centerpiece. Rumors indicate Apple will open its Foundation Models to third-party developers, enabling custom AI-powered features in apps like Safari and Photos, which may be quietly rebranded as 'AI-powered.' Tired of too many ads? go ad free now A long-awaited Siri overhaul remains in development but is unlikely to debut fully. Additionally, an AI-powered coding tool, possibly in partnership with Anthropic, could be introduced for Xcode, streamlining app development. iPadOS 26 may introduce a 'Pro' version with advanced multitasking, improved external display support, and professional-grade apps, catering to power users. watchOS 26 is expected to support third-party Control Center widgets, while tvOS 26 could feature a revamped CarPlay UI and animated lock screen artwork. visionOS 26 may bring native support for gaming controllers like PlayStation and Xbox, alongside minor UI tweaks to bolster Apple's spatial computing push. Likely hardware announcements at WWDC 2025 Hardware announcements are less likely, as Apple's recent M4 MacBook Air release and focus on fall hardware events suggest a software-driven WWDC. However, speculation persists about a potential M4 Ultra chip reveal or Mac Pro updates, though these are considered long shots. Developers will have access to over 100 technical sessions, online labs, and one-on-one consultations with Apple experts, covering topics like Swift, machine learning, and AR/VR tools. The Swift Student Challenge will also spotlight emerging talent, with 50 Distinguished Winners invited to a three-day Apple Park experience. As Apple aims to balance innovation with its privacy-first ethos, WWDC 2025 is set to lay the groundwork for a smarter, more cohesive ecosystem, with iOS 26 leading the charge. Stay tuned for live updates as Apple unveils its vision for the future.
