Latest news with #BayshoreGlobal
Yahoo
26-05-2025
- Business
- Yahoo
Sergey Brin gave a $500 million donation to his own nonprofit
Sergey Brin gave Alphabet stock worth almost $700 million to philanthropic causes. The largest donation went to his own nonprofit called Catalyst4. Brin has a history of large stock donations, including one worth $600 million in May 2023. The biggest chunk of Google cofounder Sergey Brin's recent gift of Alphabet stock worth almost $700 million went to his nonprofit called Catalyst4, Bloomberg reported. The transfer of just over 4 million Alphabet shares was revealed in a Securities and Exchange Commission filing last week that did not disclose the recipients. A spokesperson for Brin's family office, Bayshore Global, said the shares were given to three philanthropic organizations, Bloomberg reported on Saturday. Bayshore Global didn't immediately respond to a request for comment from Business Insider. Brin gave 3.2 million shares to his own nonprofit called Catalyst4, per the report. The organization, which he launched in 2021, focuses on health and solutions to the climate crisis. The investment vehicle was founded with the proceeds of Brin's 2021 decision to sell his stake in Tesla. Brin had invested $500,000 in Elon Musk's EV maker in 2008. Half the donated Alphabet shares were Class A stock, which each carry one vote, while the remainder were Class C shares that have no voting rights. A stock closed at $168.56 on Wednesday, and C closed at about $170, meaning the donation was worth more than $500 million. Brin, who is 10th on the Bloomberg Billionaires Index with a net worth of about $143 billion, also gave more than 580,000 Alphabet shares to his family foundation and 282,000 to the Michael J. Fox Foundation, which aims to help find a cure for Parkinson's disease. It's not the first time Brin has made large gifts of stock. In May 2023, after the launch of Google's AI search, he gave away about $600 million worth of shares. In May and November 2024, he made gifts of shares worth more than $100 million. Read the original article on Business Insider Sign in to access your portfolio
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Business Standard
13-05-2025
- Business
- Business Standard
Google's Sergey Brin settles with family of pilot killed in plane crash
A settlement has been reached in the lawsuit over the deadly crash of a plane owned by Google co-founder Sergey Brin. In May 2023, pilots Dean Rushfeldt and Lance Maclean died when the twin-engine seaplane crashed off the California coast. The aircraft was en route from Santa Rosa to Brin's private island in Fiji. Rushfeldt's family filed a lawsuit in July, alleging the crash was caused by defective fuel equipment. On May 20, 2023, the Viking Air Ltd DHC-6 Twin Otter Series 400 aircraft crashed while attempting to return to Half Moon Bay. According to court documents filed in Santa Clara County Superior Court on May 9, the settlement is pending the exchange of closing documents and disbursement of the settlement fund. The parties expect the process to be finalised in about 60 days. What did the lawsuit claim? Rushfeldt's family sued Brin, his private family office Bayshore Global, and several affiliated entities, accusing them of negligence that led to the crash. Google, initially named as a defendant, was removed from the case in February following a request by the plaintiffs and was also included in the settlement. A second lawsuit Maggie Olarte Maclean, widow of Lance Maclean, also filed a lawsuit, accusing Brin and others of obstructing her efforts to recover her husband's body. Maclean, a former Navy pilot with global experience, had served as one of Brin's pilots for years. Her lawsuit alleged the plane was outfitted with an 'unauthorised and illegally installed auxiliary fuel system' that malfunctioned mid-flight, rendering the fuel inaccessible. She claimed Brin and his agents chose to leave Maclean's body at the crash site, along with evidence that could implicate them in the crash. In November, the parties said they were negotiating to resolve the matter, but it remains unclear if an agreement was reached. Born in Moscow and later emigrating to the US, Brin co-founded Google with Larry Page in 1998 while at Stanford. He played a pivotal role in developing the PageRank algorithm and spearheaded ambitious projects at Google X, such as self-driving cars and augmented reality technologies.
