Google Corporate
Google was initially funded by an August 1998 contribution of $100,000 from Andy Bechtolsheim, co-founder of Sun Microsystems; the money was given before Google was incorporated.[27] Google received money from three other angel investors in 1998: Amazon.com founder Jeff Bezos, Stanford University computer science professor David Cheriton, and entrepreneur Ram Shriram.[28]
After some additional, small investments through the end of 1998 to early 1999,[28] a new $25 million round of funding was announced on June 7, 1999,[29] with major investors including the venture capitalfirms Kleiner Perkins Caufield & Byers and Sequoia Capital.[27]
Early in 1999, Brin and Page decided they wanted to sell Google to Excite. They went to Excite CEO George Bell and offered to sell it to him for $1 million. He rejected the offer. Vinod Khosla, one of Excite's venture capitalists, talked the duo down to $750,000, but Bell still rejected it.[30]
Google's initial public offering (IPO) took place five years later, on August 19, 2004. At that time Larry Page, Sergey Brin, and Eric Schmidtagreed to work together at Google for 20 years, until the year 2024.[31]
At IPO, the company offered 19,605,052 shares at a price of $85 per share.[32][33] Shares were sold in an online auction format using a system built by Morgan Stanley and Credit Suisse, underwriters for the deal.[34][35] The sale of $1.67 bn (billion) gave Google a market capitalization of more than $23bn.[36] By January 2014, its market capitalization had grown to $397bn.[37] The vast majority of the 271 million shares remained under the control of Google, and many Google employees became instant paper millionaires. Yahoo!, a competitor of Google, also benefitted because it owned 8.4 million shares of Google before the IPO took place.[38]
There were concerns that Google's IPO would lead to changes in company culture. Reasons ranged from shareholder pressure for employee benefit reductions to the fact that many company executives would become instant paper millionaires.[39] As a reply to this concern, co-founders Brin and Page promised in a report to potential investors that the IPO would not change the company's culture.[40] In 2005, articles in The New York Times[41] and other sources began suggesting that Google had lost its anti-corporate, no evil philosophy.[42][43][44]In an effort to maintain the company's unique culture, Google designated a Chief Culture Officer, who also serves as the Director of Human
After some additional, small investments through the end of 1998 to early 1999,[28] a new $25 million round of funding was announced on June 7, 1999,[29] with major investors including the venture capitalfirms Kleiner Perkins Caufield & Byers and Sequoia Capital.[27]
Early in 1999, Brin and Page decided they wanted to sell Google to Excite. They went to Excite CEO George Bell and offered to sell it to him for $1 million. He rejected the offer. Vinod Khosla, one of Excite's venture capitalists, talked the duo down to $750,000, but Bell still rejected it.[30]
Google's initial public offering (IPO) took place five years later, on August 19, 2004. At that time Larry Page, Sergey Brin, and Eric Schmidtagreed to work together at Google for 20 years, until the year 2024.[31]
At IPO, the company offered 19,605,052 shares at a price of $85 per share.[32][33] Shares were sold in an online auction format using a system built by Morgan Stanley and Credit Suisse, underwriters for the deal.[34][35] The sale of $1.67 bn (billion) gave Google a market capitalization of more than $23bn.[36] By January 2014, its market capitalization had grown to $397bn.[37] The vast majority of the 271 million shares remained under the control of Google, and many Google employees became instant paper millionaires. Yahoo!, a competitor of Google, also benefitted because it owned 8.4 million shares of Google before the IPO took place.[38]
There were concerns that Google's IPO would lead to changes in company culture. Reasons ranged from shareholder pressure for employee benefit reductions to the fact that many company executives would become instant paper millionaires.[39] As a reply to this concern, co-founders Brin and Page promised in a report to potential investors that the IPO would not change the company's culture.[40] In 2005, articles in The New York Times[41] and other sources began suggesting that Google had lost its anti-corporate, no evil philosophy.[42][43][44]In an effort to maintain the company's unique culture, Google designated a Chief Culture Officer, who also serves as the Director of Human
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Resources. The purpose of the Chief Culture Officer is to develop and maintain the culture and work on ways to keep true to the core values that the company was founded on: a flat organization with a collaborative environment.[45] Google has also faced allegations of sexism and ageism from former employees.[46][47] In 2013, a class action against several Silicon Valley companies, including Google, was filed for alleged "no cold call" agreements which restrained the recruitment of high-tech employees.[48]
The stock performed well after the IPO, with shares hitting $350 for the first time on October 31, 2007,[49] primarily because of strong sales and earnings in the online advertising market.[50] The surge in stock price was fueled mainly by individual investors, as opposed to large institutional investors and mutual funds.[50] GOOG shares split into GOOG class C shares and GOOGL class A shares.[51] The company is listed on the NASDAQ stock exchange under the ticker symbols GOOGL and GOOG, and on the Frankfurt Stock Exchange under the ticker symbol GGQ1. These ticker symbols now refer to Alphabet Inc., Google's holding company, since the fourth quarter of 2015.[52]
The stock performed well after the IPO, with shares hitting $350 for the first time on October 31, 2007,[49] primarily because of strong sales and earnings in the online advertising market.[50] The surge in stock price was fueled mainly by individual investors, as opposed to large institutional investors and mutual funds.[50] GOOG shares split into GOOG class C shares and GOOGL class A shares.[51] The company is listed on the NASDAQ stock exchange under the ticker symbols GOOGL and GOOG, and on the Frankfurt Stock Exchange under the ticker symbol GGQ1. These ticker symbols now refer to Alphabet Inc., Google's holding company, since the fourth quarter of 2015.[52]
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