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October 13, 2008 8:49:29 AM CDT

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Blackstone IPO Payouts Will Eclipse Google

Posted Jun 12, 07 5:32 AM CDT in US,  Business 

(Newser) – Huge windfalls due the top executives of the Blackstone Group from their IPO late this month will eclipse even the payday enjoyed by the Google founders three years ago, the Wall Street Journal reports. CEO Stephen Schwarzman will make $677 million and retain a $7.5 billion stake in the company—more than double that of Sergey Brin and Larry Page.

Chairman Pete Peterson  will make $1.9 billion in cash but keep a more modest $1.3 billion stake.  Schwarzman retains a higher percentage of equity in Blackstone than the founder of any other private equity firm, the Journal reports. Ten percent of the company is being sold to the public and another 10% has been sold to the Chinese government.

Source Wall Street Journal

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In this photo released by The Blackstone Group, Stephen Schwarzman, the chief executive of The Blackstone Group is shown. Schwarzman, will pocket $449.2 million and hold about 24 percent of the company...   (Associated Press)
A view of the floor of the New York Stock Exchange late in the trading day in this, April 4, 2007 file photo, in New York. NYSE Euronext Inc., the world's biggest stock market, said Thursday, April 26,...   (Associated Press)
A view of the floor of the New York Stock Exchange late in the trading day Wednesday, April 4, 2007, in New York. NYSE Euronext shares slipped in their first day of trading following the completion of...   (Associated Press)
In this photo released by The Blackstone Group, Peter Peterson, the senior chairman of The Blackstone Group is shown. The chief executive of Blackstone Group, Stephen Schwarzman, will pocket $449.2 million...   (Associated Press)
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