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No. This essentially means there will be two classes of Google Stock (A and C) with Class A stock having more voting power than Class C stock from a shareholder prospective.

This dilution of shares essentially gives those with a large share of stock options (like Brin & Page) more power.

Edit: As a user pointed out, Class B should be Class C

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(a) there already were two classes of shares, A and B. This creates a third class C with no voting power (b) the argument in the article is that Google would then issue class C shares for use in acquisitions. Brin & Page did not want to issue more A shares, which would risk their majority control; but they would be willing to issue C shares and use them to acquire companies as they would have no dilutive effect on their majority control.

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