Google co-founders to sell $5.5 billion combined in stock
SAN FRANCISCO -- Google co-founders Larry Page and Sergey Brin plan to sell 5 million shares apiece of their company stock, worth $5.5 billion combined at current prices.
The sales will occur periodically during the next five years and leave the two with 48 percent of the voting power among stockholders, down from roughly 59 percent now. But with Google Inc. CEO Eric Schmidt controlling nearly 10 percent voting power, the trio will still control the company.
According to regulatory documents filed Friday, Page and Brin will still own 47.7 million shares combined after the sales.
Shares fell $2.71, or 0.5 percent, to $547.30 in extended trading Friday.
Article Comments
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked.
If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.