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Brin and Page to Sell 5 Million Shares of Google Stock
Things that make you go HMMMMMM? With Apple pulling Google form the iPhone and going with Bing, Apple working with Microsoft claiming war against Google, Bing to become the search default on Safari and all other browsers that Microsft can get ahold of… Hmmmmm, makes you think this war may not be winnable by Google, and Google stands to loose at least 10% of its search volume.
Soooooo…. Google founders Larry Page and Sergey Brin have filed plans with the SEC to sell five million shares of Google stock each over the next five years. The sale will bring the pair’s ownership of Google down to 48%, slightly less than majority control.
Usually when key players start selling stock it’s a sign of something. And I don’t think they are looking to buy a new yacht.
Not to worry as CEO Eric Schmidt still owns 10%, keeping the trio well in charge of the goings on at the Mountain View-based company. (If he petitioned to sell stock too the SEC would have freaked out!)
Google has a dual-class stock structure. Execs get 10 votes per share of Class B stock, but when they are sold, they become Class A stock with just one vote per share.
Currently, Page and Brin own a combined 57.7 million shares of GOOG. With a share price today of $540/shr that comes to a mere $31,158,000,000 – YES, that is over 31 Billion Dollars!!!!!
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