Skip to main content

Google Co-Founders Plan To Sell Up To 10 Million Shares Over Next Five Years




Google co-founders Larry Page and Sergey Brin plan to steadily sell off up to 10 million shares of stock over the next five years, according to an SEC filing. At today's closing price of $550, those shares would be worth $5.5 billion if sold immediately. Although the two co-founders hold Class B shares with super-voting rights, if they sell all 5 million shares, their voting control will drop from 59 percent today to 48 percent. From the filing:


Google co-founders Larry Page and Sergey Brin plan to steadily sell off up to 10 million shares of stock over the next five years, according to an SEC filing. At today’s closing price of $550, those shares would be worth $5.5 billion if sold immediately. Although the two co-founders hold Class B shares with super-voting rights, if they sell all 5 million shares, their voting control will drop from 59 percent today to 48 percent. From the filing:


Larry and Sergey currently hold approximately 57.7 million shares of Class B common stock, which represents approximately 18% of Google’s outstanding capital stock and approximately 59% of the voting power of Google’s outstanding capital stock. Under the terms of these Rule 10b5-1 trading plans, and as a part of a five year diversification plan, Larry and Sergey each intend to sell approximately 5 million shares. If Larry and Sergey complete all the planned sales under these Rule 10b5-1 trading plans, they would continue to collectively own approximately 47.7 million shares, which would represent approximately 15% of Google’s outstanding capital stock and approximately 48% of the voting power of Google’s outstanding capital stock (assuming no other sales and conversions of Google capital stock occur).


They would continue to be the largest shareholders, but would not be able to control the outcome of any shareholder vote as they do today. They, of course, could decide to stop selling just short of losing control. They also could probably find the other 2 percent of votes if they ever need it from CEO Eric Schmidt or a collection of other Google employees and loyal investors.


The two have not yet started selling shares under the plan, but it is common for tech founders to diversify their holdings in this manner. Bill Gates and Salesforce CEO Marc Benioff, for instance, sold stock of the companies they founded under similar plans. By selling at regular intervals, they get to cash out and diversify their holdings without spooking investors with sudden sales.










Comments

Popular posts from this blog

Over A Year After Android Launch, ShopSavvy Finally Comes To The iPhone

ShopSavvy was one of the best early Android applications. It launched in October of last year after winning one of the initial Android Developer Challenge top prizes (when it was still known as GoCart). But despite the success it has seen on Android, one question remained: When would it be available for the iPhone. Today, it finally is. Developed by the guys at Big In Japan , ShopSavvy is an app that allows you to use your device as a portable barcode scanner. You point your phone's camera at any barcode and it will read it, do a product look up, and give you information about the product, as well as where you can find it online or at nearby stores and for how much. Obviously, something like this is a window shopper's dream. ShopSavvy was one of the best early Android applications. It launched in October of last year after winning one of the initial Android Developer Challenge top prizes (when it was still known as GoCart). But despite the success it has seen on Android, o

How to find ideas to post new article in your blog

How to find ideas to post new article in your blog    阅读原文»   It is true that sometimes being a blogger may face situations where I would personally like to call it your brain juices got dried up as you have pretty much ran out of topic to blog and you are in crisis as your readers are anxiously waiting for your new posts but you are unable to give in. That’s when you will probably come with excuses like I just posted last week although that post was more directly towards the newbies who stop themselves from making money but it’s still pretty much the same even though you consider yourself not a newbie. The fact is that ideas are everywhere and I mean everywhere if you know where to find it and know how to leverage it. You may be surprised that sometimes these ideas are just right in front of you but you are not observant enough to convert these ideas and turn it into your blog post. Today I will share some tips on where to get these ideas and most of it is part of your dai

Lindsay Lohan Breakup Confirmed by Lohan, Locksmith, Police [Gossip Roundup]

Farewell, last season's Suri Cruise fashions. Goodbye, Amy Winehouse's bathing suit. Adieu, humanoid version of Lauren Conrad. And so long, LiLo and SamRon's fairytale romance. Lindsay Lohan confirmed her split with Samantha Ronson and insisted the decision was part of a very healthy and mature effort to " focus on myself ." Upon hearing this, Ronson changed her locks and discussed a restraining order with police, so confident was she in Lohan's ability to turn productively inward. Lohan promptly had a run-in with the police . Who would have imagined such a messy breakup for this model relationship? Courtney Love's lawyer, on her client's drug-fueled plunge into broke-ness: ""Courtney noticed the money was gone when there wasn't any left." Deadpan gallows humor: the only possible response to having Courtney Love as a client. (Besides asking for a hefty retainer.) [ P6 ] Before Lauren Conrad's contract expired in March, MTV