'Larry and Sergey' to offload 10m Google shares
AKA $5.5 billion
Google co-founders Sergey Brin and Larry Page each plan to sell 5 million shares of their common stock in the company over the next five years.
According to an SEC filing, this is part of their respective "long-term strategies for individual asset diversification and liquidity."
Larry and Sergey - as the filing actually refers to them - currently hold 57.7 million shares of Class B Google common stock. That represents roughly 59 per cent of the voting power of the company’s outstanding capital stock.
After selling 10 million shares, their voting power would drop to 49 per cent. But when you toss in the stock held by CEO Eric Schmidt, the Google
holy trinity - who have vowed to work together until 2024 - will still control the majority of the company's voting shares.
Schmidt holds about 12 per cent of Google's common stock.
Brin and Page adopted their new stock-trading plans on November 30, after the completion of a five-year plan they adopted when the company went public in 2004.
As of today, 5 million shares of Google stock are worth about $2.75 billion. ®