Google founders Larry Page and Sergey Brin each plan to sell five million shares in the internet giant. It will reduce their joint holdings to below 50%, according to a filing on Friday with the US Securities and Exchange Commission (SEC).
The SEC filing said the stock sales, which will occur over the next five years, are part of a pre-determined stock trading plan set up by Page and Brin on November 30, 2009. The co-founders currently hold about 57.7 million shares of Google stock, which represents 18% of outstanding shares and 59% of voting power.
Page and Brin each plan to sell five million shares, leaving them with about 47.7 million shares or 15% of Google’s outstanding shares and 48% voting power. Their remaining holdings would allow them to exert control over the internet search giant but without majority voting power.
Source: Economic Times
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