Google Founders to Sell 10 Million Shares
Lawrence “Larry” Page (Products President) and Sergen Brin (Technology President) will retain 47.7 million shares after the sale. This will be equivalent to 15% of the outstanding capital stock of the company which is down from the present 18%. Their would-be remaining shares are equivalent to 26 billion dollars.
Also, under the stock trading plan adopted November 2009, their voting shares would go down from 57% to 48%. This means that they are effectively giving up majority control of the company but enough to make big influence over the PhD project that they have started in Stanford University in California way back in 1996.
Google.com was registered in September 15, 1997 and became an incorporated company in September 4, 1998 at a friend’s garage.
“These pre-arranged stock trading plans were adopted in order to allow Larry and Sergey to sell a portion of their Google stock over time as part of their respective long-term strategies for individual asset diversification and liquidity,” the statement for the sale said. Other company founders do the same technique to gradually diversify their investment portfolios.