Google founders to offload stock, make US$2.75 billion each
Posted by Leah McBride Mensching on January 25, 2010 at 4:08 PM
Google founders Larry Page and Sergey Brin will cede their voting control of the company over the next five years through stock sales, netting US$2.75 billion each in the process, based on Friday's share price, Telegraph.co.uk reported.
However, they will still hold 48 percent of voting rights - about 15 percent of the equity - at the company between them, the Financial times pointed out Friday.
However, they will still hold 48 percent of voting rights - about 15 percent of the equity - at the company between them, the Financial times pointed out Friday.
According to a statement from Google, the stock sale is part of a diversification plan that will "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."
Page and Brin have a similar stock plan that started in 2004, and allows them each to sell 7.2 million shares, Bloomberg reported.
Page and Brin have a similar stock plan that started in 2004, and allows them each to sell 7.2 million shares, Bloomberg reported.
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