Latest InsideMicrosoft Posts: InsideGoogle: Google Bigwigs File To Sell Stock .comment-link {margin-left:.6em;}
InsideGoogle
Saturday, November 20, 2004
 
Google Bigwigs File To Sell Stock
Google founders Larry Page and Sergey Brin, as well as CEO Eric Schmidt, filed yesterday with the SEC to sell a portion of their stock. Currently, the three own 90.5 million shares, equal to 33% of the stock and 45.7% of the voting power. Larry and Sergey will divest themselves of 7.2 million shares apiece, and Eric will sell 2.2 million shares, leaving the three with 73.9 million shares, 27% of the total and 40.4% of the voting power. According to HeraldNet, this would generate over $1.2 billion for each of the founders, and over $373 million for CEO Schmidt. The stock is being sold under an automated trading program, which is where a major executive agrees, confidentially, to sell shares at a specific time, thus ensuring that stockholders won't question the timing of the sale. The program was agreed on back in mid-September. Still, Dan Gillmor says, "There's more than a whiff of greed in these sales. Regrettable."

Comments: Post a Comment

Links to this post:

Create a Link



<< Home

Powered by Blogger

Who Reads InsideGoogle?
Cnet

The Seattle Times

Evan Williams

Most Popular Posts
A Look At Google's Secret Instant Messaging Product: Hello

New Gmail Features Include An Atom Feed

An Interview With Google's Marissa Mayer at Digital Life

Google And Microsoft: Neighbors