retroremakes
January 23rd, 2010, 00:20
http://cache.gawker.com/assets/images/gizmodo/2010/01/sergey-brin-and-larry-page-1.jpgGoogle just put out an SEC filing saying founders Larry Page (http://gizmodo.com/tag/larrypage/) and Sergey Brin (http://gizmodo.com/tag/sergeybrin/) plan on dumping some of their holdings of the company's stock.
When they finish selling 5 million shares apiece, they'll still own 15% of the outstanding shares, but their voting power will have dropped below 50%. So they are ceding absolute control of the company.
From the filing:
http://cache.gawker.com/assets/images/gizmodo/2009/08/logo-tbi.gif (http://www.businessinsider.com/)Larry and Sergey currently hold approximately 57.7 million shares of Class B common stock, which represents approximately 18% of Google's outstanding capital stock and approximately 59% of the voting power of Google's outstanding capital stock.
Under the terms of these Rule 10b5-1 trading plans, and as a part of a five year diversification plan, Larry and Sergey each intend to sell approximately 5 million shares.
If Larry and Sergey complete all the planned sales under these Rule 10b5-1 trading plans, they would continue to collectively own approximately 47.7 million shares, which would represent approximately 15% of Google's outstanding capital stock and approximately 48% of the voting power of Google's outstanding capital stock (assuming no other sales and conversions of Google capital stock occur).
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More... (http://feeds.gawker.com/~r/gizmodo/full/~3/RWh8d8gordQ/larry-and-sergey-plan-to-dump-google-stock-and-give-up-voting-control)
When they finish selling 5 million shares apiece, they'll still own 15% of the outstanding shares, but their voting power will have dropped below 50%. So they are ceding absolute control of the company.
From the filing:
http://cache.gawker.com/assets/images/gizmodo/2009/08/logo-tbi.gif (http://www.businessinsider.com/)Larry and Sergey currently hold approximately 57.7 million shares of Class B common stock, which represents approximately 18% of Google's outstanding capital stock and approximately 59% of the voting power of Google's outstanding capital stock.
Under the terms of these Rule 10b5-1 trading plans, and as a part of a five year diversification plan, Larry and Sergey each intend to sell approximately 5 million shares.
If Larry and Sergey complete all the planned sales under these Rule 10b5-1 trading plans, they would continue to collectively own approximately 47.7 million shares, which would represent approximately 15% of Google's outstanding capital stock and approximately 48% of the voting power of Google's outstanding capital stock (assuming no other sales and conversions of Google capital stock occur).
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More... (http://feeds.gawker.com/~r/gizmodo/full/~3/RWh8d8gordQ/larry-and-sergey-plan-to-dump-google-stock-and-give-up-voting-control)