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article imageGoogle Co-Founders Each Plan to Sell About 5 Million Shares

By Owen Weldon     Jan 23, 2010 in Business
Larry Page and Sergey Brin, the founders of Google, said that they will sell 5 million shares of their company as part of a five-year stock trading plan.
The co-founders of Google will reduce their 57.7 million common shares to 47.7 million shares, under the new trading plan, according to the U.S. Securities and Exchange filing.
The co-founders of Google will also reduce their voting shares from 59 percent to 48 percent under the trading plan.
The filing said "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." A lot of these plans are used by founders of companies in order to diversify their portfolios in investment.
The co-founders are very committed to Google and are involved in daily operations of the company and their net worth still remains with the company, at least the majority of their worth, according to a spokesperson for Google.
In November 2004 the Co-founders of Google told sources that they were going under an 18-month plan where they sold 7.2 million shares each.
In the past year Google’s stock has jumped up to 80 percent but so far in 2010 it has dropped 11 percent.
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