Google Founders Selling Off Stock
Is this a sign that Google stack is overpriced? Or does it just mean that since there is so much interest in Google and its shares right now that the founders decided to sell off a big part of their holdings with the search engine. Dow Jones reports that Larry Page and Sergey Brin each plan to sell up to 7.2 million shares of their stock – during the next 18 months, pocketing about $1 Billion each. Not bad for a couple of Stanford geeks – Mike Mussina would be proud.
Page and Brin, both 31 years old, filed with the Securities and Exchange Commission to announce their intention of selling. In the same filing, Google also revealed that its chief executive, Eric Schmidt, plans to sell 2.2 million shares of his shares – which will total to be around $373 Million. Here’s a rundown on Google stock performance since they went public earlier in the year.
From Dow Jones:
Google’s shares gained $1.86, or 1.1%, to close at $169.40 Friday in Nasdaq Stock Market composite trading. Based on that price, Mr. Page and Mr. Brin would each pocket $1.2 billion from their planned stock sales while Mr. Schmidt, 49, would collect $373 million. The stock’s trading price has ranged from $95.96 to $201.60 per share since the IPO was completed Aug. 19 at $85 per share.