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Google’s founders Larry Page and Sergey Brin plan to sell five million Google shares each over the next five years, in a trading plan disclosed Friday in a regulatory filing.
The sales, if completed, would provide each of the founders $2.75 billion based on Friday’s closing price of $550.01.
Now, here’e the interesting thing … if you read the NY Times, they tell us that the lads would not lose control of the company that they founded. But if you read Techcentral.ie (an Irish basedtechnology news wire) they give a completely different spin.
New Yowy Times says …. “The sales would bring the founders’ combined voting rights to just below 50 percent, 48 percent to be precise. But for all practical purposes, Mr. Page and Mr. Brin would continue to have effective control of the company. What’s more, Eric E. Schmidt, the chief executive, has an additional 10 percent of Google’s voting rights, giving the triumvirate absolute control over Google’s fate as long as they remain united.”
Techcentral.ie says …. “Google co-founders Sergey Brin and Larry Page are to cede majority control of the company with a forthcoming share sell-off. The duo’s stake in the company will fall from 59% to 48% after the sale is completed over a period of five years. It will mean the pair lose majority voting rights, although given that CEO Eric Schmidt has 10% voting power, the company’s senior management will still remain firmly at the wheel.”
Either way, 48% is a pretty good chunck!
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