Google Co-Founders to Sell Company Shares

From: CBS Market Watch: Google Co-Founders to Sell Company Shares

Mountain View-based Google disclosed the intentions of Page and Brin, both 31, late Friday in documents filed with the Securities and Exchange Commission. In the same filing, Google also revealed that its chief executive, Eric Schmidt, plans to sell 2.2 million shares of his holdings to cash in on the company's stock price, which has nearly doubled since an August initial public offering.

Google's shares gained $1.86, or 1.1 percent, to close at $169.40 Friday on the Nasdaq Stock Market. Based on that price, Page and Brin would each pocket $1.2 billion from their planned stock sales while 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.

Page, Brin and Schmidt, who say they run Google collectively, will retain most of their company stock. If the planned sales are completed, Page and Brin will still own about 31 million shares apiece - stakes worth more than $5 billion as of Friday. Schmidt would still own 12.2 million shares - currently worth more than $2 billion.

Kleiner Perkins Caufield & Buyers はやはり辣腕 VC ですな。

The insider selling has already begun. In a separate SEC filing Friday, venture capital firm Kleiner Perkins Caufield & Byers disclosed it sold 5.78 million shares Wednesday for $997 million, or $172.45 per share. Menlo Park-based Kleiner Perkins had invested $12.5 million in Google in June 1999.