Google founders Larry Page and Sergey Brin have filed plans with the SEC to sell five million shares of Google stock each over the next five years. The sale will bring the pair’s ownership of Google down to 48%, slightly less than majority control.
Not to worry as CEO Eric Schmidt still owns 10%, keeping the trio well in charge of the goings on at the Mountain View-based company.
Google has a dual-class stock structure. Execs get 10 votes per share of Class B stock, but when they are sold, they become Class A stock with just one vote per share.
Currently, Page and Brin own a combined 57.7 million shares of GOOG.
via New York Times