Michael Liedtke at the AP reports that Sergey Brin, Larry Page and Eric Schmidt plan to sell some shares of GOOG.
The co-founders of Google, Larry Page and Sergey Brin, each plan to sell as many as 7.2 million shares of their stock during the next 18 months – divestitures that would give them more than $1 billion apiece at current prices. Eric Schmidt, the company’s chief executive, filed to sell as many as 2.2 million shares.
Based on Friday’s closing price, “Mr. Page and Mr. Brin would each pocket $1.2 billion from the sales while Mr. Schmidt would collect $373 million.”
If/when the sales are completed, Brin and Page will still own about 31 million shares each. Eric Schmidt will still own about 12.2 million shares.
Here’s the EDGAR filing with the details.
Liedtke also reports that Google venture capital firm Kleiner Perkins Caufield & Byers sold 5.78 million shares on Wednesday for $997 million. KPC&B invested about $12.5 million in Google in June 1999.