Google Co-founders To Sell $2.75 Billion In Stock

New York, NY, United States (AHN) – Larry Page and Sergey Brin, co-founders of search engine giant Google Inc., are selling their stock for $2.75 billion each over the next five years, according to a filing with the Securities and Exchange Commission
made Friday.

The sale is expected to cut the duo’s voting power to 48 percent from 59 percent, but they will still control the company with CEO Eric Schmidt’s 10 percent share. The three have been controlling Google the past 10 years.

The amount that Page and Brin will get from the sale of their Class B shares comprising 17 percent of their 57.7 million shares was based on Google shares’ closing price on Friday of $550 per share.

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