GOOGLE TO SELL $4.4 BILLION WORTH OF SHARES FOR 2 YEARS.

Google co-founders to sell $4.4 billion worth of shares

At the end of January 2015, Page and Brin together owned 44.6 million Class-B shares and 44.6 million Class-C shares of Google stock. Under the new plan, they will each sell 2 million Class-B shares that will be automatically converted into Class-A upon sale, and another 2 million each of their Class-C stock. It means, once the transactions are complete, they will together own 40.6 million Class-B and 40.6 million Class-C shares of Google.
The planned sale of 8 million shares has been extended over a two-year period to minimize the market impact. Even after the sale, Page and Brin will remain in firm control of the Mountain View-based company. Though they will own only 11.9% of Google’s outstanding Class-A and Class-B stock after the sale, they will have 52% of the voting power. That’s because the Class-B shares owned by Page, Brin and Google Chairman Eric Schmidt have 10x the voting power of the Class-A stock.
Google shares jumped 2.74% to $580.87 at 12:05 PM EDT on Tuesday.