Sergey Brin as well as Larry Page will be selling about ten million shares of major search engine Google in the coming 5 years. Both of them will be giving up their majority rights to vote on the online search engine which they co-founded in 1998.
At present both Brin as well as Page together have about 59% of the total voting rights . The plan to sell the shares would obviously bring down the voting rights of the both the founders to about 48% according to Googleâ€™s claim in filing given to the US securities as well as Exchange Commission. At present, Brin as well as Page hold about 57.7 million Class B shares which represents about 18% of its entire outstanding stock. As well as â€œ approximately 59% of the voting power of outstanding stocks of Google.”
This internet mammoth group had gone into public in 2004 and has about 2 types of stocks â€“the Class A stocks which are traded on the Nasdaq as well as Class B shares that have been kept aside from the company insiders. Their voting rights are ten times more than Class A stocks.
The Google filing says,â€ As part of five-year diversification plan, Larry (Page) as well as (Brin) each intend to sell approximately five million shares.â€ After the proposed sale has been completed, both of them would have about 47.7 .million Class B shares, which accounts for nearly 15 % of Googleâ€™s outstanding capital stocks that is â€œapproximately 48% of the voting power of the outstanding power.”