MOUNTAIN VIEW, Calif. (
co-founders Larry Page and Sergey Brin each intend to sell about 5 million shares of company stock under prearranged stock trading plans.
The plans, adopted Nov. 30, will be part of a five-year diversification program for the executives' portfolios, according to a filing made Friday with the
Securities and Exchange Commission
Executives use such plans, in which stock sales are scheduled in advance over a period of time, to reduce the market impact of the sale on company stock, and to avoid investor concerns that the sales are based on access to negative inside information.
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The co-founders of the Internet search giant collectively hold about 57.7 million shares of Class B common stock, or about 18% of the company's outstanding equity, and about 59% of shareholder voting power.
If they complete all the planned sales, they will hold approximately 47.7 million shares of common stock, representing about 15% of Google's equity, and retain 48% of the voting power.
Shares of Google ended Friday down $32.97, or 5.7%, at $550.01.
-- Written by a member of TheStreet.com staff.
This article was written by a staff member of TheStreet.com.