Larry Page and Sergey Brin, the two billionaire co-founders of Google, will each sell 5 million of their Google shares over the next five years, according to an SEC filing.
Since Page and Brin are significant shareholders and executives for the technology giant, they are required to report their transaction plans for their piece of the company they founded over a decade ago.
Currently the two men own approximately 57.7 million shares of Google – about 18% of Google’s market value and 59% of the voting power. After the five year plan is complete, they will own around 47.7 million shares, dropping their interest in Google to around 15% of its capital stock and 48% of its voting power. This equates to a transaction of $2.25 billion, based on the current value of a share of Google, $550.01.