New York, Jan 23: Over the next five years about 10 million shares of Internet behemoth, Google Inc will be on sale.
In a regulatory filing on Friday, Jan 22, Google said that Google's president of products, Larry Page and president of technology, Sergey Brin plan to sell about 10 million of the company's shares.
The duo own about 57.7 million shares of Google's Class B common stock.
This approximately accounts for 18 percent of the company's outstanding capital stock and about 59 per cent of the voting power of outstanding capital stock.
So if the founders of the search engine giant do sell the 5 million shares each, they would then own 15 per cent of Google's outstanding capital stock and 48 per cent of the voting power of Google's outstanding capital stock.
At the current rates, 10 million shares of Google would be worth 5.5 billion dollars.
This is not the first time the founders have decided to sell shares. In 2004, Parry and Brin sold 7.2 million shares each.