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Google co-founders plan to sell about 5 million shares each

23 January 2010 22:26 (UTC +04:00)

Baku. Ziya Agazade â€“ APA. Google Inc. co-founders Larry Page and Sergey Brin each intend to sell about 5 million shares of the Internet search giant as part of a five-year stock trading plan, the company said in a regulatory filing Friday, APA reports citing â€œThe Wall Street journalâ€.
Under the trading plan, the co-founders would reduce their combined holdings in Google from about 57.7 million common shares, or approximately 18% of outstanding capital stock, to 47.7 million shares, or about 15% of the company, according to the U.S. Securities and Exchange filing.
"A Google spokesperson said Mr. Page, who serves as president overseeing products, and Mr. Brin, who is president overseeing technology, are "both as committed as ever to Google and are integrally involved in our day-to-day management and product strategy. The majority of their net worth remains with Google."
Google’s shares slid 0.4% to $548.10 in after-hours trading Friday. The stock has jumped 80% in the past year but is down 11% in 2010.