1/24/2006

Google co-founders cash in

Filed under: — By Aviran Mordo @ 9:59 am

Last month, the 32-year-old celebrity co-founders of Google each sold more than $160 million worth of their company’s stock.

That may sound like the ultimate jackpot to most people, but to Sergey Brin and Larry Page it was just another month in their billionaire-in-a-year lives.

Since the search giant went public in August 2004, Brin has sold about 6.5 million shares at a market value of $1.68 billion. Page has sold about 5.8 million shares at a market value of $1.4 billion, according to calculations from Thomson Financial. Chief Executive Eric Schmidt, who was brought in to run the company before it went public, has sold more than 2.1 million shares, worth more than $502 million.

Of course, there’s nothing new about executives at hot tech outfits getting rich selling their stock once their companies go public. Microsoft’s Bill Gates didn’t become the richest man in the world because of his take-home salary. And Oracle’s Larry Ellison didn’t exactly fund his far-flung yachting adventures by cashing in a 401K plan.

But the speed at which the Google bosses have sold their stock and the eye-popping value of the sales have raised some eyebrows among corporate governance experts.

Source: News.com

 

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