Google Watch

The Google Dolls never tire of telling us how they’re not focused on share price. Apparently, some one is taking notice. Larry Page has filed to dump another batch of shares.

Google Inc. co-founder Larry Page filed this week to sell 1.2 million shares, setting him up to collect $370 million and pushing his sales to more than $1 billion since the company went public last year.
The stock sales by Page, and similar sales by partner Sergey Brin, have helped drive Google insider stock trades to almost $3 billion this year, the most for any U.S. company, according to the Washington Service, a research firm that keeps track of sales by company executives.
Page and Brin, both 32, benefited as the stock surged to a record $320.95 this week from an $85 initial public offering price in August 2004. The two, each with a net worth of about $11 billion, raised more money on insider sales this year than any corporate executive except Microsoft Corp. Chairman Bill Gates, who has sold $1.58 billion in Microsoft stock. Mountain View, California-based Google raised $1.67 billion at its IPO and this month sold an additional $4.18 billion of stock.
“I’m not aware of any other companies that have had massive insider selling like this,” said Richard Howe, a lawyer at Sullivan & Cromwell LLP in New York, who advises on insider stock sales. “This is amazing for the people who started the company from nothing and turned it into this amazing profit-making machine.“

Posted by on September 30th, 2005 at 1:05 pm


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