Since May of this year, Google founder and Alphabet majority shareholder Larry Page and Sergey Brin have sold more than $ 1 billion worth of stock.
According to documents filed by OpenInsider with the US Securities and Exchange Commission, since May of this year, the two have sold Class A and Class C shares worth more than $ 1.07 billion.
Brin’s sales totaled more than US $ 610 million, and Page’s sales this week (including a financing round) now exceed US $ 462 million. Both founders are selling according to a previously submitted transaction plan.
The last time Brin and Page sold shares was in 2017, when their last plan expired. Since the beginning of this year, the company’s stock price has performed well.
Alphabet A stocks have risen by more than 50% so far, outperforming Nasdaq and other technology giants (Amazon, Apple, Facebook, and Microsoft). The company announced strong revenue and earnings for the second quarter of 2021 on Wednesday as it rebounded from the worst impact of the Covid pandemic, which included an annualized growth of 69% in advertising revenue to more than $50 billion in three months.
At the end of 2019, Page resigned as CEO of Alphabet and transferred power to Google CEO Sundar Pichai. At the same time, Sergey Brin resigned as President of Alphabet, and his position was also cancelled.
Page and Brin were the co-founders of Google in 1998. They are still members of the board of directors and have a majority stake in the company, controlling 51% of the voting shares of Alphabet in a special category. The two are one of the richest people in the world.
Although Brin appeared in Google’s first retail store in New York this week,
lone Silicon Valley billionaires have kept a low profile since leaving the leadership role. According to Insider reports, it is reported that Page spent a lot of time on a yacht in the Fiji Islands during the pandemic.
