Google’s Brin & Page Tap Into Their $2.75b Emergency Fund
What do you do when the economy is in the tank and you’re only making $1 a year in salary?
Well, if you’re Google’s Sergey Brin or Larry Page, you dump 15% of your company and pocket a cool $2.75 billion–each!
How does that compare to your emergency fund? 😉
As many places are reporting, Brin & Page aren’t exactly dumping their shares on the market. It’s all part of a quite common practice by majority shareholders:
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.
Under the stock trading plan, adopted on Nov. 30, 2009, the two would also reduce their combined voting shares from 59% to about 48%, the filing said.
Of course, the conspiracy theorists will wonder why this was put in place in November, but only announced two months later–but that takes us down a rabbit-hole that’s full of speculation.