Larry & Sergey To Cash In $5.5B of Google Chips

theodp writes "According to an SEC filing, Google founders Larry Page and Sergey Brin have adopted five-year trading plans to sell about 5M shares each, which would yield each about $2.75B based on Friday's closing stock price of $550.01. BTW, Google kicks in 12 cents to Social Security and another 2 cents to Medicare on its founders' celebrated $1 annual salaries." After this stock is sold, the founders will hold less than 50% of the voting shares and thus will give up voting control of Google.

Comments

The SS/Medicare comment is pointless

[Just Brew It!]

The profits from selling of their shares will be considered income by the IRS, and taxed accordingly.

Re:The SS/Medicare comment is pointless

[bnenning]

Um, no.

In 2007, the top 1 percent of tax returns paid 40.4 percent of all federal individual income taxes and earned 22.8 percent of adjusted gross income.

SEC filing does not = selling

[cenc]

Sorry, people but large shareholders file SEC notices like this all the time, but that does not obligate them to sell. It just allows them the option to sell.