Larry and Sergey Plan to Dump Google Stock and Give Up Voting Control

Google just put out an SEC filing saying founders Larry Page and Sergey Brin plan on dumping some of their holdings of the company's stock.

When they finish selling 5 million shares apiece, they'll still own 15% of the outstanding shares, but their voting power will have dropped below 50%. So they are ceding absolute control of the company.

From the filing:

Larry and Sergey Plan to Dump Google Stock and Give Up Voting ControlLarry and Sergey currently hold approximately 57.7 million shares of Class B common stock, which represents approximately 18% of Google's outstanding capital stock and approximately 59% of the voting power of Google's outstanding capital stock.

Under the terms of these Rule 10b5-1 trading plans, and as a part of a five year diversification plan, Larry and Sergey each intend to sell approximately 5 million shares.

If Larry and Sergey complete all the planned sales under these Rule 10b5-1 trading plans, they would continue to collectively own approximately 47.7 million shares, which would represent approximately 15% of Google's outstanding capital stock and approximately 48% of the voting power of Google's outstanding capital stock (assuming no other sales and conversions of Google capital stock occur).