Google co-founder Larry Page sold more than $80 million worth of stock
Google parent Alphabet Inc. disclosed that Larry Page, co-founder and current board member, has sold more than $80 million worth of shares, a couple of days after the stock shot up on the back of a blowout earnings report and stock-split announcement.
Both the Class C shares and more-active Class A shares rose 0.4% in premarket trading.
In filings with the Securities and Exchange Commission after Friday’s closing bell, the internet search giant said Page sold 13,889 Class C shares GOOG, -2.85% on Feb. 3 in the open market. The shares were sold at a weighted average price of $2.920.53, according to a MarketWatch calculation, to raise $40.56 million.
On the same day, Page acquired 13,889 Class A shares GOOGL, -2.86% through the conversion of derivative securities at a price of $0. At the same time, he sold in the open market 13,889 Class A shares at a weighted average price of $2,926.36 to raise $40.64 million.
The company said all the trades were part of a prearranged Rule 10b5-1 trading plan adopted by Page.
The trades were made a day after the Class C shares shot up 7.4% and the more-active Class A shares ran up 7.5% on Feb. 2, in the wake of Alphabet’s fourth-quarter report, in which profit and revenue were well above expectations, and the announcement of a 20-for-1 stock split.
On Feb. 3, the Class C shares fell 3.6% to close at $2,853.01, or 2.3% below the weighted average price of the sales, while the Class A shares shed 3.3% to $2,861.80, or 2.2% below the weighted average price of the sales.
The Class C shares have slid 4.2% over the past three months through Friday and the Class A shares have lost 3.7%, while the S&P 500 index SPX, -0.37% has declined 4.2%.