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Google co-founder Larry Page sold more than $80 million worth of stock

Google’s parent company, Alphabet Inc., has revealed co-founder and current board member Larry Page sold more than $80 million worth of shares, days after the stock soared soared following an earnings report and stock split announcement. .

Class C shares and more active Class A shares rose 0.4% in premarket trading.

In documents filed with the Securities and Exchange Commission after Friday’s closing bell, the internet search giant said Page sold 13,889 Class C shares of GOOG,
-1.63%
February 3 on the open market. The shares were sold at a weighted average price of $2,920.53, as calculated by MarketWatch, to raise $40.56 million.

On the same day, Page acquired 13,889 GOOGL Class A shares,
-1.49%
through the conversion of derivative securities at a price of $0. At the same time, he sold 13,889 Class A shares on the open market at a weighted average price of $2,926.36 to raise $40.64 million.

The company said all trades were part of a pre-established Rule 10b5-1 trading plan adopted by Page.

The trades were made a day after Class C shares jumped 7.4% and more active Class A shares rose 7.5% on February 2, following the fourth quarter report of ‘Alphabet, in which profits and revenues were far above. expectations and the announcement of a 20-to-1 stock split.

Don’t miss: Google opens with a market cap of $2 trillion after announcing stock split plans.

Read also:Opinion: Invest in Google if you want to, but this stock split isn’t a good reason to be optimistic.

On Feb. 3, Class C shares fell 3.6% to close at $2,853.01, 2.3% below the weighted average selling price, while Class A shares lost 3 .3% to $2,861.80, 2.2% below the weighted average sales price. Sales.

Class C shares slid 4.2% in the three months to Friday and Class A shares lost 3.7%, while the S&P 500 SPX index,
-0.79%
fell by 4.2%.

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