Google director Doerr sells $30 mil of stock
EmptyWASHINGTON -- Google Inc. director John L. Doerr, whose firm was one of the search giant's biggest venture-capital backers, recently sold about $30 million worth of the company's shares, according to a regulatory filing.
Doerr, a general partner of venture capital firm Kleiner Perkins Caufield & Byers, reported Friday's sale of 59,900 Google shares in a Securities and Exchange Commission filing late Tuesday.
Doerr sold the shares for an average price of $500.90, though the selling price varied from $498.40 to $504. Google shares, which are up about 11% this year, rose $11.77, or 2.3%, to close at $518.84 Tuesday. The stock slipped $1.77 to $517.07 in trading Wednesday on the Nasdaq Stock Market.
Kleiner Perkins, of Menlo Park, Calif., invested $14.2 million in Google in 1999 and parlayed that into a 21 million-share stake in Class B common stock when the Silicon Valley company went public. Venture capitalists typically invest in privately held startup companies and then distribute shares to their investors once the company goes public.
Google's Class B shares, held by executives and other insiders, are convertible on a one-for-one basis into Class A stock, which is publicly traded.
According to other SEC filings Tuesday, Senior Vice President Omid Kordestani on Friday sold 6,000 shares of Google common stock for about $3 million.
Google is based in Mountain View, Calif.