Google Inc.'s employees and other insiders will be free to sell an additional 4.67 million shares of the company's stock on September 2. Google is also lifting selling restrictions on 39.1 million additional shares in mid-November, 24.9 million more shares in mid-December and another 24.9 million shares in mid-January 2005.
Many of Google's employees hold stock options priced at under a $6 per share and have been waiting for a chance to cash in. By allowing its nearly 2,300 employees to cash in on the company's IPO more quickly than usual, Google is betting investor interest will be strong enough to support the stock price. The decision also reflects management's confidence that employees will hold on to much of the stock, expecting the shares to become even more valuable in the future.
