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The YouTube story has certainly been stunning. The company got its start on February 14, 2005. Then, in November of that year, the company received an investment from Sequoia Capital. Then, in December, the website was launched.
Of course, on October 9, 2006, YouTube agreed to a buyout from Google (NASDAQ: GOOG) for a cool $1.65 billion.
Well, now it is time to harvest the riches. That is, Google has filed a registration statement with the SEC to sell 3.23 million shares. The value comes to about $1.5 billion or so.
And, yes, two of the selling shareholders include the co-founders of YouTube, Chad Hurley and Steve Chen.
Chen will have the right to sell 625,366 shares, as well as 68,721 shares from his 2006 Grantor Retained Annuity Trust.
As for Hurley, he will be able to sell 694,087 shares.
At the current stock price, the windfalls – for each founder – come to more than $300 million.
Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.
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Reader Comments (Page 1 of 1)
2-08-2007 @ 10:45AM
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2-08-2007 @ 10:50AM
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