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Google’s shares just crossed the milestone figure of $700, a height it hasn’t seen since 2007.
That may have triggered a planned sale by Ram Shriram, a venture capitalist and entrepreneur who backed Google early on and has long served on its board of directors.
He and his wife just sold approximately $35 million worth of shares at prices just above $700. (A limited partnership Shriram’s involved in also sold some shares.)
Shriram, like most corporate executives and board members, has a 10b5-1 trading plan which allows him to make periodic share sales in compliance with SEC rules.
Most of his recent sales have been done at round numbers—$625, $650, $675, and $700.
Shriram did not respond to an inquiry about his stock plan. But if Google shares surge toward $725, it’s reasonable to think we might see more sales following this pattern.