A trust tied to Larry Page is set to sell roughly $148 million worth of Alphabet GOOGL and GOOG shares under a 10b5-1 trading plan established in 2020.
The Page trusts sell on a fixed schedule, on the second Thursday of every month, and already unloaded about $129 million combined across August through October, making this a well-known, routine source of supply for the market.
Google Cloud revenue surged 103% to $31 billion, yet Alphabet currently trades at a price-to-earnings ratio of only about 13 times, with the stock still 27% below its 52-week high.
After the close on Thursday, November 12, 2026, three trusts associated with Alphabet director Larry Page filed Form 144s outlining plans to sell 253,840 Class A shares and 253,840 Class C shares through J.P. Morgan Securities.
The filings estimate the market value of this batch at about $148.3 million, comprising $74.5 million of Class A stock and $73.8 million of Class C stock; that figure is only an estimated market value, and the actual proceeds will be determined later.
Both share classes closed higher that day: Class A GOOGL finished at $298.70, up 1.79%, after touching an intraday high of $302.56; Class C GOOG rose 1.62% to close at $295.35.
Sale details for the three filings
Form 144 is only a notice of intent to sell; Form 4, filed within two trading days after a transaction is completed, is what confirms the actual number of shares and prices, and that disclosure is expected around Monday, November 16.
Larry Page Trust: 227,060 shares of each class. Larry Page Trust No. 2: 9,760 shares of each class. Larry Page Trust No. 3: 17,020 shares of each class. All three transactions are carried out under a 10b5-1 trading plan established on November 30, 2020.
Such plans are pre-set trading schedules, meaning insiders no longer time their purchases and sales, so this reduction does not reflect Page's current view of the company's prospects.
The Class A shares come from a distribution by a 2006 grantor retained annuity trust (GRAT), an estate planning tool used to transfer stock appreciation to heirs; the Class C shares come from Alphabet's 2014 stock dividend, which is also why the trusts sell equal amounts of both share classes each time.
Why this is being called another reduction
The filings also disclose that on August 13, September 10, and October 8, 2026, the trusts each sold 62,980 Class A and 62,980 Class C shares on each second Thursday, for total proceeds of about $128.9 million.
These trusts had also previously filed Form 144s on November 13, 2025, March 12, 2026, and July 9, 2026; the July plan called for selling 251,920 shares of each class, valued at about $181.5 million.
Fixed reductions on the second Thursday of every month have become a persistent supply stream well known to the market.
Compared with Alphabet's own selling, this amount is not large
Alphabet's total market capitalization is about $3.6 trillion, so this reduction is small in scale. The company itself sold far more stock in the third quarter through its at-the-market (ATM) program: 12 million Class A shares for $4.3 billion and 24 million Class C shares for $8.1 billion.
The bigger pressure comes from the earnings report: the last time Class A shares held above $300 was on October 28, when they closed at $324.89; the next day they plunged 12.64% to $283.82.
Third-quarter earnings per share came in at $2.12, below the consensus estimate of $2.9659, partly because of an $8.7 billion loss on equity securities; capital expenditure reached $51.355 billion, and free cash flow was negative $9.065 billion.
The current share price is still 27% below the 52-week high of $408.61.
Fast cloud growth and a modest valuation are drawing money back to the fundamentals, and both the business and the valuation deserve a closer look: Google Cloud revenue jumped 103% year over year to $30.709 billion, with operating profit of $11.121 billion, compared with just $3.594 billion a year earlier.
Relative to that growth rate, a price-to-earnings multiple of around 13 times is not expensive; but heavy capital expenditure and continuous share issuance could dilute per-share returns.
The key thing to watch next is whether the Form 4s filed around November 16 match this notice. If Class A shares hold above $300, it would show buyers can absorb both the trust sales and the post-earnings selling pressure; if the stock falls back below $283.82, it would signal that this rebound is weakening.
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