Google to let workers sell stock options online

SAN FRANCISCO: Internet search powerhouse Google says it will let employees sell their stock options in online auctions.

The programme was an innovative way for Google to lure talented workers because it gave them a new way to cash in on discounted stock-buying opportunities that are common perks in the industry.

The Transferable Stock Option program would let Google workers chose between buying stock at the pre-set discounted price or put the options up for bidding in auctions managed by Morgan Stanley, the company said on Tuesday.

Google said the programme would boost the value of employee stock options. "The ability to sell options is not a novel concept, today people can buy and sell options to purchase Google stock and the stock of many other companies on the public markets," Google said.

"What is novel is that Google is extending this ability to trade options to employee stock options."   

Google's executive management group was exempted from the programme, which was to involve only options issued after the Mountain View, California, company's initial public offering.

Google stock went public in August of 2004 at 85 US dollars per share. It was priced at 481.78 dollars per share at the close of trading in New York City on Tuesday. 

The TSO programme was to go into effect in the second quarter of 2007.