MOUNTAIN VIEW, Calif. - This week's steep drop in the stock market is yielding a golden opportunity for most Google employees. That's because the Internet search leader plans to reset the price on millions of stock options based on where the company's slumping shares close Friday.
The adjustment will open a new moneymaking window for an estimated 17,000 Google employees. They hold stock options that have become less valuable as the company's shares have plunged nearly 60 per cent from their November 2007 high of US$747.
To boost morale and retain workers, Google is offering to lower the exercise price on stock options issued in better times. The change will give employees a better chance to profit if the stock rebounds.
Google shares had fallen 89 cents to $304.75 in Friday afternoon trading.
