Google chair to sell $2.5bn shares

Comment on this story
EricSchmidt REUTERS Google's executive chairman Eric Schmidt.

Washington - Google's chairman Eric Schmidt plans to sell 3.2 million “A” shares, currently worth $2.5 billion, over the next year, Google said Friday in a filing with the Securities and Exchange Commission.

The sale amounts to 42 percent of Schmidt's 7.6 million Class A and Class B shares in the company, a 2.3 percent stake in the company, but 8.2 percent of voting power.

The sale is part of a pre-arranged trading plan for Schmidt's “long-term strategy for individual asset diversification and liquidity,” according to the filing.

“Using this trading plan, Eric can diversify his investment portfolio and can spread stock trades out over a period of one year to reduce market impact.”

Google's share price climbed 1.5 percent Friday to a new all-time record of $785.37, putting the value of the shares Schmidt will sell at $2.51 billion.

In its September 2012 billionaires list - when Google shares crossed the $700 line for the first time - Forbes ranked Schmidt 138th in the world, with his fortune worth $7.5 billion. - Sapa-AFP


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.