TweakTown
Tech content trusted by users in North America and around the world
5,909 Reviews & Articles | 38,055 News Posts

Google's Eric Schmidt is planning to sell 3.2M shares or 42% of his stake

Google's Eric Schmidt to sell 3.2 million shares of Google stock, currently worth about $2.5bn

| Business, Financial & Legal News | Posted: Feb 9, 2013 1:09 am

Google Chairman Eric Schmidt is planning on trading in some 3.2 million of his shares in the company. That equates to roughly 42 percent of his stake in the company which currently stands at about 7.6 million shares of Class A and Class B common stock. Currently, he has about 8.2 percent of the voting power.

 

TweakTown image news/2/8/28424_1_google_s_eric_schmidt_is_planning_to_sell_3_2m_shares_or_42_of_his_stake.png

 

At the current stock price, this transaction will net him around $2.5 billion. He intends to sell the stock over a period of one year and will use the cash to diversify his investment portfolio. Google said in today's filing, "Eric can diversify his investment portfolio and can spread stock trades out over a period of one year to reduce market impact."

 

For comparison, Google founder Sergey Brin holds about 8.5 percent of the voting power and co-founder Larry Page, the current CEO of Google, holds about 8.7 percent. We'll keep an eye on Google's stock to see how this affects the price.

NEWS SOURCE
Techcrunch.com

Related Tags

Further Reading: Read and find more Business, Financial & Legal news at our Business, Financial & Legal news index page.

Do you get our news RSS feed? Get It!

Post a Comment about this news

Latest Tech News Posts

View More News Posts

TweakTown Web Poll

Question: Facebook's acquisition of Oculus VR will...

Improve Oculus Rift Development

Hamper Oculus Rift Development

Completely destroy Oculus Rift Development

Let's wait and see, I'm not sure

or View the Results

View More Polls

Forum Activity

View More Forum Posts

Press Releases

View More Press Releases