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.

@tracehagan
Published Fri, Feb 8 2013 7:09 PM CST   |   Updated Sat, Aug 8 2020 10:29 AM CDT

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.

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

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

Trace is a starving college student studying Computer Science. He has a love of the English language and an addiction for new technology and speculation. When he's not writing, studying, or going to class, he can be found on the soccer pitch, both playing and coaching, or on the mountain snowboarding.

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