Eric Schmidt To Sell $2.5B Of Google Stock, 42% Of Stake
Eric Schmidt, Executive Chairman of Google Inc., arrives for the opening ceremony of the CeBIT 2012 technology trade fair on March 5, 2012 in Hanover, Germany. CeBIT 2012, the world's largest information technology trade fair, will run from March 6-10, and advances in cloud computing and security are major features this year. (Photo by Sean Gallup/Getty Images)
Schmidt To Sell $2.5B Of Google Stock, 42% Of Stake Steve Schaefer, Forbes com Staff
2/11/2013 @ 6:59AM
Google‘s Executive Chairman Eric Schmidtis set to unload a sizable chunk of his Google holdings, according to a regulatory filing.
An 8-K filed with the SEC Friday indicates that Schmidt, who previously served as Google’s chief executive, will sell up to 3.2 million shares — he owns 7.6 million — a stake worth slightly more than $2.5 billion at Friday’s closing price of $785.37.
The sale comes just about 10 months after Google took a unique approach tosplitting its shares, issuing additional nonvoting stock that further cemented the control of the company in the hands of CEO Larry Page, his co-founderSergey Brin and Schmidt.
Google’s filing says Schmidt’s sale is part of a long-term effort to diversify assets.
Shares fell 0.9% to $778.50 in pre-market trading.