Google chairman to sell $2.5 bn of sharesAgence France-Presse
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.
Recent Stories:Gallant Gilas takes Croats to overtime before losing 8 mins elapsed Palace to MRT crowd: Patience, more patience 15 mins elapsed Why Manila’s high society is in shock over Dalia Guerrero-Pastor 22 mins elapsed At 85, widow proves elderly still nation-builders 27 mins elapsed Mar to cops: Apply more brains, not just brawn 30 mins elapsed Ninoy Aquino: A fallen grain on tarmac bears fruit 31 mins elapsed Indonesian teacher Saur Marlina Manurung turns forest into ‘school for life’ 36 mins elapsed QC also eyes special lane for trucks 45 mins elapsed