Google chairman to sell $2.5 bn of shares

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08:17 AM February 9th, 2013

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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.

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  • http://pulse.yahoo.com/_W7TPARCYJFCSA3PBQAM3MVZO3E kurakut

    HOW DO YOU INTEND TO DO WITH ALL THOSE MONIES? 

    • http://twitter.com/dibs_on_tweet Dennis

      hope he’s happy and contented with his life — as in really happy and contented. they say money can’t buy happiness..well, you an use ‘money’ to buy a ferarri to make you happy but for how long….. but if he would share his money to me, i would be very very happy! :-)

      • http://pulse.yahoo.com/_3QBMYPCCPWL5IDWF55BTBVWSAE UPLB-2008-3****

        after retirement: travel the world, make new friends, try out wonderful things and die.

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