Quantcast
Latest Stories

Google chairman to sell $2.5 bn of shares


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.

Follow us on Facebook Follow on Twitter Follow on Twitter




Recent Stories:

Brown hounded for calling Manila ‘gates of hell’ 11 mins elapsed Yen weakens in Asian trade 13 mins elapsed Highway bridge collapses in US; people in water 48 mins elapsed 14 partylist groups proclaimed 1 hour elapsed Prince Edward presents Edinburgh’s awards in US 2 hours elapsed Nadal favored, but not seeded No. 1 at French Open 2 hours elapsed Hong Kong stocks open 0.35 percent higher 2 hours elapsed Social worker abducted in Basilan freed-military 2 hours elapsed
Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Eric Schmidt , Google , SEC

  • 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.



Copyright © 2013,
.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement

News

  • Highway bridge collapses in US; people in water
  • 14 partylist groups proclaimed
  • Prince Edward presents Edinburgh’s awards in US
  • Social worker abducted in Basilan freed-military
  • Rain in Metro Manila, parts of PH due to cold front–Pagasa
  • Sports

  • Nadal favored, but not seeded No. 1 at French Open
  • Lady Bulldogs’ poor reception key in V-League finals game one downfall, says coach
  • Lady Eagles seize Game 1 in 3
  • Azkals call off Kyrgyzstan friendly
  • Caluscusin top rhythmic gymnast with 3 golds
  • Lifestyle

  • Imperial and ‘monarchic’ scent–it could only be French
  • ‘Asian fit’ menswear by way of Savile Row
  • Punk meets history in first Chanel show in Asia
  • Wild cinnamon bark tea, berry wine, coco sugar brownies–Hindy Tantoco’s ‘Balik Bukid’ buys
  • Don’t be afraid of color, says this Japanese makeup artist
  • Entertainment

  • Graphic gay sex stirs controversy at Cannes
  • New show will have ‘Party Pilipinas’ team
  • Bella Flores Foundation planned
  • A heady dose of indie rock, fashion at Wanderland fest
  • Kapatid wishes Willie well
  • Business

  • Yen weakens in Asian trade
  • Hong Kong stocks open 0.35 percent higher
  • Cockroaches can sense danger in sugar
  • US stocks end slightly lower after Asia, Europe rout
  • Landbank loan portfolio grows by 13%
  • Technology

  • Filipinos in flight want to go online
  • SMC pledges to put more capital in Liberty Telecom
  • Smart to stop offering ‘dumb’ phones
  • DOJ wants online libel junked
  • Media watchdog criticizes UAE over tweeter’s jail term
  • Opinion

  • Editorial cartoon, May 24, 2013
  • Out of the doldrums
  • Fighting over champagne
  • The poor didn’t benefit
  • Post-op
  • Global Nation

  • Brown hounded for calling Manila ‘gates of hell’
  • PH, Taiwan seen to start talks on fishery agreement by June
  • Australia to PH aid totals P5.7B
  • Sex raps filed vs envoy–DFA
  • Gazmin: We’ll defend the shoal to the last soldier
  • Marketplace
    Advertisement
    © Copyright 1997-2013 INQUIRER.net | All Rights Reserved