February 08, 2013 at 18:23 PM EST
Google Chairman Eric Schmidt Plans To Sell 3.2M Company Shares Over The Next Year, 42% Of His Stake In Google
Google's executive chairman Eric Schmidt, the company today reported in an SEC filing, plans to sell about 3.2 million of the Class A common stock he currently owns through a stock trading plan, which would reduce his share in the company by about 42%. At Google's current stock price, this transaction would be worth about $2.5 billion.
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Google’s executive chairman Eric Schmidt, the company today reported in an SEC filing, plans to sell about 3.2 million of the Class A common stock he currently owns through a stock trading plan, which would reduce his share in the company by about 42%. At Google’s current stock price, this transaction would be worth about $2.5 billion.

According to the filing, Schmidt currently owns about 7.6 million shares of Class A and Class B common stock. That, Google reports, accounts for about 2.3% of Google’s outstanding capital stock and 8.2% of the voting power.

Thanks to this Plan, 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.”

In a similar filing in February of last year, Google announced that Schmidt planned to sell about 2.4 million shares of his Class A stock, which was worth about $1.5 billion at the time. In late 2011, Schmidt still owned about 9.1 million Google shares.

Google founder Sergey Brin, according to related filings, currently holds about 8.5% of the voting power and his co-founder and current CEO Larry Page holds 8.7%


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