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.