Google chief Schmidt to sell 42% of shares valued at $2.5 billion

Eric Schmidt

Eric Schmidt

Google is trying to limit the damage done from the news that their former CEO and current Executive Chairman Eric Schmidt after they submitted a plan to the Securities and Exchange Commission to sell off around 42% of his stake in the search giant. At today’s current price of $785.37 per share, the 3.2 million shares he plans on selling over the next year would be worth around $2.5 billion.

According to Reuters:

The plan, which Google said would give Schmidt “individual asset diversification and liquidity,” allows Schmidt to spread trades out over a period of one year to reduce the market impact.

It could signal a desire by Schmidt to get more involved in other investments or to start his long-planned charitable work following in the footsteps of fellow billionaire Bill Gates.


By Connor Livingston

+Connor Livingston is a tech blogger who will be launching his own site soon, Lythyum. He lives in Oceanside, California, and has never surfed in his life. Find him on Twitter, Facebook, and Pinterest.

Leave a comment

Your email address will not be published. Required fields are marked *