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.
Disclaimer
This article is for informational purposes only and does not constitute financial, investment, tax, or legal advice. Market data, tax rules, and prices can change after the article date. TECHi and its authors may hold positions in securities or digital assets mentioned. Always conduct your own research and consult a licensed financial, tax, or legal professional before making decisions.
About the Author
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.
