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.
