Saturday, February 9, 2013

Schmidt to Sell Google Stake Worth $2.5 Billion

From WSJ: Google Executive Chairman Eric Schmidt plans to sell stock valued at $2.5 billion over the next year as part of a trading plan that will cut his stake in the Internet firm by more than 40%.

The Mountain View, Calif.-based company said in a regulatory filing on Friday that Mr. Schmidt plans to sell 3.2 million shares of stock over the next year. Mr. Schmidt owned 7.6 million shares of Google as of Dec. 31, according to the filing. At Friday's closing price of $785.37, the shares being sold would have a value of $2.5 billion.
The 57-year-old Mr. Schmidt, who joined Google as chief executive in 2001 from Novell Inc., used a similar plan to sell roughly 1.8 million Google shares, valued at $1.2 billion, over the past year, according to If he completes the newly planned sales, Mr. Schmidt will have reduced his stake in Google by more than half over two years….

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