Google's Chairman Eric Schmidt plans to sell 3.2 million "A" shares, currently worth $2.5 billion, over the next year, Google said Friday in a filing with the Securities and Exchange Commission.
Google's Chairman Eric Schmidt, pictured September 25, 2012, plans to sell 3.2 million "A" shares, currently worth $2.5 billion, over the next year, Google said in a filing with the Securities and Exchange Commission.
The sale amounts to 42 percent of Schmidt's 7.6 million Class A and Class B shares in the company, a 2.3 percent stake in the company, but 8.2 percent of voting power.
The sale is part of a pre-arranged trading plan for Schmidt's "long-term strategy for individual asset diversification and liquidity," according to the filing.
"Using this trading plan, Eric can diversify his investment portfolio and can spread stock trades out over a period of one year to reduce market impact."
Google's share price climbed 1.5 percent Friday to a new all-time record of $785.37, putting the value of the shares Schmidt will sell at $2.51 billion.
In its September 2012 billionaires list -- when Google shares crossed the $700 line for the first time -- Forbes ranked Schmidt 138th in the world, with his fortune worth $7.5 billion.
Latest stories in this category:
- Singaporean 'Anonymous hacker' denied bail
- Icahn steps up pressure for Apple share buyback
- Santa being tracked by Microsoft and Google
- First Russian smartphone, YotaPhone, launched in Moscow
- China issues 4G mobile licences
- EU clears Microsoft Nokia mobile phone deal
- Big hurdles for Newsweek return to print
- Legal warnings on UK court cases to be posted on Twitter