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Google's Schmidt to sell $2.51bn stake

10 February 2013, 16:28

San Francisco - Google's Executive Chairperson Eric Schmidt is selling roughly 42% of his stake in the internet search company, a move that could potentially net the former chief executive a $2.51bn windfall.

Schmidt, 57, will sell 3.2m shares of Class A common stock through a stock trading plan, Google said in a filing with the US Securities and Exchange Commission on Friday.

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.

Wedbush Securities analyst James Dix said Schmidt's stock sales did not worry him or signal a loss of confidence in the company by Schmidt.

"I'd be more worried if the current CEO or CFO sold a lot of their stake," said Dix.

Schmidt, who served as Google's chief executive until 2011, currently owns roughly 7.6m shares of Class A and Class B common stock. The shares represent 2.3% of Google's outstanding stock and roughly 8.2% of the voting power of Google's stock.


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