Schmidt to sell $2.5B in Google shares to diversify holdings
Google executive chairman Eric Schmidt will be selling two-fifths of his stake in the company in exchange for a significant amount of cash. The former CEO will earn around $2.51 billion from the transaction, the intention for which was <a href="http://macnn.com/rd/278973==http://www.sec.gov/Archives/edgar/data/1288776/000128877613000014/google8-kitem801.htm" rel='nofollow'>filed</a> with the Securities and Exchange Commission after hours on Friday. <br />
The filing tells that he will be selling approximately 3.2 million Class A common stock, leaving him with 4.4 million shares. A Google spokesperson speaking to <a href="http://macnn.com/rd/278974==http://online.wsj.com/article/SB10001424127887324590904578292541060345994.html" rel='nofollow' target="_self" title="">the</a> <em>Wall Street Journal</em> called the share sale "part of his long-term strategy for individual asset diversification and liquidity," as well as affirming Schmidt's commitment to Google. A similar rationale was behind an <a href="http://macnn.com/rd/278975==http://www.electronista.com/articles/12/02/18/googles.eric.schmidt.sells.large.stock.amount/" rel='nofollow' target="_self" title="">identical sale</a> by Schmidt one year ago, where 2.4 million shares worth around $1.45 billion were sold in order to diversify his holdings.
After the shares are sold, Schmidt will still own around 1.3-percent of Google. Schmidt is currently positioned at number 138 in <em>Forbes'</em> <a href="http://macnn.com/rd/278976==http://www.forbes.com/profile/eric-schmidt/" rel='nofollow'>list</a> of billionaires, and is said to have a net worth valued at $7.5 billion.
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