Eric Schmidt Decides To Sell 42% Of Own Google Shares

Eric SchmidtAccording to the recent documents submitted at the ‘U.S Securities and Exchange Commission’, Eric Schmidt, Google chairman will sell almost 42% of company stock in his possession. Schmidt is looking to make as much as $2.51 billion.

At present, Schmidt owns almost 7.6 million shares of the search giant’s A- Class and B- Class stock pile. He intends to sell over 3.2 million stocks. The process for Schmidt’s selling initiated back in last November. The first sale is expected to start anytime in the next 30 days. The sale will continue throughout the whole year in different stages. Google’s shares are now sitting on the all time high in the company’s history.

Eric Schmidt’s 7.6 million shares calculate a 2.3% of the total Google stocks. He holds 8.2% voting power in the company. On Friday, the shares were selling $785.37 per share.  At this price, Eric Schmidt will get at least a $2.51 billion pay check from the sale.

Schmidt served as the Google CEO until 2011. Over the years he has been dealing with the U.S government over the free internet clause and other antitrust issues. He made noteworthy contribution in resolving the recent tension between Google and the European Union.

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