Google chairman to sell $2.5b of shares

Reported by AAP
Saturday, February 9, 2013

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Google's Chairman Eric Schmidt plans to sell 3.2 million "A" shares worth $2.44 billion over the next year, Google says in a filing with the Securities and Exchange Commission.

The sale amounts to 42 per cent of Schmidt's 7.6 million Class A and Class B shares in the company, a 2.3 per cent stake in the company, but 8.2 per cent 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 per cent on Friday to a new all-time record of US$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 US$700 line for the first time - Forbes ranked Schmidt 138th in the world, with his fortune worth US$7.5 billion.

02/08/2014 10:24Sydney, Australia. 2 August,2014
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