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Google chairman to sell $2.5b of shares

Reported by AAP
Saturday, February 9, 2013
Oprah's favourite things 2014The media billionaire's list of her favourite things this year has arrived.

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.

19/12/2014 12:30Sydney, Australia. 19 December,2014
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