Google Chairman to Sell 3.2M Shares

February 9th, 2013 at 4:47 am
 


Google reported in an SEC filing that its Executive Chairman Eric Schmidt plans to sell around 3.2 million of Google’s Class A common stock that he currently owns through a stock trading plan. This would reduce Schmidt’s share in the company by around 42 percent. This transaction, using Google’s current stock price, is estimated to be worth $2.5 billion.

The filing reveals that Schmidt, who recently visited North Korea, currently owns about 7.6 million shares of Google’s Class A and Class B common stock. This accounts for about 2.3 percent of his company’s outstanding capital stock and 8.2 percent of voting power.

Google added that through this filing, “Eric can diversify his investment portfolio and can spread stock trades out over a period of one year to reduce market impact.”

Meanwhile, according to similar filings, Google founder Sergey Brin currently has about 8.5 percent of the voting power. His co-founder and current CEO Larry Page holds 8.7 percent of voting influence.

Source: Securities and Exchange Commission, via TechCrunch

Photo credit: catwalker / Shutterstock.com

 

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