Printed from http://www.electronista.com

Schmidt to sell $2.5B in Google shares to diversify holdings

updated 08:38 pm EST, Sun February 10, 2013

Share sale repeat of $1.45B transaction last year

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 filed with the Securities and Exchange Commission after hours on Friday.

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 the Wall Street Journal 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 identical sale 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 Forbes' list of billionaires, and is said to have a net worth valued at $7.5 billion.



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

Follow us on Facebook

toggle

Most Popular

Advertisement

Recent Reviews

Samsung Galaxy S6 Edge

The Samsung Galaxy S6 range is a critical component in Samsung's flagging smartphone strategy. With sales of its high-end smartphones ...

Notti smart lamp from Witti

Perhaps you've already seen our review of the Dotti LED display from Witti Design. Meet Notti, Dotti's "sibling". Notti is a softball ...

Seagate Personal Cloud (2-Bay)

When it comes to backing up files, many users are now looking to the myriad of cloud storage solutions available. There is no doubt th ...

Advertisement

toggle

Most Commented

 
toggle

Popular News