News Brief 2/9/2013, Shevat 29, 5773
Google Chairman to Sell $2.5 Billion of Personal Stock
Google's Chairman Eric Schmidt plans to sell 3.2 million "A" shares, currently worth $2.5 billion, over the next year, Google said Friday in a filing with the Securities and Exchange Commission.
The sale amounts to 42 percent of Schmidt's 7.6 million Class A and Class B shares in the company, a 2.3 percent stake in the company, but 8.2 percent of voting power, AFP reported.
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.