Google’s executive chairman Eric Schmidt, the company today reported in an SEC filing, plans to sell about 3.2 million of the Class A common stock he currently owns through a stock trading plan, which would reduce his share in the company by about 42 percent. At Google’s current stock price, this transaction would be worth about $2.5 billion.
According to the filing, Schmidt currently owns about 7.6 million shares of Class A and Class B common stock. That, Google reports, accounts for about 2.3 percent of Google’s outstanding capital stock and 8.2 percent of the voting power.
Thanks to this plan, Google said in today’s filing, “Eric can diversify his investment portfolio and can spread stock trades out over a period of one year to reduce market impact.”
In a similar filing in February of last year, Google announced that Schmidt planned to sell about 2.4 million shares of his Class A stock, which was worth about $1.5 billion at the time. In late 2011, Schmidt still owned about 9.1 million Google shares.
Google founder Sergey Brin, according to related filings, currently holds about 8.5 percent of the voting power and his co-founder and current CEO Larry Page holds 8.7 percent.
Google provides search and advertising services, which together aim to organize and monetize the world’s information. In addition to its dominant search engine, it offers a plethora of online tools and platforms including: Gmail, Maps, YouTube, and Google+, the company’s extension into the social space. Most of its Web-based products are free, funded by Google’s highly integrated online advertising platforms AdWords and AdSense. Google promotes the idea that advertising should be highly targeted and relevant to users thus providing...
Google founders Larry Page and Sergey Brin recruited Eric Schmidt from Novell, where he led that company’s strategic planning, management and technology development as chairman and CEO. Since coming to Google, Eric has focused on building the corporate infrastructure needed to maintain Google’s rapid growth as a company and on ensuring that quality remains high while product development cycle times are kept to a minimum. Along with Larry and Sergey, Eric shares responsibility for Google’s day-to-day operations. Eric’s Novell...
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