Lordsutan-When the chairman of Google wants cash, he sells stock. The SEC filing notes that before the sale, Schmidt owned 9.1 million shares of Class A and Class B stock -- about 2.8 percent of Google's outstanding capital stock. With that, Schmidt had 9.7 percent voting power.
 |
| Eric Schmidt |
After the sale, Schmidt owns approximately 6.7 million shares -- about 2.1 percent of Google's total outstanding stock -- and will have 7.3 percent voting power.
Former Google CEO Eric Schmidt plans to sell up to 2.4 million shares of stock currently worth nearly $1.5 billion.
Google disclosed Schmidt's plans in a Friday regulatory filing.
If all 2.4 million shares of stock are sold, that will reduce Schmidt's stake in Google Inc. from 2.8 percent to 2.1 percent.
Google shares fell $1.88 Friday to close at $604.64.
0 Response to "Google's Schmidt to sell $1.5 billion in stock"
Post a Comment