Google’s Eric Schmidt to sell 42% of his stake in Google this year

Former Google chairman Eric Schmidt is planning on selling 42% of his stake in internet giant Google this year.

The stock being sold by Schmidt, numbering 3.2 million shares, is worth an estimated $2.5 billion.

The information on Eric Schmidt’s pending sale comes via a filing with the Securities and Exchange Commission (SEC) last week. The sale will give Eric Schmidt “individual asset diversification and liquidity”, according to the filing by Google.

Eric Schmidt stepped down as Google’s chairman in 2011, to be replaced by Google co-founder Larry Page. Schmidt owns around 7.6 million shares in Google, accounting for some 2.3% of the company’s stock.

Source: The Guardian