Press Esc to close
Tuesday 09 February 2016
News updated at 3:25 PM IST
Weather
Max: 32°C
Min : 18°C
In Bengaluru
Partially cloudy

Google chairman to sell USD 2.5 bn of shares

Washington, Feb 9, 2013 (AFP)

Google's Chairman Eric Schmidt plans to sell 3.2 million ''A'' shares, currently worth USD 2.5 billion, over the next year, Google has said in a filing with the Securities and Exchange Commission.

The sale amounts to 42 per cent of Schmidt's 7.6 million Class A and Class B shares in the company, a 2.3 per cent stake in the company, but 8.2 per cent of voting power.
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.

"Using this trading plan, Eric can diversify his investment portfolio and can spread stock trades out over a period of one year to reduce market impact."

Google's share price climbed 1.5 per cent yesterday to a new all-time record of USD 785.37, putting the value of the shares Schmidt will sell at USD 2.51 billion.

In its September 2012 billionaires list  -- when Google shares crossed the USD 700 line for the first time -- Forbes ranked Schmidt 138th in the world, with his fortune worth USD 7.5 billion.


Go to Top

Photo Gallery
Devotees gather to take holy dip at Har ki Pauri on the occasion of Somvati Amavasaya...

Devotees gather to take holy dip at Har ki Pauri on the occasion of Somvati Amavasaya...

A view after heavy snowfall in Kufri near Shimla...

A view after heavy snowfall in Kufri near Shimla...

Assam Chief Minister Tarun Gogoi dressed as Lord Ram during the Nagaon Bhaona Samaroh...

Assam Chief Minister Tarun Gogoi dressed as Lord Ram during the Nagaon Bhaona Samaroh...

Pakistani Squash team poses with their medals at the 12th South Asian Games...

Pakistani Squash team poses with their medals at the 12th South Asian Games...

Indian tennis players pose for photographs with their medals...

Indian tennis players pose for photographs with their medals...

Weightlifter Pradeep Singh of India after winning gold in 94 kg wrestling...

Weightlifter Pradeep Singh of India after winning gold in 94 kg wrestling...

Gold medal winner Rajani of India poses after 69 kg wrestling event...

Gold medal winner Rajani of India poses after 69 kg wrestling event...

Gold medal winner Vikas Thakur (C)during medal presentation ceremony of 85 kgs weightlifting...

Gold medal winner Vikas Thakur (C)during medal presentation ceremony of 85 kgs weightlifting...

American warship Antietam in Visakhapatnam...

American warship Antietam in Visakhapatnam...

Delhi Dabang(Red) and Bengal Warriors(Blue) players in action during Pro Kabaddi season 3...

Delhi Dabang(Red) and Bengal Warriors(Blue) players in action during Pro Kabaddi season 3...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523