Market Minute: Google Chairman Eric Schmidt to Sell 3.2 Million Shares

SAN FRANCISCO (AP) - With Google's stock hovering at record highs, Executive Chairman Eric Schmidt plans to sell more than 40 percent of his stock in the Internet search leader this year.

The plan disclosed Friday calls for Schmidt to sell up to 3.2 million shares. If he were to sell all that stock at Google's current price, Schmidt would realize a $2.5 billion windfall.

Schmidt ended December with 7.6 million Google shares, or a 2.3 percent stake in the Mountain View, California, company.

Google Chairman Eric Schmidt He would be left with about 4.4 million shares of Google stock worth another $3.5 billion if he follows through on his divestiture plan for this year. He has gradually been winnowing his holdings in Google in recent years, without giving a specific reason.

Google Inc. (GOOG) declined to comment Friday.

Google's stock rose $11.42 to close at $785.37 Friday. Earlier in the day, it traded at $786.67 - its highest price since the company went public at $85 per share in August 2004.

Google co-founders Larry Page and Sergey Brin are the only company executives who own more stock than Schmidt.

Page controls an 8.7 percent stake and Brin holds an 8.5 percent stake. Each stake is currently worth nearly $20 billion.

Schmidt, 57, was Google's CEO for a decade before turning over the job to Page, 39, in April 2011.

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Something is up. He knows it and so do other very wealthy people. Many heavy investors recently have been unloading large amount of US based business stocks. They claim there is no improvment. What is really coming our way. I feel they know something. Big oportunity for China to buy up.

February 11 2013 at 11:36 PM Report abuse rate up rate down Reply

In the immortal words of Bill Engvall:

Here's Yer Sign

February 11 2013 at 7:01 PM Report abuse rate up rate down Reply

It's nice he mentions something like patience pays off. Really? What's the windfall long term capital gains?
This is where the real money ceo's make their money. stock options, grants, etc...

February 11 2013 at 1:50 PM Report abuse rate up rate down Reply

The fool shoulda done this in December, before the socialists in power upped the take.

February 11 2013 at 10:23 AM Report abuse rate up rate down Reply
1 reply to TB's comment

Chief Investment Officer gathers his top equity analysts to identify stocks poised to skyrocket in the year ahead. Last year’s top performer shot up 48%, more than twice the market’s 19%. Previous years’ picks are

February 11 2013 at 12:55 PM Report abuse rate up rate down Reply

Lets be fair...all that should go to the Gov....He didn't build that!!!

February 11 2013 at 9:59 AM Report abuse rate up rate down Reply
1 reply to n2zyk's comment
Rick Bluhm

i'm sure the government would make really wise use of that money. LOL

February 11 2013 at 10:36 AM Report abuse rate up rate down Reply