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Eric Schmidt To Sell 42% Of His Stake In Google

If the shares remain at their current price, he will make $2.5 billion in the sale.

Google's executive chairman Eric Schmidt is selling approximately 42% of his stake in the search engine giant over the upcoming year, according to an SEC filing.

Under Schmidt's plan to sell 3.2 million shares of the company, if the current price holds (Google shares closed at $785.37 on Friday), he would receive a whopping $2.5 billion.

While it's not exactly clear what Schmidt's future plans are, the filing said a pre-arranged trading plan will allow him to "sell a portion of his Google stock as part of his long-term strategy for individual asset diversification and liquidity."

The former chief executive made headlines earlier this year for his trip to North Korea, where he visited as a private citizen to encourage more open internet access there.

[Photo by Flickr user dfarber]

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  • Vikas Paul

    Is he buying Facebook shares ? :p Zuckerberg must be giving exclusive discount rates to him

  • Hotrao

    While I understand that this is part of every manager's compensation, on the other side I think that especially for this big amounts managers have a responsibility towards society.
    Selling in this moment is in Eric full availability, but I think is a little bit inappropriate in a moment where trust into companies is needed.

  • KevinDouglasBerg

    He is getting out while the market is going good.  This guy is smart, there is a correction coming and right now all are riding the upshot will keep on going.