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    Ex-Google CEO Schmidt to sell up to 2.4M shares

    SAN FRANCISCO (AP) — Former Google CEO Eric Schmidt plans to sell up to 2.4 million shares of stock currently worth nearly $1.5 billion.

    Schmidt, now Google's executive chairman, intends to stagger the sales of the stock over a one-year period. Google disclosed Schmidt's plans in a Friday regulatory filing. The company said Schmidt, 56, is trying to raise some money and diversify his investment portfolio.

    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.

    Schmidt's decision to sell some of his shares comes 10 months after he ended his 10-year stint as Google's CEO and turned the job over to one of the Internet search leader's co-founders, Larry Page.

    Page and co-founder Sergey Brin filed plans to sell 5 million Google shares apiece in 2010. Those sales are scheduled to be completed in 2015.

    Together, Page, Brin and Schmidt hold the majority of shareholder voting power at Google. They will retain that control even after they reduce their stakes. All three have been billionaires since Google went public in 2004.

    Google shares fell $1.88 Friday to close at $604.64. The company disclosed Schmidt's plans to lower his holdings after the stock market closed. The shares fell 44 cents after hours.

     

    11 comments

    • Rich  •  3 mths ago
      It's a good idea to sell your shares now, before the FTC and DoJ sink Google.
    • Stev  •  3 mths ago
      Google is evil.
      Eevle.
    • Gina  •  3 mths ago
      Eric Schmidt is a crook, those Google co-founders are ashamed to have allowed him to crash and burn Google. Oh well Eric.... grab all your stock money while you can still cash out!
    • amen  •  3 mths ago
      Rats fleeing a sinking ship.
    • Susan  •  Washington, District of Columbia  •  3 mths ago
      Cashing out before the BUBBLE BURSTS.....Facebook, Groupon, Twitter........wasted money,wasted speculation. BTW what are the stock values of those hot companies AOL and Prodogy?
    • John  •  Quincy, Massachusetts  •  3 mths ago
      1.5 BILLION. Say What????
    • Bruce  •  3 mths ago
      tech bubble part II
    • bluebay  •  3 mths ago
      This is a bad omen. Something's going on.
    • Susan  •  Washington, District of Columbia  •  3 mths ago
      This is how people CREATE wealth? Tell me, does anyone know of a single hot Internet company of 20 years ago that is still hot, never mind in existance?
      • Pepe Pepe 3 mths ago
        I can think of one .... but you are not going to like it: Google
      • Nyamuk 3 mths ago
        Internet company from 1992? the first online navigation guide to web, yahoo, didnt start until late 95. But if you ask which internet company will still be around 20 years from today, i think google is definitely in the list.
    • pd  •  3 mths ago
      I hope the the DoJ and the European Union destroy their unethical search practices.
    • 1984  •  3 mths ago
      Eric, I can help you diversify your fortune IMMEDIATELY and make a poor man very happy at the same time. Contact me. PLEASE contact me.
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