Google chairman plans to sell major portion of his stake in company

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Google Chairman Stock Selloff

Google Chairman Eric Schmidt

Google (GOOG) chairman Eric Schmidt, recently seen tromping around North Korea, plans to sell a significant portion of his stake in the company that he’s been with since 2001, Bloomberg reports. In a filing with the Securities and Exchange Commission this week, Google disclosed that Schmidt plans to sell “as many as 3.2 million shares” that are worth an estimated $2.5 billion and represent 42% of his stake in the company. A Google spokesperson tells Bloomberg that Schmidt is still “completely committed to Google” and that selling off the shares represents nothing more than a “routine diversification of assets.”

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