Eric Schmidt to Offer $1.5 Billion in Google Stock

Eric Schmidt, the former CEO and the current Executive chairman of the search giant Google, is selling off Google stock worth around $1.45 billion “as part of a trading plan that would cut his ownership stake in the Internet giant” from 2.8% to 2.1%, reports the Wall Street Journal.

It was back in April last year, when Eric Schmidt was stepped down from its CEO post. It is assumed that this decision has had its impact on the decision because the stock trading plan was adopted back in November by the search giant. The initiative also points out the dwindling faith in Google and also the signs are pretty obvious that Schmidt is certainly looking to keep himself at the distance from the company with this initiative.

Following is an excerpt taken from the Wall Street Journal original report:

The plan allows Mr. Schmidt to spread stock trades over a one-year period to reduce market impact.

Google shares had fallen 3.3% in the past year as of the close Friday, and were up slightly over the prior three months.

Considering the performance of the search giant’s stock price for the past few years, it has been considerably inconsistent during all that time, wavering between ~$500 and up to $650 in the 2011 alone.

What makes it so interesting is the Schmidt patience to wait for social to go public before selling off Google stocks. More importantly, he will still remain in the possession of a significant 2.1% of the Google stock. Perhaps, he may have plans to invest somewhere else.

Leading the company for a fair amount of time, after it debuted in 2001, Schmidt had done a remarkable job to bring company to the current status. However, he stepped down from its CEO position to become an executive chairman of the search giant’s board in 2011.

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