Google's Schmidt to sell $2.51bn stake

2013-02-09 19:15
Google executive chair Eric Schmidt will face regulators over the company's dominant position in Search. (AP)

Google executive chair Eric Schmidt will face regulators over the company's dominant position in Search. (AP)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

kalahari.com

  • The Google Story
    Read and find out all about Inside the hottest business, media and technology success of our time Now R157.00
    buy now

San Francisco - Google's Executive Chairperson Eric Schmidt is selling roughly 42% of his stake in the internet search company, a move that could potentially net the former chief executive a $2.51bn windfall.

Schmidt, 57, will sell 3.2m shares of Class A common stock through a stock trading plan, Google said in a filing with the US Securities and Exchange Commission on Friday.

The plan, which Google said would give Schmidt "individual asset diversification and liquidity," allows Schmidt to spread trades out over a period of one year to reduce the market impact.

Wedbush Securities analyst James Dix said Schmidt's stock sales did not worry him or signal a loss of confidence in the company by Schmidt.

"I'd be more worried if the current CEO or CFO sold a lot of their stake," said Dix.

Schmidt, who served as Google's chief executive until 2011, currently owns roughly 7.6m shares of Class A and Class B common stock. The shares represent 2.3% of Google's outstanding stock and roughly 8.2% of the voting power of Google's stock.

Read more on:    google  |  eric schmidt
NEXT ON NEWS24X
SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Inside News24

 
/News

Jobs in Cape Town [change area]

Jobs in Western Cape region

Software Developer

Cape Town
Datafin Recruitment

Copywriter

Cape Winelands
Vine Recruitment
R12 000 - R15 000 Per Month

Java Developer

Cape Town
Communicate Cape Town IT
R30 000 - R35 000 Per Month

Property [change area]

Travel - Look, Book, Go!

Magical Massinga

Spend 5 nights at the gorgeous Massinga Beach Lodge in Mozambique and only pay for 4 from R13 220 per person sharing. Includes return flights, accommodation, transfers and romantic turndown. Book now!

Kalahari.com - shop online today

Pre-order your iPhone 6 at kalahari.com

Hurry and pre-order your own iPhone 6 now at SA’s favourite online store!

Bargain box – 60% off

Reduced prices, very limited stock. While stocks last. Hurry and shop now!

Mind blow low prices on electronics

Get either the Prestigio multiphone or Proline tablet 7” tablet for only R699. Offers valid while stocks last. Shop now!

30% off Barbie toys

Save 30% on all Barbie toys and accessories. Offer valid while stocks last. Shop now!

Baby extravanganza month at kalahari.com

Celebrate baby month with a wide range of awesome baby products. Offers valid while stocks last. Shop now.

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

Horoscopes
Aquarius
Aquarius

Be open, network and share your intentions and ideas as these may be the vital seeds to the imminent change that can be starting...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.