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Google's Schmidt to sell $1.5 billion in stock

Company Chairman Eric Schmidt will sell 2.4 million shares of Class A stock as part of a pre-arranged trading plan.

Charles Cooper Former Executive Editor / News
Charles Cooper was an executive editor at CNET News. He has covered technology and business for more than 25 years, working at CBSNews.com, the Associated Press, Computer & Software News, Computer Shopper, PC Week, and ZDNet.
Charles Cooper

Google Chairman and former CEO Eric Schmidt intends sell about $1.5 billion worth of Google stock, according to a filing with the Securities & Exchange Commission. The sale is part of a pre-arranged trading plan.

Schmidt intends to sell up to 2.4 million shares of Class A stock in Google, whose shares finished the week at $604.64 per share.

As of December 31, 2011, Schmidt owned about 9.1 million shares of Class A and Class B common stock, or 2.8 percent of Google's outstanding capital stock. Following the sale, he'll own about 6.7 million shares, or approximately 2.1 percent of Google's outstanding capital stock.