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.

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.

About the author

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.

 

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