Eric Schmidt Selling $1.45 Billion Worth Google Shares: Report
Yes, you heard right: $1.45 billion is what Eric Schmidt is expected to cash in once he sells Google stock, according to a recent Wall Street Journal report. As strange as it may sound, his ownership in the company after that huge sale will only shrink from 2.8% to 2.1%.
Eric Schmidt is the current Executive Chairman at Google but he was the CEO until April 2011. While there were no comments on the matter, many consider that Schmidt has lost faith in the company and is distancing himself from the search giant. On the other end, it would be just normal for him to have other investments plans and cash in on his stocks. However, in order to reduce market impact, the trade plan allows Schmidt to “spread stock trades over a one-year period”.