SAN FRANCISCO Google Inc (GOOG.O) Executive Chairman Eric Schmidt is selling roughly 42 percent of his stake in the Internet search company over the coming year, Google announced on Friday.
Schmidt will sell 3.2 million shares of Class A common stock through a stock trading plan, Google said in a filing with the U.S. Securities and Exchange Commission.
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.
Schmidt, who served as Google's Chief Executive until 2011, currently owns roughly 7.6 million shares of Class A and Class B common stock. The shares represent 2.3 percent of Google's outstanding stock and roughly 8.2 percent of the voting power of Google's stock.
Shares of Google, which finished Friday's session at a new closing high of $785.37, were down $2.21 in after hours trading.
(Reporting By Alexei Oreskovic; Editing by Tim Dobbyn)
Trending On Reuters
Facebook Inc provided more evidence on Wednesday that it can turn eyeballs into profit as the maker of the world's most popular app and social website trounced Wall Street's estimates, sending its shares to an all-time high. Full Article
- Samsung Electronics tips 'solid' second-quarter profit on components pickup
- Disappointing earnings revive speculation on Twitter's future
- Nintendo's Mario eyes a Mickey Mouse merchandising makeover
- As iPhone sales stagnate, services promise growth for Apple
- Brazil prosecutor freezes $11.7 million of Facebook funds due to WhatsApp case