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Google’s Schmidt to sell $1.5 billion in stock

Posted by eXactBot Hosting | News | Friday 17 February 2012 8:04 am

As Mel Brooks said on another occasion, it’s good to be the king–it’s even better to be the chairman of Google

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% of Google’s outstanding capital stock. Following the sale, he’ll own about 6.7 million shares, or approximately 2.1% of Google’s outstanding capital stock.

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