Feeds

Eric Schmidt to cash in $1.45bn Google shares

A little something for the rainy day fund

Intelligent flash storage arrays

Google chairman Eric Schmidt plans to sell off $1.45bn (£914m) shares in the company - a move that represents his biggest annual disposal in the company.

According to a regulatory filing submitted to the US Securities and Exchange Commission on 17 February, the one-time chief of the Chocolate Factory will cut his share ownership of the company by about 0.7 per cent over the coming year.

At the end of 2011 Schmidt, 56, owned around 9.1 million shares of Class A and Class B common stock, or a 2.8 per cent chunk in Google. The chairman plans to offload 2.4 million shares of Class A common stock.

"[A]ssuming all shares are sold under the trading plan, Eric would own approximately 6.7 million shares, which would represent as of such date approximately 2.1 per cent of Google’s outstanding capital stock and approximately 7.3 per cent of the voting power of Google’s outstanding capital stock," the SEC filing said. Google's share price closed on Friday at $604 although the filing came after the market closed.

On record, at least, Google said that Schmidt's decision to cut loose so much stock in one go would help the company chairman to "diversify his investment portfolio". Or perhaps Schmidt is preparing for life beyond the Googleplex: some have talked of him pursuing a political career, and he's also said to be considering hosting his own TV show.

As of January 2010, Schmidt held 12 per cent of Google's common stock.

Whatever way you look at it, Google's CEO from 2001 to 2011 will still own a significant amount of shares in the company. After the sale he'll have stock worth about $4bn in the world's largest ad broker - hardly small change for a man who once vowed to work with founders Larry Page and Sergey Brin until 2024. ®

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
'Cowardly, venomous trolls' threatened with TWO-YEAR sentences for menacing posts
UK government: 'Taking a stand against a baying cyber-mob'
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Arab States make play for greater government control of the internet
Nerds told to get lost in last-minute power grab bid at UN meeting
Zippy one-liners, broken promises: Doctor Who on the Orient Express
Series finally hits stride, but Clara's U-turn is baffling
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
Apple SILENCES Bose, YANKS headphones from stores
The, er, Beats go on after noise-cancelling spat
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.