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Google chairman and former CEO Eric Schmidt just filed a plan to sell almost $1.5 billion worth of Google stock.In a filing with the SEC, Schmidt laid out a plan to sell up to 2.4 million shares of Class A stock (he also has Class B stock which carries special voting rights).
At today’s closing price of $605 per share, that equals $1.452 billion.
Assuming he goes through with the transaction, when he’s done he’ll own 2.1% of Google’s stock (down from 2.8%) and have 7.3% voting power (down from 9.7%).
The trading plan was adopted in November and kicks off this month.
Last year, Schmidt filed to sell about $335 million worth of Google stock.