Google has about $30 billion in cash. Some of the money – $700 million here, $700 million there – is going into small acquisitions here and there. There’s also some proprietary trading going on. But mostly, the money is just sitting around.
Some shareholders are sick of it, and want that money put better use: lining their wallets.
“I don’t think Google or anyone else can make a strong argument that they need $30 billion,” Ken Smith, a portfolio manager at Munder Capital Management in Birmingham, Mich., which holds Google shares told Bloomberg.
“I’d rather have the cash in my own pocket than have all of it sitting on the balance sheet.”
Google CFO Patrick Pitchette said on an earnings call, “It’s a topic that is regularly debated, brought to the board for debate, and we have nothing to announce.”
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