| Connect to share and comment |
Agence France-PresseFebruary 8, 2013 20:45
Google chairman to sell $2.5 bn of shares
Google's Chairman Eric Schmidt plans to sell 3.2 million "A" shares, currently worth $2.5 billion, over the next year, Google said Friday in a filing with the Securities and Exchange Commission.
The sale amounts to 42 percent of Schmidt's 7.6 million Class A and Class B shares in the company, a 2.3 percent stake in the company, but 8.2 percent of voting power.
The sale is part of a pre-arranged trading plan for Schmidt's "long-term strategy for individual asset diversification and liquidity," according to the filing.
"Using this trading plan, Eric can diversify his investment portfolio and can spread stock trades out over a period of one year to reduce market impact."
Google's share price climbed 1.5 percent Friday to a new all-time record of $785.37, putting the value of the shares Schmidt will sell at $2.51 billion.
In its September 2012 billionaires list -- when Google shares crossed the $700 line for the first time -- Forbes ranked Schmidt 138th in the world, with his fortune worth $7.5 billion.
pmh/jk
http://www.globalpost.com/dispatch/news/afp/130208/google-chairman-sell-25-bn-shares
.
-
Photo
Jaume Plensa's "Tel Aviv Man" at Art Basel, the world’s premier trade fair for leading galleries and collectors focused on modern and contemporary art.
- [/] -
Photo
The front of the Art Basel building. This year’s show attracted 303 of the world’s top galleries from 36 countries, showing the works of more than 2,500 artists. It drew more than 62,000 visitors, a new record.
- [/] -
Photo
Platform Gallery's Chen Wei and one of his "Recovery Room" series at Liste Young Artist's show. By the time the week was over he had sold more than 10 works, with prices ranging from $1,800 to nearly $3,000.
- [/] -
Photo
A performance spectator admires some of the pieces at Basel Art.
- [/] -
Photo
A performance piece at Basel Scope, done by an unidentified nearly naked man who moved in slow motion up and down the aisles dressed like a Greek version of Mars, the god of war.
- [/] -
Photo
A performance piece at Scope. The man clutched a staff, on which a plastic container for motor oil with the BP logo was impaled.
- [/] -
Photo
An installation piece at Basel Art.
- [/] -
Photo
An installation piece with paper tubes at Basel Art.
- [/] -
Photo
A gallery scene at the Scope Basel show.
- [/] -
Photo
A sculpture of Sperone Westwater Gallery's employee, Michael Short, by Evan Penny.
- [/] -
Photo
Evan Penny's sculpture of Michael Short.
- [/] -
Photo
A woman views Jaume Plensa's "Tel Aviv Man," (Study) 2010, Galerie Lelong, Paris.
- [/] -
Photo
"Medusa marinara," 1997 — a photographic representation of the Medusa in spaghetti and tomato sauce by New York-based Brazilian artist, Vic Muniz.
- [/] -
Photo
Children play around Ai Weiwei's piece, "Field," 2010.
- [/] -
Photo
Heimo Sobernig's "Black Cube" sits on display outside outside.
- [/] -
Photo
A piece by Yayoi Kusama titled "Pumkin."
- [/]
Most Shared
Follow us: