Eric Schmidt to cash in half of his shares in Google for $2.51 billion

[Shawn Knight]

Google executive chairman Eric Schmidt is planning to sell nearly half of his shares in the company he helped turn into a household name according to documents recently filed with the Securities and Exchange Commission.

Schmidt will cash in roughly 3.2 million of his 7.6 million Class A shares which will send $2.51 billion his way.

Schmidt’s 7.6 million stake equates to roughly 2.3 percent ownership of Google and about 8.2 percent of the company’s voting power.

We are told that he has the option to spread the sale out over the course of the year in order to reduce the impact that it might have on the market. He is expected to make the first trade within the next month.

This won’t be the executive’s first big stock payday. Back in February 2012, he cashed in 2.4 million shares that were worth more than $1.5 billion at the time. Schmidt was able to amass a great deal of shares during his time as CEO of the company. During that stint, he was paid only $1 per year but received shares for his duties. When Larry Page replaced him in April 2011, Google upped his annual salary to $1.25 million.

Forbes estimated Schmidt’s net worth to be $7.5 billion last September. Even after he sells off 46 percent of his holdings, he still has enough stock to be a billionaire multiple times over.

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https://www.techspot.com/news/51597-eric-schmidt-to-cash-in-half-of-his-shares-in-google-for-251-billion.html

 

[misor]

:envious here. (maybe he is investing in ms or apple.)

seriously, can a high ranking official or a low level employee invest legally in a competing company?

 

[captainawesome]

One of 3 things:
1 - He is getting to the age where he wants to work less and wind down his day-to-day business dealings.
2 - He is worried about Google (I personally doubt this one)
3 - He is going on a shopping spree - prolly some island somewhere with his name on it

 

[Skidmarksdeluxe]

One of 3 things:
1 - He is getting to the age where he wants to work less and wind down his day-to-day business dealings.
2 - He is worried about Google (I personally doubt this one)
3 - He is going on a shopping spree - prolly some island somewhere with his name on it

Probably none of those. He's probably just struggling. I know I would if I only had a couple of billion at my disposal. (Pay no attention to me)

 

[9Nails]

One of 3 things:
1 - He is getting to the age where he wants to work less and wind down his day-to-day business dealings.
2 - He is worried about Google (I personally doubt this one)
3 - He is going on a shopping spree - prolly some island somewhere with his name on it

Probably none of those. He's probably just struggling. I know I would if I only had a couple of billion at my disposal. (Pay no attention to me)

I don't know Skid. The article said he cashed out $1,500,000,000 a year ago in Feb 2012. If he's struggling, I know for sure that many of us can show him how to live month to month with-in a budget. He's up to something, maybe starting his own business.

 

[Skidmarksdeluxe]

One of 3 things:
1 - He is getting to the age where he wants to work less and wind down his day-to-day business dealings.
2 - He is worried about Google (I personally doubt this one)
3 - He is going on a shopping spree - prolly some island somewhere with his name on it

Probably none of those. He's probably just struggling. I know I would if I only had a couple of billion at my disposal. (Pay no attention to me)

I don't know Skid. The article said he cashed out $1,500,000,000 a year ago in Feb 2012. If he's struggling, I know for sure that many of us can show him how to live month to month with-in a budget. He's up to something, maybe starting his own business.

I was just being sarcastic. People with that kind of money never usually seem to have enough. Must be a disease. Why would he need to work in the 1st place? I guess only he would know.

 

[MilwaukeeMike]

One of 3 things:
1 - He is getting to the age where he wants to work less and wind down his day-to-day business dealings.
2 - He is worried about Google (I personally doubt this one)
3 - He is going on a shopping spree - prolly some island somewhere with his name on it

Probably none of those. He's probably just struggling. I know I would if I only had a couple of billion at my disposal. (Pay no attention to me)

I don't know Skid. The article said he cashed out $1,500,000,000 a year ago in Feb 2012. If he's struggling, I know for sure that many of us can show him how to live month to month with-in a budget. He's up to something, maybe starting his own business.

I was just being sarcastic. People with that kind of money never usually seem to have enough. Must be a disease. Why would he need to work in the 1st place? I guess only he would know.

Because people like him don't work for the money, they work because they like their work. When you are driven to achieve like these guys, sitting on your backside enjoying your fortune would be terribly boring.

He probably just cashed out because google stock is high right now, and he probably doesn't want such a large part of his fortune in one place.

The bigger question is, why is he praying in that picture?

 

[cmbjive]

This report is patently untrue. I will wait for the full report when Anonymous hacks Schmitt's Gmail account and releases the true report online.

 

[T77]

:envious here. (maybe he is investing in ms or apple.)

seriously, can a high ranking official or a low level employee invest legally in a competing company?

Or maybe he's investing in Planetary Resources.

 

[cmbjive]

"seriously, can a high ranking official or a low level employee invest legally in a competing company?"

It's not a crime for employees or execs to invest in competing companies; this would be more of a question of ethics and would have to depend upon the policies of the company for whom the executive or employee works.

 

[Archean]

Probability is, Google's share price is as high as it could get given the current situation, so, he is just cashing in to get some extra liquidity at his disposal, just my thought.

 

[Tygerstrike]

Theres a manision somewhere that he needs to purchase. As Escrow can take a few months to go through, he prolly pulled the first batch of cash as a down payment. There are very very few purchases that can be made in the million range. Even less the higher you go up in dollar value. Mostly Homes and Ships. An Island in the south pasific would cost in the billions range.

 

[Skidmarksdeluxe]

Theres a manision somewhere that he needs to purchase. As Escrow can take a few months to go through, he prolly pulled the first batch of cash as a down payment. There are very very few purchases that can be made in the million range. Even less the higher you go up in dollar value. Mostly Homes and Ships. An Island in the south pasific would cost in the billions range.

Or maybe he's practicing to become a philanthropist.