Eric Schmidt planning to sell $1.45B of his Google stock
The sheer amount of money involved here is absurd, and frankly it depresses us just a bit. The Wall Street Journal has reported that Google's former CEO Eric Schmidt is planning on cashing in some of his stock in the company.
Apparently, Schmidt is planning to sell stock worth about $1.45 billion. The craziest part about that is that the sell-off will only lower Schmidt's ownership stake in Google from 2.8% to 2.1%. He is planning to spread out the sales over the course of a year in order to "reduce market impact".
Schmidt will continue as Executive Chairman at Google, and as yet, we don't know his plan for the cash out. It may be that he wants to invest somewhere else. Of course, even though we don't know what the plan is, that hasn't stopped speculation on the topic. Some are saying that the volatility of Google's stock has caused Schmidt to lose faith in the company, but we're not sure that there's sufficient proof for that leap. We're hoping Eric makes a statement on the topic to clear up his intentions.