Google Executive Chairman Eric Schmidt is making headlines Friday following an SEC filing which indicates that the former Google CEO is selling a large portion of his stake in the company.
In 2013, Schmidt will part ways with stock valued at $2.5 billion. The trading plan will effectively reduce his stake in Google by 42%.
Google will only say that Schmidt is selling the shares “as part of his long-term strategy for individual asset diversification and liquidity.”
The sum total of Schmidt’s shares presently represents 2.3% of Google’s stock.
The sale Schmidt’s 3.2 million Class A shares will take place across the year as a means to mitigate any impact on the market.
In 2012, Schmidt also sold approximately 1.8 million shares of Google.