Google’s Schmidt to sell roughly 42 percent of stake

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    Technology News

    Google Chairman Schmidt smiles during a rehearsal of his MacTaggart lecture speech for the Edinburgh International Television Festival in Edinburgh, ScotlandSAN FRANCISCO (Reuters) – Google Inc Executive Chairman Eric Schmidt is selling roughly 42 percent of his stake in the Internet search company, a move that could potentially net the former chief executive a $2.51 billion windfall. Schmidt, 57, will sell 3.2 million shares of Class A common stock through a stock trading plan, Google said in a filing with the U.S. Securities and Exchange Commission on Friday. The plan, which Google said would give Schmidt “individual asset diversification and liquidity,” allows Schmidt to spread trades out over a period of one year to reduce the market impact. …

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