Eric Schmidt is set to sell 3.2 million worth of his shares in search engine company Google.

The Google chairman will sell a 42% stake of his holdings in the Internet search giant – worth an estimated £1.6bn.

His latest plan was revealed in an 8-K document filed with the US Securities and Exchange Commission.

The stock trading plan also revealed that Schmidt has, ‘approximately 7.6 million shares of Class A and Class B common stock’ – a 2.3% stake in Google as a whole.

Schmidt, who was previously Google’s CEO until he handed over the reins to Larry Page in 2011, will be entitled to spread the sales over the course of one year in order to help reduce the effect on the company’s share price.

After this latest sale, Schmidt would still own stock worth $3.5bn (£2.2bn) in the firm.

This is not the first time Schmidt has put Google shares up for sale: In February 2012 he filed a similar one year plan in order to sell off a further 2.4 million shares.

Schmidt has been with Google since 2001, playing an instrumental part in getting the company to where it is today.

With many years of experience at technology firms including Novell and Sun Microsystems, he brought an Internet marketing prowess to the firm which helped oversee its rise from a small Silicon Valley startup project, to the Internet powerhouse it is now.

Forbes has Schmidt ranked 138 in its list of global billionaires, with an estimated net worth of more than $7.5bn (£4.75m).

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Martin Boonham is an online copywriter for ClickThrough Marketing, he has worked there since October 2012. He has a Masters in Print Journalism from Nottingham Trent University, where he also gained his NCTJ qualification at the same time; achieving qualifications in subbing, shorthand and media law.