Google’s Schmidt Could Net Billions from Stake Cut
Google Inc. (NASDAQ:GOOG) Executive Chairman Eric Schmidt stands to make billions of dollars through a plan to reduce his ownership stake in the company to about 2.1 percent from 2.8 percent, the Internet giant said Friday.
Schmidt relinquished his role as chief executive of the company to Larry Page in April. Google disclosed in a regulatory filing that Schmidt adopted the trading plan in November, the report said. According to the terms of the plan, Schmidt will sell up to 2.4 million shares, which would bring in nearly $1.5 billion if the shares were sold at Google’s closing price on Friday of $604.64, said MarketWatch.
Here’s how Google shares recently traded:
Google Inc. (NASDAQ:GOOG): GOOG shares recently traded at $604.64, down $1.88, or 0.31%. They have traded in a 52-week range of $473.02 to $670.25. Volume today was 2,449,229 shares versus a 3-month average volume of 2,910,610 shares. The company’s trailing P/E is 20.32, while trailing earnings are $29.76 per share.
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