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Google Chairman Eric Schmidt selling off $1.5B in stock, cutting his share to 2.1-percent

Google’s Chairman and former CEO Eric Schmidt plans to sell $1.5 billion in Google stock that he owns, according to a filing with the SEC. Schmidt’s stake in Google is currently 2.8-percent. The prearranged sale of 2.4 million shares of Class A stock will lower his share to 2.1-percent. Google closed at $604.64 per share on Friday. WSJ reported:

Google Inc. Executive Chairman Eric Schmidt is selling stock currently worth about $1.45 billion as part of a trading plan that would cut his ownership stake in the Internet giant to about 2.1% from 2.8%.

As of the end of last year, Schmidt owned 2.8-percent of Google, which equivalates to 9.1 million shares of Class A and Class B stock. At the end of the sale, Schmidt will own 6.7 million shares of stock— or 2.1-percent of Google.