However, it should be noted that the company disclosed Schmidt’s plans to lower his holdings after the stock market closed. The shares fell 44 cents after hours.
Schmidt might be intending to stagger the sales of the stock over a one-year period, but the company eyed no reasons to panic with Schmidt’s decision, as they said that Schmidt, 56, is trying to raise some money and diversify his investment portfolio. The disclosure was made by Google in a Friday regulatory filing.
It was noted that if Schmidt sells all 2.4 million shares of stock, his stake in Google Inc. will reduce from 2.8 per cent to 2.1 per cent.
Schmidt has been with brand Google for more than ten years. In fact the former Google CEO has come up with this decision almost 10 months after he ended his 10-year stint as Google’s CEO and turned the job over to one of the Internet search leader’s co-founders, Larry Page.
There is more to note as Page and co-founder Sergey Brin filed plans to sell five million Google shares apiece in 2010. notably, these sales are scheduled to be completed by 2015. This would mean that there is almost a gap of three more years for the same to happen.
Talking about the major shareholding of Google, the shares of Page, Brin and Schmidt, held together has the shareholder voting power at Google. The strengths of Google can be noted as the trio will retain the majority even after they reduce their stakes. All three have got the billionaire tag on them since Google went public in 2004.
Google, again seems to be diverting the tech world with a not so very important news. It should be noted that Google is in the middle of a number of controversies standing tall against them.
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