Google's Schmidt to sell roughly 42% of stake
Schmidt will sell 3.2 million shares of Class A common stock through a stock trading plan, Google said in a filing with the US Securities and Exchange Commission.
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.
Schmidt, who served as Google's Chief Executive until 2011, currently owns roughly 7.6 million shares of Class A and Class B common stock. The shares represent 2.3 percent of Google's outstanding stock and roughly 8.2 percent of the voting power of Google's stock.
Shares of Google, which finished Friday's session at a new closing high of $785.37, were down $2.21 in after hours trading.
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