01-21-2011, 03:39 PM
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Registered User
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Join Date: Nov 2002
Location: Scottsdale, Arizona
Posts: 10,626
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Somebody's Going Shopping!
Google's Schmidt Selling 500,000 Shares
The sales, worth about $335 million based on Google's closing price Thursday, will lower Schmidt's stake and voting power, and comes as Google announced that co-founder Larry Page will replace Schmidt as chief executive. Schmidt will become executive chairman in April.
The stock-trading plan, unveiled in a filing with the Securities and Exchange Commission, said Schmidt intends to sell as much as 534,000 Class A shares during the course of the year. The sale would represent a 6% drop in Schmidt's current holdings of 9.2 million shares.
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