Google chairman Eric Schmidt to sell £1.6 billion in shares
According to the Guardian, former Google CEO and chairman Eric Schmidt is planning to sell 3.2 million of the 7.6 million shares he owns.
At close on 8 February, shares were worth $785.37 each meaning Schmidt’s sale of almost half his shares would be valued at £1.6 billion ($2.5 billion).
In a filing with the US Securities and Exchange Commission Google stated that the sale would be spread out across a year so as not to impact upon the company's share price.
The filing cited that Schmidt would benefit from being able to "diversify his investment portfolio".