Outgoing Google CEO Eric richer by $335m

Boston, Jan 21: Outgoing Google CEO Eric Schmidt has handed over the mantle of CEO to Google's co-founder Larry Page and will be breathing easy from now on. Who would not want an extra moolah while keeping you feet up and taking it easy. This is exactly what Eric Schmidt has in mind when he will dispose $335 million worth of Google shares. Rumours are abuzz that he will sell a large chunk of his holdings soon.

Schmidt apparently intends to sell a major chunk of more than half a million Google shares he owns. He has formulated a stock-trading plan in a filing with the US Securities and Exchanges Commission (SEC) and will sell close to 534,000 shares of Google Class A stock next year.

A member of the Forbes list of the world's richest, Eric will see his wallet swell by a whopping $334.7 million, if he were to sell the stock at today's closing price of $626.77. In spite of this, the amount will only be a small chunk in his huge kitty of Google shares worth 9.2 million.

Even if he forgoes the large chunk of shares he will still proudly hold 2.9% of Google"s outstanding capital stock, own 2.7% of Google and hold 9.1% of the company"s voting power due to his ownership of Google"s Class B common stock.

News was out in Jan 2010 that the Goggle co-founders will each sell 5 million shares over five years. The gross sale amounting to $6.27 billion in today"s rate. Eric's current stake still falls short of his other two counterparts, Larry Page and Sergey Brin.

OneIndia News