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Google chairman plans to sell major portion of his stake in company

Brad Reed

Google Chairman Stock Selloff

Google (GOOG) chairman Eric Schmidt, recently seen tromping around North Korea, plans to sell a significant portion of his stake in the company that he’s been with since 2001, Bloomberg reports. In a filing with the Securities and Exchange Commission this week, Google disclosed that Schmidt plans to sell “as many as 3.2 million shares” that are worth an estimated $2.5 billion and represent 42% of his stake in the company. A Google spokesperson tells Bloomberg that Schmidt is still “completely committed to Google” and that selling off the shares represents nothing more than a “routine diversification of assets.”

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