Former Google CEO and current Executive Chairman, Eric Schmidt plans on selling 40% of his stake in the company for undisclosed reasons. In December, he had 7.6 million shares equating to a 2.3% ownership. Doing the math, 40% of these shares is 3.2 million shares, which at Google’s current stock price would be about $2.5 billion cash money. After he sells these, he’ll still have 4.4 million shares valued at about $3.5 billion.
Google’s Monday closing stock price at $782.42 has risen 920.49% after $85 IPO in August 2004. Larry Page and Sergey Brin have 8.7% and 8.7% stakes respectively valued at around $20 billion and are the only execs who own more stock that Schmidt. That’s a lot of Benjamins.