Google�s Executive Chairman Eric Schmidt is set to unload a sizable chunk of his Google holdings, according to a regulatory filing.
An 8-K filed with the SEC Friday indicates that Schmidt, who previously served as Google�s chief executive, will sell up to 3.2 million shares � he owns 7.6 million � a stake worth slightly more than $2.5 billion at Friday�s closing price of $785.37.
The sale comes just about 10 months after Google took a unique approach to splitting its shares, issuing additional nonvoting stock that further cemented the control of the company in the hands of CEO Larry Page, his co-founder Sergey Brin and Schmidt.
Google�s filing says Schmidt�s sale is part of a long-term effort to diversify assets.
Shares fell 0.9% to $778.50 in pre-market trading.