Google Executive Chairman Eric Schmidt is to sell off roughly $2.5 billion of his company stock holdings.
In a filing with the U.S. Securities and Exchange Commission (SEC), Google said that Schmidt would be selling 3.2 million shares of Google stock – more than 40 percent of the 7.6 million shares of Class A and Class B stock controlled by Schmidt.
Schmidt’s sell-off would represent as much as 8.2 percent of Google’s total voting stock and 2.3 percent of the company’s total outstanding stock, according to Google.
The move looks to bring in a multi-billion dollar windfall for Schmidt, who is largely credited with helping to guide Google from a promising startup into the world’s largest search engine and a leader in the cloud computing and software as a service (SaaS) spaces.
Schmidt in 2011 announced that he would be stepping down from as chief executive after more than a decade, handing the reins over to company co-founder Larry Page. He has since remained on the company’s board of directors.
This article was originally published on V3.