Google chairman Eric Schmidt plans to sell off $1.45bn (£914m) shares in the company - a move that represents his biggest annual disposal in the company. According to a regulatory filing submitted to the US Securities and Exchange Commission on 17 February, the one-time chief of the Chocolate Factory will cut his share ownership …
I'd like to think
He was cashing in so had some cash for when Googles disastrous and misguided buy out of Moto sinks the company, but it's more likely he's taking some cash before the US tax laws change later this year
Re: I'd like to think
Maybe he just wants to buy an extinct island volcano for his villainous lair. Not cheap, especially with the ruinous turnover in henchmen.
That's what I'd do with a billion dollars.
Re: Re: I'd like to think
I hear there will be something of a bargain to be had in the Aegean sea
"some have talked of him pursuing a political career"
With 1.45bn $ in the bank, he might have a good shot at a political career. Going rates of spending in presidential races seem to be in that ballpark. Or he could play it safe an buy a peaceful country elsewhere.
Re: buy a peaceful country elsewhere
Yes he should be able to afford Greece.
@56, I'd say early retirement
The guy has more than enough money that he can cash out, retire and then go in to business as an Angel investor or start his own tech fund.
Lets face it. Its possible that a small ($500K USD) investment in to the right company could generate a return of over a billion dollars. (Facebook).
So the portfolio diversification makes sense. After all, its hard to spend a billion dollars in a single life time....
Re: @56, I'd say early retirement
He started a venture fund 2yrs ago: http://www.crunchbase.com/financial-organization/tomorrow-ventures
I hate to be pedantic (ok I LOVE being pedantic) but to say he is cutting his ownership by "about 0.7 per cent" is ambiguous. It could mean he is selling 0.7% of his shares whereas you meant 0.7% of the whole company. You should have said cutting his share of ownership by 0.7 percentage points (or 70 basis points).
If you paid attention he's cutting his ownership in the entire company by 0.7%.
I gathered that from the rest of the article, it was the single paragraph that was ambiguous. As I said, I was being pedantic.
Google has peaked and going nowhere. Innovation is over and they can only copy copy copy (like the Google+ Foursquare clone mentioned today)
Maybe he's gonna
Set up a foundation and donate it to charity..?
This is a little sad
I'm in the lucky position that I still do enjoy my job, but being only a few years younger than Eric I do find it a little sad that someone already 3/4 of the way through his three-score-and-ten can't find a way to have more fun with $1.5bn than just going to work as usual, no matter how much he enjoys it?
I mean, are first-class flights to tropical islands really that boring? Even if he wants to work a bit on the beach, the 3G roaming charges can't be that much of a problem...
And to think I remember him standing in our staff cafeteria discussing the new licensing software, when he was just our unexciting boss. Where did I go wrong?
Re: This is a little sad
Where did you go wrong? It doesn't sound like you did to me. If you're the age you say and you still enjoy your job, that's a win in my book any day.
I wouldn't accept all of his money to be him for a day, let alone a lifetime. And g*d pity the world the day he chooses to enter into the political arena.