Eric Schmidt hasn't been involved with the day-to-day business at Google for a couple of years now. He's been talking for Google and representing the company in various negotiations and official positions, but his role at Google has been diminished.
Now, he is also selling a big chunk of his Google stock, he is getting rid of 3.2 million Class A shares. The move has been revealed in a SEC filing by Google.
The move would reduce his ownership of Google by 42 percent. Currently, his stock is worth 2.3 percent of Google and comes with 8.2 percent of the voting rights.
The shares he's selling are worth about $2.5 billion, €1.87 billion at Google's current stock price. Schmidt will be selling the shares over one year. He has been selling shares for a while now – he announced a similar plan to sell 2.4 million shares last year.