Eric Schmidt to sell 42% of his stock in Google after it hits all-time high

Google’s stock hit an all-time high last week, with a market cap of $255.17 billion and shares hitting nearly $775 dollars. Just a mere seven days after these incredible numbers, Google Executive Chairman Eric Schmidt said he planned to sell 42 percent of all the stock he owns in the company. In shares, that comes out to about 3.2 million in total. He currently owns 7.6 million shares. Once Schmidt sells his stock, he’ll have nice big check of about $2.51 billion dollars coming his way. Of course, selling 3.2 million shares of any company will have a huge impact on the stock market. So, it’s likely he will spread out the selling of the stock over the course of the next year.

This sale comes 10 days short of the one-year anniversary of Schmidt’s other big selling. On Feb. 18, 2012, when the shares were about $604, the chairman decided to sell $1.5 billion dollars worth of Google stock. At the end of that selling, Schmidt had about 0.9 million shares less of Google than he has today (6.7 million to today’s number, 7.6 million).

Schmidt today owns 2.3-percent of Google.