Eric Schmidt, who is stepping down as CEO of Google, is seeking approval to sell nearly 5.9% of his stock worth $329 million in the company, The Wall Street Journal reports. After the sale, his stake in the company will drop to 2.7% and his voting power will fall to 9.1%.
Schmidt is planning to sell up to 534,000 Class A shares during the course of the year. He currently owns 9.2 million Google shares, which are worth nearly $5.8 billion.
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