I keep seeing what could be very subtle “canary in the coal mine” moments that might be evidence that influential people behind the scenes are expecting a crash.
This time it’s Eric Schmidt, Google’s executive chairman. He just announced that he’s planning to sell $1.5 billion worth of shares of stock. He claims it’s because he wants to diversify his portfolio.
But I think he knows when it’s time to get out.
SAN FRANCISCO — Former Google CEO Eric Schmidt plans to sell up to 2.4 million shares of stock currently worth nearly $1.5 billion.
Schmidt, now Google’s executive chairman, intends to stagger the sales of the stock over a one-year period. Google disclosed Schmidt’s plans in a Friday regulatory filing. The company said Schmidt, 56, is trying to raise some money and diversify his investment portfolio.
If all 2.4 million shares of stock are sold, that will reduce Schmidt’s stake in Google Inc. from 2.8 percent to 2.1 percent.
Schmidt’s decision to sell some of his shares comes 10 months after he ended his 10-year stint as Google’s CEO and turned the job over to one of the Internet search leader’s co-founders, Larry Page.