Bangalore: Eric Schmidt, Google’s Executive Chairman is selling about 42 percent of his stake in the internet company, reports Reuters.

Schmidt will sell 3.2 million shares of Class A common stock through a stock trading plan, Google said in a filing with the U.S. Securities and Exchange Commission on Friday. The deal will land him about $2.51 billion.

Google allows Schmidt to spread trades out over a period of one year to reduce the market impact as per "individual asset diversification and liquidity," plan.

Google shares were down by $4.11 at $781.26 in after-hours trading on Friday, in the time of this weak show at Wall Street, the reason why Schmidt is selling the shares remains unanswered. 

"I'd be more worried if the current CEO or CFO sold a lot of their stake," said Wedbush Securities analyst James Dix, because Schmidt's stock sales did not worry him or signal a loss of confidence in the company by Schmidt.

Schmidt currently owns about 7.6 million shares of Class A and Class B common stock. They represent about 2.3 percent of Google’s outstanding stock and roughly 8.2 percent of the voting power of Google's stock.

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