English: Eric E. Schmidt, Chairman and CEO of Google Inc and a member of the Board of Directors of Apple Computer. (Photo credit: Wikipedia)
According to AP report, Google Chairman Eric Schmidt is in the process of selling up 3.2 million shares of Goggle stock this year. That’s half of the 6.9 million shares he owns as of April 8 of this year. Schmidt owned 7.6 million shares at the end of last year. He still owns $5.6 billion worth based on the $813.45 closing price of Google’s stock yesterday. The 57-year-old Schmidt was Google’s CEO for ten years before turning over the job to Larry page in 2011. He was also given a role as economic adviser to Obama administration and Britain. This week British MP disliked his defense of not paying enough fair share of taxes to UK government and threatened of being stripped of his adviser role.
A February 21 Motley Fool article by Suman Chatterjee showed a transaction summary of Google c0-founder Sergey Brin actively divesting his shares at a steady rate. The writer of the article was asking if it’s time to follow Schmidt and Sergey Brin and start selling Google shares. But Google is still rising and next year they are going to mass produce their Google glass. Google is showing a biting-my-nail anxiety behavior which makes anyone wonder if the Google lords are becoming less confident of the future their own product or is this just a temporary show of anxiety from them.
copyright 2013 katenews2day
English: Eric Schmidt, Executive Chairman of Google Inc., at the press conference about the e-G8 forum during the 37th G8 summit in Deauville, France. (Photo credit: Wikipedia)
In a BBC interview, Google boss Eric Schmidt defended his company’s practice of using tax loopholes to pay less taxes claiming the company’s total contribution to UK’s overall economy is more important than the tax it paid to the government. In 2011, Google only paid 6 million pounds in taxes out the 6 billion pounds of revenue generated in UK.
Schmidt claims it invested “literally billions of pounds of start-ups” and citing the “electronic commerce expansion in Britain… is driving a lot of economic growth.” The Google CEO pointed out that they are not breaking any law and will comply with the law still should the law changes. He added the fact that their British employees pay British taxes driving a lot of GDP.
The Members of Parliament are not happy with Schmidt that they condemned his interview and are now calling for his role as government adviser to be revoked. An MP from Dover commented, “The key point for corporation tax is that businesses that make profit in the UK pay a fair share of that in tax. Mr. Schmidt says Britain has been a good market for his company, why has it paid such a little tax.”
Copyright 2013 katenews2day
Posted in FINANCE, MEDIA, Politics
- Tagged BBC, Britain, Eric Schmidt, Eric Schmidt adviser role revoked, Google, Google boss adviser role revoked, Google paying less taxes, Member of Parliament, Schmidt