Eric Schmidt Net Worth 2024

What is Eric Schmidt’s net worth and wage?

Eric Schmidt is an American businessman and philanthropist who has a net worth of $24 billion. Eric Schmidt is most notable for being the previous CEO of Google. Eric was introduced in to take over as CEO from firm founders Larry Page and Sergey Brin in 2001. He efficiently guided the corporate by means of its blockbuster preliminary public providing. Eric was CEO of Google by means of 2011. He then served as Chairman and Technical Advisor by means of 2020. Eric is member of a small membership of people who turned billionaires as workers of firms they didn’t discovered. Other examples embrace eBay’s Meg Whitman, JP Morgan’s Jamie Dimon and Apple’s Tim Cook.

Eric Schmidt was the CEO of Google from 2001 to 2011, and he remained on the board of administrators till 2019. During his time at Google, he amassed a lot of shares within the firm.

• In 2013, Schmidt offered 3.2 million shares of Google inventory for $2.51 billion.
• In 2019, he offered a further 1.8 million shares for $1.4 billion.
• As of March 2023, Schmidt owns an estimated 70 million shares of Google inventory, both instantly or not directly.
• This represents about 1% of the corporate’s whole excellent shares.
• Schmidt was granted 14.3 million shares of Google inventory when he joined the corporate in 2001.
• He additionally acquired a variety of inventory choices through the years, which he has exercised.
• Schmidt’s inventory gross sales have made him a really rich man.
• To date he has offered not less than $4 billion value of Google shares.

Early Life

Eric Schmidt was born in Washington D.C. in 1955. He spent his childhood in Blacksburg, Virginia. He attended Yorktown High School, and went on to Princeton University and graduated with a bachelors in electrical engineering. He continued his training on the University of California, Berkeley, the place he earned his MS, after which went on to earn a PhD in EECS. He was additionally a component time Professor at Stanford Business School.

Early Career

Prior to becoming a member of Google, Eric held positions with Bell Labs, Novell, the Palo Alto Research Center, Zilog and Sun Microsystems. At Sun he labored his means up from Director of software program engineering to Vice President and GM of Sun Microsystems’s software program merchandise division. While at Novell he served because the chairman of the board and the CEO.

Google

Eric was interviewed by Google founders Larry Page and Sergey Brin at a pivotal Pre-IPO time throughout Google’s origination. He turned Google’s chairman, and CEO in 2001. He served as CEO till 2011. Upon stepping down as CEO, Eric was given a $100 million fairness award.

When he was initially employed by Google, Eric was given a base wage of $250,000 plus 14,331,703 Class B shares of the corporate’s widespread inventory at $0.30 per share. He was additionally given 426,892 shares of Series C most popular inventory at $2.34 per share.

He served as Executive Chairman till December 2017 when he introduced he was stepping down fully after 17 years with the corporate. Technically Eric remained a Technical Advisor by means of 2020.

Apple Board

Eric infamously sat on the Board of Directors of Apple Inc from 2006 to 2009. During this time, Apple was within the midst of creating what finally turned the iPhone and iOS working system. Eric was conscious of the plans however would recuse himself from Apple conferences that mentioned the corporate’s cell ambitions in order to not give a competitor an excessive amount of inside data. It was later reported that Eric and Steve Jobs had a handshake settlement that Google wouldn’t ever pursue a cell working system or telephone. However, round this similar time, Google started to undertake talks to accumulate Android which might pave the best way for their very own cell phone and working system. When Steve Jobs realized of Google’s plans he was furious and threw Eric off Apple’s board.

Recruiting Scandal

During his time at Google, Eric was concerned in a recruiting scandal that will later change into topic of the High Tech Employee Antitrust Litigation case. The case resulted in a $415 million settlement being paid by Google, Intel, Apple and Adobe to its workers. In one notably notorious incident that got here to mild by means of the litigation, Steve Jobs despatched an electronic mail to Schmidt complaining a few recruiter from Google reaching out to an Apple worker. Eric forwarded the e-mail from Jobs to Google’s HR division with the next word:

“I consider we have now a coverage of no recruiting from Apple and this can be a direct inbound request. Can you get this stopped and let me know why that is occurring? I might want to ship a response again to Apple shortly so please let me know as quickly as you possibly can. Thanks Eric“.

That electronic mail ahead finally led to the Google recruiter being terminated “inside an hour”.

Google Shares

According to the corporate’s most up-to-date SEC filings, Eric Schmidt owns roughly 1% of Google (now referred to as Alphabet). He additionally owns round 4.3 million shares of Class C Alphabet inventory. Over the final decade, Eric has offered roughly $4 billion value of his Google inventory.

Politics

Eric has been famously very politically energetic. Perhaps extra energetic than a Chairman/CEO of an organization like Google ought to have been.

Eric was a staunch supporter of each Barack Obama and Hillary Clinton. During Clinton’s failed 2016 Presidential race, Schmidt was basically a workers member of her marketing campaign. At what was imagined to be her election night time victory occasion, Schmidt was photographed backstage sporting a Clinton “workers” badge.

Personal Life

In June 1980 Eric married Wendy Susan Boyle. They had two daughters. Tragically, their daughter Alison died in 2017. Their surviving daughter Sophie is the founding father of a expertise journalism endeavor referred to as Rest of the World.

Eric and Wendy Schmidt formally separated in 2011 however, curiously, they proceed to buy properties and pursue philanthropic endeavors as a pair.

In November 2020 it was reported that Eric was within the strategy of buying citizenship from the tiny island of Cyprus.

Real Estate

In the Nineteen Nineties, previous to becoming a member of Google, Eric and Wendy owned a house in Atherton, California.

In September 2020 Eric (and Wendy, technically) paid $31 million for a mansion in Montecito, California. Here’s a video tour of this mansion:

In May 2021 Eric paid $61.5 million to accumulate the previous Beverly Hills property of lodge tycoon Barron Hilton. In the primary week of January 2021 he acquired the house subsequent door for $5 million to create a three-acre personal compound.

In mid-January 2022 Eric paid $65 million for an undeveloped plot of land excessive atop Beverly Hills. The 120-acre property, which is named “Enchanted Hill” was being offered by the property of Microsoft co-founder Paul Allen. Allen purchased the property in 1997 for $20 million. Here’s a video tour of Enchanted Hill:

Three months earlier than Eric’s buy of Enchanted Hill turned identified, in October 2021, his daughter Sophie paid $22 million for a hilltop property in Beverly Hills. Perhaps not coincidentally, Sophie’s property is only a 5 minute drive from Enchanted Hill. And in a extremely odd coincidence, the mansion instantly throughout from Sophie’s home was Paul Allen’s longtime LA dwelling.