Eric Schmidt Executive Chairman Google Inc (NASDAQ:GOOG) plans to sell 40 percent of Google’s stock that are hovering at record highs. The plan was announced on Friday in which Schmidt disclosed to sell up to 3.2 million shares.With stock at Google’s current price; Schmidt would gain a $2.5 billion windfall.

Schmidt ended December with a 2.3 per cent stake in the Mountain View, Calif, company or 7.6 million Google shares.

Schmidt would be left with 4.4 million shares worth another $3.5 billion. Google Inc. however declined to comment Friday.

Google Inc (NASDAQ:GOOG)’s stock rose almost $11.42 to close at $785.37 Friday. In the mid day, it traded at $786.67 that is its highest price since the company went public for $85 per share in August 2004.

Google co-founders Sergey Brin and Larry Page are the only company executives who own more stock than Schmidt.

Larry controls an 8.7 per cent stake and Brin holds an 8.5 per cent stake. Each stake is currently worth around $20 billion.

Schmidt, 57 remained Google’s CEO for a decade before replaced by Page, 39, in April 2011.

On Friday US authorities disclosed that they have reached a settlement with Macmillan, the last of 5 publishing firms accused of conspiring along with Apple in an e-book price-fixing conspiracy.

The Justice Department in a statement said that with the 5 publishers having settled, the case will be started against Apple, and trial is set to begin in June.

Macmillan joined Penguin Group, HarperCollins,Simon & Schuster and Hachette Book Group Inc in settling the charges of an illegal conspiracy to raise prices of e-book.

US officials allege the ebook price-fixing scheme that aimed at ending a discounting effort by Amazon, that sold most of e-books at $ 9.99 until Apple’s new pricing plan displaced the retail giant.

The move instantly raised the prices and consumers paid for each e-books around $ 12.99, $ 14.99 or higher, as per the US complaint.