Google's Schmidt to give the world a $1 million tech upgrade

February 24, 2014: 10:22 AM ET
eric schmidt google
Google executive chairman Eric Schmidt told CBS that he'll give $1 million to companies around the world to upgrade their technology.
NEW YORK (CNNMoney)

Google executive chairman Eric Schmidt plans to dole out $1 million to companies around the world to help them upgrade their communication technology.

That's worth about 833 shares of Google (GOOG), which is currently trading at about $1,200 per share.

"I think I should put my money where my mouth is," said Schmidt in a Monday interview with CBS (CBS). "Google's mission is to connect the world. We want a free, open Internet for everyone in the world."

Schmidt, former Chief Executive Officer of the world's most dominant Internet search browser, did not identify the companies that would receive the cash.

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He was accompanied by Google director of ideas Jared Cohen in the interview, which made numerous references to the book they co-authored, "The New Digital Age," which is being released in paperback next week.

This comes just days after Google said that it's going to install Google Fiber, the company's super-fast Internet network, in nine major U.S. cities.

Schmidt and Cohen declined to confirm or deny reports that Google offered $10 billion to buy WhatsApp, which Facebook (FB) agreed to purchase last week for $19 billion.

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