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

  @AaronSmithCNN 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, Fortune 500), 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, Fortune 500). "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.

Related: Apple issues fix for security risk

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, Fortune 500) agreed to purchase last week for $19 billion. To top of page



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