February 10, 2011 / 8:55 PM / 9 years ago

Google CEO sees signs of Internet bubble: report

ZURICH (Reuters) - There are clear signs of a new Internet bubble in corporate valuations, Google’s chief executive Eric Schmidt said in an interview with a Swiss magazine on Thursday.

Asked about the high valuations being put on companies such as social network company Facebook and game developer Zynga, Schmidt said in an interview with Bilanz: “There are clear signs of a bubble ... But valuations are what they are. People believe that these companies will achieve huge sales in the future.”

The Wall Street Journal reported on Thursday that Google, Facebook and others have held low-level takeover talks with Twitter, valuing the company as high as $10 billion.

Asked whether he planned to stay another four years at Google to collect stock awards worth $100 million, Schmidt said: “Yes, that is my plan.”

Google said last month co-founder Larry Page would take over as chief executive from April 4 while Schmidt would assume the role of executive chairman.

Reporting by Silke Koltrowitz; Editing by Greg Mahlich

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