Google on Friday filed documents with the U.S. Securities and Exchange Commission to sell its entire stake in Clearwire. The Mountain View-based company spent $500 million in 2008  to acquire a 6.5% stake in Clearwire, and now the search giant is now looking to sell its share for $47 million, less than a tenth of the original investment. Clearwire was the first company to roll out a 4G network in the U.S., however the WiMAX technology the network was built around failed to gain widespread adoption, with every major carrier instead deploying or looking to deploy 4G LTE service. Even Clearwire’s largest shareholder, Sprint, announced plans to launch a 4G LTE network in mid-2012. According to the SEC filing, Google will exit Clearwire in an effort to rebalance its investment portfolio. The sale is expected to close by the end of March.

[Via The Verge]

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Dan joins the BGR team as the Android Editor, covering all things relating to Google’s premiere operating system. His work has appeared on Fox News, Fox Business and Yahoo News, among other publications. When he isn’t testing the latest devices or apps, he can be found enjoying the sights and sounds of New York City.