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Google on Friday announced that it is selling its entire 6.5% stake in Clearwire. Google originally purchased its Clearwire shares for about $500 million in 2008 and will take a huge hit on its investment: the company is reportedly selling its stake for just $47 million.

"Google periodically rebalances its investments based on its goals and its evaluation of market conditions," the company explained in paperwork filed with the Securities and Exchange Commission (SEC) on Friday.

Clearwire originally helped Sprint deploy its 4G WiMAX network a few years ago and the company said earlier this week that it plans to rollout a 4G LTE network by 2013. Clearwire, along with LightSquared, also had a 4G LTE network deployment agreement with Sprint. LightSquared's network was recently blocked by the FCC, however, and Clearwire has struggled financially for the past several years, which has us wondering if today's news will change Sprint's LTE plans.

[via The Verge]