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The 47-year-old German suffered serious brain trauma, was in a coma on arrival and underwent immediate surgery.
He was skiing off-piste with his son in the French Alps on Sunday morning when the accident occurred.
Schumacher was wearing a helmet when he fell and hit his head against a rock, his manager Sabine Kehm said.
Reports in French and German media say that the F1 legend underwent a second operation during the night.