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Google shares fall by 6.7%

Discussion in 'General Discussions and Lounge' started by temi, Nov 17, 2004.

  1. temi

    temi Facilitator Webmaster

    Google's flotation attracted a lot of interest from investors
    Shares in Google have fallen 6.7% after employees and early investors in the web search took advantage of the first chance to sell their holdings.
    Restrictions were imposed ahead of its flotation in August, to prevent shares being dumped quickly onto the market.

    In one of the most closely-watched initial public offerings in stock market history, the US-based company sold 19.6 million shares at $85 each.

    Google shares have risen since but fell $12.33 on Tuesday to close at $172.55.

    The restriction - known as a lockup - is being eased piecemeal: in all, some 227 million additional shares will become free to trade by February 2005.

    Selling the shares could turn many of Google's workers into millionaires.

    'Potential ceiling'

    There were fears that the potential increase of shares in circulation from Tuesday would ease demand for stock.
    source and full story: news.bbc.co.uk/1/hi/business/4015787.stm

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