Google chops size of initial offering

— 9:28 AM on August 18, 2004

The Google IPO has had a bumpy road of late, so the company announced today that the amount of stock it will offer for sale will be nearly half what was originally planned. This move comes after the Securities and Exchange Commission held up the original offering and opened an inquiry into whether Google's founders had violated securities rules by granting an interview to Playboy magazine during the pre-offering quiet period. The revised IPO will still likely make Google's founders filthy rich, but all of the problems have taken some off the luster off the 'net's new golden child.

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