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Google stock boosted by extra shares

15 February 2005

Google share prices rose this week after a batch of company shares entered the market.

Hundreds of employees, early investors and others gained the freedom to sell as many as 177 million additional shares, nearly double the number that have become available in the months since Google's IPO.

Just six months after the company floated on the stock exchange last August, the largest and final batch of company shares that had been kept off the market were freed up for trading.

Despite widespread selling by employees, Google's stock rose $5.59, to close at $192.99 following the expiration of trading restrictions.
On Monday 38.6 million shares changed hands, nearly triple Friday's volume of 13.1 million shares, against many Wall Street analysts' expectations.

Google's share price fell by more than $20 in the 10 days ahead of the end of the lock-up period, affected by heavy selling by savvy investors seeking to profit in advance.

John L Doerr, a Google director and a managing partner of Kleiner, Perkins Caufield & Beyers sold about $30 million of Google stock this month, according to public filings.

Google's stock price peaked at $216.80 on February 2nd 2005, just one day after the company announced robust earnings for fourth quarter 2004. Prices have soared since the shares first came onto the market at $85.

Google's initial public offering in August involved only about 23 million shares.

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