Wednesday, March 05, 2008

Reindeer Google Article In October. Google Down 40% Since

The only reason we point this out, is because we have always thought Google is a great company. But about 25% the size everyone thinks it is now.

Since writing this post (Google and The Media and Financial Worlds That Worship It, Google is down 40%. People have lost billions upon billions on this.

The LA Times have just written an article about it.

A 'rough patch' sullies Google's shares

The Internet giant's stock plunges 40% since hitting a record $741.79 in November.
By Jessica Guynn, Los Angeles Times Staff Writer
March 5, 2008

SAN FRANCISCO -- Remember when Wall Street was gaga over Google?

Despite its quirky approach to business, Google Inc. became a favorite among investors as the company best positioned to cash in on the digital media revolution. The Internet search giant's shares first hit the market at $85 in August 2004 and had risen nearly ninefold by late last year, turning Google into one of America's most valuable companies.

But since reaching a record $741.79 in November, Google's stock price has plunged 40%. The company, which only a few months ago could do no wrong, saw its stock slip $12.42, or nearly 3%, Tuesday to $444.60, its lowest point in nearly a year. The dive, which has wiped out more than $93 billion in shareholder wealth, reflects concerns that a slowdown in consumer spending could temper Google's stunning growth.

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