NYT: Google Lowers Its Sights as Demand Proves Weak

After lowering the number of shares offered and pricing the offering at the low end of its restated expected range, Google sold $1.66 billion of stock to outside investors. The offering pegs Google's total value at $23 billion, far lower than the originally stated potential of about $36 billion. That value puts Google at only 60 percent the value of Yahoo. The New York Times account reports that a flurry of phone calls last night between board members and other executives and bankers included heated exchanges of blame for miscalculating initial demand. The stock should start trading in a few minutes on the Nasdaq market under the GOOG ticker symbol.