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the brutal suppression of demonstrators in China in June 1989. The same search on Google.cn provided a much smaller list and included pictures of a smiling couple in the square.2 The decision to develop Google.cn was complicated. In the words of Elliot Schrage, Google’s vice president of Global Communications and Public Affairs: [Google, Inc., faced a choice to] compromise our mission by failing to serve our users in China or compromise our mission by entering China and complying with Chinese laws that require us to censor search results.… Based on what we know today and what we see in China, we believe our decision to launch the Google.cn service in addition to our Google.com service is a reasonable one, better for
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Anyone could place a bid (both quantity and price) to purchase stock, with the final clearing prices determined by the market at the end of the day. Once a minimum clearing price was set by the market, investors who bid above that price were awarded shares on a pro rata basis. This type of auction removed a layer of investment banks that traditionally underwrote the IPO process by setting the price, allocation, and marketing for their clients. Traditional IPOs utilized the underwriting bank as the central controller of the market (price and allocation) and as the marketer of the private organization to the potential investors. Google’s Dutch-auction process allowed a greater range of investors to bid (and win) initial shares. While smaller companies had infrequently held this type of public offering, Google’s auction was unprecedented in size.7 August 19, 2004, marked the initial public offering of GOOG on NASDAQ. In addition, the public-offering statement was “part financial document, part populist manifesto.”8 In April 2004, Brin and Page wrote a founders’ letter that was included in the documents for Google’s initial public stock offering. Brin and Page stated, “Don’t be evil. We believe strongly that in the long term, we will be better served—as shareholders and in all other ways—by a company that does good

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