Google sells their stake in Baidu.com

Search engine market leaders Google has clarified that they want to do it on their own in China as they have now sold its 2.6 percent stake in the Beijing-based company Baidu.com.

Baidu.com is currently the market leaders in the Chinese market while Google is struggling with censorship and government policies. Nevertheless, they are working on it and should resolve all the issues in the coming months.

Google confirmed that they have sold 749,625 Baidu.com shares. They had paid just around $5 million for the stake in June 2004 and these shares are worth around $60.1 million based on the June 22 closing price.

However, this was bad news for Baidu.com as the share prices of the company fell down after the news was made public.