Google Millionaire List Grows

What's unknown, however, is how many shares any of these insiders will sell -- if any -- when Google starts auctioning off its shares to the public. And as with any auction, it's unknown what the final price will be.

In its latest amended filing, Google reiterated and elaborated upon the risks it previously disclosed in related to the auction process.

"You should understand that the trading price of our Class A common stock could vary significantly from the initial public offering price," warned the company. "Therefore, we caution you not to submit a bid in the auction process for our offering unless you are interested in investing for the long term and are willing to take the risk that our stock price could decline significantly."

Even so, many observers believe the greater risk lies with Google's competitors, which range from Yahoo! (YHOO Quote) and Microsoft (MSFT Quote) to AskJeeves (ASKJ Quote) and Mamma.com (MAMA Quote).