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NEW YORK (TheStreet) -- GoDaddy  (GDDY) - Get GoDaddy, Inc. Class A Report stock is tumbling by 7.55% to $30.01 in mid-afternoon trading on Tuesday, after announcing that it has begun a public offering of 16.5 million common shares.

The company will not receive any proceeds from the sale because all of the shares are being offered by selling stockholders. 

GoDaddy is a domain registration company based in Scottsdale, AZ.

About 1.41 million shares of GoDaddy have been traded so far today, well above the company's average trading volume of roughly 415,583 shares per day. 

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