Alphabet Results: Google-founders get $3.5 billion richer in a day
What's the story
Google co-founders Larry Page and Sergey Brin saw a combined rise of $3.5 billion in their net-worth as Class A stocks of Alphabet, Google's parent company, hit a record-high price of $1,061 per share.
The share prices rocketed a day after Alphabet released its third-quarter results which showed a year-over-year revenue growth of 24% above projected revenues.
Investors naturally responded with ebullience.
Do you know?
The behemoth called Google
Brin and Page hatched the idea for Google while doing their post-doctoral research at Stanford University. They launched the company in 1998 from Susan Wojcicki's garage. Google was rebranded as Alphabet in 2015, and now brings in annual revenues of over $100 billion.
Valuation rise
Larry Page goes up billionaire ladder while Brin retains rank
Class A Alphabet shares, after hitting the record-high price, closed at $1,034 per share on Friday - the highest-ever closing price for the company's shares.
As a result, Larry Page ended the day with a valuation of $48.2 billion and jumped from 9th to 6th position on Forbes' American billionaire rankings.
Brin's valuation rose to $46.9 billion as he retained his 10th rank.