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    Home / News / Business News / Alphabet Results: Google-founders get $3.5 billion richer in a day
    Business

    Alphabet Results: Google-founders get $3.5 billion richer in a day

    Alphabet Results: Google-founders get $3.5 billion richer in a day
    Written by Shiladitya Ray
    Oct 29, 2017, 05:05 pm 1 min read
    Alphabet Results: Google-founders get $3.5 billion richer in a day

    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.

    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.

    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.

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