Sergey Brin loses $29B after Alphabet stock drops over 12%
Business
Sergey Brin, Google's co-founder, just lost $29 billion in a single day after Alphabet's stock dropped more than 12%, its biggest one-day slide since 2004.
The hit came as Alphabet's search growth slowed and the company poured big money into AI, making investors nervous.
Larry Page loses $31B
Alphabet's market value shrank by over $500 billion, and fellow co-founder Larry Page saw his net worth fall by $31 billion.
Even though Google's search revenue grew to $63.4 billion, it missed expectations as growth fell short of investor forecasts.
Meanwhile, rising costs for AI projects and fresh data rules in Europe are adding more pressure, and with California considering a billionaire tax that Brin opposes, it's been a rough week for the tech giant.