Want to share with your friends too?

Business
29 Oct 2017

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

Alphabet stocks hit record high prices

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.

In context

Alphabet stocks hit record high prices

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

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.

Ask NewsBytes
User Image

Next Timeline