- 1st September 2021
- Posted by: Hakeem
- Category: Around The World
In just 8 months, Larry Page, 48, and Sergey Brin, 47, both founders of Google, have recorded impressive gains in their wealth valuations.
The wealth valuation of Larry Page and Sergey Brin, respectively, was $129 billion and $124 billion at the end of August – with them earning $47.3 billion and $46.3 billion during the past seven months, respectively. Collectively, both men have earned $93.6 billion.
Recent gains in Google shares have been fuelled by a surge in economic data from America’s service industries and a boom in the tech sector. Global investors appear increasingly keen on holding on to the shares of the tech juggernaut.
As of Tuesday, the shares have gained more than 7% in August after closing at $2,909, an all-time high. A stock rally of this length has not occurred since a 10-month streak in 2009.
At the end of August, the world’s most popular search engine company had a market valuation of $1.94 trillion.
Since 2009, shares have gained for the longest stretch in history.
With these gains, Google shares have gained 78% in the past year, outpacing other technology giants and closing in on $2 trillion in market capitalization. Apple Inc. and Microsoft Corp. are the only companies worth more.
During the past few years, market conditions for digital ads have improved substantially, benefitting Alphabet. As revenue surged, it far exceeded analysts’ expectations last month.
In 2019, Page handed over the reins to Sundar Pichai as Alphabet CEO. Sergey Brin resigned from Alphabet as president and was subsequently eliminated from his position.
In addition to serving as board members, Page and Brin own 51% of Alphabet’s voting shares, a special class of stock. Their fortunes rank among the worlds richest.