Google Gets Richer, Beats Financial Forecasts
Google founders Larry Page and Sergey Brin just got richer. The company’s shares were up nearly 16% at $696.67 this afternoon. The surge increased Brin’s fortune by $3.9 billion for a strong $35 billion net worth. Page’s wealth rose by $4 billion to total out at $35.6 billion.
The biggest win, however, goes to Executive Chairman Eric Schmidt. The surge has sealed his fate as a member of the Business Rich, pushing his wealth from $840 million to a whopping $10.4 billion. Although he was hardly “poor” before, this gain has made him #137 on the Forbes billionaire list and the 49th richest person in the United States.
The highly educated executive (electrical engineering degree from Princeton, Phd in computer science from Berkeley) Eric Schmidt owns more than 4.5 million shares of each class of Google stock. Schmidt is also one of the founding partners of Innovation Endeavors, a venture capital fund focussed on new technologies.
Beyond the immediate riches, another story was at play today: How is Google beating predicted forecasts? Some say it’s by reassuring investors of any fears they have. Namely, this means showing how they’re handling the transition from desktop to mobile, how they’re utilizing YouTube, and ensuring that they aren’t recklessly spending money on failed inventions/experiments.
Whatever the reasons, it looks like they worked. Congratulations to these tech titans.