The Google co-founders added more than $1 billion each to their net worth as the firm's shares rose 1.9 per cent in New York.
Larry
Page and Sergey Brin just got a $2.3 billion retirement gift from
investors.
The Google co-founders, who announced Tuesday they were stepping down from day-to-day management of parent Alphabet Inc, added more than $1 billion each to their net worth as the firm’s shares rose 1.9 per cent in New York.
The Google co-founders, who announced Tuesday they were stepping down from day-to-day management of parent Alphabet Inc, added more than $1 billion each to their net worth as the firm’s shares rose 1.9 per cent in New York.
They
each own about 6 per cent of the internet giant and still control
Alphabet through special voting shares.
The
gains come as investors welcome Sundar
Pichai’s elevation to chief executive officer of Alphabet,
replacing Page in the role. It means the three most valuable US tech
firms no longer have a founder at the helm.
Like
Apple Inc’s Tim Cook and Microsoft Corp.’s Satya Nadella, Pichai
is a long-time lieutenant who steadily worked his way up the
corporate ladder. More than 15 years after he joined the Mountain
View-based company he’s replacing Page in the top job. Brin is
stepping down as president, leaving Pichai as undisputed leader.
The
shift reflects Google’s accession into corporate middle age.
Started in a California garage by Brin and Page in 1998, the firm had
revenue of $137 billion in 2018 and today boasts a market value of
$893 billion. That’s behind only Apple and Microsoft on the S&P
500 Index.
Founder
free
Other
Silicon Valley giants are also founder free. Larry Ellison’s Oracle
Corp. is headed by Safra Catz, though Ellison is still involved as
the company’s chairman. Some younger companies -- such as Uber
Technologies Inc. and We Co. -- have turned to outsiders amid turmoil
There
are some notable exceptions. Jeff Bezos and Mark Zuckerberg are still
at the helm of Amazon.com Inc. and Facebook Inc. respectively, which
are the fourth- and fifth-largest US companies by market value.
Such
a transition has proved to be a boon for Apple and Microsoft. The
iPhone maker’s shares have risen by more than 400 per cent since
Cook took the helm in August 2011 and Microsoft has quadrupled on
Nadella’s watch.
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