(AP Photo/Paul Sakuma) |
Google cofounders Larry Page and Sergey Brin lost a combined $3.8 billion dollars in
after-hours trading on Thursday after Alphabet, Google’s parent company,
reported its first quarter earnings and missed analysts’ forecasts. Google
stock fell more than 5% in after-hours trading. The pair is currently
worth a combined $72.1 billion as of 6:45 p.m. Eastern, down from a combined
$75.9 billion as of the market’s close on Thursday.
Despite the drop, Page remains the 12th richest person in the
world with a net worth estimated by Forbes of $36.5 billion. Brin, however, is
now tied with France’s Bernard Arnault as the world’s 13th richest person after
losing $1.9 billion after-hours on Thursday. Both Brin and Arnault currently
have net worths of $35.6 billion.
Because Google stock accounts for the vast majority of Page and
Brin’s net worths, small stock fluctuations have multi-billion dollar
consequences for the cofounders’ fortunes. Overall, Page and Brin are doing
just fine–the pair’s combined net worth is up 800% since the
company went public in August 2004. Page and Brin first appeared on
Forbes’ ranking of the 400 richest people in America in September 2004, each
with a $4 billion fortune.
Source: Forbes.com
No comments:
Post a Comment