Google Cofounders Page and Brin Just Made About 8 Billion In a Day
Google Co-founders Larry Page and Sergey Brin just added 4 billion to their individual fortunes. And it's all thanks to the stock market. Shares of their company rose by as much as 16 last week after the announcement of better-than-expected quarterly results, and a promise to bring more discipline into the company's spending. Shares closed at 672.93 last Friday, a one-day rise of more than 93, and in turn boosted the value of the shares held by both Page and Brin, as detailed by Bloomberg. The rise isn't just a windfall for the Google leaders it's also the biggest one-day creation of wealth, at 51 billion, in U.S. history, Howard Silverblatt of SP Dow Jones Indices told USA Today. This has been a banner year for Page and Brin. Their respective fortunes are up 24 this year, an increase of about 7 billion each, according to the Bloomberg Billionaires Index. Chairman Eric Schmidt, who owns 1.3 of Google, has himself seen his fortune increase by 22 this year. Their riches are tied to optimism by investors about the future of Google. Last Friday's activity added 65 billion to the company's market capitalization, the largest single-day gain ever. The rally made Google the second biggest company, behind only tech rival Apple, which has a market value of around 746 billion. "People should take away that Google is a stronger and healthier company than what the Street had previously understood," said Colin Sebastian, an analyst at Robert W Baird  Co, in the Bloomberg report.