Secret behind Google Co-founder’s gain of $18 billion
Bloomberg News reports that the net worth of Larry Page, the co-founder of search engine giant Google surged by as much as $9.4 billion in the current week, registering a rise of $106.9 billion. On the other hand, the net worth of Sergey Brin increased by $8.9 billion to $102.1 billion. The same was reported as per the Bloomberg Billionaires Index.
Reaping rewards
The co-founders of Google were found reaping the rewards of the frenzy around artificial intelligence. Combined, both have added a total wealth of $18 billion, with the search engine major revamping the platform.
Larry Page’s net worth
The co-founders’ profits are possibly the biggest they have attained since February 2021.
What is the revamp Google slated to undergo?
As a revamp of the existing setup or model, Google plans to start experimenting with making the search engine even more interactive. Or conversational. In this context, Google has broadly increased the availability of the AI-powered chatbot. This was revealed by the Mountain View company based in California at the event of its annual developer conference that was held on Wednesday. By doing so, the company will be able to dominate in a field that is becoming increasingly competitive.
What about the shares of the parent company, Alphabet Inc?
Regarding the shares of the parent company Alphabet Inc, the shares surged by 1 percent on Friday n New York, following an upsurge of almost 8.6 percent on two consecutive days through Thursday.
Page and Brin have persistently given a push to the AI aspect. Also, they have become even more involved in the company than in the bygone years. This has led to the biggest gain of 2023, thereby adding almost $22 billion to their wealth. As far as their rankings are concerned as the richest, they occupy the eighth and the ninth places, respectively.
Who are the other beneficiaries of the AI boom?
Other than the co-founders, the other beneficiary is the former chief executive officer of Google, Eric Schmidt. He has already invested in several startups. The majority of his $23.6 fortune is tied to Alphabet since he is the third largest individual stakeholder of the company. His net worth escalated this week by $1.8 billion.
News source: Bloomberg
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