| greentea |
10-28-2004 10:13 AM |
Google founders' wealth surges
In the span of just a month, Google's co-founders have gone from being very, very wealthy to being very, very, very wealthy, at least on paper.
At the end of September, Forbes magazine ranked Larry Page and Sergey Brin 43rd on their list of the 400 richest Americans, based on the $4 billion worth of Google stock they each owned. But the price of Google shares has surged since then, closing at $181.80 Tuesday. That makes their holdings worth $6.9 billion apiece and vaults them to 27th place on Forbes' list, assuming no one else's net worth has changed. Not a bad month at the office.
The soaring stock has pushed them ahead of New York Mayor Michael Bloomberg and Amazon.com Chief Executive Jeff Bezos on the Forbes list.
Other key Google shareholders are sitting pretty, too. Venture capitalist John Doerr and his colleagues at Kleiner Perkins Caufield & Byers own shares that were worth $3.8 billion Tuesday.
The VCs had planned to sell 2.1 million shares in Google's initial public offering in August, at $85 apiece. Instead, they decided to heed that time-worn adage -- buy low, sell high -- and the shares are now worth more than double that.
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