Google founders, Sergey Brin and Larry Page lose $2.07 billion combined

• The Billionaire index by Bloomberg shows the net worth of Google founders dropped by $2.07 billion
• Their wealth is derived from various stakes in Alphabet, Google’s parent company
• Both have a net worth of $218 billion combined as of the time of this report

Sergey Brin and Larry Page, the founders of Google, lost $2.07 billion in value as of July 20, 2022.

The billionaire who cofounded Google in 1998 while as a PhD candidate at Stanford University in California makes the majority of their money by holding shares of Alphabet, the parent company of Google, the top search engine in the world.

According to data from the Bloomberg Billionaire Index, Page and Brin's net worth recently decreased by $1.08 billion and $0.99 billion, respectively.

As of the time of this report, Legit.ng confirms that Page is worth $112 billion, while Brin is valued at $106 billion respectively ranking number 9 and 10 on the billionaire list.

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Brin’s wealth

According to a filing from May 2023, Brin owns both Class B and Class C shares, giving him a total ownership interest of around 6% in the company. His Class B shares are valued using the current market value of the Company's Class A shares even if they are not traded. According to Google's proxy, they are one-for-one convertible into publicly traded shares. According to the May 2023 filing, he controls around 367 million Class C shares, which are also traded publicly.

The billionaire has sold shares worth more than $10 billion since the company's initial sale in 2004, according to data compiled by Bloomberg. Based on an examination of these share transactions, market performance, charity giving, and taxes, the worth of his cash investments is determined.

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Page’s wealth

An April 2022 company filing shows that Page also owns Class B and C shares, giving him nearly 6% of the corporation. Although Page's Class B stock is not traded, it is valued using the price at which the company's Class A shares are currently trading because, in accordance with the company's proxy, the B shares are convertible into the Class A shares on a one-for-one basis. According to the April 2022 filing, he owns over 20 million shares of Alphabet Class C stock, which is also traded.

According to information gathered by Bloomberg, the billionaire has sold shares of Alphabet and Google valued at more than $10 billion since Google's initial public offering in 2004. The study of these sales, insider transactions, asset sales, and taxes determines the value of his cash investments.

Google launches ChatGPT rival Bard in EU, Brazil

Legit.ng earlier reported that Google introduced new capabilities for Bard, the AI chatbot that competes with Microsoft-backed ChatGPT, as it expanded access to the European Union, Brazil, and a dozen other nations.

The US tech giant introduced Bard in February but postponed its distribution in the EU due to concerns about the risks linked with the quickly developing technology and proposals for regulation by the bloc.

Source: Legit.ng