Larry Page and Sergey Brin, the co-founders of Google, have entered the $100 billion club, as per the Bloomberg Billionaire Index data taken on 12 April 2021. Their net worth surged due to the sharp spike in Alphabet share. Alphabet is the parent company of Google.
How Page and Brin’s Fortunes Surged at $100 Billion?
Page and Brin joined the elite club of $100 billion fortune yesterday when the share market saw a positive change in Alphabet share. Globally, eight business persons have a net worth of more than $100 billion including Google co-founders, according to the Bloomberg billionaires index. Page and Brin co-founded Google in 1996.
All $100 billion club members have one thing in common. They have earned these fortunes due to the technology companies. Combined, they have a total of $1 trillion+ wealth. Out of that, they have added $110 billion this year. Tech companies share prices are surging continuously due to the covid pandemic. People are more dependant on technology now.
Page has added $21 billion so far in 2021. With this addition, his net worth has surged to $103.6 billion before the market opened on Monday. Currently, he is the sixth richest person in the world. The net worth rise is mainly due to the surge in Alphabet shares that saw a jump of 32% in 2021. On Monday, when the market opened, the share of Alphabet saw a decline of 1.3%. That may change Page fortune to below $100 billion.
Brin added $20.4 billion in 2021 to make his total fortune $100.2 billion before opening the share market on Monday. In the initial hours of the Share market, his wealth slipped below $100 billion club due to the downfall in the Alphabet share value.
Brin and Page have complete control of Alphabet with 51% special class voting shares. Overall, they have 11.4% shares of Alphabet that is a $1.5 trillion tech firm.
Who are the Other Members of the $100 Billion Club?
If we talk about the $100 billion club history, Bill Gates was the first person on earth to achieve a net worth of $100 billion in 1999. His wealth suddenly declined due to the dot-com bubble burst. It took him the next twenty years to regain the $100 billion club membership in 2019. Recently, his wealth surged to $145 billion to become the third richest person in the world, as per Bloomberg data taken on 12 April 2021.
Amazon’s Jeff Bezos joined the $100 billion club in 2017 and he has almost doubled his wealth to $197 billion in 2021. He is the richest person in the world. With a net worth of $175 billion, Elon Musk is the second richest person in the world. His fortunes dramatically increased in 2020 due to the spike in Tesla share.
Bernard Arnault, the majority shareholder of the luxury goods empire LVMH, Facebook’s Mark Zuckerberg, and the veteran investor Warren Buffett are the other members of the $100 billion club.
Page and Brin stepped down from the management affairs of the company in 2019. Currently, they offer their advice to the current management for the betterment of the firm.
Since 2019, Google CEO Sundar Pichai is also the CEO of Alphabet. Page and Brin offer full support whenever required. Due to their mutual understanding, the search engine giant is observing positive growth the recent years. In a research study conducted in 2019, Alphabet also became the best employer in the world.