How Google founder Larry Page’s Net Worth Recently Surged by $5 Billion
Larry Page, the co-founder of Google's parent company, Alphabet Inc. recently saw a substantial rise in the net worth. The surge in his net worth secured him the 12th position on the Forbes' richest billionaires in 2023. The majority of Page's net worth is attributed to his position as one of the primary shareholders of Alphabet Inc. The company's share price substantially increased from $122 to $129.46, per Nasdaq. Here's a look at his net worth and earnings and the reason behind the 5.94% increase in his net worth.
The $5.5 billion surge
The $5.5 billion increase in Larry's wealth is the result of the amazing second quarter earning which was released by Alphabet after the market close, as per Nairametrics. The second quarter's performance was way more than their expectation on both revenue and earnings. The revenue of the quarter was around $74.6 billion which surpassed the projected analysis of $1.44 per share.
The company's ad revenue also did well, bringing in $58.14 billion in the quarter which was more than the estimation of $57.5 billion. Even YouTube's revenue was more than expected with it reaching $7.66 billion compared to the predicted $7.41 billion. Apart from this, Google's cloud business also reported a profit with revenues of more than $8 billion with a segment income of $395 million. This was considered a great performance compared to the loss of $590 million reported last year.
What is Larry Page's net worth?
The American billionaire is worth $117 billion, as per Celebrity Net Worth. He earned his fortune after he created Google along with Sergey Brin. He initially served as the CEO of the company until 2001 and then he was succeeded by Eric Schmidt. However, Larry returned as the CEO in 2011 and served the company again till 2015, this time ceding the CEO position to Sundar Pichai. Larry Page owns around 6% of the parent company and the two founders control 51% of the company's voting rights.
Larry Page's early life and the start of Google
Larry Page was born in Michigan to mother Gloria Page and father Carl Victor Page who was a pioneer in the computer science field. He was introduced to computers at a young age. After graduating from the state college, he enrolled himself in the CS program of Standford University where he explored the mathematical properties of linking the World Wide Web and realized that one can check the website quality based on how many backlinks it has gotten from other websites. He soon met his fellow PhD batchmate, Sergey Brin with whom he wrote the paper, 'The Anatomy of a Large-Scale Hypertextual Web Search Engine.' The duo started Google as a private enterprise back in 1998 and named the domain 'Googol' which is basically a number that starts with 1 and has a hundred zeros after that. Alphabet's net worth as of July 28, 2023 is $1683.37B but Google started out with a mere investment of $100,000 from David Cheriton, Professor at Stanford University.
Page's real estate holdings
Page bought his primary residence, a 9,000 square-foot home in Palo Alto, California with his wife Lucinda Southworth in 2005 for $7.2 million. In 2011, Page spent $45 million on a 193-foot yacht called Senses.
How Google maintains its position in today's competitive AI market?
At the developer conference, the company said that they have already started testing a more conversational search engine that will be backed by AI. Initiatives like these have helped Google to maintain its position in today's competitive AI market.
Pichai talked about the Search Generative Experience that they are working on, "We’re in a period of incredible innovation for Search, which has continuously evolved over the years." He also shared the fact that the feedback has been positive when it comes to the new SGE beta, "User feedback [on the Search Generative Experience] has been very positive so far. It can better answer the queries people come to us with today, while also unlocking entirely new types of questions that Search can answer."