Google's AI push propels co-founders to gain over $18 billion in a week
In the week that followed the company's unveiling of a revamped search engine, the two added more than $18 billion to their combined wealth
PTC News Desk: Larry Page and Sergey Brin, the co-founders of Google, have seen a significant increase in their net worth thanks to the company's artificial intelligence (AI) push.
In the week that followed the company's unveiling of a revamped search engine, the two added more than $18 billion to their combined wealth. According to the Bloomberg Billionaires Index, Page's net worth increased by $9.4 billion to $106.9 billion, while Brin's rose by $8.9 billion to $102.1 billion. This marks their biggest weekly gain since February 2021.
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Google announced that it will begin experimenting with a more conversational search engine and has made its AI-powered chatbot available more broadly at its annual developer conference. This move is helping the company to assert dominance in an increasingly competitive field. The parent company, Alphabet Inc., saw shares rise almost 1 per cent in New York on Friday after surging 8.6 per cent in the two days through Thursday.
Page and Brin, who have been more involved in the company than they have been in years, are among the biggest gainers of 2023, adding more than $22 billion each to their wealth. They rank as the eighth- and ninth-richest people in the world, respectively.
Eric Schmidt, Google's former CEO, is also benefiting from the AI boom. He has invested in many startups in the field and has rejected public calls to slow down the speed of research, citing concerns over China's advances in tech. Most of his $23.6 billion fortune remains tied to Alphabet, where he is the third-largest individual shareholder. His net worth has gained $1.8 billion this week.
In summary, Google's co-founders and former CEO are seeing significant gains in their net worth due to the company's AI push, with Page and Brin adding more than $18 billion to their combined wealth in a single week. This underscores the growing importance of AI in the tech industry and the lucrative opportunities it presents for those involved.
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