Sergey Brin Supersedes Larry Ellison as World’s Third Richest
Sergey Brin has surpassed Oracle co-founder Larry Ellison to become the world’s third-richest individual. This change in wealth rankings occurred on Tuesday, fueled by a recent surge in shares of Alphabet, Brin’s parent company.
Brin’s Rise in Wealth
Following a significant increase in Alphabet’s stock price, Brin’s net worth is now estimated at $245.3 billion. He stands just ahead of Ellison, whose fortune is valued at $239.7 billion, according to the latest financial assessments. This remarkable ascent places Brin behind only Larry Page, whose net worth is approximately $264.4 billion.
Stock Performance
The rise in Alphabet’s stock has been impressive. On Tuesday, shares rose by 2.2% to around $325.75, building on a 6.3% increase from the previous day. Since reaching a low of below $188 in August, Alphabet’s stock has surged by over 75%.
- Alphabet Stock: Increased by 2.2% to ~$325.75
- Previous Day Increase: +6.3%
- Surge Since August Low: +75%
In contrast, Oracle’s shares have faced declines, dropping by over 4.6% to around $191. This downturn adds to an 11% decrease the stock has experienced over the past week.
Impact of AI Developments
The boost in Alphabet’s stock value follows news that Meta is considering utilizing Google’s AI chips for its data centers and cloud infrastructure. This potential collaboration poses a challenge to existing demand for Nvidia’s chips, reflecting the growing significance of AI in corporate strategies.
Wealth Dynamics Among Google Co-Founders
In the last two trading sessions, Brin and Page have both seen substantial increases in their net worths. Brin’s wealth grew by $16.9 billion, while Page’s net worth increased by $18.3 billion. This upward trend demonstrates the financial success of both co-founders as they move up on the list of the world’s wealthiest.
Notably, Brin holds fewer Class B shares of Alphabet compared to Page. His willingness to sell and donate shares, including significant contributions to Parkinson’s disease research, highlights his philanthropic endeavors.
The shifts in wealth rankings among these technology giants illustrate the dynamic landscape of the tech industry and its stock markets, underlined by investor optimism surrounding artificial intelligence. El-Balad will continue to monitor these developments in the tech sector.
