Google’s founders lose $17billion
Lofty growth expectations as well as a perceived weakness in the US economy and the rumblings of a recession have had an affect on Google’s share price.
Having reached a high of $747.24 a share in November last year it has now dropped down to $450 a share. A regularity fillings release on Tuesday revealed that Google’s stock tumble has resulted in Google co-founders Sergey Brin and Larry Page losing a massive $8.5 billion off their personal wealth. CEO Eric Schmidt lost $3billion.
Even after the $8.5 billion loss, Brin and Page are both still worth around $13 billion each. Eric Schmidt fortune comes in at $4.3 billion.
Brin, Page, and Google CEO Eric Schmidt all received their customary $1 salaries last year.