The co-founders of Google are benefiting from the surge in artificial intelligence enthusiasm, with their combined wealth increasing by over $18 billion following the company’s introduction of a revamped search engine.
According to the Bloomberg Billionaires Index, Larry Page saw his net worth rise by $9.4 billion this week, reaching $106.9 billion, while Sergey Brin’s wealth increased by $8.9 billion to reach $102.1 billion. This marks their largest weekly gain since February 2021.
During its annual developer conference on Wednesday, Google announced its plans to experiment with a more conversational search engine and expand the availability of its AI-powered chatbot. These developments are helping the company solidify its dominance in an increasingly competitive industry. Following this news, Alphabet Inc., Google’s parent company, experienced a nearly 1% rise in its shares in New York on Friday, following an 8.6% surge over the previous two days.
Page and Brin, who have been actively involved in the company’s AI initiatives and have increased their participation in recent years, have emerged as significant beneficiaries in 2023, with each adding over $22 billion to their wealth. They currently hold the eighth and ninth positions, respectively, on the list of the world’s richest individuals.
Google’s former chief executive officer, Eric Schmidt, is another beneficiary of the AI boom. He’s 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’s the third-largest individual shareholder. His net worth has gained $1.8 billion this week.
