After
announcements of Google’s financial report for the third quarter of this year,
its share price gained more than 10 percent to break the $1,000 barrier for the
first time since the tech giant went public in 2004.
Google’s
share price has gained over 1100% since it first went public when its shares
were valued at $85. Google is only one of the very few companies whose shares
have hit $1000 on the stock market. Companies like Berkshire Hathaway,
Priceline and Seaboard have all made this feat before.
This increase
in share price has reportedly increased Google’s market capitalization to about
$337 billion, an increase of about $25 billion. This has also increased the
co-founders’ worth by about $3 billion according to Forbes real time
billionaires. CEO, Larry Page had his wealth increased by $3bn while director
of special projects, Sergey Brin had an increase of $2.93bn.
Google’s
$14.9 billion revenue in the third quarter and the subsequent development of
Youtube for mobile devices are factors that have been ascribed to the positive
development for Google. Google has also increased its presence in mobile
devices by serving more ads on mobile devices.
Google is one
of the companies for the future as its upcoming projects like Google Glass,
Driverless cars, Fiber have made investors confident that the company is going
in a positive direction.
There are
reports that this feat may not last long if Google moved to a stock split, a
situation that would give the founders control over the direction of the
company. This move will reduce the stock price back to three figures which is
still impressive anyway.
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Google stock price tops $1000