Connect with us

BILLIONAIRE WATCH

Google founders cash in $1 billion after earning $75 billion in barely 7 months

Published

on

Sergey Brin, 47, and Larry Page, 48, both founders of Google, have sold more than $1 billion worth of stocks combined since May 2021.

As of the end of July, Larry Page’s wealth valuation is $121 billion; Sergey Brin’s is $117 billion; respectively earning $38.3 billion and $36.7 billion in 7 months. Both men have earned $75 billion collectively.

Based on filings with the Securities and Exchange Commission, OpenInsider reported that the two firms sold shares worth $1.07 billion in May.

Including this week’s round, Brin’s sales now top$610 million, and Page’s is over $462 million. Each founder has filed a trading plan before selling. The Google founders had previously sold shares in 2017 when their last plan expired.

This year’s stock performance has been good for the company. The Nasdaq Composite Index and the stock prices of other tech giants such as Amazon and Apple have been underperforming the shares of Alphabet, the parent company of Google. A strong second quarter was reported on Wednesday for the company.

Page stepped down from the role as Alphabet CEO at the end of 2019, handing the reins to Google CEO, Sundar Pichai. At the same time, Sergey Brin stepped down as president of Alphabet and his role was eliminated.

Google co-founders Page and Brin remain board members and own 51% of Alphabet’s voting shares, a special class of shares. The pair are among the richest people in the world.

Currently, the company has a market value of $1.8 trillion.

 

Advertisement
Click to comment

Leave a Reply

BILLIONAIRE WATCH

World’s richest man, Elon Musk, earns $5 billion in a day, now worth $209 billion

Published

on

Despite Evergrande contagion creating some havoc in key markets, Elon Musk, the world’s richest man, posted impressive gains according to Bloomberg’s Billionaires Index as investors made strong bets on the world’s most valuable car company.

Friday’s trading session at the world’s largest economy yielded gains of about $5.07 billion, making the South African-born entrepreneur worth $209 billion. To date, the tech CEO has made $39.1 billion.

 

Tesla, the world’s most valuable automaker recorded a 2.75% gain in stock market trade on Friday, exceeding a $764.55 buy point. The 21-day exponential moving average has provided support for the shares. A trend of rising relative strength is evident, as well as the sloping 50-day line.

Moreover, investors are also holding tight to the blue-chip stock after Cathie Wood, the Chief Investment Officer of Ark Investment Management, announced that she would sell Tesla Inc. if its price reaches her five-year target this year.

She said she expects the electric-vehicle maker’s stock price in five years to be $3,000, roughly above $750 today. “I believe we would be peeling out of it if nothing changes in our outlook and we reach $3,000 next year,” she said.

Generally, stock experts expect that a Democratic-controlled U.S government would be positive for Tesla in the long run, on the basis that there would be more investments in renewable energy in the future.

Musk currently runs Tesla, America’s most valuable car company, as well as SpaceX, which is NASA’s largest customer.

Regulatory filings from February 2020 indicate Musk owns about 20% of Tesla. The collateral used for his personal obligations is part of his holdings.

The Palo Alto, California-based company makes electric sedans and SUVs, and investors are optimistic about the possibility of global government policies encouraging the adoption of electric vehicles. Tesla built a factory to manufacture its large-scale Megapack battery system. Megapack energy storage is intended for utilities.

As of the start of last year, the fifty-year-old tech tycoon was not listed among the top 50 richest people in the world. In July of that year, he passed Warren Buffett as America’s seventh-richest person.

119 million troy ounces of gold or 2.68 billion barrels of crude oil equal his current net worth.

Continue Reading

BILLIONAIRE WATCH

Amancio Ortega: Zara’s founder is worth $72 billion, with $10.2 billion in cash

Published

on

Amancio Ortega, the founder of Spanish fast-fashion brand, Zara, currently has a net worth of $72 billion, posting year to date gains of about $5.5 billion.

The Spanish billionaire owns 59% of Inditex, the world’s biggest clothing retailer. Inditex is the parent company of Zara, Massimo Dutti and other leading retail brands and it operates over 7,400 stores, posting revenue of about $23.5 billion in the year to January 31, 2021.

Amancio Ortega is also known for owning premium office and retail properties worldwide.  The father of three has invested his earnings, primarily dividends into real estate in prime locations such as Barcelona, Madrid, London, Miami, Chicago and New York.

His current net worth can buy 39.6 million troy ounces of gold or 978 million barrels of crude oil.

The European billionaire holds about $10.2 billion in cash and has earned about $10 billion in dividends since his company got publicly listed in 2021.

The 85-year-old billionaire is also known to have a stake of about 5% in Spanish energy company, Enagas, and he also purchased a minority stake in Telefonica SA’s tower unit for $440 million three years ago.

The world’s largest clothing brand is enjoying some form of price stability in equity, posting yearly gains of about 26%. The company rebounded from its first loss on record to post better-than-expected Q1 earnings, as the easing of COVID-19 lockdowns allowed it to reopen most shops.

Though like major clothing brands, the most destructive pandemic of the past year meant that the global clothing company had to face huge uncertainty surrounding inventories which saw its clothing stockpiles in Q1 surge by 5% from a year earlier, though they were down 5% from 2019.

Continue Reading

BILLIONAIRE WATCH

Dangote’s net worth declines by $1.2 billion in February

Africa’s richest man, Aliko Dangote lost $1.2 billion of his estimated net worth.

Published

on

Aliko Dangote, the founder of Africa’s most diversified manufacturing conglomerate, Dangote Industries, has seen his net worth decline by a whopping $1.20 billion in the month of February alone.

Africa’s richest man whose wealth peaked at $18.4 billion this year, saw his wealth declined by $1.20 billion, to $16.6 billion from $17.8 billion recorded on the 31st of January 2021, data retrieved from Bloomberg Billionaire Index reveals.

Source: Bloomberg Billionaire Index

The fall in Dangote’s net worth is partly attributable to the decline in the share price of his flagship company, Dangote Cement Plc (DCP), as well as the share price of his integrated sugar business, Dangote Sugar Refinery Plc (DSR).

The decline in the share price of these companies which impacted their market capitalization was occasioned by profit-taking activities by investors in February, across the market spectrum.

Facts about Dangote’s networth valuation

The majority of Dangote’s fortune is derived from his 86% stake in the publicly-traded Dangote Cement, as the billionaire holds the shares of the company directly and through his conglomerate, Dangote Industries.

He holds stakes in Nascon Allied Industries and United Bank for Africa, directly and through Dangote Industries, a conglomerate that also owns closely held businesses operating in food manufacturing, fertilizer, oil and other industries.

Dangote’s most valuable closely held asset is his fertilizer plant with a capacity to produce up to 2.8MT of urea annually. The $2.5 billion fertilizer plant owned by Africa’s richest man Aliko Dangote, is expected to commence operation in the first quarter of 2021.

The billionaire also owns a $12 billion oil refinery which is expected to be completed this year. However, the plant is not included in his net worth valuation, for some reason.

What you should know

  • The shares of Dangote Cement at the close trading activities for the month of February declined by 6.78%, extending the YTD loss on the shares of the cement behemoth to over 10%.
  • On the flip side, shares of Dangote Sugar Refinery also declined by 15.29% to close the month lower at N18 per share, thus correcting the YTD gains of its shares to 2.27%.
Continue Reading

Cryptocurrency Market

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement

Facebook

Follow us on Twitter

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 98 other subscribers

Trending