On the day the world’s largest company Apple was doused with a downgrade, shares of the world’s second largest company were fanned into much anticipated $1,000 territory.Alphabet has joined the exclusive $1,000 club.
Shares of Google’s parent company crossed the $1,000 mark shortly after the opening bell on Monday, notching a new record high of $1,007.40. The tech giant follows Amazon, which topped the $1,000 threshold last week. crossed the same threshold, showing the sustained investor confidence that tech giants can outmatch older companies.
A better measure of a company’s size is its market capitalization. Alphabet is currently worth $688 billion, trailing only Apple at $802 billion. Amazon, whose stock trades hands for $1,011, is catching up and is worth $483 billion.
Google founders Larry Page and Sergey Brin each added roughly $360 million to their fortunes on Monday, according to Forbes’ real-time billionaire rankings. The two men are the 12th and 13th richest people in the world. Page is worth an estimated $47 billion, while Brin’s fortune stands at $46 billion.
Technology stocks like Alphabet, Amazon, Microsoft and Facebook have soared this year, trouncing the broader market and helping the Nasdaq post 16% gains.
It’s not the first time Google has been priced at $1,000 a share. Prior to its stock split in 2014, shares of the tech giant rose to $1,200. But it’s the first time it broke the mark since it became Alphabet.