Why Google cofounders Larry Page and Sergey Brin lost $10 billion each on the day Google raised $80 billion

Google cofounders Larry Page and Sergey Brin saw their personal fortunes shrink by around $10 billion each on the same day Google-parent Alphabet announced plans to raise $80 billion through a massive stock sale to fund its artificial intelligence (AI) expansion. As reported by Fortune, the decline came as Alphabet shares fell sharply after investors reacted to the company’s ambitious fundraising plan and growing AI spending commitments. While the $80 billion deal could become the largest equity capital markets transaction in history, the market’s immediate response wiped billions from the wealth of the company’s founders, whose fortunes remain closely tied to Alphabet’s stock performance.

Why Larry Page and Sergey Brin lost $10 billion each

According to a Fortune report, Alphabet shares fell 3.8% on June 2 and were down 6% over the previous five days following the company’s announcement that it would raise $80 billion through a combination of stock sales and private investments.