Google Inc (NASDAQ:GOOGL) celebrates its tenth anniversary of going public today. The company’s extraordinary growth during the last decade could simply be gauged by the way its name has become synonymous with a web search. Robert Frank, CNBC’s wealth editor, remembered this monumental day by talking about the millionaires Google has created over the years and what they are doing now.
When Google Inc (NASDAQ:GOOGL) went public, about 900 of its employees became millionaires overnight. But the biggest winners were founders Larry Page and Sergey Brin, who were worth $3.8 billion each on the day of the IPO. Currently, their net worth is around $32 billion each! Google’s allure did not fizz out after the initial days but continued to make millionaires out of ordinary men. It has been estimated that technology giant has created around 2,000 millionaires over the last ten years.
One wonders where these Google Inc (NASDAQ:GOOGL) millionaires now are and what they are doing with all that cash. Frank spoke to several Google alumni to find out the answer and recognized a pattern amongst them.
“A lot of people stay in this company for a long time, even after they get rich. So, they have been able to retain these folks even after they could just cash out,” he explained.
Many of the Google’s former employees have also helped to launch many successful startups. “They are using their money to start or fund other companies. They are called Google Angels and there is this whole generation of them,” Frank said. These Google Inc (NASDAQ:GOOGL)’s ‘Angels’ have funded over hundreds of startups like Twitter Inc (NYSE:TWTR), Pinterest and the Climate Corporation to name a few. He also noted that this trend was fueled by the fact that most of these people were still young when they came into huge money and wanted to stay in the game instead of just retiring with a boat.