Latest news with #ForbesReal-TimeBillionaires
Mint
5 days ago
- Business
- Mint
Sundar Pichai becomes billionaire despite sharp drop in salary over 2 years — here's how much the Google CEO earns
Google parent Alphabet's Chief Executive Officer Sundar Pichai, the Indian-origin tech leader, has achieved yet another feat as he became a billionaire on Thursday. According to Bloomberg Billionaires Index, Sundar Pichai's net worth now stands at $1.1 billion. Meanwhile, the Forbes Real-Time Billionaires list pegs the Google CEO's net worth at $1.2 billion. Sundar Pichai's salary in 2024 dropped massively in comparison to what he earned in 2022. According to Alphabet's annual report, Pichai's compensation took a massive hit as the CEO took home $10.72 million. This is a big drop from the $226 million he got as compensation in 2022. But there are reasons why the drop happened. In 2022, Sundar Pichai received a massive stock award that's only given once every three years. His base salary, however, stayed at $2 million throughout these years. The Google CEO earned the rest of the amount through stock-related income and other company perks. Meanwhile, Alphabet in 2024 spent 22 per cent more money on Pichai's security at $8.27 million, including 'residential security and consultation fees, security monitoring services, car and driver services, and personal security during all travel.' The reason why Sundar Pichai's net worth is rising is because of the stellar performance of Alphabet in the quarter gone by, and a subsequent rally in its stocks. Alphabet on Wednesday reported quarterly profits that topped expectations, saying artificial intelligence has boosted every part of its business. Alphabet's second-quarter profit of $28.2 billion — on $96.4 billion in revenue — came with word that the tech giant will spend $10 billion more than it previously planned this year on capital expenditures, as it invests to meet growing demand for cloud services. Alphabet shares rose as much as 4.1 per cent after markets opened in New York on Thursday, their biggest intraday gain in two months. This resulted in a jump in Sundar Pichai's net worth, too, who owns a 0.02 per cent stake in Alphabet. The tech giant is currently valued at around $440 million.
The Independent
27-01-2025
- Business
- The Independent
How China's DeepSeek shook up US markets, by the numbers
China upset U.S. markets Monday and disrupted the frenzy that had built up around artificial intelligence. A company called DeepSeek said it had developed a large language model that can compete with U.S. AI giants but at a fraction of the cost. DeepSeek had already hit the top of the chart for free apps on Apple's App Store by Monday morning, and analysts said such a feat would be particularly impressive given how the U.S. government has restricted Chinese access to top AI chips. Nvidia, Broadcom and Google's parent company Alphabet were among the high-flying stocks that fell to earth, at least for now. The noise in the tech sector obscured some solid gains in other parts of the market. Here's a look at DeepSeek's impact on the financial markets, by the numbers: 5.6% Monday's decline in the S&P 500 tech sector, the biggest drop in the index since September 2020. Nvidia was one of eight stocks in the tech sector to post double-digit losses on the day. The decline for the index would have been worse if not for a gain of more than 3% in shares of Apple. $590 billion The approximate decline in Nvidia's market value. That decline is more than the combined market value of home improvement giants Home Depot and Lowe's. Nvidia still carries a market value of about $2.9 trillion. $27.6 billion The drop in Oracle CEO Larry Ellison's net worth after the selloff, according to Forbes Real-Time Billionaires list. Ellison's net worth jumped last week after President Donald Trump said a new partnership formed by OpenAI, Oracle and SoftBank would spend up to $500 billion for infrastructure tied to AI. Forbes says Ellison is still worth $200 billion. Jensen Huang, CEO of Nvidia, saw his net worth drop $20.8 billion to $103.6 billion. 28.3% The decline in Vistra Corp., the biggest drop for any stock in the S&P 500. Vistra isn't a tech company — it's an independent power producer. Its shares soared last year on expectations that the build out of AI infrastructure in the US. will require enormous amounts of power. 351 The number of stocks in the S&P 500 that actually rose Monday. That the index dropped sharply on a day when better than three-fifths of its component stocks rose demonstrates the outsized influence of tech stocks such as Nvidia. The Dow Jones Industrial Average, which has much less of an emphasis on tech than the S&P 500 and Nasdaq, closed with a modest gain.
