On November 7, 2007, Google’s stock hit its all-time high of $747.24-a-share. After a second-half of incredible growth (in 2007), $1,000-a-share seemed like it was only a matter of time. And some were even calling for $2,000-a-share. (Though, to be fair, Silicon Alley Insider’s Henry Blodget didn’t say exactly when he thought it would hit $2,000-a-share.) People aren’t saying that anymore.
Google’s stock fell over 6 percent once again today. It closed below $350-a-share ($346.01 to be precise) for the first time since early 2006.
During its peak, Google’s market cap was around a quarter of a trillion dollars. Now, its market cap runs the very real risk of falling below $100 billion. Market capitalization is measured by taking a company’s share price and multiplying by the number of shares outstanding. Google’s is currently at $108 billion, if the trend of the last few days keeps up, it will fall below the $100 billion mark tomorrow.
Apple fell below the mark a few days ago as its stock continues to tank as well. As recently as August, Apple’s market cap was over $150 billion (and it actually briefly surpassed Google’s market cap). Now it stands at $79 billion. Considering that Apple has over $20 billion in cash on hand, that’s pretty incredible.
With Google’s slip below $350-a-share, founders Larry Page and Sergey Brin are likely close to being relegated into the single-digit billionaires club again. (It’s a sad story, I know.) Back in March when Google’s stock hovered around $450-a-share (it shot up shortly afterwards), both Page and Brin were thought to be valued around $13 billion each. Depending on any stock moves they’ve made, that’s probably a lot closer to $10 billion a piece now, and falling fast.
At Google’s stock height, both were worth over $20 billion each.
Because of the stock slump, Google has also fallen behind Cisco as Silicon Valley’s most valuable company.