Business

GOOGLE EXECS TAKE $600 STOCK TO BANK

Google shares climbed past $600 yesterday for the first time, crowning its two co-founders and their CEO as the richest troika running any corporation anywhere.

The surge in the stock price – adding $25 billion in market value in the last month alone – evolved as Google moves closer to capturing huge advertising revenue on the Internet and eating the lunch of many rival media companies.

Shares hit a new intraday high yesterday of $610.26, settling at $609.62, up $15.57.

It’s the sixth record for the stock in the past two weeks. Shares are up 32 percent for the year.

Co-founder Larry Page’s personal stake is now worth $17.65 billion, and co-founder Sergey Brin’s stake is worth $17.33 billion. Both are 34.

The stake of the CEO Eric Schmidt, 52, is worth $6.5 billion.

All three take just $1 a year in salary and don’t hold any stock options.

Since Google went public three years ago at $85 a share, its value has skyrocketed more than seven-fold to $187 billion, bigger than old-line giants such as Coca-Cola, IBM and Wal-Mart Stores.

Google’s steepest gain came in the last 10 months when the stock roared from $500 a share to break the $600 mark.

While some analysts believe Google’s stock could hit $700 within the next year, as its clout increases in advertising, others are predicting $625.

Google could become one of the media’s most powerful ad players through its planned $3.1 billion purchase of online ad distributor DoubleClick.

Federal regulators are reviewing the deal following complaints it would hold too much power and potentially abuse broad data collected about consumers’ spending practices.

Google is making inroads into Web video with its purchase of YouTube, and has captured some of Microsoft’s e-mail turf with its own e-mail service.

Bear Stearns tech analyst Robert Peck gave a glowing review last week of Google’s ability to upstage rivals.

Peak wrote that “Google’s efforts in online video, radio and print have added a layer of value that is absent from its competitors’ portfolio of offerings and which has the potential to yield significant financial rewards.”