As Sundar Pichai becomes Alphabet chief, founders get $2-bn retirement gift

Larry Page and Sergey Brin just got a $2.3 billion retirement gift from investors.

The Google co-founders, who announced Tuesday they were stepping down from day-to-day management of parent Alphabet Inc, added more than $1 billion each to their net worth as the firm’s shares rose 1.9 per cent in New York.

They each own about 6 per cent of the internet giant and still control Alphabet through special voting shares.

The gains come as investors welcome Sundar Pichai’s elevation to chief executive officer of Alphabet, replacing Page in the role. It means the three most valuable US tech firms no longer have a founder at the helm.