Google shares have hit the $600 mark for the first time ever on Monday. This is the sixth time in 12 trading sessions that the stock has reached a new peak. Google went public in August 2004 and since then the shares have increased seven fold from the initial public offering price of $85. Google now has a market value of $190 billion making it worth more than Wal-Mart, Coca Cola, and McDonalds amongst others. The biggest beneficiaries of the stock’s rise have been Google founder’s Larry Page and Sergey Brin both 34, and now estimated to be worth nearly $20 billion each.
Some analysist’s are tipping the share price to hit $700 within 2008, which if the current trends continue looks highly likely. Google is increasing its advertising network with moves into radio, print, and television. In addition, there are rumors that Google is to expand out from search by building a deep-sea communications cable and releasing a Google phone.
The proposed $3.1 billion purchase of ad distributor DoubleClick Inc is still in the hands of Federal antitrust regulators who are reviewing complaints that the purchase will give Google too much control over online advertising prices and personal information collected from consumers. If DoubleClick Inc does go to Google, the reach of the search giant’s advertising network will be unrivalled. The future looks bright for Google and advertisers.