Google's Parent Company Takes Over Apple As The World's Most Valuable Company, Founders’ Net Worth Added With $1 Billion Each

by Dalal Nasif / Feb 03, 2016 06:50 PM EST

Google Family link App for kids (Photo by Justin Sullivan/Getty Images).

Google's parent company Alphabet officially dethrones Apple as the World's Most Valuable Company after it pushed the iPhone maker aside with shares of nearly three percent higher last Tuesday.

Apple had been at the topmost spot in terms of market capitalization in the last four years when it presented world consumers with the iconic iPhone. Alphabet now takes over the top post with a market value of $547.1 billion, higher than Apple's $529.3 billion, according to CNBC News.

This would be the first time Google could take over Apple since 2010 before the latter was finally catapulted to the top from a market value of $180 billion to $650 billion in September 2012. Apple took the helm from Exxon Mobile in 2011 and has maintained the spot ever since under the leadership of Steve Jobs.

The rise of Google's stock skyrocketed last year with increasing sales of advertisements on mobile devices while Apple started to dive down with decreasing demand of iPhone in the market, especially in China. The lack of new features and innovative products also contributed to the company's downfall, as reported by Straits Times.

Alphabet saw a six percent rise in its shares on Monday before it closed the deal on Tuesday.

Meanwhile, Apple seems to be in a slump as it sees the slowest rise in shipments of mobile devices along with a decline in revenue for the first time in over a decade.

As Google earns another milestone, the wealth of founders Larry Page and Sergey Brin has just been added with more than a billion dollars each, according to Forbes. The current net worth of the two billionaires amounts to $39.7 billion and $38.9 billion, respectively.

Google Executive Chairman Eric Schmidt, who has been instrumental in the internet giant's operations, also raked in $264 million in wealth. Schmidt was previously part of Apple's board when the two companies were still working together to develop mobile technology, before Google decided to launch its own Android operating system in 2008.