Internet giant Google saw its stock price break the $800 per share mark for the first time on Tuesday.
In recent times, the search engine has dipped its name into nearly every new media platform available today in hopes of overcoming the big hit it took in 2007 when the recession hit. Due to its successes across YouTube, Google Plus, Android and tablet software, and of course its search engine platform, Google and its shareholders can sleep soundly now that the company has reestablished its foothold in the new media market.
Though the $800 mark is just another number to traders, it serves as a significant symbol of the company’s dominance as well as its strong market potential.
Google broke the $700 mark five years ago in 2007, shortly before the economic collapse. In the following years, Google’s stock prices suffered alongside most companies, which led to a change of leadership. Co-founder Larry Page replaced Eric Schmidt as CEO in 2011, and Google saw a 35 percent uptick in stock prices following the change. According to the New York Post, most of the company’s gains have been in the last seven months. Today, the company’s stock prices opened $801.99, which was a 1.2 percent increase.
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The company currently has plans to split its stock, which would halve the trading price and double the shares, but those plans have been put on hold due to a lawsuit brought on that argues splitting the stock would give Page and his co-founder Sergey Brin too much power. The lawsuit will take place in a Delaware court and is scheduled to begin June 17.
The ubiquity of Google products in internet media has helped the company create effective and multi-platform advertising campaigns, which has in turn provided a healthy prognosis for the future of the company.
Google’s market value is currently set at $265 billion.