Yang joins billionaire club

Summary:Call them the Chief Billionaires.Yahoo! co-founder Jerry Yang has joined the billionaire club, after his company's stock soared to a record $199.

Call them the Chief Billionaires.

Yahoo! co-founder Jerry Yang has joined the billionaire club, after his company's stock soared to a record $199.25 Monday. Yang joins fellow co-founder David Filo, who hit the billion-dollar mark last Wednesday. According to filings with the Securities and Exchange Commission, Yang owns 5.7 million shares of Yahoo! stock, putting his worth at $1.14 billion after today's run-up.

In the past several months, Yahoo! (Nasdaq:YHOO) has led a surge in Internet based stocks as investors bet on the e-commerce potential of portal sites. Yahoo! shares broke the $100 mark just three months ago.

Yang and Filo, who both hold the title of Chief Yahoo! at their Santa Clara, Calif.-based company, are probably the first owners of an Internet-based firm to hit billionaire status.

But that's small potatoes compared to guys such as Microsoft Chairman Bill Gates, who hurdled the $50 billion mark in April.

The incredible gains by Yahoo! and other Internet stocks come just two days before the Internet giant will announce its second-quarter results.

Topics: Microsoft, E-Commerce

Kick off your day with ZDNet's daily email newsletter. It's the freshest tech news and opinion, served hot. Get it.

Related Stories

The best of ZDNet, delivered

You have been successfully signed up. To sign up for more newsletters or to manage your account, visit the Newsletter Subscription Center.
Subscription failed.