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 Google's Page vs. Wall Street: shares savaged by silent chief

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RR Phantom

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Google's Page vs. Wall Street: shares savaged by silent chief Vide
PostSubject: Google's Page vs. Wall Street: shares savaged by silent chief   Google's Page vs. Wall Street: shares savaged by silent chief Icon_minitimeTue Apr 19, 2011 8:07 pm
It took fewer than 400 words for freshman Google CEO Larry Page to set the tone for a strained relationship with Wall Street that could haunt him for years.

The 38-year-old tech visionary - who with Sergey Brin created the algorithm that today powers the world's most-used search engine - risks alienating a powerful investor constituency that will be crucial to his efforts to ensure Google remains at the top of its game, say some industry observers.

Investors had hoped to hear Page sketch out his vision during a post-earnings conference call last week. Instead, Page came on the line for a few minutes, expressed his optimism in the company, then signed off without entertaining questions on a stunning 54 per cent cost spike.

Wall Street promptly responded by selling the stock down more than 8 per cent, wiping out $US15 billion in value - devaluing Page's own holdings in the company - and setting a record for the biggest single-day decline since December 2008.

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