Google Shares Hit $700 Amid Cell Phone Talk

New York, NY (AHN) - For the first time, Google shares blew past the $700 mark, trading at $704.79 before leveling off to $703.87. Investor enthusiasm may be driven by reports the Internet giant is ready to enter the cell phone market.

In about month, Google's stock has risen from $600 to $700 per share and created $53 billion in new market value for investors. Experts estimate Google is worth $220 billion.

Larry Page and Sergey Brin, co-founders of the nine-year-old Google, are worth more than $20 billion each, according to the AP.

Google is in serious discussions with Verizon Wireless and Sprint Nextel to carry a handset powered by Internet applications and an open architecture from the Mountain View, Calif.-based company.