[HNDen21]

I would not consider the investment as a % of market cap since Google doesn't own all that market cap... I would consider the non float shares + short term investments + cash on hand or Revenue/Profit better

[sangnoir]

> I would not consider the investment as a % of market cap since Google doesn't own all that market cap.

Market cap does matter because you can use it to gauge how easily Google could hypothetically raise the same amount[1] by issuing additional shares without a shareholder revolt.

1. Or complete an all-stock deal or acquisition.

[WrongAssumption]

Not seeing how that distinction matters. Google’s owners (shareholders) do own all that. And google represents the collective financial interests of the shareholders.

[staticman2]

Google's shareholders own stock. Nothing more nothing less.