您正在看的时事英语是:Google上市潜在受益者多多。 of the Valley's best-connected entrepreneurs and financiers, among them at least five billionaires.

A former executive at the personal computer maker Altos Computer Systems, Mr. Conway had been investing his money in Internet start-ups. Enough wealthy friends asked him if they could piggyback on his investments that in late 1998 he created Angel Investors as an Internet index fund that would invest in an array of Web-related start-ups. That year, under the title Angel-1, he raised $30 million; the next year, under Angel-2, $150 million, Ultimately Mr. Conway raised money from more than 500 people, only a few of whom he had known before entering a business relationship.

Anyone who invested in Angel-1 or Angel-2 owns a small stake in Google, though those in Angel-1 own shares obtained at a much better price (roughly 50 cents a share, compared with $2.34 a share), given that the investments were made six months part.

"If I decide I want something to happen and I'm very motivated," Mr. Conway said in 2001. "I try real hard to make it happen."

Mr. Conway, Mr. Bozeman said, is "the premier elbow guy in the business." Mr. Conway declined to comment for this article.

Based solely on the Google deal, Angel-1 should "make each of us several times our original investment," an investor in both funds said. This investor, who receives updates from Angel Investors, insisted on anonymity because of a confidentiality agreement.

Most of the companies in which Mr. Conway and Mr. Bozeman invested with money raised in Angel-2 in 1999 and 2000 have gone out of business. But such is the potential power of Google that, though Angel-2 includes nearly 200 worthless investments, an investor said, "we might actually get our investment back, if not make a little extra."

The typical Silicon Valley start-up endures several rounds of venture financing before reaching profitability, and no longer needing additional outside money. With each round the founders' shares are further diluted, until they end up owning only a small share of the company.

Yet Google raised only one round of venture capital. In June, Kleiner Perkins and Sequoia, two of the Valley's most highly prized venture capitalists, bought a total of roughly one-quarter of the company, according to financial documents spelling out the terms of the deal. There was the deal with Yahoo, and the hiring of a new chief executive, Eric E. Schmidt, in 2001, who undoubtedly received a handsome stock package — yet one rival venture capitalist marvels at the size of the equity stake the two founders retained.

"That's what makes this deal so unusual," the venture capitalist said. "There's been no almost no dilution of fi