In what is said to be the biggest shakedown in the history of the company, Google today announced that it is going to be a subsidiary of a much larger company called as Alphabet Inc.
The new corporation will be headed by Google co-founders Larry Page as CEO and Sergey Brin as President. Alphabet will focus on all the other services Google offered besides the search and internet based services. The major focus will of course be on Google proper which is now being headed by Sundar Pichai, one up from his previous role as Vice President.
Page gives the example of products such as Life Sciences, which has worked on products such a glucose sensing contact lens, and Calico, which studies the factors affecting the lifespans of organisms. The X Lab – most known starting Google’s self-driving car project – will also now be a separate entity under Alphabet.
All Google shares will be automatically be converted into the same number of shares from Alphabet, with Google becoming a wholly-owned subsidiary of the new company. Both of its types of shares will continue to trade as GOOG and GOOGL on Nasdaq.
Google broke the news on all of its blogging services. To learn more, visit: G is for Google [Google Official Blog]
Google has a clever domain name under its belt: abc.xyz Yes, it’s as simple as that. Though the website is still pretty bare, the G for Google eulogy hints that more is yet to come. Here is an excerpt from Larry Page’s address to the World Wide Web:
For Sergey and me this is a very exciting new chapter in the life of Google — the birth of Alphabet. We liked the name Alphabet because it means a collection of letters that represent language, one of humanity’s most important innovations, and is the core of how we index with Google search! We also like that it means alpha-bet (Alpha is investment return above benchmark), which we strive for! I should add that we are not intending for this to be a big consumer brand with related products–the whole point is that Alphabet companies should have independence and develop their own brands.
We are excited about…
Getting more ambitious things done.
Taking the long-term view.
Empowering great entrepreneurs and companies to flourish.
Investing at the scale of the opportunities and resources we see.
Improving the transparency and oversight of what we’re doing.
Making Google even better through greater focus.
And hopefully…as a result of all this, improving the lives of as many people as we can.