Huge news from the tech world today. Via TechCrunch:
Google just rocked the world with some light news on a Monday. It has restructured the company and everything will now report up to “Alphabet” a new corporate name. That includes Google, which will now be CEO’d by Sundar Pichai (one less Twitter candidate?). Its site? https://abc.xyz/. The CEO of Alphabet will be Google CEO and co-founder Larry Page. While some things will be shuffling around, YouTube will remain under Google. The stock will be changing over from Google to Alphabet, but still trading under Googl and Goog (which were set up after its stock split). The company says this will allow them to focus on Google as a product even more than before.
Larry Page has written a lengthy post for Google’s corporate blog. An excerpt:
Sergey and I are seriously in the business of starting new things. Alphabet will also include our X lab, which incubates new efforts like Wing, our drone delivery effort. We are also stoked about growing our investment arms, Ventures and Capital, as part of this new structure. 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.