There is a company which will serve as an umbrella company called Alphabet. Google will belong to Alphabet. However, Google’s co-founders Larry Page and Sergey Brin will be running Alphabet. It looks like a new structuring for an existing empire. The next bit of news is that Sundar Pichai is taking over as CEO of Google. Sundar has been working at Google since 2004 and worked his way up to vice president of product.
The other departments of Alphabet will focus on Google contact lenses, driverless cars, drone delivery, robotics, and more. Alphabet will have several companies immediately under its umbrella which consist of Calico, Nest, Google X, Google Ventures, Google, Fiber, and Google Capital, while under Google’s authority will lie Android, Search, YouTube, Apps, Maps, and Ads.
The newer and independent companies will have more freedom to take risks investing in experimental projects such as driverless cars, etc. Google stock is up as a result and profits were healthy as well for Google.
Alphabet will trade under GOOGL, Tech30 and GOOG ticker symbols. But, this is confusing to me as GOOG stands for Google, not Alphabet in my mind. I think that Alphabet needs to coin their own ticker symbol — something like ABC for example?