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Google Becomes Alphabet, Spins Off Google

posted by takyon on Monday August 10 2015, @10:35PM   Printer-friendly
from the abc-wtf dept.

FrogBlast writes:

Google is now a wholly owned subsidiary of a new company called "Alphabet", to be run by Larry Page and Sergei Brin. Sundar Pichai will be CEO of Google, which will remain focused on its core of web-related products. Alphabet will serve as and umbrella for Google's now quite diverse projects, with a separate CEO for each. By way of example, the announcement cites a Life Sciences group, and a group called Calico which is focused on longevity.

All stock in Google will be converted to Alphabet stock, with the same rights and number of shares.

The announcement.

takyon: The Register, The New York Times, Wired, MarketWatch.

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  • (Score: 1) by ghost on Tuesday August 11 2015, @01:47PM

    by ghost (4467) on Tuesday August 11 2015, @01:47PM (#221256) Journal
    You've heard of 10x programmers, right? There are also 10x stock holders! Yep, Sergey and Larry have special 10x stock that gives them 10x voting rights.

    Also, remember that stock split a couple years ago? The new shares didn't get any voting rights at all! That gives Larry and Sergey a way to sell off their shares without losing any control. It's like having your cake and eating it too! (Did I mention you can eat the cake on your private jet?)