The tech world is buzzing with news of Google’s recent development in ownership.
It turns out that the world-renowned company has been doing some in-house reorganisation, separating its internet business from other corporate projects – like X Lab and the Calico life extension project – which will be housed under parent company, Alphabet.
The news was announced by Google’s co-founder, Larry Page in an official blog post titled
G is for Google published on Monday, August 10, 2015.
The name Alphabet reflects the human innovation that is Language.
” I 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!” Page cited.
Mr. Page is set to serve as the new company’s CEO, while his co-founder, Sergey Brin will function as President.
Sundar Pichai has been announced as the new CEO of Google.
Excerpts from the post:
As Sergey and I wrote in the original founders letter 11 years ago, “Google is not a conventional company. We do not intend to become one.” As part of that, we also said that you could expect us to make “smaller bets in areas that might seem very speculative or even strange when compared to our current businesses.” From the start, we’ve always strived to do more, and to do important and meaningful things with the resources we have.
We did a lot of things that seemed crazy at the time. Many of those crazy things now have over a billion users, like Google Maps, YouTube, Chrome, and Android. And we haven’t stopped there. We are still trying to do things other people think are crazy but we are super excited about.
What is Alphabet? Alphabet is mostly a collection of companies. The largest of which, of course, is Google. This newer Google is a bit slimmed down, with the companies that are pretty far afield of our main Internet products contained in Alphabet instead.
Alphabet Inc. will replace Google Inc. as the publicly-traded entity and all shares of Google will automatically convert into the same number of shares of Alphabet, with all of the same rights. Google will become a wholly-owned subsidiary of Alphabet. Our two classes of shares will continue to trade on Nasdaq as GOOGL and GOOG.
For Sergey and me this is a very exciting new chapter in the life of Google — the birth of Alphabet.
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This article was first published on 11th August 2015
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Ify Halim is a Writer and media enthusiast based in Lagos. She enjoys writing self-help/inspirational articles with published work in UYD Magazine, Edufrica, Our Stories Inc. and The Keele Concourse. She currently works at ConnectNigeria.com, Nigeria’s Information Portal. Follow her on Twitter @MissHalim or visit her online space at ifyhalim.wordpress.com
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