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Shares of Google Inc (NASDAQ: GOOGL) (NASDAQ: GOOG) were up roughly 5 percent in Monday’s after-hours session, after management announced it is creating a new company, Alphabet, which will consist of a collection of companies, with the largest being Google.
According to a blog post, Google Co-Founder and CEO Larry Page will act as Alphabet's new CEO, while Sundar Pichai will step up to be Google’s new CEO. Sergey Brin will act as Alphabet’s president.
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How Will Google & Alphabet Look?
Page explained that the new Google “is a bit slimmed down, with the companies that are pretty far afield of our main Internet products contained in Alphabet instead.”
Examples of companies that are not very close to Google’s Internet products include health companies such as Life Sciences and Calico.
The blog post continues to assure the new structure will allow the company to “keep tremendous focus on the extraordinary opportunities” it has inside of Google.
Alphabet, for its part, will include Google’s X lab, which incubates new projects like Wing, and investment arms, Ventures and Capital, among other companies.
Alphabet Inc. will soon replace Google Inc. as the publicly-traded company and all shares of Google will be converted into the same amount of Alphabet shares, keeping the same rights.
In time, Google will become a wholly-owned subsidiary of Alphabet Inc., which will maintain the GOOG and GOOGL tickers for now.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.