Bye Bye Google, Hello Alphabet
Google Inc has morphed into Alphabet Inc.
After US markets closed on Friday, Alphabet replaced Google as the publicly traded company that will house Google’s search and Web advertising businesses, maps, YouTube and its “moonshot” ventures such as driverless cars.
Google’s class A shares and class C shares will automatically convert into the same number of Alphabet class A shares and class C shares and start trading on the Nasdaq from Monday. The ticker symbols will not change.
The structural overhaul, announced in August, is intended to separate the company’s core businesses from ventures such as the driverless cars, glucose-monitoring contact lenses and Internet-connected high-altitude balloons.
Google’s Sidewalk Labs, a company dedicated to coming up with technologies to improve urban city infrastructure such as a free WiFi programme, will also be a part of the Alphabet business.