During what is normally a very slow tech news month, Google founders Larry Page and Sergey Brin drop a Monday afternoon bomb that Google Inc. is now Alphabet Inc. and the various business entities under the company formally known as Google are now subsidiaries of the new company.
Alphabet CEO Larry Page, in a blog post announcing the change:
We’ve long believed that over time companies tend to get comfortable doing the same thing, just making incremental changes. But in the technology industry, where revolutionary ideas drive the next big growth areas, you need to be a bit uncomfortable to stay relevant.
The company and products you formerly knew as Google stay as Google, albeit now as a wholly owned subsidiary under Alphabet. GOOG becomes the stock trading symbol for Alphabet, and all previous shares of Google convert directly into shares of Alphabet.
Forever in tune with the zeitgeist, they even included a nice little easter egg for fans of the HBO series Silicon Valley.