Larry Page announced a Google reorganization: Alphabet Inc is born and Google becomes a subsidiary of Alphabet Inc, just like Nest, Calico, Life Sciences and other Google companies. Larry Page is the CEO of the new company, Sergey Brin is Alphabet's President, while Sundar Pichai is Google's new CEO.
"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 is about businesses prospering through strong leaders and independence. In general, our model is to have a strong CEO who runs each business, with Sergey and me in service to them as needed. We will rigorously handle capital allocation and work to make sure each business is executing well," mentions Larry Page.
Alphabet's URL is https://abc.xyz and the site includes a hidden reference to http://www.hooli.xyz, a fictional site created for HBO's Silicon Valley TV series. Hooli [XYZ] is Hooli's experimental division that is "focused on using breakthrough technology to achieve radical solutions using breakthrough technology." It's "the dream kitchen, the moonshot factory, the laboratory of possibility, the midwife of magic, the womb of wonders."
Alphabet is about taking risks, long-term bets, investing at scale. "We 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! We also like that it means alpha‑bet (Alpha is investment return above benchmark), which we strive for," explains Larry Page.
The most interesting consequence is that Alphabet Inc. will replace Google Inc. as the publicly-traded entity and Alphabet's earnings report will show separate data for each company owned by the umbrella holding.
Update: abc.wtf redirects to Bing.
{ Thanks, Lucas and Jonah. }
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