The founding of the parent company was part of the restructuring of Google, which was announced on 10 August 2015 for the first time. Google's existing shares will automatically be converted into alphabet shares at a 1: 1 ratio, and stock codes will still be GOOGL or GOOG.
Since October 2, 2015, Google LLC has been a subsidiary of Alphabet Inc.
The core business of online and Internet services continues to be named Google. The former Google boss Larry Page changes together with Sergey Brin to the head of the newly created holding. The leadership at Google LLC, however, takes over Sundar Pichai.
According to Page, the new structure should help plan for a longer term and achieve more ambitious goals. Among other things, he also expects positive effects on future investments and more transparency and control. The name alphabet was chosen by Brin and he because he stands for the language itself, which is one of the most important inventions of humanity. In a blog post, he said: "In the technology industry, where revolutionary ideas drive the next big growth areas, you have to be a little uncomfortable to stay relevant. [...] Our company works well today, but we believe we can make it easier and more responsible. So we start a new company called Alphabet
. I'm really looking forward to leading Alphabet as CEO, with the help of my capable partner Sergey as President. "
The informal internal company motto "Do not be evil" was given up in favor of "Do the right thing". Since the internetdomain alphabet.com is used by the BMW subsidiary Alphabet Fuhrparkmanagement GmbH, the URL abc.xyz and abcdefghijklmnopqrstuvwxyz.com were initially saved. The second of these is currently not in use.
Alphabet Inc. became the world's most valuable company on February 1, 2016, outperforming the US $ 570 billion in its corporate valuation based on its issued shares. On February 4, 2016 Apple was able to regain the top spot with 534 billion. Alphabet
was worth only $ 499 billion at the time.
Alphabet's portfolio encompasses several industries, including technology, life sciences, investment capital, and research. Some of its subsidiaries include Google, Calico, GV, CapitalG, Verily, Waymo, X, furthermore, Google Fiber. A portion of the auxiliaries of Letters in order have modified their names since leaving Google— Google Wanders getting to be GV, Google Life Sciences winding up noticeably Verily and Google X ending up plainly just X.