Google to change its name in major shakeup
Google creating holding company, separating its core web advertising business from newer ventures like driverless cars.
Google Inc announced a major shake-up of its operating structure on Monday (August 10), creating a holding company called Alphabet which will contain subsidiaries to separate its core web advertising business from newer ventures like driverless cars.
The move appeared to be an attempt to let the company focus on its more creative and ambitious projects.
The surprise news sent shares of Google up almost 7 percent to $708 in after hours trading.
Alphabet Inc will replace Google as the publicly-traded entity and all shares of Google will automatically convert into the same number of shares of Alphabet, with all of the same rights.
“This new structure will allow us to keep tremendous focus on the extraordinary opportunities we have inside of Google,” said co-founder and CEO Larry Page in a blog post.
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