In the largest bit of corporate restructuring news to ever engage a general audience, Google has created a new parent company called Alphabet which will own Google and a variety of that company's sprawling, multitudinous side projects. According to an SEC filing, "businesses such as Calico, Nest, and Fiber, as well as its investing arms, such as Google Ventures and Google Capital, and incubator projects, such as Google X, will be managed separately from the Google business."
To be clear, this means that Google's stock symbol is going to change, and what we thought of as Google is now to be called Alphabet, and the old-timey search engine that started it all will remain known as Google.
You may have already heard about this development since at the moment Twitter is devoted exclusively to this topic. And, likely causing you to disable your New York Times and Wall Street Journal push notifications, those news organizations and all others are sending you highlights on the big news out of Mountain View.
Of course, no one can really understand the development yet, but there are a few salient details. First, as many are pointing out, the blog post announcement buries the lede. Google (an Alphabet company — get used to that) will have a new CEO in Longtime executive Sundar Pichai.
Many outlets are describing Pichai as Larry Page's right hand man, and Business Insider even scraped his LinkedIn to devote an article to the subject.
In a blog post at the URL abc.xyz, Page — who signs off for the first time as CEO of Alphabet — wrote that the "newer Google is a bit slimmed down, with the companies that are pretty far afield of our main internet products contained in Alphabet instead." Sergey Brin, Page's "capable partner," will serve as Alphabet President.
Why the name? "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," Page writes. "We also like that it means alpha‑bet (Alpha is investment return above benchmark), which we strive for!
As Business Insider quickly spotted, Page's note makes a passing (ironic?) nod to HBO's Silicon Valley. On that comedy from creator Mike Judge, Google is represented at least in part by a company called Hooli, which launches a division called hooli.xyz for its "moonshot" missions.
"Alphabet will also include our X lab, which incubates new efforts like Wing, our drone delivery effort," reads the real Google blog post, but simply hover over the period after that last word and you'll see it's linked to hooli.xyz, HBO's fictional website for the fictional company. Well played.
And good thing Sesame Street already wrote their corporate theme song.