Google creates new company called "Alphabet", restructures GOOG stock and names new CEO
If Apple had done all this, the stock would be in the gutter.
This is a radical shift for Google: http://googleblog.blogspot.com/2015/08/google-alphabet.html
http://www.theverge.com/2015/8/10/9128083/sundar-pichai-ceo-google-larry-page-sergey-brin
Google will now be a SUBSIDIARY of this new company! Honestly, this does not bode well for Google stock.
On the other hand, it could also point a possible breakthrough in artificial intelligence at Google, which essentially could render Google obsolete.
Here's the link to the new company: https://abc.xyz
Comments
Might be something pretty interesting, but not sure what to make of it. If you read more do post it.
Personally, I see this as an indicator that Google search is going to soon come to an end as far as the ad-supported company that got them this far, and they are trying to get ahead of the inevitable fall. A smart strategic move, I suppose. At least they've realized the limited potential for Google going forward.
On the other hand... GOOG leaped 7% after hours. Go figure. I suppose because current holders of GOOG will be issued one share in the new Alphabet company?