Search engine giant Google shock the tech world when it announced that it will undergo a major corporate restructuring. Google is now a subsidiary of the recently announced parent company called Alphabet.
The company restructuring will put Google founders Sergey Brin and Larry Page as the head of Alphabet while executive Sundar Pichai will take the top executive seat for Google.
When asked why the name Alphabet was chosen, Page said that the name was "inspired by the collection of letters that represent language, one of humanity's most important innovation. The Google co-founder added that the name also refers to "alpha bet," on which alpha means an investment term used to describe returns that are above the set benchmark.
Many business analysts likened Alphabet to some of history's biggest and most successful conglomerates. According to the New York Times, Google's decision to create the mother company Alphabet means that the company intends to be one of the most innovative company of the 21st century.
Currently, Google's main market remains in the search engine business. However, over the past few years, its interest has grown as the company delved into industry like autonomous cars and mobile operating software among others.
After Google's announcement, many in the tech community said that the company's move might create confusion with regards to properly identifying the difference between Google and Alphabet.
As of this writing, Google has practically covered almost all letters in the alphabet with its acquisitions and other side projects. According to CNN, Google's parent company Alphabet will have its own Internet domain at http://abc.xyz.