Google completes Alphabet transformation
Search giant's shares convert to same number of Alphabet shares over weekend
Google's transformation into Alphabet is now complete, at least from Wall Street's point of view.
Over the weekend, the search giant's class A and class C shares converted to Alphabet shares, making Google's transition to Alphabet official. Now, Google will no longer be a publicly traded company, and will instead be a subsidiary of the publicly traded Alphabet.
Google announced the move to Alphabet over the summer, explaining that co-founder Larry Page will head up the new entity. The top job at Google, which will still operate as its own company, has gone to Sundar Pichai.
While Alphabet is intended to give Page breathing room with which to explore new ventures, Google will still be in control of its own forward-thinking projects. Driverless cars may still fall under Google, as will Maps, YouTube and Android.
Alphabet, meanwhile, will take on projects such as high-altitude balloons that deliver Internet connectivity, as well as Sidewalk Labs, which is helping to develop urban infrastructures to deliver free Wi-Fi. Alphabet is also taking over Next, the connected-home hardware company that Google acquired a couple of years ago, as well as Google Ventures, the company's venture capital arm.