Alphabet, which used to be Google, has created XXVI - a new holding company for all the 'other bets'
Getty
That's because Google's parent company Alphabet has formed a new holding company called XXVI Holdings Inc to manage the various "Other Bets," according to a Bloomberg report. These Other Bets are the subsidiaries that formed under teh Alphabet structure structure about two years ago.
Confused?
Let's start with the easy part. The new holding company is called XXVI, named for the 26 letters in the alphabet. (Get it?)
And here's the backstory about the Google/Alphabet reorg, which has a Byzantine affair: Google reorganized itself into Alphabet in 2015. Google is now its own separate company, with various other companies that each operate independently under the Alphabet umbrella. Those so-called Other Bets include Waymo (self-driving cars), Verily (life sciences), and X (moonshot projects like delivery drones).
But before Alphabet formed XXVI on Friday, the Other Bets were still technically Google subsidiaries. XXVI was formed to finalize the transformation from Google to Alphabet. A spokeswoman for Alphabet told Bloomberg the change was a "legal formality" that won't affect "ultimate shareholder control" or operations of the company.
A Google spokesperson was not immediately available for comment.
Get the latest Google stock price here.
NOW WATCH: Holograms are taking over advertising
- Fresh photographs of Milky Way’s black hole Sgr A* reveal strong, twisted magnetic field similar to M87*
- 8 Lesser-known places to explore in Himachal Pradesh
- Markets end FY24 on buoyant note amid positive global cues
- SRM Contractors IPO allotment – How to check allotment, GMP, listing date and more
- Rupee falls 6 paise to settle at 83.39 against US dollar