On August 10, 2015, Google CEO Larry Page shocked the business world by announcing he was restructuring the company he cofounded into a holding company called Alphabet. Page would head the new entity, and Google itself would be one of a number of companies under Alphabet’s control—like Google X, Google Fiber, Google Ventures, and Nest—each with a separate CEO reporting to him. The idea was to make The Company Formerly Known As Google “more clean and accountable.

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