On Aug. 10, 2015, Google announced that it was folding itself into a new parent company, which it was calling Alphabet. A year later, it’s not entirely clear what’s really changed. While CEO Larry Page didn’t make it entirely clear why the name was chosen (although perhaps it was because there was a Google property for every letter of the alphabet), investors were excited by the prospect of the corporate restructuring. It allowed Google to focus on the things it knows how to do well and make money on—search, advertising, Chrome, YouTube, the Android operating system—and shifted more pie-in-the-sky projects, like trying to cure death, build robots, and beam the internet from weather balloons, into a new division called “Other Bets.”
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