Sep 1, 2017
Alphabet, which used to be Google, has created XXVI — a new holding company for all the 'other bets'
If you're having trouble keeping track of how the company-formerly-known-as-Google wants to refer to itself, you're not alone. And as of Friday, it's going to be even more difficult.
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.
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.
by Steve Kovach