Alphabet, the name of Google's new parent company, started trading on Monday. Following the restructuring that shook the tech world in August, parent company Alphabet started trading under the same symbol as pre-restructuring Google. The restructuring will retain the same breakdown of shares the company had before. Class A stocks will continue to be traded under the GOOGL ticker, while Class C stocks will trade under the GOOG ticker. GOOG stock was up to $632.35 at opening bell, compared to $626.91 at the previous close.
The restructuring means Larry Page will serve as president of Alphabet, while Sergey Brin will serve as CEO. Sundar Pinchai, the former senior vice president of products at Google, is the CEO of Google. "Fundamentally, we believe this allows us more management scale, as we can run things independently that aren’t very related," Page said in a note at the time of the announcement. "Alphabet is about businesses prospering through strong leaders and independence."
The restructuring has stirred some controversy, after it emerged last week that Alphabet would be dropping Google's famous "don't be evil" motto. Instead, the company is now expected to use the phrase "do the right thing - follow the law, act honorably, and treat each other with respect."