Google announced on Monday that the company would be restructuring to become a wholly owned subsidiary of Alphabet Inc, a new holding company headed by Larry Page, Sergey Brin, and Eric Schmidt.
And while the news of the company restructuring might not seem to be that big of a deal, it means a lot for Google moving forward. Eventually, Google will become a direct, wholly owned subsidiary of Alphabet, which is to become "a collection of companies" according to Larry Page.
Alphabet won't have any direct implications for consumers, and it's instead meant to give its subsidiaries room to grow without needing to fit into Google's traditional role. These subsidiaries include Google X, Calico, and Nest to name a few.