Google founders Sergey Brin and current Google CEO Larry Page have formed a new company, Alphabet, and all shares of Google will convert to identical shares of Alphabet.

What and why is Alphabet? Google’s been spreading out, diversifying into many different sectors like “Google Maps, YouTube, Chrome, and Android.” However, Google is also working on projects like Wing, drone delivery; Calico, life extension; and Life Sciences for medical equipment and health-related endeavors.

Google will slim down to focus on its internet businesses, such as its profitable advertising sector. And all of these small other "crazy ideas", as Google calls them, will be put under the new parent.

“Fundamentally, we believe this allows us more management scale, as we can run things independently that aren’t very related.”

Sundar Pichai will replace Larry Page as the CEO of the new, streamlined Google.