Google does not own (technically) Google anymore-- following a surprise restructuring the search giant and its various projects are separate companies making part of a conglomerate dubbed Alphabet.
“What is Alphabet? Alphabet is mostly a collection of companies. The largest of which, of course, is Google,” Google co-founder Larry Page says. “This newer Google is a bit slimmed down, with the companies that are pretty far afield of our main Internet products contained in Alphabet instead.”
Thus, the company known as Google is an Umbrella subsidiary focusing on online services of Chrome, Android, YouTube and Maps variety. Likewise ambitious "moonshot" projects (X Lab), medical projects (Life Sciences, Calico), investment arms (Ventures, Capital) and other Google-owned entities (Nest) operate as separate subsidiaries under the Alphabet umbrella.
Such a restructuring demands leadership change-- Google founders Larry Page and Sergey Brin respectively serve as Alphabet CEO and president. Product and engineering head Sundar Pichai takes over Google as CEO.
"This new structure will allow us to keep tremendous focus on the extraordinary opportunities we have inside of Google," Page continues. "[T]his frees up time for me to continue to scale our aspirations."
Amusingly, Google does not actually own the Alphabet.com domain-- instead one needs abc.xyz to visit its freshly minted website.