Alphabet is the company whose shares trade in two listed classes, GOOG and GOOGL, after a 2015 restructuring.
Alphabet created the two widely traded classes when Google reorganized under a new holding company in 2015. GOOGL shares are Class A shares with one vote per share, while GOOG shares are Class C shares without voting rights. Alphabet also has Class B shares, which carry enhanced voting power and are not publicly traded.
The structure allowed the founders and other insiders to retain greater control while the company issued shares for compensation and acquisitions. Both GOOG and GOOGL represent economic ownership in Alphabet, so market-cap calculations generally account for the company’s share classes together.
The arrangement is an example of dual-class or multi-class stock. It is not the same as two separate companies. Alphabet’s principal subsidiary remains Google, whose search, advertising, Android, YouTube, and cloud businesses generate most of the group’s operating activity.