Okay, but why?      Page and Sergey Brin, who co-founded Google two decades ago, have massively diversified Google from its origins as an internet search engine.

As well as products that help its core business, which is essentially gathering information and delivering internet adverts that are as relevant as possible, such as Android, Gmail and Maps, it has invested in driverless cars, high-speed internet and home gadgets to name just a few.

?However, this diversification has created several issues. Investors have raised questions about these heavy investments and whether they are really going to pay off, while the broad collection of operations makes it more difficult for analysts to figure out how the core business is really doing.
Page and Brin, meanwhile, are becoming more focused on the research projects, which may change the world and be highly lucrative, but could take decades to bear fruit. This has led to questions over their commitments to the core business.

Developments such as Google Glass, a first attempt at which was retired last year, have been classed as failures.

So the new structure is seen as a win-win: Google's founders are able to step back from the day-to-day running of Google and focus on the big picture, while investors get a clearer picture of the company they own and are able to understand it better.

"Sergey and I are seriously in the business of starting new things," Page wrote last night.

Eoin Treacy's view

Last year’s creation of Google’s C-Class of shares resulted in the primary shareholders gaining even greater control of the company. This was not welcomed by investors who saw the move as a sign of deteriorating governance and lack of transparency. This is now beginning to change with the appointment of a new CFO and by delineating accountability within the organisation. 

The share resolved its lengthy range with a surge higher in July to test the $700 level. It continues to consolidate that move and it is too early just yet to say how much of the move it can hold against the current volatile environment on Wall Street. A sustained move below $600 would be required to question medium-term upside potential.