Larry Page, one of the founders of the original Google, has just dropped a bombshell. Google as you know it is no more. Long live Alphabet.

In a letter to investors today, Page has revealed himself as the CEO of a new company called Alphabet. Alphabet is essentially the new Google, in that all of the different projects currently operating under the Google name — projects that have long grown further and further away from Google — are now Alphabet products. Including Google itself. Sundar Pichai will take over as CEO of Google, which as a whole will report to Alphabet, led by Larry Page and Sergey Brin. All other Alphabet companies, like X Labs and Calico, will get their own CEO who will also report to Alphabet.

On the financial side, “Alphabet Inc. will replace Google Inc. as the publicly-traded entity and all shares of Google will automatically convert into the same number of shares of Alphabet, with all of the same rights. Google will become a wholly-owned subsidiary of Alphabet.”

As a result of Alphabet’s creation, and its ownership of Google, Google as an Alphabet owned product itself will be slimmed down. This will theoretically lead to a more agile and focused Google, which will in turn theoretically make Google better in the long run.

Page and Alphabet have laid out the main goals for the new company as:

• Getting more ambitious things done.
• Taking the long-term view.
• Empowering great entrepreneurs and companies to flourish.
• Investing at the scale of the opportunities and resources we see.
• Improving the transparency and oversight of what we’re doing.
• Making Google even better through greater focus.
• And hopefully… as a result of all this, improving the lives of as many people as we can.

This is a lot to digest late on a Monday afternoon, and there’s a lot we don’t know right now (is Android now an Alphabet company?) so rest assured there will be plenty more on Alphabet to come.

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HTC has had a rough couple of years. Sales from the company have fallen 75 percent since 2011, while manufacturers like Apple and Samsung have seen nothing but success year after year. Today marks a new milestone in the journey to the bottom for HTC, as investors have declared the company worthless.

Detailed in a post on Bloomberg, HTC is now trading on the stock market below its cash value. What this means is that essentially, all of HTC’s back stock including products on hand, warehouses, supply chains, factories, research labs and real estate are all worthless to investors. The only real asset HTC has to its name at this point is its cash reserves, which are just enough to keep investors from all but burning the company to the ground.

While HTC executives have detailed plans to generate revenue and get the company largely profitable again by focusing on the high-end of the smartphone market, no one’s buying it. According to Bloomberg, “analysts also now see profit eluding HTC through the end of 2017 and none of the 22 tracked by Bloomberg that updated their view in the past three months recommend investors buy the stock.”

HTC may still have some fight left in ‘em, and along with continuing to manufacture high-end phones, they are also planning to branch out into more product segments like VR. But being told by investors that your cash is the only thing going for your company can’t possibly be a good feeling. Here’s to hoping HTC can pull off a miracle.

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