Google (GOOG) announced a stock split by creating “Class C” shares which will carry no voting power.
The stock split which is Google’s 1st, is set for April 2nd.
One share of C stock will be distributed for each share of voting Class A stock owned as of March 27.
Initially, the value of the current stock will be divided equally between the two types of shares.
But they will then trade separately with different ticker symbols. Class C shares will get the company’s existing “GOOG” ticker symbol, while Class A will change to “GOOGL.”
Shares of Google which were flat on the earnings is now up some almost 5% in after hours trading, to an all time high of $1,183 a share .