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Waymo does have it's own stock.

I don't know how it works, but it does. I have friends who worked at Waymo and got Waymo stock (well, options that can be exercised for stock). I suppose that would make it not a wholly owned subsidiary, considering that some of the employees own some of it?

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Unless this changed recently (which it may well have), Waymo "stock" is just a special performance scheme that converts to Alphabet stock based on waymo, not alphabet, performance.

Well legally it's one or the other and that's what is confusing to me.

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