GOOGL - Google Parent Alphabet's Debut Dividend Sparks Reflection On PayPal Co-Founder Peter Thiel's 2012 Warning: 'You're Admitting That You're No Longer A Technology Company' | Benzinga
The recent announcement of a dividend by Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) during its first-quarter earnings has brought renewed attention to a warning from Peter Thiel, co-founder of PayPal Holdings Inc, about the future of the tech giant.
What Happened: Thiel, a prominent figure in the tech industry, had expressed concerns about the future of Google, now a subsidiary of Alphabet, back in 2012. He suggested that the company’s lack of technological innovation could lead to significant issues.
Thiel, speaking at an Aspen, Colorado event sponsored by Fortune magazine, said, “…Google is no longer a technology company, it’s basically a search engine. The search technology was developed a decade ago. It’s a bet that there will be no one else who will come up with a better search technology.”
“So, you invest in Google, because you’re betting against technological innovation in search. And it’s like a bank that generates ...