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It's not any less transparent. Afaict, Alphabet Inc is the listed holding company of Google LLC and XXVI Holdings. XXVI holds the Other Bets subsidiaries that used to be Google Inc subsidiaries. Google the entity no longer has any non-Google subsidiaries so they're simplifying and streamlining Google operations by changing it into an LLC.

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LLC cannot issue stock, right? If you buy back all stocks then you don't need to provide detailed public reports except to major stockholders?

Alphabet is the only owner of Google Inc stock. They're retiring it all and converting the Google subsidiary to an LLC. That in no way removes their reporting requirements, because Alphabet is a publicly traded company.

The reporting requirements will be reduced, though. Alphabet reports consolidated results and you don’t get the same level of detail for each subsidiary as you would for an independet company.

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