Google has made an offer to acquire Fitbit, Reuters reported late Monday morning. Shares of the fitness-tracking device maker surged 19 percent on the report, leading the Nasdaq to briefly halt trading in the stock. Shares resumed trading just after midday, climbing more than 35 percent.
The offer price is not clear, according to Reuters, and it is unknown whether or not Fitbit is considering the offer.
Reuters reported last month that the wearable company, a darling of the consumer tech industry when it went public in 2015, was now looking to either get acquired or take itself private as it faces increased competition. Modern smartphones now come with much of the technology that Fitbit pioneered in its sleek, connected watches, not to mention the Apple Watch, which now owns about half of the global smartwatch market.
For Google parent Alphabet ($GOOGL), Fitbit would represent the company's first foray into wearables, where its main hardware competitors, Apple and Samsung, are duking it out for supremacy. Google has made its healthcare ambitions clear, last year poaching the CEO of the regional healthcare provider Geisinger.
Lila MacLellan, Senior Writer at Fortune, discusses how the healthcare industry is reacting to the murder of United Healthcare CEO Brian Thompson. Watch!
Matt Hougan from Bitwise Asset Management joins Cheddar to discuss how and why Bitcoin is continuing to rise and what the future holds for the cryptocurrency.
Should real estate agents fear AI? Tushar Garg CEO at Flyhomes says no. He joined Cheddar to discuss the future of AI in the Real Estate business and more.
Christopher Zara, Senior Editor at Fast Company joined Cheddar to discuss the newly formed "DOGE"’s new goal to cut 2-trillion dollars from federal spending.
Sharon Price John CEO and President at Build-A-Bear Workshop discusses leading the brand, new offerings, the status of Brick-and-Mortar experiences and more!
