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.
Welcome to the new age, where Big Tech runs AI on tiny nuclear plants! Plus, banks make bank, the best kind of cancel culture and the wealth gap explained.
CEO of Century 21 Real Estate, Mike Miedler, joins Cheddar to discuss the future of real estate in states that were affected by Hurricanes Helene & Milton.
Dylan Douglas, host of 'Young American with Dylan Douglas,' joins Cheddar to reveal how Gen Z is feeling about the election and what issues matter most to them.
Priceline CEO, Brett Keller, joins Cheddar to discuss the latest travel trends and how Hurricanes Helene & Milton have affected those flying south. Watch!
Hyperice CEO, Jim Heuther, joins Cheddar to discuss the company's latest product collaboration with Nike. Find out how it is helping your favorite athletes.
Founder, Chairman and Principal Analyst of Constellation Research Inc., Ray Wang, reveals how Tesla's Robotaxi is going to disrupt the transportation industry.
