Google’s parent company Alphabet has made a bid for Fitbit, Reuters reported, but it is unclear how much the search giant offered for it.
The companies are currently in negotiations, and Reuters reported that there is no guarantee a deal will be made.
Fitbit’s stock leaped 18% before trading was halted, a measure reserved for instances in which demand is so high investors need time to catch up. Now, the stock is up more than 27% after trading resumed.Key background : While Alphabet’s competitors in the smartphone market—namely Apple— have made sizable investments in fitness tracking, Google doesn’t have a flagship wearable product yet. The company spent $40 million on Fossil’s smartwatch R&D in January, making it the first time an internal Google team was working exclusively on hardware to go with its smartwatch operating system, WearOS.
Apple’s investment in wearables has paid off and has far outpaced Fossil and other smartwatch products. Apple Watch is the most popular smartwatch in the world, with more than 51% of global market share,
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