Alphabet Buying Fitbit Isn't the Problem, It's the Apple Watch
Perhaps by now, you've heard: Alphabet (NASDAQ: GOOGL)(NASDAQ: GOOG) has submitted a $2.1 billion bid to purchase Fitbit (NYSE: FIT). The proposal throws shareholders in the wearables pioneer a lifeline, giving them an exit from what has been a train wreck of an investment.
But the prospect of this acquisition has generated a fair amount of angst among those who are concerned about privacy and the anti-competitive business practices of the largest tech firms. Lawmakers and consumer privacy groups in the U.S. have expressed concerns -- with some pressing for the deal to be blocked -- and in the U.K., the Labour party has also said it wants to put the kibosh on it. A CNBC article even reported on Fitbit users who said they've ditched their devices after learning that the Google parent was about to buy the company.
Image source: Fitbit.
Source Fool.com
