Alphabet’s interest in acquiring Fitbit caused stock to skyrocket

Fitbit immediately comes to mind when it comes to fitness trackers and now news have surfaced that Alphabet — the parent company of Google — is planning to acquire Fitbit.

It is undeniable that the biggest competition to Apple when it comes to smartwatch is Fitbit, and if Alphabet successfully acquires Fitbit, then Google will be competing against Apple in a new segment since it doesn’t have its own smartwatch.

As reported by CNBC, Fitbit’s stock skyrocketed over 18% when the news (of Alphabet’s plan to acquire Fitbit) was spread. At the end of the day, the stock went up to 30.5% and Fitbit shares went above 12% this year. However,  Alphabet did not reveal the amount it has offered to buy Fitbit.

Both companies have yet to comment on this matter, but Fitbit sure is gaining profits from the news itself. What do you think? Will Fitbit be acquired by Alphabet?