Facebook Missed out on Fitbit by $0.05 ⌚

Facebook Missed out on Fitbit by $0.05 

Fitbit, a treasure of the wearable tech niche, was bought by Google recently for just over $2 billion. Actually, there’s more to that story. There was a plot. There was a scheme. There was a mysterious ‘Party A’ in regulatory filings!

Facebook wanted to buy Fitbit! Mark Zuckerberg met with the start-up’s CEO Mark Parker for dinner in June, where they discussed the future of the industry. Somewhere between the main course and dessert, Zuck offered $5.05 per share across the table to buy Fitbit. All cash. That offer threw the cat among the pigeons, giving Google a run for its money after initially bidding only $4.59 itself. The search giant raised the bar to $5.90.

Facebook went one better, before its “best and final” offer of $7.30 was eventually pipped to the post by a plucky $7.35 bid from Google. Zuck waved his white handkerchief, and that was the end of the war. However, what an experience it was for Fitbit investors. Their shares doubled in a month! And what made the young start-up such hot property, anyway?

Apple! With sales growth of the iPhone leveling off, CEO Tim Cook is throwing everything at wearable tech domination. The only company that could knock Apple off its perch is Fitbit, with its brand, user base, and experience in the space combined with the reach of a BigTech name.

Google is definitely a BigTech name, and armed with Fitbit’s know-how in manufacturing hardware; it will get a second chance after the Google Glass flop. Had fate gone the other way, investors may have been sizing up Facebook-Fitbit augmented reality glasses. Alas, it’s the Pixel Watch! With smarter artificial intelligence-integration and a reliable voice assistant, let’s see how it fares when it’s taken to market, Fitbit-style!

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