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Stock impact report

Advocacy groups warn against Google's purchase of Fitbit [Reuters]

FITBIT INC (FIT) 
NASDAQ:AMEX Investor Relations: investor.fitbit.com/overview/default.aspx
Company Research Source: Reuters
U.S., EU advocacy groups warn against Google's purchase of Fitbit WASHINGTON (Reuters) - Twenty advocacy groups from the United States, Europe, Latin America and elsewhere signed a statement Wednesday urging regulators to be wary of Google’s $2.1 billion bid for fitness tracker company Fitbit Inc ( FIT.N ) because of privacy and competition concerns. The 20 organizations - which include the U.S.-based Public Citizen, Access Now from Europe and the Brazilian Institute of Consumer Defense - argued that the deal would expand the already considerable clout in digital markets of Alphabet Inc’s ( GOOGL.O ) Google. Acquiring Fitbit would give Google such intimate information about users as how many steps they take daily, the quality of their sleep and their heart rates. “Past experience shows that regulators must be very wary of any promises made by merging parties about restricting the use of the acquisition target’s data. Regulators must assume that Google will in practice utilize the Show less Read more
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