What happened to fit stock

What happened to fit stock DEFAULT

Google's deal for Fitbit closes at last

Fitbit Inc. FIT, announced Thursday morning that its acquisition by Alphabet Inc.'s [s; GOOGL] GOOG, Google has officially closed. Alphabet agreed to pay about $2.1 billion, or $7.35 a share, to acquire Fitbit. The deal was first announced in November 2019 but faced regulatory pushback, particularly in the European Union. European regulators who were looking into the deal eventually gave their blessing last month after securing commitments from Google around data privacy. "Google will continue to protect Fitbit users' privacy and has made a series of binding commitments with global regulators, confirming that Fitbit users' health and wellness data won't be used for Google ads and this data will be kept separate from other Google ad data," Chief Executive James Park said in a letter to Fitbit users Thursday. Fitbit shares were halted prior to the announcement. Fitbit's stock had gained 5.2% over a 12-month span compared with a 16% rise for the S&P 500 SPX, over the same span.

Sours: https://www.marketwatch.com/story/googles-deal-for-fitbit-closes-at-last-2021-01-14

Why Fitbit Stock Isn’t Converting to Google Stock

Fitbit stock is now untradeable. Until now, the stock was trading on the NYSE under the “FIT” ticker symbol. It last traded at $6.93 per share. What happens with Fitbit stock now that it's untradeable?

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Fitbit stock becoming untradeable has to do with a deal the fitness device maker inked with Google more than a year ago. In Nov. 2019, Fitbit announced that Google would acquire it. 

Google agreed to purchase Fitbit for $7.35 per share, valuing the fitness specialist at $2.1 billion. Google fought Facebook for the chance to buy Fitbit. In the end, it agreed to spend more on the deal than it had intended. Although Fitbit stock has fallen in value from where it was at the time of the deal, Google will still pay the agreed price. 

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Why Is Fitbit Stock Untradeable?

Source: Facebook / Fitbit

What will Google do with Fitbit?

Google currently relies on advertising. It’s been trying to diversify its revenue streams to spread its risk, and will count on Fitbit for that diversification. Fitbit should help launch Google in the lucrative wearable device market, where it can compete with Apple and Microsoft. 

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Moreover, Fitbit should be a boost to Alphabet’s digital health business. Alphabet is the parent company of Google, self-driving and ride-hailing service provider Waymo, and life science startup Verily. Digital health is another promising space for Google and Alphabet in their bid to diversify outside advertising.

Google’s bid to acquire Fitbit faced regulatory resistance in the U.S., Europe, and Asia. The company had to commit to not using Fitbit data for its advertising business before European and Australian regulators would sign off on the deal. U.S. regulators, however, continue to review the deal and might demand more concession from Google over Fitbit data.

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Will Fitbit stock convert to Google stock?

With Fitbit stock becoming untradeable, Fitbit shareholders are wondering what will happen to it. As Google agreed to pay for the Fitbit acquisition in cash rather than stock or a mix of both, Fitbit stock will not convert to Google or Alphabet stock.

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What happens to Fitbit stock after Google buys it?

Because Fitbit stock is now untradeable, it will automatically convert to cash. Consequently, Fitbit stock will be removed from your brokerage account. You can decide whether to use the cash to buy Google stock. 

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Google parent Alphabet's stock currently trades at more than $1,730 per share. If that's out of reach for you, consider opening an account with brokers such as Robinhood, SoFi, Cash App, or Charles Schwab, which allow investors to purchase fractional shares from $1. 

Sours: https://marketrealist.com/p/why-is-fitbit-stock-untradeable/
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Fitbit Closes $2.1 Billion Google Merger; DOJ Says Antitrust Probe Continues

Fitbit Inc.  (FIT) - Get Fitbit, Inc. Class A Report shares looks set to be active Thursday after the wearable tech group said it formally closed the $2.1 billion takeover by Google parent Alphabet  (GOOGL) - Get Alphabet Inc. Class A Report. 

The U.S. Department of Justice, however, told Reuters that its probe into the deal remains ongoing, adding that it has not reached a final decision as to whether it will pursue and enforcement action.

Google received European Union approval for the deal late last year after agreeing to not use Fitbit health and wellness data for ads. It will separate Fitbit data from Google ad data and allow Fitbit users to deny data access to other Google services for the next 10 years.

"This deal has always been about devices, not data, and we’ve been clear since the beginning that we will protect Fitbit users’ privacy. We worked with global regulators on an approach which safeguards consumers' privacy expectations, including a series of binding commitments that confirm Fitbit users’ health and wellness data won't be used for Google ads and this data will be separated from other Google ads data," Google said in a blog post published Thursday. 

"We’ll also maintain access to Android APIs that enable devices like fitness trackers and smart watches to interoperate with Android smartphones, and we’ll continue to allow Fitbit users to choose to connect to third-party services so you’ll still be able to sync your favorite health and fitness apps to your Fitbit account," Google added.

Fitbit shares were halted from pre-market trading on the New York Stock Exchange Thursday after changing hands at $6.93 each. The stock has surged more than 60% since the day prior to the first news of the Google purchase in November 2019.

Google shares, meanwhile, fell 0.4% in early afternoon trading on the Nasdaq to change hands at $1,739.80 each, pegging their six-month gain at around 15%. 

Sours: https://www.thestreet.com
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To what stock happened fit

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