FIT - European Data Regulators Are Worried About Google Buying Fitbit
The European Data Protection Board (EDPB), which was established by the European Union's General Data Protection Regulation (GDPR) and oversees the application of data protection rules, has issued a stern warning regarding Google's proposed acquisition of wearable tech specialist Fitbit (NYSE: FIT).
The ongoing concern is that the Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) subsidiary is really just after Fitbit's trove of health-related user data as the search giant continues to build a digital health platform. The hardware business would just be an added bonus that will compensate for Google's weakness in the wearables market thus far, critics say, although Google maintains that the deal is all about making better wearable gadgets.
Image source: Fitbit.