How valuable is the brand these days? It's certainly already declining, and many people consider their products inferior quality. I am currently wearing a fitbit and have already had to deal with it not working twice today, and it's not even noon.
Maybe it's because I'm not a marketing guy, but when has buying the less-than-best company at anything ever resulted in turning it around to earn more marketshare? Especially when that brand is already known for lower quality.
If you buy the first loser, you're just paying more to lose. Also according to this Fitbit is #5 in terms of devices sold (which make them look much worse when you consider how cheap some of their products are), and they have been steadily declining for years. They went from 45% just 5 years ago to 6% this year. That is horrible. Unless Google has an ulterior motive, like primarily using FitBit as a source of data for targeted ads, this is a bad acquisition.
