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Alphabet Shelves Plans to Acquire HubSpot, Shares Plunge 19%
Jul 10, 2024, 06:45 PM
Google parent Alphabet has reportedly shelved its plans to acquire HubSpot, a leading software company specializing in online marketing. The news has led to a significant decline in HubSpot's stock price, which fell by as much as 19%, the most since 2020. HubSpot's market value dropped to approximately $25 billion following the announcement. The decision to abandon the acquisition was made before the parties reached detailed discussions around due diligence. The stock closed at $485.40, marking a notable decrease from its previous levels. HubSpot shares had previously reached $600 in early April, and the company had a strong earnings report in early May.
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