Fitbit Investors Cheer Marc Benioff's Stake
Shareholders were pleased as traders passed around an SEC filing that revealed Salesforce.com, Inc. (NYSE: CRM) CEO Mark Benioff has a 5 percent common stock stake in Fitbit Inc (NYSE: FIT) with 5.3 million shares.
Benioff has been a fan of Fitbits and wearable technology for years, with Business Insider reporting he would give Salesforce management the devices as gifts. Benioff championed the activity-tracking smartwatch as early as 2008.
Fortune reported that Benioff sees the product's "intimate" relationship with the customer as a potential model for other tech companies.
The beaten-down stock up 9 percent at $15.58 with the news Wednesday morning.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.