Google's $23 billion plan to buy cybersecurity startup Wiz falls apart

Google's proposed $23 billion acquisition of Wiz, aiming to strengthen Google Cloud against Microsoft, was canceled as Wiz chose an IPO. CEO Rappaport targets $1 billion in recurring revenue. CNBC and Fortune reported the memo. Wiz, protecting enterprises, made $350M annualized revenue. Regulatory hurdles include Justice Department antitrust cases and FTC scrutiny under President Biden.