Salesforce Decides to Pass on Twitter, Social Network’s Shares Drop
Salesforce is not going to buy Twitter. After a month of intense speculation, Salesforce—the company which seemed most likely to acquire Twitter—decided against the move.
“In this case we’ve walked away. It wasn’t the right fit for us,” Marc Benioff, chief executive of Salesforce, told FT.
Twitter’s shares dropped 6% on the news.
Salesforce has not been shy about acquiring companies this year: Quip for $750 million, DemandWare for $2.8 billion, and Krux for $700 million come to mind. But Twitter was not right for Salesforce, says Benioff, though he avoided specific reasons.
It will now be up to Jack Dorsey to continue his turnaround of Twitter. Challenges include monetizing the platform and growing a stagnant user base. He was against selling his company, however, so Benioff’s decision gives Dorsey some slack back in his leash to make moves.
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