【Farabi (2020) Feneo Original Web Series】

Source：Fresh Information Network Editor：Tech Time：2025-06-26 13:26:14

Salesforce has abandoned a potential bid to buy Twitter.

Speaking to the Financial TimesFriday,Farabi (2020) Feneo Original Web Series Salesforce CEO Marc Benioff said it "wasn't the right fit for us."

SEE ALSO: Twitter is vying for your attention with new outdoor ads

Benioff's decision follows in earlier reports of Google and Walt Disney Company hiring bankers to pursue a bid but backing out less than a week later.

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That leaves Twitter without any known interested buyers -- with less than two weeks ahead of its call for bids, timed with its third-quarter earnings report on Oct. 27.

The FT'sreport sent Twitter's stock price immediately tumbling down to 8 percent. Meanwhile, Salesforce's stock jumped up by more than 5 percent.

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Salesforce investors had been pushing back against a bid for Twitter. Its stock dropped by more than 20 percent after the first report of Salesforce's interest.

Investors were dubious of Salesforce's decision to buy an unprofitable, struggling company valued at $12 billion (though that number is constantly wavering) while Salesforce has a market capitalization of $50 billion and is also unprofitable.

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"It’s not the right fit for us for many different reasons.”

Benioff told the FT that "price," "culture" and "everything" as reasons why the bid was not completed.

That leaves Twitter potentially without a suitor, ironically following a saga that was reportedly, according to Bloomberg, kickstarted by Benioff when he approached the company.

Twitter has been struggling to impress investors with its lackluster user growth. Twitter stock has failed to come close to its peak of $74 per share in December 2013, a month after its public offering. It's been trading less than $30 per share over the last year.

But Twitter's advisers are still seeking other bids, the FTreported citing anonymous sources familiar with the matter.

Twitter has approached IBM and Microsoft, according to New York Times.

The potential of a sale was reportedly not well-received by Twitter CEO Jack Dorsey. He along with his executive team has been overseeing an aggressive strategy for Twitter around news and live video. He dubbed the company the "people's news network" in an internal memo to employees this week and has continued to secure more rights for live events.

This week, Twitter launched an outdoor ad campaign in an attempt to publicly broadcast the value of the network. For instance, a billboard display nearby the Lincoln Tunnel in New Jersey highlights its role in the 2016 presidential election.

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Last week, Dorsey celebrated his year anniversary to being reinstated as CEO — but investors have argued that the cofounder and product visionary is out of time.

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Topics Google X/Twitter

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【Farabi (2020) Feneo Original Web Series】

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