Observed Signal · Jan 24, 2023 · Strategic Investment · Source: CMSWire · Impact: 3/5 · Sentiment: Negative
Activist Investor Elliott Management Takes Major Stake in Salesforce
Activist investor Elliott Management Corp has acquired a significant, multi-billion dollar stake in Salesforce, according to reports by The New York Times and The Wall Street Journal. The news, published Jan. 24, 2023, sent Salesforce shares up nearly 6% to $157.67. This follows a turbulent period for the CRM provider, including a 10% workforce reduction affecting roughly 8,000 employees and the departure of several top executives, including former co-CEO Bret Taylor and Slack CEO Stewart Butterfield. Salesforce has also faced pressure from another activist investor, Starboard Value, which took a stake in October 2022. Analysts warn the activist influence could limit Salesforce's innovation trajectory and force changes to R&D and sales spending. The company reported Q3 fiscal 2023 revenue of $7.84 billion, up 14% year-over-year.
Salesforce is a major CRM/MarTech platform; activist investors taking significant stakes signals potential strategy shifts, cost-cutting, and leadership changes affecting the wider MarTech ecosystem.
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Key Takeaways & Evidence Grounding
- Elliott Management Corp, a $55 billion hedge fund, acquired a significant multi-billion dollar stake in Salesforce.
- Salesforce shares rose nearly 6% to $157.67 after the investment was reported.
- Salesforce reported Q3 fiscal 2023 revenue of $7.84 billion, up 14% year-over-year.
- Salesforce announced a 10% workforce reduction affecting approximately 8,000 employees on Jan. 4, 2023.
- Starboard Value, another activist investor, took a significant stake in Salesforce in October 2022.
Connected Companies & Entities
9 Entities mapped“Activist investor Elliott Management makes multibillon-dollar investment in Salesforce....”
“Elliott Management Corp., a $55 billion hedge fund, now has 'a significant stake in the company' — one that The Wall Street Journal is calli...”
“Salesforce acquired Slack for $27.7 billion in 2021....”
“Marc Nelson, CEO and president of Tableau — another Salesforce acquisition ($15.7 billion) in 2019 — resigned in December of 2022....”
“In October, CNBC reported that Starboard took 'a significant stake' in Salesforce....”
“Customers are fearing that the arrival of multiple activist investors will limit Salesforce’s innovation trajectory, according to R "Ray" Wa...”
“The New York Times reported on Monday that Elliott Management Corp., a $55 billion hedge fund, now has 'a significant stake in the company'....”
“The Wall Street Journal is calling a multi-billion dollar investment....”
“In October, CNBC reported that Starboard took 'a significant stake' in Salesforce....”
Ontology Mapping & Concepts
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