Business & Tech
Salesforce Under Siege From Top Activist Hedge Fund
Software giant Salesforce, one of the 30 stocks in the venerable Dow Jones Industrial Average, had a miserable 2022.
Software giant Salesforce, one of the 30 stocks in the venerable Dow Jones Industrial Average, had a miserable 2022. Now the company is under attack from a big hedge fund that wants to shake things up at the company that owns Slack.
Elliott Management, a firm that has taken activist stakes in Pinterest, PayPal, Twitter (before Elon Musk acquired it) and former CNN owner AT&T over the past few years, is now targeting Salesforce. Shares of Salesforce rose more than 4% on the news in early trading Monday.
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A source close to the situation said that Elliott Management took a multi-billion dollar stake in Salesforce. Elliott would not divulge the size of its position in Salesforce to CNN Business, but the company did confirm its investment.
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