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10.14.16

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2 hours ago

Salesforce is backing away from Twitter bid, no serious buyers left

It's not because it was outbid, as it was in the LinkedIn deal. CEO Marc Benioff said in an interview with the Financial Times today that his company has decided not to try acquiring Twitter because it feels the microblogging site isn't a good fit for Salesforce.

There are other reasons. Salesforce's board is said to be against the deal, and the company's balance sheet, one analyst said, doesn't look strong enough for a major purchase right now. It may also be true that Salesforce doesn't have the expertise needed to expand Twitter's reach and make the platform more attractive to advertisers, who now place most of their digital spend on Facebook.

The news did no good for Twitter shares, which took an 8% haircut. That's probably in part because Salesforce is thought to be the last remaining serious bidder for the troubled Twitter. Walt Disney and Google have also lost interest. MS


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