Friday October 14, 2016

Salesforce CEO Says No To Twitter Bid

Twitter shares are down again on news that Salesforce has no plans to make a bid for Twitter. This can't be good news for Twitter, especially considering all the other high profile suitors dropped out of the picture last week. The company's insanely high valuation and the fact that Twitter hasn't turned a profit can't be helping the situation.

It's official. Salesforce CEO Marc Benioff told Financial Times that it will not be bidding on Twitter. On news that the CRM company was pulling out of the running, the social network's stocks tumbled six percent. During an Interview with FT, Benioff said, "in this case we've walked away. It wasn't the right fit for us." Salesforce was the last big name in the running to bid on Twitter. Google and Disney had already removed themselves from potentially buying the company.