“In this case we’ve walked away. It wasn’t the right fit for us,” Benioff was reported as saying.
The micro blogging site had a few other big time companies interested too. Namely, Apple, Disney, Google and Microsoft. But they all walked away about two weeks ago. Now Salesforce joins the list that said no to the troubled bird.
“I wish Jack Dorsey (Twitter cofounder and CEO) very well” said Benioff according to TechCrunch at an investor meeting deliberating the pending acquisition. It also says ploys like lowering the deal amount wouldn’t have changed things for Twitter; it just wasn’t a buy that made sense to Salesforce at the end of the day.
However the biggest influencer against the acquisition was that Salesforce largest stakeholder, Fidelity Investments did not approve of the deal. So a prudent Benioff steered clear.
CNBC commented that the potential buyers were also apprehensive about the amount of offensive remarks that was allowed on the platform. They felt that Twitter could be doing more thorough filtering of negative tweets.
It’s not good news for Twitter. Revenue growth has been growing slower and slower, user base isn’t growing by much either.
American media outlets reported that after Benioff’s interview went public, Twitter shares dropped by 6.86 per cent to land at 16.57 dollars and a market capitalization of 11.6 billion dollars.
BW Reporters
Regina is a reporter for BW Businessworld. In her previous assignments, she has worked with Independent television Network as a news anchor and reporter in Sri Lanka
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