Multiple activist investors have taken stakes in Salesforce, according to reports from several outlets. The investments have spurred speculation that the tech firm could soon face additional pressure to increase margins and trim payrolls.
Elliott Investment Management has bought a multi-billion-dollar position in Salesforce, per the Wall Street Journal, and Inclusive Capital has also taken a stake, per CNBC.
"We look forward to working constructively with Salesforce to realize the value befitting a company of its stature," tweeted Jesse Cohn, managing partner at Elliott.
Activist investors have taken aim at Big Tech before, sometimes with the goal of overhauling operations or replacing well-established leaders.
Cohn specifically has some experience serving on the boards of tech companies, including eBay, Twitter, and Citrix.
Salesforce is already trying to streamline its operations after growing too quickly earlier in the pandemic. Earlier this month, the company announced plans to lay off 10 percent of its workforce, or about 700 employees, and reduce its office footprint.
Since then, several other tech giants have made similar cuts, including Amazon, Microsoft, and Google parent Alphabet.
Shares of Salesforce were up around 3 percent following the news reports.
The European Union is investigating Elon Musk's X over alleged illicit content and disinformation on its platform. Cheddar News breaks it all down and discusses what it could mean for users.
Adobe and Figma called off their $20 million merger, Southwest Airlines gets fined, Nippon Steel is buying U.S. Steel and oil and gas prices surge after a pause in shipments.
With more employees being called back to the office, many workers are suddenly protesting by being in the office for as little time as possible. As the term suggests, coffee-badging means coming in for just enough time to have a cup of coffee, show your face, and swipe your badge.
Japan's Nippon steel is buying U.S. Steel for $14.9 billion.
Southwest Airlines will pay a $35 million fine as part of a settlement over a 2022 holiday season disaster that saw the airline cancel thousands of flights and leave millions of people stranded.
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Stocks opened slightly higher after Monday's opening bell after several weeks of gains as the year closes out.
Big Business This Week is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.
Citi told most of its employees that they could work from home at the end of the month, according to CNBC.
Chobani paid $900 million to purchase ready-to-drink coffee maker La Colombe.
