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.
Rising safety concerns over water bead products marketed to kids have prompted major retailers like Amazon, Target and Walmart to pull some toys off their shelves.
The Congressional Budget Office said Friday it expects inflation to nearly hit the Federal Reserve's 2% target rate in 2024, as overall growth is expected to slow and unemployment is expected to rise into 2025, according to updated economic projections for the next two years.
Intel is out with a new product to challenge other big players in the space like Nvidia and AMD.
Stocks fell after the opening bell Friday but will end on another positive week.
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Americans picked up their spending from October to November as the unofficial holiday season kicked off, underscoring that shoppers still have power to keep buying.
The average long-term U.S. mortgage rate dropped below 7% to its lowest level since early August, another boost for prospective homebuyers who have largely been held back by sharply higher borrowing costs and heightened competition for relatively few homes for sale.
Mortgage rates have dropped below 7% for the first time since the middle of August.
Taylor Swift grossed nearly $2 billion this year, according to Billboard.
A study from US News and World Report has found the most affordable place to retire is in Ohio.
