Salesforce logo sign on Salesforce tower building exterior, Manhattan, New York. (Photo by: Lindsey Nicholson/UCG/Universal Images Group via Getty Images)
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.
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Spain's government has fined Airbnb 64 million euros or $75 million for advertising unlicensed tourist rentals. The consumer rights ministry announced the fine on Monday. The ministry stated that many listings lacked proper license numbers or included incorrect information. The move is part of Spain's ongoing efforts to regulate short-term rental companies amid a housing affordability crisis especially in popular urban areas. The ministry ordered Airbnb in May to remove around 65,000 listings for similar violations. The government's consumer rights minister emphasized the impact on families struggling with housing. Airbnb said it plans to challenge the fine in court.
