Salesforce Dumps Twitter Bid
Salesforce has dropped a bombshell on Twitter, saying it’s no longer interested in buying the troubled social network. Twitter now faces an uncertain future as Salesforce was the last of the companies believed to be interested in making a bid.
Twitter’s survival may now rest on CEO Jack Dorsey’s ability to improve stagnant user growth and cut heavy losses as competition mounts from the likes of Instagram and Snapchat.
Dorsey’s continued role as CEO of both Twitter and payment company Square is also under scrutiny, with analysts expecting a weak quarterly result this month.
Salesforce CEO Marc Benioff said the cloud computing software maker had walked away because it wasn’t “a right fit”. The decision follows pressure from Salesforce investors, who had reacted poorly to the bid.