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Salesforce CEO pulls out of Twitter buyout

There have been lots of rumours circulating around Twitter recently regarding a potential buyout from a number of companies.

Back in June it was reported that the social media platform was discussing a potential merger with Yahoo (opens in new tab), before Salesforce (opens in new tab) and Disney (opens in new tab) emerged as possible candidates to acquire the company outright.

Salesforce has been regarded as the front-runner for any potential deal and there was a fair amount of excitement when the news was announced - Twitter's shares rose 21 per cent as a result - but over the weekend Salesforce CEO Marc Benioff reportedly quashed any hopes of a bid being made.

"In this case we've walked away. It wasn't the right fit for us," he said. "It's not the right fit for us for many different reasons. You're going to look at price, you're going to look at culture, you're going to look at everything."

The move to pull out supposedly came about after Salesforce' shareholders questioned the match between the two companies, resulting in a design by the Salesforce board not to pursue the deal.

Looks like it's back to the drawing board for Twitter. The company's desire to have an acquisition in place by the end of October (opens in new tab) now looks like a very long shot indeed.

Image Credit: Gil C / Shutterstock

Sam is Head of Content at Red Lorry Yellow Lorry, and has more than six years' experience as a reporter and content writer, having held the positions of Production Editor, Staff Writer, and Senior Business Writer at ITProPortal.