Business

Salesforce officially backs out from Twitter acquisition

It is hardly a secret that Twitter hasn’t been doing all that wall lately. Which is why, nobody was really surprised when word first got out back in September that the social network was, as the sources put it “largely desirous of a deal”.

Over the following months it did seem like someone was bound to snatch up the blue hummingbird. Interested parties included Google, Apple, Disney and Salesforce, which overall seemed most willing to make an offer. Since then, however, things have taken a turn for the worse and for a time Salesforce was left as the sole prospective buyer.

However, in a new development, CEO Marc Benioff made it clear that they had gotten the memo as well and won’t be making any advances on Twitter.

In this case weve walked away. It wasnt the right fit for us … I wish Jack very well.

The previous was said during an investor meeting, so we can only assume either the deal and profit prospects got really bad at some point or Salesforce’s largest shareholder – Fidelity finally managed to push its preexisting disapproval of the deal.

In any case, Twitter appears to be left to fend for itself once again and we can’t really say things are going well. Yesterday the company’s stock crashed once again. Shares are down 5.12% to $16.88 (As of writing this article) and the market cap is now $11.77 billion.

Source