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.
California regulators are preparing to vote on new rules for turning recycled wastewater into drinking water.
Hackers accessed Xfinity customers’ personal information by exploiting a vulnerability in software used by the company, the Comcast-owned telecommunications business announced this week.
Some folks want to leave the cold for a quick getaway. Bobby Laurie, travel expert, joined Cheddar News to provide tips on how and when to look for a winter escape.
Julia Pollak, chief economist with ZipRecruiter, joined Cheddar News to provide tips on navigating a job loss and explain the benefits of working with a recruiter to find new employment.
A pair of sneakers that were made for director Spike Lee sold for more than $50,000 at auction.
Union members for Anheuser-Busch are looking for a better deal and they are willing to go on strike.
New data from the National Association of Home Builders shows that falling mortgage rates have improved homebuilder confidence and increased demand to buy homes.
About nine million people with student loans missed their first payment after the recent pandemic pause, according to data.
Spending this holiday season is set to significantly rise, according to an economic survey from CNBC.
Google settled an antitrust lawsuit, Tesla is reportedly raising pay, a group is suing Utah over its social media policies for kids and the founder of Nikola was sentenced to prison.
