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Elliott Management sets its sights on Salesforce

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Elliott Management sets its sights on Salesforce

Elliott bets on Salesforce, a cloud-based software company. “We look forward to working constructively with Salesforce to realize the value befitting a company of its stature,” Elliott managing partner Jesse Cohn told Reuters.

Cohn, who has served on the boards of several technology companies including Twitter and eBay, called Salesforce “one of the leading software companies in the world,” adding that he has “developed a deep respect for Marc Benioff and what he has built”. Benioff co-founded the company and is its co-CEO. Benioff’s co-CEO Bret Taylor is expected to step down this month, leaving Benioff as the sole CEO. Elliott has made many technology-focused investments. He recently won a seat on Pinterest’s board when the company added Elliott’s portfolio manager, Marc Steinberg as a director. Salesforce is valued at $151.3 billion and earlier this year said it would cut jobs by 10% and close some offices after rapid hiring due to the pandemic left it with a workforce made redundant in the midst of an economic slowdown.

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