277 views

"It wasn’t the right fit for us": Salesforce shares jump as boss unfollows Twitter, ruling out takeover bid

William Turvill
Follow William
FRANCE-US-INTERNET-IT-IPO-TWITTER
Earlier this month, it was reported that Salesforce could enter a bidding war for Twitter (Source: Getty)

Twitter’s share price dropped more than five per cent in the US on Friday after a takeover offer was ruled out by Salesforce – whose shares jumped five per cent on the news.

The social media company’s shares were trading at close to $25 on 5 October after reports suggested a bidding process was about to begin, with the likes of Google owner Alphabet and Disney potentially joining Salesforce.com.

Read more: Twitter share price dives as bidders lose interest

But Twitter’s share price has dropped more than 30 per cent since then, as the chances takeover offer diminished, and now sits at $16.88.

Twitter Twitter | mobile image

The latest movement came after Salesforce chief executive Marc Benioff told the FT yesterday: “In this case we’ve walked away. It wasn’t the right fit for us.”

Read more: Four reasons Twitter is a prime takeover target

Salesforce.com’s share price closed up more than five per cent at $74.27 in the US yesterday.

It was reported last month that Twitter’s chief executive Jack Dorsey is coming under pressure from the board to turn things around for the company within the next few quarters.

Related articles