Activist investor Elliott Management takes stake in Salesforce

Activist investor Elliott Management Corp has made a multi-billion dollar investment in cloud-based software firm Salesforce Inc, the Wall Street Journal reported on Sunday, citing people familiar with the matter.

Details of the deal were not available, the report said.

“We look forward to working constructively with Salesforce to realize the value befitting a company of its stature,” Jesse Cohn, managing partner at Elliott told the newspaper, adding that Elliott has followed Salesforce for nearly two decades.

Earlier this year Salesforce Inc said it plans to cut jobs by 10% and close some offices after rapid pandemic hiring left it with a bloated workforce amid an economic slowdown. Reuters