Poor Twitter. Despite an abundance of rumored suitors, it’s starting to look like no one wants to buy the social media company. This time, it’s Salesforce that’s walking away from discussions.
Salesforce.com’s CEO Marc Benioff told the Financial Times today that his company is no longer interested in buying the internet company.
“In this case we’ve walked away. It wasn’t the right fit for us,” he told the FT, news that sent Twitter’s diving by more than 6%.
After Google and Disney decided to back off, Salesforce was left standing as the only likely buyer. Despite the fact that Salesforce — which insiders say was the only remaining serious contender — is out of the picture, some Twitter’s advisers say the company is still seeking other potential bidders, those people in the know said. But another source close to Twitter management tells FT the sales process is virtually kaput.
Instead, it looks like this latest development will kill off any speculation about a sale, and instead prompt Twitter head Jack Dorsey to focus on a strategy to grow users, a venture capital investor close to Dorsey told FT.
“It’s not the right fit for us for many different reasons,” Benioff added in his interview with FT. As to whether price was a major issues, he replied: “You’re going to look at price, you’re going to look at culture, you’re going to look at everything.”
Twitter suitors vanish as Salesforce rules out bid [Financial Times]
by Mary Beth Quirk via Consumerist