CRM Salesforce is CUTTING its Salesforce
Posted on 03/13/2023
Dealing with a slew of activist hedge funds, Salesforce, Inc. is an American cloud-based software company headquartered in San Francisco. Salesforce hired around 30,000 employees from the start of 2020 through the end of 2022. The CRM company disclosed in early 2023 would lay off around 10% of its workforce, or roughly 8,000 employees. Salesforce expects long-term restructuring to integrate the company’s series of acquisitions.
Salesforce earlier acquired Seattle-based Tableau for US$ 15.7 billion. The CRM company has faced criticism of buying companies like Tableau and Slack at high multiples.
In 2023, public filings revealed that Dan Loeb’s hedge fund Third Point has built a position in Salesforce. Elliott Management Corporation and Starboard Value have also disclosed positions in Salesforce in recent months. San Francisco-based ValueAct Capital and Inclusive Capital are other activist investors in Salesforce.