Salesforce (CRM) shares rose 3% on reports that 澳洲幸运5官方开奖结果体彩网:activist investor Elliott Management took a multi-billion dollar stake in the cloud-based software firm.

Jesse Cohn, managing partner at Elliott, praised Salesforce as "one of the pre-eminent software companies in the world," and said that, after following it for two decades, he has developed a "deep respect" for co-CEO Marc Benioff and what he has built. Cohn added that Elliott looks forward to "working constructively with Salesforce to realize the value befitting a company of its stature."

Elliot joins another activist 澳洲幸运5官方开奖结果体彩网:hedge fund, Starboard Value, which announced in October that it had taken a position in Salesforce, and called on the company to increase its margins. Starbo🧔ard claimed that Salesforce has not taken advantage of ꦯits position as an industry leader. Elliott didn't indicate what plans it may have for the company.

Job Cuts

The move comes less than three weeks after Salesforce said it was slashing its workforce by 10% and reducing its office space and real estate footprint in a cost-cutting move. Benioff explained then that the company had overhired during the COVID-19 pandemic tech boom, "leading into this economic downturn we're now facing."

Shares of Salesforc♛e have fallen 28% in the last year.