Activist investors close in on Salesforce as Elliott Management reportedly snaps up a multibillion-dollar stake
, is jumping into Salesforce as the tech company deals with steep layoffs and a management shakeup.
Activist investors take an aggressive approach to the companies they invest in, with the aim of improving shareholder value by altering the way targeted companies operate. While it's currently unclear what changes Elliott will push for, the group is known to ask for board seats and operational changes at the companies where it has an interest.
"Salesforce is one of the pre-eminent software companies in the world, and having followed the company for nearly two decades, we have developed a deep respect for [Co-Chief Executive] Marc Benioff and what he has built," Jesse Cohn, managing partner at Elliott, told the Journal. It's the second time in three months an activist investor has bought into Salesforce, after Starboard Value said it had taken an undisclosed stake in October
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